None of them seemed to act like that was their view when we were looking at 0% inflation. The general attitude of mainstream Keynesians was that we were on the verge of an unstopable downward spiral if we didn't act in that very moment...which I remind you was driven by housing prices crashing back down after their biggest bubble ever. In reality, people don't sense inflation or deflation as it is reported by the CPI, PPI, or any other price index. They sense it locally on a product by product basis. And it is still entirely uncertain as to the relative attribution of reduced income vs deflation as a cause of reduced spending.