I think inflation will really happen much harder than that. But it will take time. The corporate socialism aspect of trickle-down economics doesn't work because the benefits take too long to get down to the bottom and because there's too much theft along the way. The same is true for the hurt - although the hurt moves faster than the corporate socialism, it still takes time.
I think over the course of the 8 years of the Obama administration (if you think the republicans or a third part are going to get their stuff straight in 4 years you got another thing coming) we'll see anywhere from 300-1000% inflation. But first things first. In 2009 we will only see 50% inflation.
Why will housing prices bottom out so soon? Because people will begin to hold out on their upside-down mortgages, because they can continue to afford the amortization payments and they will (rightly) expect the prices to come up and meet them. The problem is that the reason why the prices will (eventually) come up to meet them is solely because of inflation.
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