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FT Reveals Orszag Resigns Over Inability To Persuade Summers And Obama Keynesianism Leads To Suffering

Tyler Durden's picture


As we speculated previously, the sudden and unprecedented departure of Peter Orszag, the day prior to the US Budget's formalization (which incidentally never happened as now the US will likely not have a 2010 budget at all, for fear of disclosing to most Americans just how broke the country is ahead of mid-terms) was due to Orszag's disagreement with the administration's, and particularly Larry Summer's, inability to fathom that reckless spending is a recipe for bankruptcy. As the FT reports: "Peter Orszag, Barack Obama’s budget director, resigned this week partly in frustration over his lack of success in persuading the Obama administration to tackle the fiscal deficit more aggressively, according to sources inside and outside the White House." And so, as any remaining voices of reason realize they are dealing with a group of deranged Keynesians, soon there will be nobody left in the administration who dares to oppose the destructive course upon which this country has so resolutely embarked, which ends in one of two ways: debt repudiation, or war. And with the only remaining economic "advisers" being the trio of Summers, Romer and Geithner, you know America will somehow hit both of these mutually exclusive targets.

More from FT:

Mr Orszag, whose publicly stated reasons for leaving were that he was exhausted after years in high pressure jobs and also that he wanted to plan for his wedding in September, is seen as the guardian of fiscal conservatism within the White House.

Other members of Mr Obama’s economic team, notably Lawrence Summers, the head of the National Economic Council, have placed more emphasis on the need for continued short-term spending increases to counteract what increasingly looks like an anaemic economic recovery in the US.

Although Mr Orszag agrees with the need to push short-term spending, particularly in the Senate, which again this week failed to pass a measure extending insurance to the unemployed, the budget director has become increasingly frustrated with the administration’s caution on longer-term fiscal restraint.

Mr Orszag, whom Mr Obama has dubbed a “propeller-head” because of his brilliant facility with projections and spreadsheets, has tried but failed to convince his colleagues to “step up the action”, according to one insider.

In particular, he has collided with the political team, led by Rahm Emanuel, Mr Obama’s chief of staff, over Mr Obama’s 2008 election pledge not to raise taxes on any households earning less than $250,000 a year – a category that covers more than 98 per cent of Americans.

Economists say that would put all the fiscal emphasis on draconian – and highly unrealistic – spending cuts, or else pushing the marginal tax rates on the very rich to confiscatory levels. “Peter feels strongly that this is a pledge that has to be broken if the President is to take a lead on America’s fiscal crisis,” says an administration official not authorised to speak on the matter.

And after Barney Franks's disastrous appearance earlier on, where the market did a shot and an uptick for every lie uttered, we can safely say that this bankrupt country truly deserves all of its elected individuals.


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Fri, 06/25/2010 - 15:17 | 434085 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

No budget = pitchfork time.

Somehow, the 'event' will be scheduled, and I'll be there.

Fri, 06/25/2010 - 15:22 | 434112 Pladizow
Pladizow's picture

The only way any American will get off their fat ass and do anything is if you threaten their food supply.

Until then, NOTHING will be done!

Fri, 06/25/2010 - 15:31 | 434126 Xibalba
Xibalba's picture

At first I laughed....but the somber reality of your statement brought me down...quickly. 

Fri, 06/25/2010 - 15:40 | 434146 Temporalist
Temporalist's picture

How do people on welfare get so fat?  I don't get it.  Even as a kid I remember reading an article about a family of 11 all on welfare and in the group picture they were all enormous but for one maybe.

I just saw a 10 year old kid with a belly hanging over his pants like he was a 40 year old man that had stopped excercising in his teens.

I literally was thinking almost the exact same thing as what you posted Plad.  When the poor stop stuffing their faces because they no longer can maybe things will change.

Fri, 06/25/2010 - 15:46 | 434158 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

You can easily get fat on 4 bucks a day at the dollar store.

Big bag of pork rinds

Big bag of chips or popcorn

Pack of mystery meat

Gallon sized off-brand soda.

All the fat, sugar and salt you could want.

Fri, 06/25/2010 - 15:58 | 434190 Problem Is
Problem Is's picture

The Four Amerikan Food Groups
Sugar, Saturated Fat, Alcohol, Preservatives....

