I've always considered a good short position to be a negative interest rate loan.
The Fed is going to need negative interest rates to fix things...Pity they don't exist.
I wouldn't be too surprised if we transition from an inflationary to a deflationary environment. The Feds will try to spend their way out of it but if the GSE backed housing bubble pops, it will be difficult to stop the evaporation of imaginary wealth.