Quote For The Week
Last Wednesday, the U.S. Department of Labor reported that the consumer price index, or CPI, rose a moderate 0.2% in April. Excluding “volatile” food and energy prices, the “core” consumer price index increased only 0.1%. Over the past 12 months consumer prices are up 3.9%, with “core” inflation running at 2.3%.
In response to this “official” data, Joel Naroff, president of Naroff Economic Advisors Inc., told MarketWatch on May 14:
If you believe that inflation is under control, I have a bridge that spans the East River that I can sell you for a really good price.
Naroff was referring to the Brooklyn Bridge, and the fact that since its opening in 1883 several “salesmen” have attempted to sell the structure even though it has always been the property of the City of New York.
May 20th, 2008 at 9:47 am
Who believes the government’s numbers for inflation, unemployment, and growth? Do you? Nobody I know (who is paying attention) believes these figures.
May 21st, 2008 at 9:49 am
Thanks for the comment Mammoth. Actually, there are a number of individuals who still buy into the “official” data:
Elizabeth MacDonald, FOXBusiness
“The Argument Against the Doom and Gloom Crowd”
http://emac.blogs.foxbusiness.com/2008/05/12/the-argument-against-the-doom-and-gloom-crowd/
Ben Stein, Yahoo! Finance
“Recessions Are in the Eye of the Beholder”
http://finance.yahoo.com/expert/article/yourlife/81478