Fri, 06/25/2010 - 16:10 | 434227 Ripped Chunk
Ripped Chunk's picture

Excellent!  However, you left out the most favored delicacy: Propaganda, in massive dosages thank you.


Idiot sheep to the skull crushing slaughter.  Fun!

Fri, 06/25/2010 - 18:08 | 434431 nuinut
nuinut's picture

Propaganda is free, at least nominally.

Fri, 06/25/2010 - 15:59 | 434191 Ragnar D
Ragnar D's picture

Here in Crook County (Chitcago), where the dependent Entitlement class is about all that's left, as an individual you can get $500 in food stamps every month.

As one of the suckers still working for a living, I don't spend half that on myself.


I remember reading an article about the discount food stamps traded at--they were being sold at 50 or so cents on the dollar in Aldi parking lots, etc.  Here, apparently the market is so flooded they go at more like .25-.30 cents on the dollar.

Nothing like going to the store at the right time of the month, and while you're looking at sale tags, watch people walking by with shopping cards absolutely loaded with steaks and nothing else.  Just like gov't budgets--gotta burn through the excess before the deadline.

Fri, 06/25/2010 - 16:58 | 434320 nedwardkelly
nedwardkelly's picture

Are you for real?

"Here in Crook County (Chitcago), where the dependent Entitlement class is about all that's left, as an individual you can get $500 in food stamps every month."

I nearly choked on my drink (not purchased with food stamps) when I read that. Seems crazy high. I did some googling and found this:

Which told me a couple with no money, no income etc could get about $360 a month. Even that seems high... Call me cold hearted, but food stamps should be enough for you to no frills feed yourself, especially when the program is called "Supplemental Nutrition Assistance Program". $360 would buy a lot of rice and beans...


Sat, 06/26/2010 - 00:00 | 434799 Mad Max
Mad Max's picture

This is incredible... we spend only about $500/mo for our family of four, and we eat very, very well (in my opinion)...  I lived in Chicago about a decade ago, and with any modest effort you could buy good groceries at prices only slightly higher than in the burbs.  $360 would go a very, very long way for two people.


Sat, 06/26/2010 - 05:52 | 435076 Popo
Popo's picture

It's already a no-brainer to stop paying your mortgage. 

The next no-brainer will be to quit your job too...

Sat, 06/26/2010 - 08:10 | 435142 Rider
Rider's picture


Fri, 06/25/2010 - 16:06 | 434203 Gully Foyle
Gully Foyle's picture

The reality is people get fat because of leisure time. You have increased leisure time because we are a successful species which does not require burning calories for physical survival. No hunting, no gathering.

Stop blaming welfare for every goddamned social woe in the country.

That is merely ignorant class phobia.

It is like saying all day traders and business types are little dicked faggy bitches who get in slap fights because of too many appletini's.

Fri, 06/25/2010 - 17:05 | 434328 tmosley
tmosley's picture

Everyone is fat, but the poor are especially fat.  You can't deny that the poor suffer from a much greater rate of obesity than the middle class.  Welfare is a major contributor to that problem.

Fri, 06/25/2010 - 17:05 | 434330 ColonelCooper
ColonelCooper's picture

I junked you for your rant.  I give you +1 for the little dicked appletini part.  It's a wash.

Fri, 06/25/2010 - 18:15 | 434444 Ripped Chunk
Ripped Chunk's picture

Gully, you are continuously disrespected here. Move on.

I here that the demand for cabana boys in the Hamptons is phenominal this summer.

This will complete your destiny

Fri, 06/25/2010 - 16:06 | 434213 What a mess_man
What a mess_man's picture

I used to question this as well.  But then I came to realize its expensive to eat healthy - fresh ingredients cost more, and then you have the work of cooking it up on your kitchen with all associated costs to stock a kitchen.  This versus 'fast food' - fast, easily and quickly accessible but with very little redeeming nutritional value.

Fri, 06/25/2010 - 16:13 | 434231 Apostate
Apostate's picture

Bullshit. Little is cheaper than fresh vegetables. Prepped food is much more expensive.

You can buy fresh stuff and even hire a domestic to prepare it for you for less than you'd pay for prepped and processed food. 

Fri, 06/25/2010 - 17:13 | 434348 tmosley
tmosley's picture

Yeah, I don't think you actually ran the numbers on that.

