Thursday, November 11, 2010

Quote of the Day (November 10, 2010)

J.E. Dyer at Hot Air's The Green Room:
"It was a wild spring day in an advanced course on statistical analysis... [when] our professor asked us for a simple definition of inflation.... I’d say almost half the class... had earnestly weighed in... before he finally blew the whistle, metaphorically speaking, and gave us the definition he had in mind. 'People. Inflation. Inflation. Prices go up. That’s it! That’s all I’m looking for.' ... Shoppers don’t stand in the grocery store, holding a tray of chicken breasts priced 15% higher than they were a month ago, and think, 'Well, the Bureau of Labor Statistics says that the annualized average rise in prices is only 0.6%, so the price on this package of chicken doesn’t really matter to me.' In the end, the supreme economic tiebreaker is the human being, confronted with the price marked on the item on the shelf. You can only ignore that factor for so long before there has to be a reckoning. Sarah Palin has that right."
- JP

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