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Former Goldmanite And Head Of New York Fed Bill Dudley: "Let Them Eat iPad"

Tyler Durden's picture




 

Earlier today, Goldman New York Fed plant, and Jan Hatzius predecessor, Bill Dudley, emerged from his ivory tower to make a trek to Queens to deliver prepared remarks written by some intern, discussing the prospering state of the New York burrough (speech link). Unfortunately for the multi-millionaire, things quickly went from Unicorny and Rainbowy to horribly wrong. During the Q&A, one audience member asked: "When was the last time, sir, that you went grocery shopping?" A stunned Dudley did not have the heart to elaborate that the caviar and ambrosia eaten on the Dudley family table is hand delivered through the Fed's G-6 from Kamchatka, so instead, as Reuters reports, he "tried to explain how the Fed sees things: Yes, food
prices may be rising, but at the same time, other prices are
declining. The Fed looks at core inflation, which strips out
volatile food and energy costs, to get a better sense of where
inflation may actually be heading."

So, Dudley sought an everyday example of a price that is falling.

"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."

As for the FTMFW comment from the audience, which apparently did not realize (unlike the prevailing thought at all other Dudley luncheons) that there is massive career risk in highlighting that the emperor is naked, has rolls of fat around his neck, and has a hairy ass, it was the following:

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

Oh, but you will soon my dear. Just you wait - after all QE666, the Chairsatan's personal favorite, is just around the corner. Also, per rumors, the Fed has commissioned MIT to discover a plastic decomposing bacteria and lace the Fluoride in the drinking water with it, and... Presto.

 

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Fri, 03/11/2011 - 14:09 | 1041302 pendragon
pendragon's picture

food prices are not volatile...they only go up. at what point does it cease to be transitional?

Fri, 03/11/2011 - 14:21 | 1041387 AN0NYM0US
AN0NYM0US's picture

if people only knew the lifestyles these cats have, what they should have asked about was the price of asswipe, to which he would have quickly repsonded on the rising costs of pima cotton

Fri, 03/11/2011 - 15:08 | 1041646 Bananamerican
Bananamerican's picture

"Behold the countenance of your betters, peasant!"

http://tinyurl.com/6cn2cc9

Fri, 03/11/2011 - 17:11 | 1042088 nope-1004
nope-1004's picture

Well, Bill Dudley just proved himself to be an idiot.

 

 

Fri, 03/11/2011 - 16:18 | 1041905 bunkermeatheadp...
bunkermeatheadprogeny's picture

prima cotton = bernanke dollar

Fri, 03/11/2011 - 15:24 | 1041726 tempo
tempo's picture

Cotton, sugar, copper silver and gold all up today.  10 year Treasuries at key level of 4%.  Risk trade on if 10 years trade above 4%.

Fri, 03/11/2011 - 14:05 | 1041309 LongSoupLine
LongSoupLine's picture

I hope that MF'er gets hit by a gasoline truck on his way back to his castle!

f'ing asshat!

Fri, 03/11/2011 - 14:29 | 1041439 Michael
Michael's picture

The Federal Reserve Corporation is the root cause of all the riots and revolutions in the world due to the extra money it makes available to Wall Street speculators buying on margin that in turn drives up food and energy prices. This is 88% accurately correlated. This is not open for discussion of debate when the accuracy of this statement has already been proven.

Abolish the Federal Reserve Corporation and Audit Fort Knox Gold NOW!

Fri, 03/11/2011 - 14:58 | 1041610 reader2010
reader2010's picture

Its engineered deliberately for the coming world currency so that they can milk more from everyone else in the world. 

Fri, 03/11/2011 - 15:01 | 1041625 A_MacLaren
A_MacLaren's picture

+8,200 tonnes of Tungsten

Thu, 03/17/2011 - 08:32 | 1065998 orangedrinkandchips
orangedrinkandchips's picture

long,

 

you took the words out of my mouth. And man, those people who asked the right questions, I tip my hat to them. What a fucking maroooon. He has never stepping inside a try-n-save. He has his food hand fed, by some other slave.

I want to see a parade of the Fed's heads on sticks in downtown Manhattan. Then, I will sleep at night.

 

Fri, 03/11/2011 - 14:06 | 1041314 demsco
demsco's picture

LOL...

Fri, 03/11/2011 - 14:07 | 1041317 TheGreatPonzi
TheGreatPonzi's picture

""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."

Wow... does he realize that it has nothing to do with the money supply, but with increased innovation and competitivity? 

Bill Dudley is a douche. And the sad thing is that nowadays, douches are rich. 

Fri, 03/11/2011 - 14:26 | 1041408 Ray1968
Ray1968's picture

I can buy an iPad 2 for less than what my Tandy 1000TX cost me in 1986.

This sort of analysis is what these morons use to find deflation to offset all price inflation they create. I've seen this before and still don't buy into it. I guess I'm not educated enough.

Fri, 03/11/2011 - 14:45 | 1041532 Michael
Michael's picture

Listening to these people are nauseating. The govspeak is designed to make your head explode. How much longer is it going to be till real people start cursing these motherfuckers out at press conferences? What fucking planet are these creeps from anyway.

