Deflationary because everyone is afraid to spend and afraid of bubbles. But I would not say that everyone is anti-Fed. Again, I submit
http://www.c-span.org/Events/Fed-Chairman-Updates-Congress-on-Economic-Outlook/10737424526-1/ it's worth a listen. The only guy who was unappoligeticaly critical of Bernanke without acknowledging the short comings of Congress was Vermont geezer Bernie Sanders. If anyone is anti-Fed, it's for the wrong reasons. Traders complain that Ben is not injecting q easing. Most everyone else is in incoherent la la land.
I watched that update live...
I still subscribe to the notion that once everyone feels enough pain from asset prices cratering, businesses laying people off, homes dropping, bank runs occurring, etc that the Bernank - or his successor - will print. They have no choice. No politician will be left alive if all of the stops aren't pulled out and the money printed like no tomorrow. There's a reason nations print. The BIS playbook has been followed to a tee thus far. I suspect we'll see some other form of QE (by whatever name) before the end of this year. The alternative is to let the wealthiest, most influential people in the world get hung out to dry for the benefit of the unwashed masses. It's never really happened before - I don't think this time is different.