We have not been shy of sharing our opinion on the hedonics-adjusted, constantly recalibrated-basket-based idiocy that is the government's measures of inflation. However, this morning's Liesman-led cognitive dissonance at the PPI was smashed from the government's Matrix by Rick Santelli's frustration spilling over.
With a Fed increasingly forced to Taper (due to deficits [3], technicals [4], sentiment [5]) to Taper - under the cover of a supposedly improving economy - the disinflation was suggested as a reason the Fed might use to keep the punchbowl there for longer...
Santelli was not amused by this perpetual put... questioning whether the governments approach to inflation is a way to "fudge the numbers." Liesman defense of the status quo is predictable to which Santelli barks, "Listen, I don't believe the government's calculations. There, I said it... I don't have better numbers; I have common sense;" adding that (just as we noted here with energy [6] and real expenses [7]) that "there's a difference between real life and the government."