A Question of Elasticity

So recently Salsa Girl and I found ourselves in somewhat of a philosophical quandary.

You see we were discussing the appropriateness of referring to the strip of substance attached to the waistband on an old pair of one's pajamas as "the elastic" when it clearly exhibited not a single one of the traits one would usually associate with elastic.

After much spirited debate we agreed to disagree and remain civil about it all.

So do you, dear reader, believe that "the elastic" is the waistband of your old pajamas regardless of it's actual elastic properties; or do you side with the misguided folly that is the belief that for something to be "the elastic" it must retain some vestigial elasticity?
.