For years economists and policymakers in the United State have been expressing fears that America would enter a Japanese-style deflation...It was therefore very helpful and quite refreshing that Bank of Japan Governor Masaaki Shirakawa’s chose to address this issue in a speech this week...

Maybe Edward DeMarco should be polishing his resume...We’re in the middle of the worst economic downturn of our lifetime. Government guarantees contributed mightily to the problem. But we need to continue with the system so we can have milder recessions in the future...?

I want to point out once more that the estimates of the effect of the stimulus are not estimates. They are really just projections...