Fri, 03/11/2011 - 14:55 | 1041589 Artful Dodger
Artful Dodger's picture

Yeah but the Tandy came with a calculator.

Fri, 03/11/2011 - 15:07 | 1041648 Ray1968
Ray1968's picture

The iPad calculator is free. You just have to download it.

Fri, 03/11/2011 - 18:34 | 1042418 naughtius maximus
naughtius maximus's picture

Holy deflationary shit! something that used to cost $100 is now free. Don't tell these guys about linux!!

Fri, 03/11/2011 - 15:31 | 1041758 hbjork1
hbjork1's picture

And we can buy an iPad for less than an HP45 in 1975 not even considering the inflation factor of 2 or 3.

 

Fri, 03/11/2011 - 16:42 | 1041973 Fred Hayek
Fred Hayek's picture

If only someone in the audience had asked him to justify these other "hedonics adjustments":

http://www.bls.gov/cpi/cpihqaitem.htm

 

Check out the adjustments for clothing.  Because the pair of pants you buy today is so much more advanced than the ones you bought last year, don't you know.  They couldn't justify these "adjustments" for 10 seconds to the general public.

Fri, 03/11/2011 - 14:24 | 1041415 Overpowered By Funk
Overpowered By Funk's picture

Their point is to direct away any inspection or recognition of the money supply and its relation to inflation with nonsense about iPads and other crap to keep the sheeple from thinking things thru. Leisman types who worship the almighty Fed always point to the manipulated CPI to make their statists points. But as food prices increase, and energy prices increase, and other goods (clothing etc...) increase the high and mighty explanations from people like Dudley and Liesman et al become more and more surreal.

Fri, 03/11/2011 - 14:33 | 1041463 ronin12
ronin12's picture

"Their point is to direct away any inspection or recognition of the money supply and its relation to inflation with nonsense about iPads and other crap to keep the sheeple from thinking things thru."

EXACTLY!

Fri, 03/11/2011 - 21:27 | 1043025 MrSteve
MrSteve's picture

This is the manure product from Greenspan called hedonic improvement. He might better have said we are cutting the dollar in half.

Fri, 03/11/2011 - 15:31 | 1041760 Don Birnam
Don Birnam's picture

You got that right, Funk.

Fri, 03/11/2011 - 15:34 | 1041771 hbjork1
hbjork1's picture

Liesman is a zero.

When he appears, I close my eyes and change channels.

Fri, 03/11/2011 - 15:49 | 1041826 LudwigVon
LudwigVon's picture

Hey went to Buffalo...

A keynes spewing shill for the Fed and the state. 

Fri, 03/11/2011 - 17:50 | 1042250 ZeroHour
ZeroHour's picture

This reminds me of the MASH scene where Hawkeye and Trapper are at an Army press conference where General Mitchell is providing non-stop BS to the reporters ("General, do you have anything to add?" "No, but I would add that there's nothing to add").  Trapper's great question to the General (after he tried to avoid answering Hawkeye's question), "Yes, why don't you answer his question?"

Blame it on the reporters who don't push the issue.  They should continue to ask difficult questions and call them out for not answering.

Fri, 03/11/2011 - 21:41 | 1043053 GreenSideUp
GreenSideUp's picture

Reporters?  What reporters?

What passes for reporters these days is borderline criminal.  As a collective, they have an astounding lack of intellectual curiosity.  I can't imagine living in the world today and not wanting to find out the WHY of everything that's happening.  

Fri, 03/11/2011 - 14:27 | 1041431 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

I think it is safe to say that douches have always been rich and that many of the rich have always been, most elegantly put, douchebags.

Fri, 03/11/2011 - 14:47 | 1041513 TheGreatPonzi
TheGreatPonzi's picture

Most oligarchs who prey on gullible and conformist people are indeed douches (journalists, academics, politicians, central bankers, economists), but there's a huge difference in both class and intelligence between a Howard Hughes or Henry Ford and a Bill Dudley. 

Fri, 03/11/2011 - 15:31 | 1041764 Don Birnam
Don Birnam's picture

+1

Fri, 03/11/2011 - 15:46 | 1041818 hbjork1
hbjork1's picture

Ford went through two finantial failures that ammounted to bankruptcy before he finally made it.  Early on, he did a lot of his own work.  He wasn't what you would call a great guy.  People who financed him early on got burned. But he worked under spare conditions, always at the business until his last years.  And after, Highland Park, people that bought and held his stock, did very well.  

What legacy will people like Dudley or the Goldmanites like H. Paulson leave?  They are the very "cream of nowhere".

Sat, 03/12/2011 - 16:25 | 1044933 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Ford, good job with the automobile although his literary pursuits were rather abject, as was his choice of friends.

http://www.traces.org/henryford.html

Verdict? Uber Douchebag.

Fri, 03/11/2011 - 15:20 | 1041701 Confused
Confused's picture

Haha, amazing right? My first thought was, he HAS to know one has NOTHING to do with the other. Than I remembered who he was, and immediately wanted to throw up. 

