Monday, March 14, 2011

If They Can't Afford Bread, Let Them Eat iPads

Just another example of let them eat cake economics, the fantasy of the uber rich that some sort of social safety net still exists in A-Merry-Ca, that children don't go hungry in our land of amber waves of grain, that hungry children can apply themselves and learn despite gnawing pain in their bellies, that only slackers, addicts, and moral defectives face homelessness in the home of the brave.

In the land of the free, hungry humans can find few free lunches.

[New York Federal Reserve Bank President William Dudley was heckled at a speech in Queens today when he suggested that the rising cost of food is offset by how cheap iPads are.

Dudley said said that while food prices may be rising, the cost of some other goods are going down, which evens out the overall inflation picture. The Fed's inflation estimates do not take into account volatile energy or food prices. The crowd was not impressed:

"Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful," he said referring to Apple Inc's (AAPL.O) latest handheld tablet computer hitting stories on Friday.

"You have to look at the prices of all things," he said
This prompted guffaws and widespread murmuring from the audience, with one audience member calling the comment "tone deaf."

"I can't eat an iPad," another quipped.]

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