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New York Fed chief Bill Dudley doesn't usually face a spirited crowd, but found one in his...

New York Fed chief Bill Dudley doesn't usually face a spirited crowd, but found one in his speech to the Queens Chamber of Commerce when he tried to play down inflation. Peppered with questions about food, he noted you can buy a much more powerful iPad 2 (AAPL) for the same price as the first model. Says one respondent: "I can't eat an iPad."
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Comments (35)
  • wyostocks
    , contributor
    Comments (8078) | Send Message
     
    Hope he discusses the meeting with Ben.
    They all have their heads so far up their computer programs that they have zero touch or relationship with the citizentry.
    11 Mar 2011, 11:18 AM Reply Like
  • coloneldebugger
    , contributor
    Comments (904) | Send Message
     
    Idiots are leading us and there's nothing we can do to change it.
    11 Mar 2011, 11:19 AM Reply Like
  • bbro
    , contributor
    Comments (9739) | Send Message
     
    For all the inflationists...what % of your annual income is spent on
    Food and Gas???
    11 Mar 2011, 11:24 AM Reply Like
  • woollyB
    , contributor
    Comments (1019) | Send Message
     
    It's a low percentage by any historical standard, but it's still creating a "poverty effect" that offsets some of the "wealth effect" that the Fed is so desperate to produce, especially since a lot more people buy food than stocks.
    11 Mar 2011, 11:28 AM Reply Like
  • Stoploss
    , contributor
    Comments (1727) | Send Message
     
    Bbroke: Why don't you just say you ride a bike, we get it.
    11 Mar 2011, 11:42 AM Reply Like
  • bbro
    , contributor
    Comments (9739) | Send Message
     
    Food and Gas...13.5% of gross income
    11 Mar 2011, 11:48 AM Reply Like
  • bbro
    , contributor
    Comments (9739) | Send Message
     
    Bbroke...very good...better than the earlier names i have been called...
    11 Mar 2011, 11:49 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3530) | Send Message
     
    Food and gas 40% of my annual income
    11 Mar 2011, 09:40 PM Reply Like
  • JohnBinTN
    , contributor
    Comments (3756) | Send Message
     
    You must eat really good and drive around a lot! :)
    11 Mar 2011, 09:50 PM Reply Like
  • nyuszika45
    , contributor
    Comments (633) | Send Message
     
    Have you ever driven in Texas? For perspective sake, you do know that you can fit Europe inside Texas with room leftover, don't you?

     

    That factoid really angers Europeans for some reason... ;-)
    12 Mar 2011, 10:25 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3530) | Send Message
     
    I don't get the opportunity to write off my meals and gas as business expenses as some of our other commentators do.:-)
    12 Mar 2011, 11:59 PM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    bbro..the % is going up every day....and add in interest charges...fees..taxes.... charges...it going up fast
    11 Mar 2011, 11:29 AM Reply Like
  • bbro
    , contributor
    Comments (9739) | Send Message
     
    Seriously...you know it is not going up EVERY day,,,,and wherever
    you are getting extra fees and charges you need to shop someplace else...
    11 Mar 2011, 11:40 AM Reply Like
  • Speakeasy
    , contributor
    Comments (414) | Send Message
     
    bbro, much higher than a year ago! Interesting that the little guy and working poor - whose interests Dems & Libs always claim to champion - are the ones getting clobbered!
    11 Mar 2011, 11:30 AM Reply Like
  • SA Editor Stephen Alpher
    , contributor
    Comments (543) | Send Message
     
    Did Dudley really say that??? What an asinine statement.

     

    I think everyone has a pretty good idea that these guys are a bit out of touch w/reality. Occasionally they let something slip that shows the extent of it.
    11 Mar 2011, 11:31 AM Reply Like
  • Duude
    , contributor
    Comments (3376) | Send Message
     
    I believe our government is making a monumental mistake by under-weighting ongoing regular purchases as compared to that of items that are one-time or made every few years. How often do people buy Ipads? Surely, some buy them every year but they are a small segment of society. Rental rates ought to be more heavily weighted than buying a home which is not a regular event. Food, energy and utilities are regular purchases more consistent with the cost of living.
    11 Mar 2011, 11:40 AM Reply Like
  • wyostocks
    , contributor
    Comments (8078) | Send Message
     
    They have a reason. Annual adjustments like to SS are pegged to the inflation figure.
    11 Mar 2011, 11:42 AM Reply Like
  • You're Kidding
    , contributor
    Comments (115) | Send Message
     
    Yeah, SS is pegged and the fact that food and gas prices and rent increases make inflation look worst (make that more accurate) than the people responsible for the numbers, want you to know about. Then they might have to work harder or not keep their jobs as long.

     

    I smell a r e v o l u t i o n coming.
    11 Mar 2011, 09:52 PM Reply Like
  • buybuybear
    , contributor
    Comments (389) | Send Message
     
    Deflation in the things we want (Ipad, house, TV's)
    Inflation in the things we need (food, gas)
    11 Mar 2011, 11:52 AM Reply Like
  • neutrinoman
    , contributor
    Comments (700) | Send Message
     
    The wages of borrowing too much for what we wanted and neglecting what we needed.
    11 Mar 2011, 07:07 PM Reply Like
  • You're Kidding
    , contributor
    Comments (115) | Send Message
     
    AND the wages of those that manage the money supply, and those that regulate, and those that are supposed to watch the regulators, and those that pass the laws, and those that are supposed to enforce them, all of them, NOT DOING THEIR JOBS!!!!
    11 Mar 2011, 09:56 PM Reply Like
  • nyuszika45
    , contributor
    Comments (633) | Send Message
     
    I think we have a defining moment:

     

    "Let them eat iPad's"

     

    Now, is that old guillotine back in the tool shed?
    11 Mar 2011, 11:58 AM Reply Like
  • Duude
    , contributor
    Comments (3376) | Send Message
     
    "Let them eat iPad's"

     

    I truly believe you got something there. Pardon me if I use that.
    11 Mar 2011, 12:02 PM Reply Like
  • wyostocks
    , contributor
    Comments (8078) | Send Message
     
    iPads at Whole Foods. Screw the organic veggies, lets eat Apples.
    Kudos for a great line.
    11 Mar 2011, 12:05 PM Reply Like
  • Hubert Biagi
    , contributor
    Comments (698) | Send Message
     
    While everyone is whining, AAPL sales go thru the roof, lol. How hard could it be out there?
    11 Mar 2011, 12:05 PM Reply Like
  • bbro
    , contributor
    Comments (9739) | Send Message
     
    Uh oh here come the pitchforks...
    11 Mar 2011, 12:05 PM Reply Like
  • Joe Morgan
    , contributor
    Comments (1500) | Send Message
     
    Bbro, remember that they are called the pitchfork and apocalyptic crowd....

     

    Food and Gas 13% of gross income, can you see it lemmings?

     

    Bernanke for President!
    11 Mar 2011, 12:21 PM Reply Like
  • Econdoc
    , contributor
    Comments (2944) | Send Message
     
    Morons. They are not businessmen they are children.

     

    You can't eat an IPad but you can use it to make money and more besides.

     

    Sure - maybe food is more than it used to be - although I can still buy a gallon of milk for under $2 and if you are poor and you shop at WalMart I doubt you are hurting. Enough with th nonsense. Next we will have the Wisconsin Teachers telling us they cannot healthcare because contributions are up from 0% to 6%.

     

    The single biggest cost for most people is shelter and that is not going anywhere at the moment.

     

    Do you remember what cell calls cost in the '90's? What about PC's or other business tools and services. There i plenty more like that.

     

    Idiots. Hey. What can you expect from Queens.

     

    E
    11 Mar 2011, 03:41 PM Reply Like
  • nfantis
    , contributor
    Comments (84) | Send Message
     
    You have good points and I agree with a lot of what you say. However, food and gas prices are on the rise which is a higher proportion of expense relative to income for low-income households.

     

    Regardless, the gov't saying they aren't seeing much inflation is, in my opinion, very irresponsible. Certain items are rising, particularly necessities rather than discretionary items, and much of the population definitely sees the impact.
    11 Mar 2011, 04:14 PM Reply Like
  • johnsmith37
    , contributor
    Comment (1) | Send Message
     
    You must not have purchased milk for years. It has not been under $2 for a long time. Its closer to $4 now. I'm above the median income, so I won't pretend I'm starving, but my family's food and energy costs have increased by 600$ per month since a few years ago. Thats an ipad every month I'm not buying.
    17 Mar 2011, 03:33 PM Reply Like
  • Ohrama
    , contributor
    Comments (514) | Send Message
     
    And iPad, iMac etc. prices are going down because they are manufactured in (and even shipped directly from) China. At this rate we will come to a point where we need to live somewhere else (like China or Mexico) and commute to work here on a daily basis! And of course, we won't be able to afford them (the ones we manufacture!!).
    11 Mar 2011, 05:09 PM Reply Like
  • neutrinoman
    , contributor
    Comments (700) | Send Message
     
    Who needs food or energy?

     

    Off with their heads! :+)
    11 Mar 2011, 07:05 PM Reply Like
  • wyostocks
    , contributor
    Comments (8078) | Send Message
     
    For devils sake. We all understand the frigging models the Fed uses.
    But just for once come of the frigging ivory tower with your millionaire salary and relate to the frigging people who pay your salary and act like a human being.
    These fu**ers who are high and mighty and preside over the common folks are disgusting me.
    11 Mar 2011, 09:05 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3530) | Send Message
     
    I think a lot of people agreed with you last November.
    11 Mar 2011, 09:44 PM Reply Like
  • Skippy09
    , contributor
    Comments (1589) | Send Message
     
    Saying the lower cost of an iPad2 proves that inflation is not a threat??? He really said that? LOL

     

    Nothing to do with inflation, everything to do with volume buying. Where did this guy take Econ 101?
    11 Mar 2011, 09:55 PM Reply Like
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