Household has been deleveraging since Q3-2008 and is presently down $1 trillion. Financial has been deleveraging since Q4-2008 and is presently down $3.4 trillion. The only reason this private deleveraging hasn't shown up as general deflation is due to the $5.6 trillion increase in Federal leveraging; the Federal government has literally doubled its outstanding debt in four years.
That's the main reason the full force of this Second Great Depression has been on pause. The MSM is slowly coming to this view; they'll fully realize that we're in a depression right after Romney beats Obama in November.