"The course of events this year is a major win for Ben Bernanke.
A second live issue is whether–as Larry Summers and I have argued–it was expectations of further deflation that were key to discouraging private investment spending, or whether it was the legacy of past deflation in freezing up the banking system that was the key to the collapse of private investment, as Bernanke argued. Here again I think the experience of this year is convincing evidence that Bernanke was right," – Brad DeLong. (Hat tip: Frum.)
The Dish 