I cut my food bill in half by going from 100% fresh, hand-prepared food to 90% prepackaged meals (Hormel Compleats, if you must know), with 10% being fruit, nuts, yogurt, and the occasional salad.  My monthly food expenditure was cut in half.

Fri, 06/25/2010 - 17:18 | 434359 Ragnarok
Ragnarok's picture

I'm with Apostate, If you don't buy bell peppers vegetables are extremely cheap.  Cucumbers, celery, mushroom, onions, garlic, lettuce, potatoes are all cheap.  Meat can be expensive, but just stick to dark chicken and pork to save money.  Bread, pennies.

Fri, 06/25/2010 - 23:16 | 434741 ColonelCooper
ColonelCooper's picture

Maybe I get sticker shock because I only buy produce when I'm shopping something specialty, or short on something (usually fresh greens) till the garden comes in.  Produce IMO is asininely expensive.

BUT, anybody who says they can eat pre-prepared foods more cheaply, really isn't running the numbers on how far a whole roasting chicken and a pound of rice can go.

Sat, 06/26/2010 - 01:13 | 434883 Crummy
Crummy's picture

I find this really depends on location. Most low cost prepared food is loaded with the cheaper high-fructose corn syrups and high sodium. Low cost staple foods like potatoes and corn aren't exactly diet food.

Also, I think we can all agree that if there's one thing that the government ever did right, it was cheese.

Fri, 06/25/2010 - 16:37 | 434242 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

I think it is slightly more expensive to eat healthy than to eat-to-obesity, but still very cheap.  Ten bucks a day gets you fresh, self-prepared, healthy, delicious full dietary needs.    For example, at my local budget-priced, Korean run Hispanic grocery, fresh whole skinless chicken breast is $2 somthin, $1.59 for big head o broccoli, $1.99 for a huge pineapple, $1.99 for a box of cereal, etc. - you're stuffed.

$4/day at the dollar store, you're swine

$10/day or less at the immigrant grocery, you're healthy

Fri, 06/25/2010 - 18:25 | 434461 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Wrong!  Wrong wrong wrong!  Here, ok...hear this.....

Organic foods have twice the amount of vitamins and minerals.  Ok we are going to do some easy math, get your children, gather food does cost twice as much (nominally), so what's cheaper?

Ahem......ok here, a problem.  I go to an organic market, I buy an apple for one doelarr.  You go to SAFEway and buy an apple that had gasoline poured on it (we will get to that in a minute).  Your apple is fifty cents.  Ok, but it costs you twice as much to get the nutrition I do!  And your body must work harder to metabolize it because there is more food (never mind the gasoline).  Ok, so you buy two apples to get at my nutrition level.  So how much was it?

Why is the un organic apple cheaper anyway?  Because it uses petro chemicals (fertilizers and pesticides) to do the work, and oil is still cheap.  But when oil comes onto its backside of production, which it will soon, not only will the petro-chemicals become more expensive, it will cost more to ship them.  Apples from Soth America?  Good luck! 

So, there are the points, questions?

Fri, 06/25/2010 - 21:04 | 434533 Fred Hayek
Fred Hayek's picture

Um, do you have any independent source to corroborate anything approaching your claim that organic food has "twice as much" nutritional value as regular supermarket food?

And, one of the things that most people don't realize is that pesticides are used on farms that grow "organic" food.  They're just not the modern ones. 

Oh, and organic food is much much more likely to be rife with E Coli bacteria.  And it requires more land area to get the same yield.

Penn and Teller did a great takedown of organic foods and the near religious devotion to them of certain people.  Here's a link to part 1 of 3:



Sun, 06/27/2010 - 01:54 | 436106 faustian bargain
faustian bargain's picture

You can read Steve Solomon's Gardening When It Counts: Growing Food in Hard Times which contains many pointers to sources attesting to the superior quality of well-fertilized home-grown produce. I won't say 'organic' per se, since he doesn't preach a strictly organic method, but indeed supermarket produce is generally much less nutritious than food used to be before the ground was depleted of nutrients and expeditious methods of growing mass quantities of food (at the expense of quality) were developed.

Vegetables only contain the nutrients available from the soil, water, and amendments given to it. Small farms that pay attention to this will produce more nutritious vegetables, generally for higher cost because the higher quality fertilizer is more expensive.

Fri, 06/25/2010 - 22:57 | 434715 ColonelCooper
ColonelCooper's picture

Well, you're sorta right.  In principle anyway.  FWIW from a country boy who still lives in farm country and grows basically all his vegetables (because I know they're better for me, and they taste better):

The originally well intentioned "organic" food industry has turned into the most crooked, corrupt, skirt the rules, BS scam you can imagine.  For the most part the food is handled better than your Walmart produce, but the average wool sock, Birkenstock wearing NYC dreadlock wearer is not buying what he/she/it thinks he/she/it is.

If you don't know exactly where your "organic" food is coming from... Don't spend any extra money on it.  Might as well buy GLD. 


P.S. When it comes to your meat, might wanna read the fine print in the definition of "free range", and what qualifies as "organic feed".   Enjoy your poultry/beef plated tungsten.



Sat, 06/26/2010 - 06:13 | 435079 Popo
Popo's picture

Organic?  LOLz at your rich, clueless, whiteboy ideas.  Totally unsustainable bullshit that will cause mass starvation around the world if implemented on a policy level.  The fact that you honestly believe that organic food has on average "twice the nutritional value" just shows how deeply indoctrinated into the cult you are.  Organic is basically the apparel equivalent of "premium denim".  Twice the nutrition? No, of course not.  Twice the price? Yes.

You're probably one of those people who thinks tinkering by man is somehow inherently evil (as if every single animal and vegetable we eat hasn't been tinkered with for centuries), and that "natural" somehow equals "good".   As if the natural world isn't filled with carcinogens, toxins and foods that are fundamentally unhealthy.   (The Gulf of Mexico is currently being destroyed by an "organic product", and Katla is spewing untold amounts of "100% natural" carcinogens into the air above Europe.)

The modern version of "Let them eat cake" is "Buy organic".   

The goal of food production is to feed the world, not to promote quasi-religious ideals like the inherent evil of that which is created by man.





Sat, 06/26/2010 - 07:33 | 435120 i.knoknot
i.knoknot's picture

minus the insults, i'm with you on this one.

i do wash my non-organic usuals twice tho'

Sun, 06/27/2010 - 02:00 | 436117 faustian bargain
faustian bargain's picture

Organic is a marketing gimmick.

There are ways, however, of improving the nutritional content of vegetables by improving the quality of the soil, and these ways are not economical on a mass scale.

I think the goal of food production is to sell food, not to feed the world. Just like the goal of a currency is to preserve spending power, not to fund exponential growth by inflation-stealth.

Fri, 06/25/2010 - 16:08 | 434218 snakeboat
snakeboat's picture

Corn (the high fructosy, syrup-y kind)

Sat, 06/26/2010 - 00:13 | 434814 tip e. canoe
tip e. canoe's picture

+ 1 dead zone in the gulf (pre-oil spill)

Fri, 06/25/2010 - 23:19 | 434743 Arkadaba
Arkadaba's picture

Read with interest all the comments here but I don't think it is just a food issue. I grew up in a neighbourhood that was a mix of working class families and families on social assistance. I remember eating a lot of white bread, kraft dinner, junky cereals and my fav - toasted banana sandwich with brown sugar (it really is good!). I think the difference is that we played outside each and every day - tag, hide and seek, british bulldog, street hockey, tobaggoning, softball - after school during the week and all day long on weekends and in the summer. We were incredibly active. And there were very few children who were overweight. 

That being said, diet of course plays a role. Soda pop, candy, chips etc were a treat - not something we got every day.

Fri, 06/25/2010 - 15:42 | 434157 Alcoholic Nativ...
Alcoholic Native American's picture

Have mercy Allah, the degradation!

This poster's avatar has porno in it, and it should be removed!



Fri, 06/25/2010 - 15:47 | 434175 What a mess_man
What a mess_man's picture

you mean Plaz? his avatar rocks.  and it's not porn

Fri, 06/25/2010 - 15:59 | 434194 Problem Is
Problem Is's picture

I thought it was a finger and thumb holding an onyx ring?

Fri, 06/25/2010 - 20:28 | 434475 Lux Fiat
Lux Fiat's picture


Pladizow’s avatar does not offend me, but it doesn’t do anything for me either.

