Everything we have worried about is happening. As much as every Federal Reserve chief and Treasury Secretary has wanted to avoid inflation, deflation was a much greater fear.
Well, here we are! Prices are going down and consumers are soon going to get the idea that all they have to do is wait to get a better price. And that will propel a further contraction in the economy. It's a self-perpetuating cycle.
The exception will be food. There's an anticipated reduction in the volume of food available in stores for the Spring.