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."
Sarah Palin is parroting - and I say parroting because I KNOW she cannot form this opinion herself - those who continually harp on the coming inflation, when DEFLATION, a lack of economy-stimulating spending, is the primary concern for long-term economic crippling. Ask Japan how that works. Her rhetoric is boilerplate supply-side junk, spoon fed to her by God knows who.
This is nothing to do with republicans or conservatives. It has everything to do with Palin doesn't know what she is talking about. Now she is a financial economic expert. She is a rah rah woman and will never be anything else.
Oh jeez, like Palin has ANY economic sense whatsoever. She "read" an article...LOL!! I remember when Couric asked Palin what she read back during the 2008 campaign and she couldn't even come up with a magazine name. I mean christ, if this woman had any intelligence she could have just pulled a name out of her butt to answer the question. Time, Newsweek, Wall Street Journal, National Geographic....HELLO?? Is it really that hard. She has no idea what she's talking about.
The easiest way for Palin to defend her point of view is to blame her ghostwriter. No one believes she wrote that critique anyway.
We found out in 2008 that Sarah Palin doesn't read any newspapers or magazines of note. So what publication did she read to form this conclusion? She didn't. She's mouthing words that sound like she knows something about economics which she doesn't. The whole country should be grateful to Bernake – he essentially provided the advice and effort that kept us from a serious depression. She is the reason McCain lost the presidency. Like many independent thinkers, I'd have voted for him had he not put her in place for VP.
Please keep printing these stories–we comics need the material!!! :P
Why bother with the facts? Palin is such a polarizing figure, that the haters and supporters alike don"t care about the facts.
In a battle of wits Las Vegas odds favor the reporter. He has twice as much as his opponent. Another example of Ms. Palin's tendency to seek the limelight ill-prepared. Can anyone ever forsee a time when Sarah jumps aboard AF One to represent the US a world-wide financial summit. Oh, wait. We're safe. By then she probably would uniiaterally declare the good ole' US of A the financial capital of the world, demand the summit be held in the Wasella AK Community Center, and blame it on the press when nobody came.
I have to agree with Sarah on this one. She's has a very valid point. For those of you who dismiss her simply because of who she is better read the facts.
Go Sarah. Stay on the offensive. You have already proved you are a force. And now it looks like your are getting quite up to speed in a hurry on a variety of issues. Amazing and you aren't even a Harvard lawyer. Thank God for that.
Since when is Palin a economist? This woman failed as even governor of Alaska. Taking her advice on economic policy is like seeking the French for advice on war strategy.
Simce when did Sarah ever let FACTS get in her way?
Give her enough rope and she'll hang us all.
Facts have always been largely irrelevant to Ms. Palin's perception of reality.
This is proof positive that a little bit of knowledge – and I do mean a very, very, little, miniscule knowledge – is a dangerous thing. What this idiot woman knows about economics wouldn't fill her palm.
"Critics of the Fed's quantitative easing policy are focused primarily on concerns about potential future inflation."
Darn right the "average" family is concerned about "potential" future inflation. And Reddy, next time you want to criticize someone, read your own paper first (which is written by people that make alot more than the average family). Maybe you can learn something from someone beyond your down-turned nose.
Well here is my best description of (wonder? sarah) she is like a fart every body knows it's there, and just hoping it will go away soon. But sarah has taken a skunk approach, and decided that she wants to rub our noses in it . and she don't care how much she stinks,she's gonna keep on farting till we all fall dead from the methane gas exposure she is emitting.CHOKE ON THAT SARAH!
And the WSJ is legendary for being conservative because they're supported by...duh...wall street. Can't blame the "liberal media" now Sarah. Even the conservative media is calling you out. Face it woman, you're a moron.
Brought to you by the same woman who didn't know there is a North and South Korea, didn't know Africa is a continent, didn't know which countries were in NAFTA, didn't know which newspapers she read, didn't know the name of one single Supreme Court case she disagreed with, etc., etc. No wonder she is so popular in the US. She's like her followers.
Palin – Facts, there is no relationship. How rude to step on another of her tall tales.
What next Palins opinion on why NASA had trouble landing discovery
Egad !! Why does that woman persist ? She has nothing going for her. There is nothing worse than a trash-talking woman. Cheap !! Her huge ego is disgusting !!!!!!!!!!!!!
Right, facts are not part of the GOP. Its all about lies to get back into office so they can setup the feudal society. Them the king queens, us the peasants. You got a surprise coming.
She can say anything she wants. She is not accountable to anyone. Not elected, not hired. She can say white is black and black is white with no consequences.
I hope more and more and more people stand up and let it be known through the media that the lies she spread are lies, and we THE AMERICAN PEOPLE, aren't going to put up with her lies, deceit, and unethical push for whatever she wants to believe in any given day.