Don’t see a need for it to change, but I might respectfully suggest a few name changes for Pladizow:

 - “Leave it to beaver” – offset picture with name that conjures thoughts of a more, ahem, wholesome time

 - “Mexican Hairless” – ok, honestly can’t tell from the teeny, tiny picture if it’s hairless or not, but what the hay

 - “For God and Cuntry” – because instead of promoting prurient interests, perhaps Pladizow is instead trying to visually and explicitly convey a message oft repeated on ZH - that ordinary folks all over the country (and world) have been bending over and taking misguided fiscal policies up the rear orifices, so to speak.  Sort of like Mikla’s avatar, but without the…ah…subtlety.

Sun, 06/27/2010 - 06:16 | 435123 i.knoknot
i.knoknot's picture

who junked you? lol

i like the "for god and c-ntry" ... tie the offensive (to some) to some dogma. the mixed message just confuses the hell out of 'em

Fri, 06/25/2010 - 15:48 | 434176 Xibalba
Xibalba's picture

What?  Bill O'Reilly doesn't bother you? 

Fri, 06/25/2010 - 15:50 | 434180 Ragnarok
Ragnarok's picture

Just out of respect for those who may view Zero Hedge at work (on break of course) selecting a different avatar would be very much appreciated.

Fri, 06/25/2010 - 16:13 | 434230 Xibalba
Xibalba's picture

I see where you're going, but I have a 32" monitor and the avatars are about 1 square centimeter....if that.  

Fri, 06/25/2010 - 16:32 | 434265 Ragnarok
Ragnarok's picture

Fair enough, but my piece of shit linux with KDE freezes up all the time and I'm sure with my luck his avatar will be front and center when I ask IT to help fix it.  I guess I'll just restart my machine.


Believe me just writing my above post felt wrong, as I hate censorship.

Fri, 06/25/2010 - 16:16 | 434234 hedgeless_horseman
hedgeless_horseman's picture

If you are worried about people at your work being offended by a 40x40 avatar with a pussie that is maybe 5 pixels by 2 pixels then something is definitely wrong with your situation.

If Plad changes his/her avatar, I very much promise to make mine 10x more offensive than his/hers.  Maybe an unretouched close-up of all three of Christine Romer's bearded chins?

Fri, 06/25/2010 - 16:35 | 434276 Ragnarok
Ragnarok's picture

You'd be amazed what people get offended by. LOL.


Suggestion: Perhaps one of those motion avatars with Al Gore attempting to sexually assault me in a bath robe.

Fri, 06/25/2010 - 17:11 | 434346 ColonelCooper
ColonelCooper's picture

I have a photoshp of Barney Frank's head on a big fat naked guy, and the angle makes it look like you're staring between his legs from the toilet bowl while he shits on you...Or you're looking up while blowing him.

You could have it if you want.

Fri, 06/25/2010 - 16:16 | 434243 pan-the-ist
pan-the-ist's picture

Don't take it away, that's the only porn I get to see at work :(

I don't work for the SEC.

Fri, 06/25/2010 - 16:17 | 434245 Currently Smoki...
Currently Smoking Cannabis's picture

>ahem< ...blanket party 

Fri, 06/25/2010 - 15:45 | 434167 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

It won't be losing their food supply that will make them move. It will be loss of their i-pad and SUV supply.

Fri, 06/25/2010 - 16:52 | 434303 svendthrift
svendthrift's picture

If a bunch of people, most of whom will be white, "get off their fat asses" the immediate reaction by the defenders of Wall Street will be that they are racist and hate Obama. Abe Foxman and that vile cocksucker from the $LPC will be on every channel calling them every name in the book. The NYT and WaPo will go bonkers.

The hostile elite of the country are raping us. At the same time they are displacing us, so that there is no us left. It is perfect, effecitve and unstopable.

Deal with it.

Fri, 06/25/2010 - 17:17 | 434354 MarketTruth
MarketTruth's picture

Makes no sense to hold a job in America.Free welfare, food stamps, virtually housing, fre medical...


Now look at them yo-yo's
That's the way you do it...
Money for nothin' and your chicks for free
Sat, 06/26/2010 - 07:40 | 435128 i.knoknot
i.knoknot's picture

are the free chicks in the new financial reg bill? couldn't find 'em in the health-care version ...

(knopfler still rocks)

Fri, 06/25/2010 - 17:26 | 434374 Arius
Arius's picture

thats probably true of any people...the discovery is that americans are no exception despite all...

