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."
Ye gods, Palin's handlers must not read either! But then why read? It's all written by liberal-elite intellectuals anyway...
Sarah Palin expressing an opinion on fiscal policy – why? Can she see a bank from her front porch?
Wow, you liberals sure have a short fuse when there is a conservative woman speaking, how dare she speak her mind. Yes, grocery prices are going up, oil just hit $90 and will probably really take off in the next few weeks. The dollars you have in your wallet are not going to be worth anything shortly. This (QE2) is probably the worst thing that could be done right now.
Listen, people, there is no controversy.
Rupert Murdoch owns the Wall Street Journal.
Sarah "Dimwit" Palin is an EMPLOYEE of Rupert Murdoch.
The sales for the WSJ are sagging.
So, what do you do?
CREATE a controversy.
It worked for FOX "NEWS".
Really!!! Are you actually arguing economics with Sarah Palin? I have been taught to NEVER argue with a crazy person. It is a complete waste of time.
All I want from Santa this year is for him to make Palin go far, far, far away -- FOREVER. It will be his greatest gift of all.
There is no hint on misogeny here. This is not a partisan venture. It has nothing to do with what state she's from or how shy styles her hair. The woman is incredibly uninformed, incredibly hypocritical and very mean spirited. She flat out lies and passes it off as fact. She attempts to immasculate anyone in the 'mainstream media' that dates disagree with her. Its gotten so bad that even republicans are making fun of her. So don't pretend the sophisticated, racist, anti feminist liberal hypocrites are going out of their way to demonize poor Sarah. She does it well enough on her own.
Palin is a loser. She could not take the heat and quit her job. Do you think she's qualified to run for White House? She's the one who doesn't even know that Africa is a continent. She's now lecturing everyone.....SHUT UP PALIN...
Palin tackling complex financial issues with the insight of a grocery shopper. Seems about right.
it is really unfair that ms. palin has to be perfectly 100pct right every single time for the people to accept her as credible. i think most of her critics are just sexists who can't handle a beautiful successful woman, a great mom at that, shining. that reddy reporter is plain wrong here anyway. does he ever shop at safeway? i bet he gets wined and dined every day by vested intrests.
Fact is food prices are up and the nine dollar loaf of bread is comming...
WOW! Sarah Palin has remembered the name of one of "all those newspapers and magazines" she reads! Where is Katie Couric, this is breaking news! Silly me! Who owns the Wall Street Journal?
Since when has missy or Fox ever let the facts interfere with her version of "fair and balanced" reporting?
The only thing inflated here is the idea that this cretin has any sort of intelligence or political discourse.She only opes her mouth to change feet,like the rest of these foxnews/tea party idiots
The trash talker is now in a defensive mode trying a CYA approach. Let her rave on ,she is looking more GOP'ish everyday and they do not want her.Her fifteen minutes are fading fast.
what ? sarah palin knows what she talking about? a betcha she has no clue on the matter.
Mrs. Palin is the one and only awesome woman in the world!!
she just still just dumb as a stump. I didn't even read the article because since the idiot has appeared on the scene (thanks to mcsame) she never knows what she is talking about. So whats new?
Reddy doesn't shop much – Prices have gone up and up and up. Who is he kidding. I have to agree with Palin on this one.
Tired of hearing about this idiot.
You know, usually when I read the comments here, they are pretty evenly divided between
Dems & Republicans, but Sarah Palin seems to be the exception, it's universal, everyone thinks she's an idiot. Who said the left and right couldn't agree.
The woman is a total idiot blathering and foaming at the mouth as usual. It's beyond my comprehension how anyone can remotely believe in her and what she says. When will she be quiet and go home? Please, CNN, stop giving her coverage that no one wants her to have.
Palin commenting on monetary policy of the fed is comical to say the least. Where did she get her economic degree? What university? Did she get a doctorate from the Univ. of Chicago graduate school of business? No, No, and No. She just sits on the sidelines and hurls mud at those who are making the tough decisions without offering any alternative.
And really, how much grocery shopping do we think Palin does on her own?
Whether you are a republican or a democrat, the advice is still the same: think and do some research before spouting off nonsense (this includes you Gov. Half-Term).
I wonder who is writing her facebook and tweets now. I love the way she hides behind the social media outlets. This means she does not have to think on her feet, heck think at all. No one can question her. I hope in a debate someone asks her a real difficult question about economic theory; she will pause, scratch her ass then smile and say long live freedom................
A sad state of affairs when someone like Sara Palin is able to draw a following. Proof, that as a society our best days are behind us.