There has been a long stagnation following the “Great Recession.” No good news there. Lots of unemployment, hence no competition for labor and, thus, no increase in incomes. But … at least there is no inflation. That, anyway, is what we are told by the engineers with their handles on the economy’s throttles. The Federal Reserve, in fact, would like to see some more inflation.

Well, maybe they have been looking in all the wrong places.  As Ben Steverman of Bloomberg reports: