I guess this all depends on how you measure inflation. If the S&P 500 is compared against something more stable than paper money like gold, similar things emer

I guess this all depends on how you measure inflation. If the S&P 500 is compared against something more stable than paper money like gold, similar things emerge: http://steadfastfinances.com/blog/wp-content/uploads/2010/07/Historical-SP-500-to-Price-of-Gold-Ratio-1900-to-2010-credits-Zero-Hedge.jpg The declines on this graph map to the red areas on the nytimes graphic.