Krugman: No Inflation During Bubble Years,If You Exclude Food, Energy, and Home Prices!

Oftentimes, Paul Krugman maintains his Keynesian theology by deliberately missing the point of people who say things that don't conform to it.

In a post yesterday, he takes issue with the argument that there was indeed substantial price inflation during the housing bubble years and the corollary that the Fed monetary policy was "too loose", meaning that it was printing too much money out of thin air. The argument is that the inflation might not have shown up in the CPI, it showed up in food an...