H/T Doug NYC GOP
Sarah Palin recently told Ben Bernanke to 'Cease And Desist' in what she felt was Bernanke's "Playing around with inflation". Here is part of her remarks:
"All this pump priming will come at a serious price. And I mean that literally: 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. Oil recently hit a six month high, at more than $87 a barrel. The weak dollar – a direct result of the Fed’s decision to dump more dollars onto the market – is pushing oil prices upwards. That’s like an extra tax on earnings. And the worst part of it: because the Obama White House refuses to open up our offshore and onshore oil reserves for exploration, most of that money will go directly to foreign regimes who don’t have America’s best interests at heart."Wall Street Journalist Reporter Sudeep Reddy responded Calling Palin's claims on inflation, nothing more than hyperbole:
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). Even if you pick a single snapshot — say, September’s year-over-year increase in prices — that was just 1.4%, far better than the 6% annual increase for food prices recorded in September 2008.Rather than admit that she made a mistake, Palin responded in her usual snarky way on facebook:
Ever since 2008, people seem inordinately interested in my reading habits. Among various newspapers, magazines, and local Alaskan papers, I read the Wall Street Journal.I'm sure all the Sarah Palin fans read this and said things like, "Right on Sarah", "That's telling Him Sarah". "They'll think twice before they mess with you again, Sarah".
So, imagine my dismay when I read an article by Sudeep Reddy in today’s Wall Street Journal criticizing the fact that I mentioned inflation in my comments about QE2 in a speech this morning before a trade-association. Here’s what I said: “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.”
Mr. Reddy takes aim at this. He writes: “Grocery prices haven’t risen all that significantly, in fact.” Really? 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.”
Now I realize I’m just a former governor and current housewife from Alaska, but even humble folks like me can read the newspaper. I’m surprised a prestigious reporter for the Wall Street Journal doesn’t.
- Sarah Palin
Well like Most Palin stories, this one doesn't end there and there is no happy ending.
It seems, that in Sarah's response, She used selective quoting. She took a quote out of context in the article leaving out the rest of the quote that changed the whole meaning of what she was trying to claim.
As pointed out by the Columbia Journalism Review.The bold print is the part of the quote that Palin left out:
So, Palin is hammering the Journal and Reddy for pointing out that she’s flat wrong about grocery prices going up significantly in the past year. What does she do? She quotes a separate Journal story that confirms what Reddy is saying—and cuts out that part with three dots. Nice!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.
Palin has a journalism degree, so I’m guessing she knows what an ethical no-no it is to misquote somebody like that. It ought to be awfully hard for her to get on her pedestal and condemn the media when she can’t even quote somebody honestly. How about to make it up to Reddy, Palin lets a real reporter like him fly out to Wasilla to interview her for once instead of going to her house folks at Fox News?
To ad insult to injury, The WSJ pointed another flaw in what they call her, Monetary Policy Wonk. Ending their article with a not so complementary line of, If you’re gung-ho on the prospect of Madame President Palin, that’s great. Just be careful about taking investment advice from her. But that's another story.