Actually you did and it made a huge mess. Most folks were oblivious and moaning about runaway hyperinflation at the time while saying it was all because bush-lied-people-died. Let's face it, too many people like shooting their mouths off while never bothering to look at what they're spouting about.
Makes me wonder though, if good deflation is lower prices, can we say that higher incomes is "good inflation"?
“Actually you did and it made a huge mess.”
I don’t think the deflation made the mess. I think the deflation and the mess were both caused by bubble-causing government policies.
That said, the economy is still trying very hard to deflate. Despite QE 1...n and near zero interest rates, the velocity of money just keeps dropping and liquidity is still tight. Eventually, the marginal effect of an additional dollar printed will become zero and that’s when deflation really begins.
Obama had a great opportunity to leave a positive legacy. He should have just let the deflation occur. Two years later, we would have had a recovering, healthy economy and he would have been reelected in a landslide. Instead, he reinflated the bubble, left us horribly in debt and almost entirely dependent on near-zero interest rates for treasury debt. With no way out.