Fri, 03/11/2011 - 16:39 | 1041963 trav7777
trav7777's picture

has corn got a substitute?  I don't see much technical advancement in grains or oil either.  Seems like they can't just engineer more transistors into a gallon of milk and call it deflation.

If we take Dudley's (and the Fed's) calculations at this...products that were expensive 20 years ago, electronics and whatnot, are now worthless.  This indicates 100% price deflation, right?

I certainly get way more megabits from my internet connection too, so you've got to factor in all those extra porn bytes.  Nevermind if a bag of chips is double what it was a couple years ago, the "singularity" means that we can eat information and transistors.

Fri, 03/11/2011 - 20:02 | 1042783 RoRoTrader
RoRoTrader's picture

you're blasting away with pretty top drawer stuff lately, ace

Fri, 03/11/2011 - 14:08 | 1041322 the not so migh...
the not so mighty maximiza's picture

he is guilty of war crimes against humanity

Fri, 03/11/2011 - 14:11 | 1041326 Janice
Janice's picture

Today gasoline is $3.55 per gallon and it is 10% ethanol.  So in 2005 terms, $3.55 plus the 10% that has been replaced with ethanol, valued at $.35, gasoline is really $3.90 for PURE gasoline with NO ethanol.

PS. Notice that dirt around your gas cap now?  That is the effect of the ethanol evaporating out of your tank, mixing with dirt and being deposited around your gas cap.

Fri, 03/11/2011 - 15:03 | 1041630 NotApplicable
NotApplicable's picture

Nothing like taking one of our most basic staple foods, spend vast resources to convert it to fuel, only for it to evaporate in our tank, all while attracting water that will corrode our engines.

Brilliant.

Criminal Enterprise in action.

Fri, 03/11/2011 - 17:36 | 1041956 GoinFawr
GoinFawr's picture

Hey, that sounds like 'planned obsolescence',  can you think of a 2008 Presidential Candidate who made his name successfully fighting such things?

(Hint: RN)

Fri, 03/11/2011 - 16:46 | 1041979 hbjork1
hbjork1's picture

N.A..

IMO, not criminal but ignorant.  By some fraction of 1%, it may reduce the emissions of CO2 into the atmosphere.  But overall cost is another matter.  The specific energy of alcohol is less than hydrocarbon based fuels.  The tractors plow the ground and harvesters that gather the corn will consume energy and require manpower.  The processing will require some energy.  Don't forget the fertilizer.  Of course, there are other lower cost potential crops that could be converted.

IMO, (And I have been in the edge of the energy conversion business for several decades.)  the long term solution will be earth core heat and nuclear.  The problem with nuclear is that you can't have crazys (like this Dudley dope at the FED) working in it.  It MUST be respected absolutely because it can kill you and a lot of other people.   You may have never heard about duPont at Savannah River Plant where the Plutonium for atom bombs and the Tritium for hydrogen bombs was manufactured in the 50's and early 60's.  It was a serious environment.  Erronious assertion was a social sin.  People who didn't belong would eventually be moved out.  If duPont instead of Westinghouse had been running Three Mile Island, there would have been no incident. 

Nuclear power is now in place on all battle ready US Submarines and all of the larger ships.  Getting official information on this subject is hard to find but it is assumed that ALL active submarines and the larger surface ships are now nuclear.  After the Thresher sinking, that was due to an implosion at max test depth, the US has had no acknowledged accidents with nuclear power of ships.  As discussed in the book "Blind Man's Bluff", the Russians had a failure or two. 

What would we do with spent fuel?  It would have to be buried - DEEP or bear the expense of launching toward the Sun. 

 

Fri, 03/11/2011 - 16:41 | 1041969 trav7777
trav7777's picture

well, to be somewhat fair, ethanol was added as a MTBE replacement for smog prevention.  But it does have less energy in it than equivalent volumes of gasoline.

Fri, 03/11/2011 - 14:09 | 1041328 NOTW777
NOTW777's picture

LOL some levity in the midst of teleprompter boredom

hey did anyone notice - we are leaderless at a time where there is crisis everywhere u look

Fri, 03/11/2011 - 16:05 | 1041370 Horatio Beanblower
Horatio Beanblower's picture

America is never leaderless.  From 2009...

 

"Thank you for that wonderful tribute to Henry Kissinger yesterday. Congratulations. As the most recent National Security Advisor of the United States, I take my daily orders from Dr. Kissinger, filtered down through General Brent Scowcroft and Sandy Berger, who is also here. We have a chain of command in the National Security Council that exists today."

 

http://www.cfr.org/defensehomeland-security/remarks-national-security-adviser-jones-45th-munich-conference-security-policy/p18515

Fri, 03/11/2011 - 14:11 | 1041335 ArsoN
ArsoN's picture

Do they just get rid of food and energy or do they stip out those components from everything? (so do they go further and actually subtract out the amount of money you have to pay extra for an ipad b/c it now costs more to drive it to the store?) 

