MEME: STAGFLATION
Looks like the ole stagflation meme is starting to be blessed by some heavyweights. Paul McCulley of Pimco in his latest missive has devoted an entire article to it:

Thus, in the fullness of time, the economy takes on the smell of stagflation, all because (1) your father-in-law imposed a price shock by doubling the price of your mom-in-law’s scalloped potatoes, and in response, (2) you tried to get even with him by doubling the price of your wife’s coconut cream pie. Who would have thunk it?

McCulley is an early/middle indicator so we still haven't reached the Maria Bartiromo blessing stage yet, but we are getting there.

Its quite possible that the GOP Convention will eliminate some of the bad feelings, but partying is never a cure for deep ills. The hangover feels much worse.