MEME: STAGFLATION
Well, it took 20 days, but stagflation has finally made it to the front of market sentiment thanks to Alan Greenspan:

"This is always our concern. Most of us lived through the stagflation of the 1970s. It was a very disconcerting experience," he said in response to a lawmaker's question.

It is still early for this one, as people are still convinced that inflation is low. The official numbers may never fully reflect this inflation until housing prices come off, and rents go up. Inflation is acknowledged by anyone who owns a car, pays a utility bill, buys food, and has tried to buy a house. When will Greenspan acknowledge it? When it is too late.