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Not Saying Recession Doesn’t Make it So – Bill Tatro

08/21/2011

That’s it, I’ve had enough.

To quote the infamous Howard Beale of Network fame “I’m mad as hell and I’m not going to take it anymore.” Do the media, politicians, market analysts, and the general public always have to drink the Kool-Aid?

Can’t any of them think, or is it just the expedient way to embrace popular thought? In the 1970s, I and other colleagues viewed the new core inflation definition as a joke, a way to hoodwink the public from seeing what real inflation was doing to their paychecks.

There was absolutely no way, I thought, that any intelligent person would disregard two of the most significant factors about inflation: food and energy.

This won’t last, we said, the American public is not that gullible. But alas, even the Federal Reserve operates using core inflation, and yet, everyone still drinks the Kool-Aid…

Read More at Townhall.

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