The folks who insisted inflation was the immediate and inevitable effect of the Fed's monetary expansion were proved wrong.
But it hasn't stopped them moving the goalposts to where others were originally.
Which is to say, inflation will be the product of economic recovery and not of quantitative easing.
When the economy gets out from its torpor, inflation will reappear and interest rates will rise.
Unfortunately folks like Santelli don't even admit that they were wrong, let alone understand why.
But if you thought QE would result in inflation, there's a problem in your economics. Even if the dogma survives.
It was a very comforting thing to live through these events with a theory that reflected economic performance. Knowing that QE was nothing to panic about.
But it was a shame that the opportunity to build infrastructure at a low rate of interest was foresworn.
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