Fri, 03/11/2011 - 14:35 | 1041473 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Food and energy are organic, and organic things are obviously volatile. Like people.

I suppose that we should only be concerned with inorganic matters, steel for example, when looking at inflation. I'm sure the Chinese are very concerned about the price of steel.

One example at odds with my description between organic volatility and inorganic stability would be the base metal lead, which is inorganic yet at certain extremes of popular sentiment can be very, very volatile.

Perhaps Mr. Dudley should look at his definitions again.

 

Fri, 03/11/2011 - 14:13 | 1041338 jus_lite_reading
jus_lite_reading's picture

Low life son of a bitch! He might have just awoken the dragon with that elitest remark. The people are standing outside... waiting... watching...

 

Ahhh yes. The CPI- stripped of the things that matter and replaced with the things that make the rich richer! 

Fri, 03/11/2011 - 14:12 | 1041340 camoes
camoes's picture

Soon people will be trading their ipads, ipods, i___, for food and gas...

And NO, there's no app for that!

Fri, 03/11/2011 - 15:01 | 1041627 jimijon
jimijon's picture

However, if you want to barter silver or gold.. there is! 

http://bartercalc.com

and coming soon... bartercalcpro!

Fri, 03/11/2011 - 14:12 | 1041344 H. Perowne
H. Perowne's picture

No wonder Zimbabwe Ben and all his predecessors hated going up in front of congress. These clowns can be crushed in any conversation lasting more than 30 seconds, by someone with a basic grasp of arithmetic and reality.

Fri, 03/11/2011 - 14:19 | 1041350 swmnguy
swmnguy's picture

"You have to look at the prices of all things," he said.

Well, thanks a fucking ton, Yoda. 

I suppose the 98% of the world's population who will never be wealthy enough to even consider an iPad--regardless of which version--will find your circumspect approach downright inspirational.

While sticking your head on the end of a sharp stick and shoving a smashed iPad in your mouth, that is.

Fri, 03/11/2011 - 17:17 | 1042109 RmcAZ
RmcAZ's picture

Look at the prices of all things, you must.

Fri, 03/11/2011 - 14:14 | 1041351 AntiMort
AntiMort's picture

And that is what is wrong with the inflation calulation.  How is that an example of prices falling?  Horseshit!

Fri, 03/11/2011 - 14:21 | 1041397 TruthInSunshine
TruthInSunshine's picture

Computers and technology goods always fall in price over time, and always offer more performance for less money over time.

Dudley is truly desperate to cling to such an obviously flawed example in order to try and sell the bullshit that inflation is contained.

Fri, 03/11/2011 - 14:37 | 1041485 ronin12
ronin12's picture

This is because in computer technology, the efficiency improvements OUTPACE the negative effects of the Fed's money creation.

Were it not for the counterfeiting scheme the Fed runs, prices would fall EVERYWHERE as productivity and efficiency improvements reduced production costs.

Fri, 03/11/2011 - 14:15 | 1041353 kentfinance
kentfinance's picture

what a wanker dudley is

Fri, 03/11/2011 - 14:15 | 1041354 unionbroker
unionbroker's picture

 yes an i pad 2 with chianti and fava beans ,very nice, very nice indeed

Fri, 03/11/2011 - 15:02 | 1041355 Mercury
Mercury's picture

Maybe the Fed governor should have given out his secret recipe for hedonics soup.

Fri, 03/11/2011 - 14:16 | 1041361 Cdad
Cdad's picture

Tyler,

LOL!  LOLOLOLOLOLOLOLOLOL!!

Oh, thanks man.  You just made it possible for me to not start drinking martinis for at least another hour.

Hoot!  Tyler, you kill me man.  There's freakin' UnicornDew everywhere man!

Fri, 03/11/2011 - 14:16 | 1041365 I am a Man I am...
I am a Man I am Forty's picture

these assholes are so out of touch, they just look stupid, they do not get it, they will never get it until someone takes it away from them by force

Fri, 03/11/2011 - 14:30 | 1041446 Clampit
Clampit's picture

Always remember who makes them look stupid ... and what will forcefully take it away from them.

Government is slowly joining ranks with travel agents and newspaper classifieds. Good riddance I say, let them eat electrons.

Fri, 03/11/2011 - 14:17 | 1041369 glenlloyd
glenlloyd's picture

So on the one hand he said they look at the (faulty) core inflation and on the other hand he said, "you have to look at the prices of all things" lol, what a contradiction.

Certainly he won't be paraded out for comments again...good riddance.

And yes, we are leaderless at a time of crisis.

Fri, 03/11/2011 - 14:18 | 1041371 TruthInSunshine
TruthInSunshine's picture

Dudley is a seditious threat to the United States of America.

Bernanke already admitted he is breaking the law with each and every dollar of government issued debt he is authorizing The Federal Reserve to purchase; there's no 'end round' the law simply because he is using Primary Dealers as an intermediary.

Let's get the criminal information filed and the trial on with. Make the trial very public.

