The FED is playing good cop, bad cop with the markets...
On one hand Bernanke is "worried" about the housing price crash...
On the other many on the FED see the inflation threat as more important...
Basically they are like Plato's blind men describing the elephant... Whatever part of the elephant you are grabing TODAY...
IS THE ELEPHANT!
In this case STAGFLATION can be substituted for ELEPHANT...TO GET THE PICTURE.