Fri, 06/25/2010 - 21:04 | 434531 litoralkey
litoralkey's picture

You see you've got your 4 basic food groups,cornnuts-meat group, sweettarts-fruit group, Abba Zabba'a-vegatable group, milk duds-dairy group.


The continental United States has enough natural gas, oil production, and agricultural production that there will never be a prolonged food shortage unless there is societal breakdown.


There will never be societal breakdown as long as the agricutlural products get to the mouths of the masses.

Anything less than a energy, transportation and agricultural sector nation wide strike will not alter this reality.

(outside of meteor strikes and other Acts of God)


Under that paradigm, before enlightment you chopped wood and carried water.

After this enlightment, you chopped wood and carried water.


American Fatalism as a philosophy is a lack of focus to survive and produce another generation able to thrive.  No matter what the regime diktats opress.

Sat, 06/26/2010 - 05:10 | 435018 Pondmaster
Pondmaster's picture

Geithner and Summers - Up this weekend

Watch word ! Huh ? FOOD SECURITY ? What does that mean ? Incursions into rich arable land countries as has been done with oil ? You bet !

The president heads to Toronto this week for the G-20 summit, putting the group in the headlines for the first time since September. In The Wall Street Journal, Treasury Secretary Tim Geithner and director of the National Economic Council Larry Summers lay out the administration's goals for this meeting. Priority number one, they say, is maintaining the global growth that will fuel America's and the world's economic recovery. After that come efforts toward global financial regulation, and a host of other issues, from food security to shifting away from fossil fuels. Here's the breakdown.

Sat, 06/26/2010 - 23:54 | 435987 foofoojin
foofoojin's picture

your military trained? that the psychology of a snipper. I knew a good snipper. derailed trains carrying food in South/Central America during the late 80, early 90 when we didn't like the new governments. told me how he watch as an "observer" a mob tear apart their lawyers and leaders into small pieces of meat right on front of the capital buildings... When you tell a starving person that all the food and aid they need is right at  the gates. and there leaders are keeping it from them.  well, it's like you said. until then. nothing will be done.

Fri, 06/25/2010 - 15:13 | 434086 HedgingInfinite...
HedgingInfiniteRiskIsNotPossible's picture

War, bitchez!


Fri, 06/25/2010 - 15:14 | 434089 homersimpson
homersimpson's picture

Somehow, enough sheep voted for the Keynesian (or was that Kenyan?) King in Nov 08.



Fri, 06/25/2010 - 16:24 | 434257 pan-the-ist
pan-the-ist's picture

Hi Homer-

There was no way that McSame/Palin could have won in 2008.  If they had (through Divine intervention) they would have instituted the same policies (though packaged so the left would have complained.)

If Dr. Paul would have won, he would have been in the ground before he took office.

Fri, 06/25/2010 - 18:19 | 434450 Red Neck Repugnicant
Red Neck Repugnicant's picture


Yes, we need to bring back the fiscal responsibility of a Republican White House. If we're going to spend money, it needs to go to war and bankers. 

To be honest, I'm not quite sure where Obama spends all our tax dollars.  I'm pretty sure it goes to homosexuals, illegal immigrants and couch potatoes.

I don't vote based on fiscal issues, because they're too complicated. People like Hannity, Beck and Rush are far smarter than me, so I rely on them for my information. I vote on social issues that revolve around guns, god and my highly opinionated views on various groups of people.


Jesus/Palin 2012 


Fri, 06/25/2010 - 21:12 | 434551 hangemhigh
hangemhigh's picture

"I don't vote based on fiscal issues, because they're too complicated. People like Hannity, Beck and Rush are far smarter than me, so I rely on them for my information. I vote on social issues that revolve around guns, god and my highly opinionated views on various groups of people."

ahh, red, a man after my own heart....god & guns..can't go wrong there. i'd add pick-up trucks, nascar and big breasted women, too. as for hannity, beck and rush, them guys, too me, they're just high profile losers with a misbegotten pedigree: an ill fated triad that overdosed on their own press clippings and media-con agitprop.

Fri, 06/25/2010 - 21:19 | 434569 Dental Floss Tycoon
Dental Floss Tycoon's picture

Jesus couldn't win the top spot.  Palin might support him for VP to balance the ticket.