Fri, 03/11/2011 - 15:06 | 1041643 NotApplicable
NotApplicable's picture

Thanks to the BIS, Bernanke has full legal immunity from his actions (as did Greenspan).

If you want to get to him, it's gonna take pitchforks.

Fri, 03/11/2011 - 15:14 | 1041681 samsara
samsara's picture

What we need is a website that is the fusion of the following.

Board of Directors List of Major corps

Street addresses of said directors

Google Maps

Home of the Stars tour outlines.

 

Something like the Child Molester's Website.

So you can click on a Corp, Drill down to Board of Directors, Drill down to street address, pop up Google Maps......

Say "Hi" in person and ask them to.....

(Fill in the blank)

Fri, 03/11/2011 - 14:18 | 1041372 Misean
Misean's picture

The questioner then responded:

"I'd fling rotten tomatoes at you, but given the prices, it will have to be old iPads!"

Bill is recovering in a special emergency center for billionaires from the injuries. The assailant has been shipped to Gitmo for his ter'rist activities.

Fri, 03/11/2011 - 14:19 | 1041375 Long-John-Silver
Long-John-Silver's picture

We are all Zimbabwean

Fri, 03/11/2011 - 14:22 | 1041402 Misean
Misean's picture

You are correct. Weird things DO happen on Fridays...smart dog.

Fri, 03/11/2011 - 14:18 | 1041376 alien-IQ
alien-IQ's picture

A steady diet of caviar and French wine in a body that has never done a single days worth of manual labor provides very tender meat...In conclusion...EAT THE RICH!

Fri, 03/11/2011 - 14:38 | 1041495 Mad Max
Mad Max's picture

Ahhh yes, the Morlock approach to the Eloi...

Fri, 03/11/2011 - 15:09 | 1041664 samsara
samsara's picture

Yes, paraphrasing a lower comment.

We are All Eloi now.

 

Fri, 03/11/2011 - 14:19 | 1041381 pragmatic hobo
pragmatic hobo's picture

is there any doubt this country is run by morons?

Fri, 03/11/2011 - 14:21 | 1041386 chet
chet's picture

"When was the last time, sir, that you went grocery shopping?"

Brilliant.  Some comments are just like a laser to the heart fo the matter.

I think we should repurpose Cramer's "They have no idea!" freak out to describe the financial elite's understanding of how 80% of people live.

Fri, 03/11/2011 - 16:22 | 1041915 bunkermeatheadp...
bunkermeatheadprogeny's picture

Reminds me of when G. H.W. Bush did the then newly invented towne hall presidential debate, and was asked the price of a loaf of bread.

Fri, 03/11/2011 - 14:20 | 1041390 DisparityFlux
DisparityFlux's picture

I hope to get a slave labor job making the iPad 4, which should be the same price as an iPad 1, but 8 times as powerful.  I will be able to watch 8 times as much video while eating my daily bowl of rice.

Fri, 03/11/2011 - 15:13 | 1041675 johnQpublic
johnQpublic's picture

you'll work harder, with a gun in your back, for a bowl of rice a day.....

 

 

DK's

Fri, 03/11/2011 - 15:13 | 1041679 -Michelle-
-Michelle-'s picture

You get rice?

Fri, 03/11/2011 - 15:39 | 1041794 johnQpublic
johnQpublic's picture

one bowl a day

now quit asking questions and back to work with you

Fri, 03/11/2011 - 16:07 | 1041879 citta vritti
citta vritti's picture

lol, exactly - horror of war-time Soviet Russia, esp. St. Leninsburg, was such that people wanted to be put into gulag for somewhat assured ration somewhat out of harm's way (German army version, anyway), according to Solzhenitsyn.

Fri, 03/11/2011 - 14:21 | 1041392 morph
morph's picture

This is why Tech shouldn't be in inflation baskets. Tech always gets cheaper and faster.

To look at inflation including technology you should look at the costs of the materials. Of course economists are too f88king lazy to do some real work like calculating area of silicon per device and seeing how much it now costs vs 10 years ago.

Fri, 03/11/2011 - 14:23 | 1041401 Lazarus Long
Lazarus Long's picture

last time someone made a remark like this was in french. some woman who was buried with her head missing

Fri, 03/11/2011 - 14:27 | 1041424 A_MacLaren
A_MacLaren's picture

Someone should have shoved an iPad in Dudley's mouth and said, "Chew on that!"

Fri, 03/11/2011 - 14:30 | 1041452 Johnny Lawrence
Johnny Lawrence's picture

As a man with a hairy ass, I take offense to this.

Fri, 03/11/2011 - 14:30 | 1041453 Bruno the Bear
Bruno the Bear's picture

Sometimes I am not sure if Tyler is telling the truth or stealing stuff from The Onion just to test us.

Fri, 03/11/2011 - 14:46 | 1041550 alien-IQ
alien-IQ's picture

The Onion isn't the truth?

Fri, 03/11/2011 - 15:38 | 1041785 Mad Max
Mad Max's picture

It's usually closer to the truth than the MSM.  The Onion reports reality but changes names and dates to protect the guilty.  The MSM is varying degrees of fantasy and tripe.

