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iPad price remark gets Fed's Dudley an earful [Crowd Rejects No Inflation Argument]
Yahoo Finance ^ | By Kristina Cooke | By Kristina Cooke

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 ...


TOPICS: Business/Economy; Government; News/Current Events; US: California; US: New York
KEYWORDS: apple; california; ipad; newyork
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To: RBranha
Your use of "super-capitalists" as a pejorative revealed more than you intended, I'm sure.

And, I'm sure, you completely ignored my intent and explanation and focused on the use of one word.

41 posted on 03/12/2011 9:10:23 AM PST by raybbr (People who still support Obama are either a Marxist or a moron.)
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To: raybbr
"Your use of "super-capitalists" as a pejorative revealed more than you intended, I'm sure.

And, I'm sure, you completely ignored my intent and explanation and focused on the use of one word."


Nope, I understood your intent to insult "super-capitalists" loud and clear.
42 posted on 03/12/2011 9:16:21 AM PST by RBranha (Captialism is the natural outgrowth of human freedom.)
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To: Uncle Ike
“I can’t eat an iPad,” another said.

Is it just me, or does anyone else think they left out an adjective?

43 posted on 03/12/2011 9:23:55 AM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: RBranha

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.


44 posted on 03/12/2011 9:26:25 AM PST by raybbr (People who still support Obama are either a Marxist or a moron.)
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To: raybbr
"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."

It's your job to clearly identify the persons you're trying to insult, not mine. If you feel you were misunderstood, you should clarify.

45 posted on 03/12/2011 9:40:12 AM PST by RBranha (Captialism is the natural outgrowth of human freedom.)
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To: RBranha
It's your job to clearly identify the persons you're trying to insult, not mine. If you feel you were misunderstood, you should clarify.

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.

46 posted on 03/12/2011 9:52:41 AM PST by raybbr (People who still support Obama are either a Marxist or a moron.)
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To: DeaconBenjamin
Dudley worked at Goldman Sachs from 1986 to 2007, holding the position of chief economist for ten years before he was hired by then-president of the New York Federal Reserve Timothy Geithner to oversee the department in charge of buying and selling government securities.[5][6]

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]

alt

47 posted on 03/12/2011 9:57:43 AM PST by dennisw ( The early bird catches the worm)
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To: raybbr
You absolutely *were* trying to insult the people you call "super-capitalists" by claiming they look foolish. You'll have a hard time convincing me that calling someone "foolish" isn't an insult.

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.

So, please enlighten us with the correct definition. My definition of it doesn't matter since I didn't come up with the term. It's your word, so you get to define it. So, what does it mean?
48 posted on 03/12/2011 10:07:15 AM PST by RBranha (Captialism is the natural outgrowth of human freedom.)
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To: Brandybux

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.


49 posted on 03/12/2011 10:12:15 AM PST by RegulatorCountry
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To: DeaconBenjamin; a fool in paradise; JoeProBono

50 posted on 03/12/2011 10:18:53 AM PST by Revolting cat! (Let us prey!)
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To: RBranha
So, please enlighten us with the correct definition. My definition of it doesn't matter since I didn't come up with the term. It's your word, so you get to define it. So, what does it mean?

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...

51 posted on 03/12/2011 11:02:53 AM PST by raybbr (People who still support Obama are either a Marxist or a moron.)
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To: DeaconBenjamin

52 posted on 03/12/2011 11:20:03 AM PST by Fresh Wind (TOTUS knows how to give a speech. Obama knows how to read.)
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To: C210N

I’ve switched to Aldi. Prices at Kroger had finally started to come down a bit, but now are shooting back up.


53 posted on 03/12/2011 11:57:48 AM PST by ReagansShinyHair
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To: sueuprising

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.


54 posted on 03/12/2011 1:35:28 PM PST by bert (K.E. N.P. N.C. D.E. +12 ....( History is a process, not an event ))
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To: raybbr

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?


55 posted on 03/12/2011 6:06:15 PM PST by RBranha (Captialism is the natural outgrowth of human freedom.)
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To: bill1952

Wisconsin signed a deal with the devil and now they are paying. It’s their problem now.


56 posted on 03/13/2011 6:53:45 AM PDT by tgusa (Investment plan: blued steel, brass, lead, copper)
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