The tiff began after economics reporter Sudeep Reddy criticized Palin's keynote speech at the Specialty Tools & Fasteners Distributors Association (STAFDA) trade show in Phoenix on Monday in a post on the Wall Street Journal's 'Real Time Economics' blog.
In her remarks, Palin blasted the Federal Reserve's decision to buy $600 billion in long-term U.S. Treasury bonds over the next eight months – a policy known as quantitative easing – in order to help jumpstart economic recovery. The move, Palin said, "deeply concern[s] her."
"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. And it's not just groceries," Palin said in her remarks.
"Maybe it's time for Chairman Bernanke to cease and desist. We don't want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings," Palin continued.
But in a post entitled, "Sarah Palin's QE2 Criticism Includes Inflation Hyperbole," Reddy took issue with Palin's analysis, saying, "Grocery prices haven't risen all that significantly, in fact. The consumer price index's measure of food and beverages for the first nine months of this year showed average annual inflation of less than 0.6%, the slowest pace on record (since the Labor Department started keeping this measure in 1968)."
Reddy's criticism prompted a harsh rebuttal from Palin in a Facebook post "Do Wall Street Journal Reporters Read the Wall Street Journal?
"Really?" Palin said in response to Reddy's dismissal of higher grocery prices. "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 Prices: Packagers 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,'" Palin said in the post.
But in a second post on Tuesday, Reddy cited Labor and Commerce Department data that he said indicates "overall food price inflation has been historically low for the past year." Reddy said that while some commodities prices have increased, retailers have been reluctant to pass those costs on to customers due to "weak demand, high unemployment and thrifty shoppers."
Reddy pointed out that the sentence Palin quoted actually said, "An inflationary tide is beginning to ripple through America's supermarkets and restaurants, threatening to end the tamest year of food pricing in nearly two decades."
"It does indeed report that supermarkets and restaurants are facing cost pressures that could push their retail prices higher – but it hasn't happened yet on a large scale," Reddy said. "Critics of the Fed's quantitative easing policy are focused primarily on concerns about potential future inflation."
Gee, Maybe someone should ask the mouth from Alaska if the 300% increase in the cost of fuel for the groceries which occured under a total republican administration, senate and congress had any affect on the economy. For instance did this increase affect the cost of government, road maintenance or operation of the military? As I remember Palin and the rest of the Alaskans have recieved a large chunk of money at the expense of the lower 48 states called royalities. I believe we actually had a recession right after the large increase in fuel costs. Gee, has anyone figured out how this increase has affected the size of our national debt. As I remember the republican response to the 300% increase in energy(oil) which no doublt had to greatly increase the cost of the military and the running of the government was to reduce the revenue of the federal goverment with TWO massive tax cuts and then started TWO wars. However I have heard no Republican accept any responsibility for the massive national deficit we are presently accumulating. They only say that there is no shortage of revenue but there is a spending problem. New Republican solution : another 3.9 trillion dollars tax cut every ten years made permenant because we have plenty of revenue to run the government.
Anyone who would have Palin speak on economics is already too far gone.
really what we have here is that Palin is very simplistic in her understanding of topics that are a bit complicated. She caters to a crowd that is basically the same way. So for her to argue with a guy like Reddy, she tries to make it like she truly understands whats up, but she really doesnt.
Buck up, Mama Grizzlies, it's time to go rogue and be an outsider renegade wrangler rustler who man's up and......shorrrrt cirrrcuiting...fizzzzzzzzz
maybe we should send sarah up to the energy explosion at the center of the galaxy
so she can figure out what's going on up there.
not understanding the facts have never stopped her before. i can't wait to hear what
she has to say. too bad i'll be dead by about 25,000 years before she comes back.
Honestly, look at that picture, not even slightly attractive.
Does this woman ever shut her pie hole?
Dear God, when will she go away? Can't she take an extended hibernation or something?
I HATE to agree with Palin, BUT the 'no inflation' mantra being sold to us is all BS. Prices are up, some are cylical but they are UP, gas, Oh that's not counted, electricity, oh they dont count that either!! But look, the price of milk, eggs, bread, is all UP, the price of cars is up (you get more but still up...) TAXES are up! that's rite except for the Bush Tax cut issue, taxes are higher in general, expecially PROPERTY TAXES...and the bogus 1/2% banks pay is inflationary as you need to spend more money then you can earn to live....THERE IS INFLATION & WHEN IT REALLY GETS COOKING IT WILL FLY UP.....WSJ reporter has her head in the books not the stores (I am NOT a Palin fan @ all, but she is right- IN THE REAL WORLD THERE IS INFLATION!!!)
