On Friday, March 11, President of the New York Federal Reserve Bank, Bill Dudley (aka Clueless Billy) gave a speech at the Queens Chamber of Commerce. He tried to explain to the masses why inflation was not a threat and why core inflation (i.e. inflation after you remove everything that goes up) was actually quite tame:
"Today you can buy an iPad 2 that costs the same as an iPad 1 [did]. That is twice as powerful. You have to look at the prices of all things."
This lead to widespread derision from the audience. One audience member called the comment "tone deaf."
"I can't eat an iPad" was the classic response from another.
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