Palin/Jesus 2012

Fri, 06/25/2010 - 21:20 | 434570 clickjaw
clickjaw's picture

You actually think there is a difference between BHO and Dubya, don't you? Who do you think controls old Barry? Definitely not war-mongers and banksters, right?

You're an idiot!


Fri, 06/25/2010 - 15:14 | 434091 i.knoknot
i.knoknot's picture

" know America will somehow hit both of these mutually exclusive targets."

+++ you guys rock.

Fri, 06/25/2010 - 15:14 | 434092 centerline
centerline's picture

And now they have this to add to the budget problem...



Fri, 06/25/2010 - 15:17 | 434098 MsCreant
MsCreant's picture

I have an idea on what we can do with the oil we collect in the gulf...

Fri, 06/25/2010 - 15:51 | 434184 Lux Fiat
Lux Fiat's picture

I was thinking that the oil collected could stay local and get combined with bags of feathers - the latest political fashion statement.

Fri, 06/25/2010 - 15:17 | 434102 hambone
hambone's picture

Checks in the mail.

Fri, 06/25/2010 - 15:33 | 434130 WeeWilly
WeeWilly's picture

Centerline, I've got to get me one of those cool hats!

Fri, 06/25/2010 - 15:42 | 434155 Clayton Bigsby
Clayton Bigsby's picture

that's right - sue us, you fucking jumpsuit wearing midget

Fri, 06/25/2010 - 15:15 | 434094 MsCreant
MsCreant's picture

To Peter Orszag:

You must do a tell all for Rolling Stone. Or right here at ZH. But somewhere. Get the real story out.

Fri, 06/25/2010 - 15:45 | 434168 cbaba
cbaba's picture

He has no story.

He has crocodile tears.

Fri, 06/25/2010 - 15:51 | 434182 Apostate
Apostate's picture

Bah! I'll second the recommendation.

Join in the backstabbing party, Orszag! They hit you first; now you hit back. 

Fri, 06/25/2010 - 17:27 | 434372 Careless Whisper
Careless Whisper's picture

He probably will spill the beans as I suspect he was asked to leave. He's been "off the reservation" for a while now.

White House budget director ditched pregnant girlfriend for ABC News gal

Fri, 06/25/2010 - 18:05 | 434416 cbaba
cbaba's picture

some more details with his own words on why he dumped the greek and marrying the russian:

The attraction? “She’s a Russian Jew,” he said, “who gets up earlier than I do.”

Fri, 06/25/2010 - 16:01 | 434200 I need more asshats
I need more asshats's picture

Right on Ms. I couldn't agree more. My Asshat off to you.

Fri, 06/25/2010 - 17:14 | 434351 MsCreant
MsCreant's picture


I am inspired.

You could start a whole ratings system (or agency) with this. I of course consider this Asshat salute an honor but you need to be bold and take it to the next level. Is it a one Asshat, two Asshat, or more? You could rate stocks, comments, whatever, in Asshats. Is it numbers of Asshats, or kinds of Asshats?

_A_  _A_  _A_  _A_  _A_

I just gave your Asshats a 5 Asshat rating.

And, this would be a reason why you need more Asshats!


Fri, 06/25/2010 - 17:24 | 434370 Vix_Noob
Vix_Noob's picture

Get those asshats now or be priced out forever!

Fri, 06/25/2010 - 22:57 | 434345 Hephasteus
Hephasteus's picture

All I can say is the pentagon had better get off of wikileaks ass and back the hell down.

Fri, 06/25/2010 - 18:03 | 434413 New_Meat
New_Meat's picture

Ms--he has no personal security.  Ballziest move ever--he's nay a playa', not lile McC who has all of China Post 1 and the rest to keep him and his close to good.  He can't get there, and RS won't get there.  God Bless Orzag.

- Ned

P.S. I owe you some info on "green" economics--working on it, but, y'know day job.

Fri, 06/25/2010 - 15:15 | 434097 LoneStarHog
LoneStarHog's picture

Has anyone noticed that none of the Congresscritters have been spouting the tired ol' mantra, "We Are The Richest Country In The World!".  The last one that I can remember is that New York WHORE Schummer and that was some time ago.