Fri, 03/11/2011 - 14:41 | 1041504 unionbroker
unionbroker's picture

want to hear out of touch? watching an analyst on BBC say how bullish the earthquake is for the Japanese economy tell it to the 1000s of dead

Fri, 03/11/2011 - 14:44 | 1041522 A_MacLaren
A_MacLaren's picture

Bloomberg this AM was similarly spinning the Broken Window Fallacy as this being beneficial for the Japanese economy.

Fri, 03/11/2011 - 14:42 | 1041507 alangreedspank
alangreedspank's picture

 

He's right in some aspects. Consumer electronics went into deflation because this sector of the economy is left mostly untouched by the governments and unions. That's one thing, if not the only, the WTO did right.

Now, let's repeat that to all sectors of the economy; food production, mortgage industry, healthcare, education, etc.

 

 

Fri, 03/11/2011 - 14:44 | 1041523 ronin12
ronin12's picture

+1

Fri, 03/11/2011 - 14:51 | 1041565 alien-IQ
alien-IQ's picture

might it not also have at least a little something to do with off-shoring all those jobs and replacing the $15 per hour American worker with the .15 per hour Indonesian child labor that has contributed to the falling prices and rising profits?...(or am I thinking of Nike?)

Fri, 03/11/2011 - 15:06 | 1041651 samsara
samsara's picture

might it not also have at least a little something to do with off-shoring all those jobs and replacing the $15 per hour American worker with the .15 per hour Indonesian child labor that has contributed to the falling prices and rising profits?...(or am I thinking of Nike?)

Well thank god that they Don't Have Unions over there to screw things up for the Mega-Corp elite.

Is that where Walker had his last position? 

 

Fri, 03/11/2011 - 15:03 | 1041616 Artful Dodger
Artful Dodger's picture

Some part of that deflation must relate to the quality of the product. Twenty years ago my family was on a 6-to-10-year TV replacement cycle. How many old electronics do people have lying around that still work?--while they've taken broken products only a few years old to the recycling depot over and over again? This is the new consumerism. (The same consumerism that defies anyone currently in a lineup for an iPad 2 to explain what the fuck they will do with the new one that they couldn't do with the old one that they already own.)

Now Samsung builds products that break just after your warranty or your retailer's warranty, whichever is longer. and Apple releases incremental product updates that are somehow taken by the populace as signs from God.

Fri, 03/11/2011 - 14:42 | 1041509 monopoly
monopoly's picture

tyler, is brilliant. My question is how many on his staff, a few or a few hundred.

Fri, 03/11/2011 - 14:43 | 1041512 Robslob
Robslob's picture

PEOPLE...in Duder's world the price of Bentley's are going down...what is wrong you folks...really!

Fri, 03/11/2011 - 14:43 | 1041514 Milton Waddams
Milton Waddams's picture

I wonder how much p-dudley was paid for the thinly veiled product placement.

Fri, 03/11/2011 - 14:43 | 1041529 Canaduh
Canaduh's picture

Let them eat fake.

Fri, 03/11/2011 - 14:45 | 1041541 Saint Tibb
Saint Tibb's picture

No, we can't eat iPads, but we can eat bankers.

Fri, 03/11/2011 - 14:51 | 1041564 InconvenientCou...
InconvenientCounterParty's picture

"...that there is massive career risk in highlighting that the emperor is naked, has rolls of fat around his neck, and has a hairy ass..."

and that the Fed Chairman files his horns daily and has a goiter.

Fri, 03/11/2011 - 15:06 | 1041568 Artful Dodger
Artful Dodger's picture

<moved>

Fri, 03/11/2011 - 14:51 | 1041570 The Axe
The Axe's picture

My 8-track and VCR have gone down in value to. I think hes on to something. 

Fri, 03/11/2011 - 14:53 | 1041587 aerial view
aerial view's picture

Perhaps we should have a pCPI (people's cpi) which includes food, gasoline, education costs, taxes, rent and all utilities, cable, satellite, cell phone. Next we could have an eCPI (elite's cpi) which includes luxury vehicles, yachts, fresh seafood, fine wines and champagnes and caviar.

Fri, 03/11/2011 - 14:59 | 1041607 alien-IQ
alien-IQ's picture

actually...that's quite an interesting and viable idea. someone should run with that and see what the results are (although, we can fairly well guess).

thumbs up on that idea!

Fri, 03/11/2011 - 14:59 | 1041615 Jim B
Jim B's picture

+100....   Who needs food or energy?

Fri, 03/11/2011 - 16:26 | 1041931 MsCreant
MsCreant's picture

Put medical on your people's list please.

Fri, 03/11/2011 - 14:56 | 1041593 glenlloyd
glenlloyd's picture

has anyone posted a vid of this 'event' online?

Fri, 03/11/2011 - 15:01 | 1041622 TruthInSunshine
TruthInSunshine's picture

Dudley is right.

 

Do you all know how much the first calculator cost?

And the staff of the SEC or ex-Goldmanites at the Federal Reserve couldn't even surf porn on the first calculator.

