Generally, the Federal Reserve a lot of its time worrying about inflation. But lately, a very different fear is growing among some economists -- deflation could become a problem if prices begin to decline, since the Fed already has rates at near zero levels. St. Louis Fed President James Bullard has a new paper (.pdf) out worrying about this possibility. He was on CNBC this morning talking about the potential deflation problem. Here's a clip:
"When you think you're the president, you just act like you are above everybody else."