I'm beginning to honestly believe that it is an impossibility for Caribou Barbie to ever, EVER state a fact correctly. Yeah, like she goes shopping in supermarkets. The woman is a walking Bozo the Clown (with all due respects to Bozo for the association).
...Palin's "view is not supported by the facts."... Really? No Kidding/ Now, that's a first! :)
Palin, Beck, Limbaugh, Hannity, ALL are Media Terrorists! Terrorism is based on fear mongering...these parasites have down to a science. No fact checking, hyped up twisted exagerated words of others, emotional appeal for you to be terrified. But really Palin?? Arguing with a reporter because you don't report thier article accurately...so they're the problem?? Palin you are a narcissist quitter. You should look for a part time evening job...one where you get to keep your tips...Maybe then you could keep the balogne where it belongs. Between two slices of bread and off the media pages.
"Do Wall Street Journal Reporters Read the Wall Street Journal?" Come on Sarah, we all know that asking someone what newspapers he/she reads is totally uncalled for. Quit it with your "gotcha journalism" already.
Sarah, it would have been better if you had discussed the subject matter with your bank clerk or the casier at the grocery shop. Tell us honestly when did you hear these words for first time in your life: Quantitative Easing? You don't know the ABC of Finance or Economics. Stop parroting. There is something called brain in between when words flow from the ears to the mouth.
Sarah Palin only says what she is told to say! She hasn't any idea what's going on in the world, politics, or our country in general. I find it very hard to believe that in 2 short years someone who knew absolutly nothing about anything became an authority on everything!
One thing is plain. Sarah has obviously been to the grocery store. The prices are going up and up. I guess the rest of the people commenting are eating out.
The sentence was quoted out of context because she doesn't understand the context to begin with. She probably felt like such a grown up when she read her first copy of the WJS a few weeks ago. So glad she is such a quck study that she is out there in the press criticizing the Fed – and people who have spent their entire careers attempting to master this subject. Palin demonstrates over and over her willingness to just pick up anything and punt – doesn't matter what the subject – and let the chips fall where they may. Imagine if she really had the power to do this with our economy, Social Security, Education, etc etc etc. Frightening.
Is this some stupid trap to gain support for your non-scientific pole!
By bringing Palin to the opposing side is how you are going to get support for printing $600 billions? Those that hate Palin will go against her on everything she said, but they are not stupid enough to think printing that much money is a great idea!
You don’t need the Wall Street Journal to tell you your money is worth less. Go home and ask your wife who actually shops at the super markets.
What a bonehead! She's criticizing Bernanke on economic policy? Next she'll be debunking Einstein's "theory of relativity".
She likes to dish out criticism but she sure can't take it. Talk about being thin skinned!
Wow, two years ago Sarah couldn't tell us what newspapers she read. Now she's an economic oracle.
Thank you, Alaska, for sharing your dear Sarah with us. You can have her back, now.
I didn't read this either. Are CNN editors told to follow Sarah Palin each day and write about everything she does. I used to comment on Sarah Palin... Now, I comment on CNN for publishing something about her twice/day.
I'm starting to like Sarah.. and I'm independant.
The biggest increase in prices that I've seen in the grocery store came at the end of the Bush Administration- during the "financial crisis" – everything seemed to go up about 50 percent in less than two months.
The pressure to gouge in the face of what looked like a severe downturn made the biggest inflationary jump I'd seen in many years.
And we just got another little jolt last month. Prices went up again, just not as much.
We've been waiting for thirty years to see that "trickle down" effect – it never quite makes it down to the "lower classes".
Yeah, those Republicans are "so good" at economics, it's what they're known for...right....!
This is all Sarah Palin has – criticism of other people and hw they handle issues. Lots of emotions, but nothing substantial. Remember that, you Palin supporters, that she has no plans, offers no solutions, and leaves no legacy of personal experience handling similar situations while in any position of leadership. All Sarah Palin has is her ranting.
^Typical right wing drone.
When is anything this bimbo says supported by facts?