The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Sarah Palin Blasts Pinhead Reporter who Doesn’t Read his Own Paper – UPDATED!

Posted by iusbvision on November 8, 2010

A rule that is taught in every journalism school is this, when you write on a person and/or a subject be sure to check your own papers archives on the issue and subject.

Apparently Sudeep Reddy at the Wall Street Journal was absent the day that was covered in class…and missed the question on the test (as opposed to this writer got his degree with honors and got the question correct in Prof. Klimek’s class).

Sarah Palin on the other hand, has a journalism degree and when Mr. Ruddy blasted Sarah Palin for saying that food prices are rising…. well read on:

Palin:

Ever since 2008, people seem inordinately interested in my reading habits. Among various newspapers, magazines, and local Alaskan papers, I read the Wall Street Journal.

So, imagine my dismay when I read an article by Sudeep Reddy in today’s Wall Street Journal criticizing the fact that I mentioned inflation in my comments about QE2 in a speech this morning before a trade-association. Here’s what I said: “everyone who ever goes out shopping for groceries knows that prices have risen significantly over the past year or so. Pump priming would push them even higher.”

Mr. Reddy takes aim at this. He writes: “Grocery prices haven’t risen all that significantly, in fact.” Really? That’s odd, because just last Thursday, November 4, I read an article in Mr. Reddy’s own Wall Street Journal titled “Food Sellers Grit Teeth, Raise PricesPackagers and Supermarkets Pressured to Pass Along Rising Costs, Even as Consumers Pinch Pennies.”

The article noted that “an inflationary tide is beginning to ripple through America’s supermarkets and restaurants…Prices of staples including milk, beef, coffee, cocoa and sugar have risen sharply in recent months.”

Now I realize I’m just a former governor and current housewife from Alaska, but even humble folks like me can read the newspaper. I’m surprised a prestigious reporter for the Wall Street Journal doesn’t.

– Sarah Palin

Those of you who are fans of our humble web site, you know that this very website editor is grinning from ear to ear.

On a serious note. Palin is correct about food prices and any of us who do some of the shopping and/or work retail know this very well. For example, recently Wal-Mart raised the price of the Great Value brand apple juice from $1.48 to $1.98.  Wal-Mart also has had giant submarine sandwiches for $4.98. Now it is like someone took a shrink ray to the sandwiches and removed much of the meat. I could list 100 of these.

It is not just the Wall Street Journal that is reporting the increase in prices. American Business Analytics & Research tells the Salem-News that if the government still calculated inflation the way it was calculated during Carter and Reagan (changed under Clinton) the inflation rate would be 10%.

This is no surprise as the dollar has been tanking for a long time which causes each one of our dollars to be worth less. This also directly raises the price of anything that is imported. To compound the problem new regulations and taxes are impacting prices as well.  The Federal reserve going on a printing frenzy to monetize the debt has the same effect.

I sent this note to Governor Palin:

Governor, that is exactly how to treat these clowns and this is exactly the kind of communications strat I have been advocating for years on my humble little web site. If they are going to try and destroy you anyways, make them a part of the story and knock them down a peg. Well done and God Bless!

 

UPDATE Notice how I used the example of Wal-Mart prices going up? Well take a look at this:

CNBC

Secret Walmart Survey Shows Inflation Already Here

There might not have been a second round of quantitative easing, if Federal Reserve Chairman Ben Bernanke shopped at Walmart.

A new pricing survey of products sold at the world’s largest retailer showed a 0.6 percent price increase in just the last two months, according to MKM Partners. At that rate, prices would be close to four percent higher a year from now, double the Fed’s mandate.

The “inaugural price survey shows a small, but meaningful increase on an 86-item grocery basket,” said Patrick McKeever, MKM Partners analyst, in a note. Most of the items McKeever chose to track were every day items like food and detergent and made by national brands.

On November 3, the Fed announced its much-anticipated purchase of $600 billion in Treasury securities. An effort to keep market rates low since the central bank’s benchmark rate is already at zero. The Federal Open Market Committee’s statement said, “Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate.”

But since that statement, interest rates have actually gone up, backfiring on a Fed chief who wants his quantitative easing to spark inflation of 2 percent annually. A moderate amount of inflation would be considered good for the economy. The problem is that inflation is already running well above a healthy level, investors said, Bernanke is just not looking in the right place, like a Walmart.

Sarah wins the argument again, and we win the argument again, and the American people lose.

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