Before the Great Recession, inflation was rising at a pretty healthy rate, reaching as high as 5.6%. However, the recession wiped out that inflation alongside with 8.7 million payroll jobs, a booming housing market, more than 500 commercial banks,as well as a large number of other businesses. What Happened to inflation? Does the Federal Reserve have the tools to keep inflation at bay? At what cost? (Original air-date January 17, 2014).