 

Dudley wins the inflation argument.

 

/sarc

Fri, 03/11/2011 - 15:06 | 1041639 strannick
strannick's picture

Rhapsodic. Ironic Truth, a sneering Beauty, and pitchfork-weilding goodness. You guys ever stop to thank Tyler for this excellent shit?

Fri, 03/11/2011 - 15:11 | 1041668 Dulcinea
Dulcinea's picture

I will.  Thank you, TD.

Fri, 03/11/2011 - 15:05 | 1041645 bluehorsesandal
bluehorsesandal's picture

Reuters forgot to mentioned Dudley's reply (in his mind):
Eat the fucking ipad (ETFI) and buy the fucking dip (BTFD)!!!

Fri, 03/11/2011 - 15:12 | 1041669 AldoHux_IV
AldoHux_IV's picture

I'm not one for quoting scripture, but it was just so perfectly timed in today's reading (Is 58:1-9a):

"This, rather, is the fasting that I wish:
releasing those bound unjustly,
untying the thongs of the yoke;
Setting free the oppressed,
breaking every yoke;
Sharing your bread with the hungry,
sheltering the oppressed and the homeless;
Clothing the naked when you see them,
and not turning your back on your own.
Then your light shall break forth like the dawn,
and your wound shall quickly be healed;
Your vindication shall go before you,
and the glory of the LORD shall be your rear guard.
Then you shall call, and the LORD will answer,
you shall cry for help, and he will say: Here I am!"

May the protests in the middle east be successful and peaceful, may the people of Japan find ease in their suffering, and may the end of the tyrannical rule of central banks et al and the elitards of policymaking soon come to an end.

Sorry for imposing any biblical words on the thread, but just thought that the timing was something beyond coincidental.

Fri, 03/11/2011 - 15:18 | 1041697 johnQpublic
johnQpublic's picture

Amen

 

 

 

 

hotep

Fri, 03/11/2011 - 15:15 | 1041685 Wascally Wabbit
Wascally Wabbit's picture

This reminds me of when HW Bush didn't know the cost of a gallon of milk and lost to Clinton as a result in '92. 

Fri, 03/11/2011 - 15:21 | 1041711 jmc8888
jmc8888's picture

Or the supermarket scanners.

It looked like he was watching a UFO or something as a minimum wage worker was utilizing this far out technology.

Sure I was a kid, but it was quite clear he was a dipshit.

Fri, 03/11/2011 - 15:51 | 1041836 Wascally Wabbit
Wascally Wabbit's picture

LOL. That's hysterical!

Bush discovers fire: http://www.youtube.com/watch?v=F0fIhnboptk

Fri, 03/11/2011 - 15:20 | 1041691 Artful Dodger
Artful Dodger's picture

I've wondered if I'm the only one to note the irony that you have to plug an iPad into a computer out of the box in order to do anything with it. This "post-PC device" requires mother PC before you can use it! That would put my grandma out of the equation--"what's this about easy to use?"

Pragmatically, whatever right? But you do have to laugh at the reality distortion field.

Fri, 03/11/2011 - 15:19 | 1041700 jmc8888
jmc8888's picture

ROFL he said ipad? WTF, you couldn't make it up, because no one would believe you....but there it is.

I'm sure he consider's the ipad 2 and 50 percent better value since it has twice the processing power (or about on par with those people had on desktops about 5-8 years ago)

What an improvement, a low power computer, that's twice as good....but still a fraction of what one can get elsewhere.  Accelerators? That's so WII.  But that and as said above you can't EAT or HEAT with it. (ok maybe put it in your bed and keep it running it may warm you up slightly)

Don't forget, the naked emporer is also claiming to have a foot long cock like Dirk Diggler ('i'm a star, I'm a star, I'm a star...a big bright shining star').  But the audience memebers can clearly see (those with good eyesight) that he has a millimeter peter and more resembles ('little bill').

 

Fri, 03/11/2011 - 15:25 | 1041724 Quinvarius
Quinvarius's picture

I am sure this exchange didn't help the dollar hold any water today.

Fri, 03/11/2011 - 15:32 | 1041762 Art Vandelay
Art Vandelay's picture

The day is not long in coming, I'm afraid, where such a questioner will be dragged out into the street and summarily shot.

I seriously wonder if, for only a moment, Dudley considered pulling down his drawers and taking a dump right on that poor guy's lap.

Of course, metaphorically speaking, that's exactly what he did.

Fri, 03/11/2011 - 15:39 | 1041796 Cursive
Cursive's picture

Dudley will be hanging from the gallows pole before then.

Fri, 03/11/2011 - 15:42 | 1041804 Cursive
Cursive's picture

Blame my phucking i-phone for the double post.

Fri, 03/11/2011 - 15:34 | 1041768 TruthInSunshine
TruthInSunshine's picture

 

Head Office

Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Tel: (212) 720-5000 or (646) 720-5000

http://www.newyorkfed.org/aboutthefed/orgchart/dudley.html

Home > About the Fed > Organization

William C. Dudley

 

William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation’s monetary policy.

