One laser-focused commenter on a Robert Waldman post yesterday at Angry Bear succinctly captured my views on the state of modern mainstream (as well as Austrian) macro:

Rapier
May 5, 2013 9:41 pm

It seems to me the first rule of macro economics has been don’t follow the money.

The second rule is to always remember to forget that credit is money.

The third rule is to never call asset price increases inflation.

True as it ever was.