[mlocher]

I agree that inflation is being understated but I also think that the reason we are not experiencing hyperinflation is because the banks are thankfully sitting on huge portion of the cash that has been pumped to them by the Fed.

Good observation. I would add that a lot of cash is moving to other havens (gold, overseas investments, etc.) instead of becoming job creating capital. Our business climate is too risky for many investors. Second, the Dodd-Frank Bill places onerous restrictions on banks that is limiting the velocity of money. No amount of liquidity is going to solve our economic problem.

[Owen]

The only critical question is how much of this is in FY2012?