Mr. Dudley had been executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. The Markets Group oversees domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks.

Prior to joining the Bank in 2007, Mr. Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm’s chief U.S. economist for a decade. Earlier in his career at Goldman Sachs, he had a variety of roles including a stint when he was responsible for the firm’s foreign exchange forecasts. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company.
Mr. Dudley was an economist at the Federal Reserve Board from 1981 to 1983.

Mr. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a bachelor’s degree from New College of Florida in 1974.

Mr. Dudley serves as chairman of the G-10 Committee on Payment and Settlement Systems of the Bank for International Settlements. He is a member of the board of trustees of the Economic Club of New York.

He was a member of the Technical Consultants Group to the Congressional Budget Office, 1999-2005.

Fri, 03/11/2011 - 15:38 | 1041784 TruthInSunshine
TruthInSunshine's picture

The William Dudley's entire speech text, from today:

http://www.newyorkfed.org/newsevents/speeches/2011/dud110311.html

Fri, 03/11/2011 - 15:38 | 1041788 Cursive
Cursive's picture

Do you remember the days when you bought a phone and it lasted 20 years? This asshat Dudley is cheerleading for planned obsolesence and Best Buy is offering a new buy back program. The i-fad2 just debuted this month and I'll wager an easy $100 FRN that we see the i-fad3 by Christmas.

Fri, 03/11/2011 - 16:27 | 1041930 bunkermeatheadp...
bunkermeatheadprogeny's picture

Finally! Back to the ZH comments I enjoy reading.  I think ZH got flash trolled by the right and left institutional plants yesterday over that damn Wisconsin union post.

Fri, 03/11/2011 - 16:33 | 1041948 gwar5
gwar5's picture

Let the bankers get nice and fat just in case of food shortages. 

 

Fri, 03/11/2011 - 17:09 | 1042079 equity_momo
equity_momo's picture

Let them eat Central Bankers. Hubris tastes like chicken.

Fri, 03/11/2011 - 17:12 | 1042099 equity_momo
equity_momo's picture

Id also like to add , no one genuinely NEEDS an i-pad II.  its not innovative , its a backwards step from the laptop.  What do they cost ? 500 bucks? And he is citing that as a reason for deflation? Idiot.  450 bucks of that covers Apples advertising. Thats predominantly what Apple are , an advertising company.

Fri, 03/11/2011 - 17:28 | 1042167 RmcAZ
RmcAZ's picture

In Soviet Russia, iPad2 eats you.

Fri, 03/11/2011 - 19:57 | 1042754 tony bonn
tony bonn's picture

"...after all QE666, the Chairsatan's personal favorite...."

rotflmao!!!!!!

Fri, 03/11/2011 - 20:06 | 1042796 neutrinoman
neutrinoman's picture

Too much! :)

The "core inflation" theory works if you're in flat or declining long-term commodity price trends.  But if you're in a long-term commodity bull market, as we have been since 2002, the "core inflation" thing is a joke.

Fri, 03/11/2011 - 20:09 | 1042808 GoinFawr
GoinFawr's picture

"Karma Police, arrest this man.

He talks in maths.

He buzzes like a fridge.

He's like a detuned radio."

http://www.youtube.com/watch?v=1uYWYWPc9HU

Fri, 03/11/2011 - 20:42 | 1042903 Coldfire
Coldfire's picture

Bill Duh-dley.

Fri, 03/11/2011 - 23:58 | 1043310 socalbeach
socalbeach's picture

Unanimity on ZH.  Nobody has been junked!

Sat, 03/12/2011 - 01:02 | 1043409 PulauHantu29
PulauHantu29's picture

IO read your artilce alloud so my Dog, Vortigen, could share in the fun. He listened intenetly, then rolled on the floor laughing when I finished.

My Dog and I thank you for the best article of the day~!

Sat, 03/12/2011 - 08:16 | 1043827 uhb
uhb's picture

remembers me of "if they cant afford bread, why don't they eat cake?"

The Lady who said that lost her head later on... on the guillotine :)))

Sat, 03/12/2011 - 11:33 | 1044279 DavosSherman
DavosSherman's picture

There are morons and then there are F*CKING DUD MORONS

Sat, 03/12/2011 - 13:30 | 1044569 ejhickey
ejhickey's picture

Ipad Ragu !  don't knock until you have tried it.  recipe is on seeking Alpha .  it  sounds yoummy.

Sat, 03/12/2011 - 16:42 | 1044963 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

iPad prices going down... iPad2 priced oh-so-affordably!

It's called intertemporal price discrimination.

http://www.jstor.org/pss/3439170

http://en.wikipedia.org/wiki/Price_discrimination

They introduce some consumer electronic shit at $600. All those willing to pay $600 get it. Then they ratchet the price down to $500. This gets the people who are willing to pay $500 but not $600 to buy. Then it goes to $400. And so on until Apple's margin is as low as economically possible.

In this manner, Apple gets more profit than if they just started selling at the supply-demand equilibrium price.

Maybe they will apply this model to food soon. Wait...

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