According to salary figures released in 2010, Dudley is paid "more than $410,000 per year", making him one of the two highest-paid of the twelve presidents of the Federal Reserve Banks.[7]
Posted on 03/12/2011 3:43:20 AM PST by DeaconBenjamin
Memo to central bankers:
Best not to cite the price of the new iPad as an example of why inflation isn't a problem when you head into a working-class neighborhood.
In Queens, New York, on Friday, New York Fed President William Dudley did just that. He got an earful.
After being bombarded with questions about food inflation, Dudley attempted to reassure his audience by putting rising commodity prices into a broader economic context -- but that only made matters worse.
"When was the last time, sir, that you went grocery shopping?" one audience member asked.
Dudley tried to explain how the Fed sees things: Yes, food and energy prices may be rising, but at the same time, other prices are declining.
He then stretched for a real world example. The only problem was he chose the Apple's latest tablet computer that hit stores on Friday, which may be more popular at the New York Fed's headquarters near Wall Street than it is on the gritty streets of Queens.
"Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful," he said. "You have to look at the prices of all things."
This prompted guffaws and widespread murmuring from the audience, with one audience member calling the comment "tone deaf."
"I can't eat an iPad," another said.
Queens is best known internationally for being home to New York City's two airports, the Mets baseball team and its portrayal in the television program "The King of Queens".
Misjudging your audience is hardly unusual for those in positions of power. In 2007, candidate Barack Obama asked an Iowa crowd if they had seen what Whole Foods -- an upscale supermarket more popular in big cities than in the Corn Belt -- charges for arugula.
(Excerpt) Read more at sg.finance.yahoo.com ...
And, I'm sure, you completely ignored my intent and explanation and focused on the use of one word.
Is it just me, or does anyone else think they left out an adjective?
LOL What do you think I mean by super-capitalists? Your initial response demonstrated to me that you have a different idea as to what that means than what I mean by it.
I wasn't trying to insult anyone. It's an adjective describing a way of thinking.
That YOU claim it as an insult it telling.
I'm so sorry if I offended you.
BTW, I note you STILL won't explain what you think it means. So, I guess you don't know what you are defending.
According to salary figures released in 2010, Dudley is paid "more than $410,000 per year", making him one of the two highest-paid of the twelve presidents of the Federal Reserve Banks.[7]
That Marie Antoinette quote, infamous though it is, has been misinterpreted down through the centuries. Now, it’s understood to be the height of arrogance, utterly dismissive. Then, she was so detached that she actually thought the common people could substitute cake for bread, if bread was too expensive.
Okay, so you have been defending your understanding of the term "super-capitalist" all morning against my usage of it even though you admit you don't know what it means? Huh?
Oh wait: " I am defending the people I consider to be "super-capitalists", and now you say that my definition is incorrect even though you don't know my definition."
Oh, you do know what it means.
Okay, which is it? Do you or don't you know what it means? If you don't, why did you spend so much defending a term you don't understand?
Man, talk about circular arguments...
I’ve switched to Aldi. Prices at Kroger had finally started to come down a bit, but now are shooting back up.
If you like the Adams family, there is a truly excellent TV series.
If you haven’t seen it, I would recommend getting it on DVD from the library.
They were truly an ordinary and yet extraordinary family.
It’s simple: you claim I’m using the wrong definition, even though you don’t know my definition. Fair enough, for the sake of conversation let’s assume my (unstated) definition is wrong. After all, it’s your word, so you get to define it. So, what does it mean?
Wisconsin signed a deal with the devil and now they are paying. It’s their problem now.
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