Fri, 06/25/2010 - 15:44 | 434161 Problem Is
Problem Is's picture

My favorite Wall Street bribe whore...
Including a personal appearance at the Lipstick Building, Bernard Madoff Securities to solicit campaign bribes...

The one and only...

Schmucky Schumer.

Fri, 06/25/2010 - 15:24 | 434101 downwiththebanks
downwiththebanks's picture

Good ol'Death Panel Peetie O:  

It's too bad he's gone, because his austerity policies of mass starvation and privatized suffering (while the banks get free money) would have gone over swimmingly.

And with good results, no doubt, since the best thing for a capitalist depression is an intentionally accelerated program of mass unemployment and destitution among the masses of working people.

Creative destruction rocks, I suppose, if you're not among the destroyed.

Fri, 06/25/2010 - 15:17 | 434103 The Rogue Trader
The Rogue Trader's picture

This all sounds wildly Gold Bullish.....

Fri, 06/25/2010 - 15:34 | 434133 hambone
hambone's picture

+1000...if this news that the WH will not accept part time Keynesian's and only full blooded, card carrying, take it to the nth Keynesians will do...if this can't get Gold over the top come Monday...then Goldss not worth buying cause it's either manipulated or not what folks thought it was.

Fri, 06/25/2010 - 15:21 | 434108 Anarchist
Anarchist's picture

The goal is and has been to burn the house down. There will be no deviation of the Titanic from it's date with destiny. Of course a few more wars are in the works to keep the Sheep busy rooting for the "good" guys.

Fri, 06/25/2010 - 15:21 | 434109 LoneStarHog
LoneStarHog's picture

Deranged Keynesians = The perfect example of a Pleonasm

Fri, 06/25/2010 - 15:23 | 434113 mikla
mikla's picture

Well, so long "propeller-head".  We disagree about how smart it is to spend more in the short term (how much more is there to buy what?), but of course, it's a good thing you got out before the ceiling fell (and it will).  You've got enough to worry about with your impending nuptials.

And so, as any remaining voices of reason realize they are dealing with a group of deranged Keynesians, soon there will be nobody left in the administration who dares to oppose the destructive course upon which this country has so resolutely embarked, which ends in one of two ways: debt repudiation, or war.

Of course, "War" is merely an instrument of policy.  It's the ability to forcibly assert "Up Yours", or defend yourself from repercussions when you say "Up Yours".  So, we get debt repudiation either way:  War is merely the optional side-effect when the other side is sufficiently displeased with the default decision.

Fri, 06/25/2010 - 15:51 | 434183 Amish Hacker
Amish Hacker's picture

+1.  The other aspect of war that bears looking at is that it's by far the most effective method ever found for transferring wealth from a large group of people to a small group of people. Follow the money.

Fri, 06/25/2010 - 15:28 | 434116 jkruffin
jkruffin's picture

It is time for Obama to be impeached and his cabinet replaced, no two ways about it. 

Fri, 06/25/2010 - 16:10 | 434199 Crab Cake
Crab Cake's picture

It's bigger than that JK and you know it.  This is about the whole fucking American enchilada.  It's not about one criminal administration.  This is about corruption rampant at every possible level, the two party duopoly, the corporations, the ratings agencies, the Wall St bubble machine, the Fed, the IRS and property tax systems, the war on drugs, the welfare state, the accountants, the bloated beareaucracy.... need I go on?

The whole system must be impeached.  It's do over time.  No two ways about it.

Fri, 06/25/2010 - 18:20 | 434452 thomas_anderson
thomas_anderson's picture

I agree and so does this guy:

Fri, 06/25/2010 - 22:34 | 434681 RockyRacoon
RockyRacoon's picture

You are right, of course.  The President (whomever that may be) is a convenient target because he/she is the most visible.  To blame the Executive Branch is extremely nearsighted.  Proposing the removal is one thing, coming up with a replacement is another.  I've yet to see anyone put forth a suitable holder of the office.

Fri, 06/25/2010 - 22:07 | 434644 Red Neck Repugnicant
Red Neck Repugnicant's picture

I agree.  Impeaching Obama will solve most of the problems in this country. At the very least, it will cut the funding to homosexuals and illegal immigrants.  We need to return the White House to the good-old days of financial prudence, when Bush was in office.  

Palin/Jesus/Beck 2012

Fri, 06/25/2010 - 15:28 | 434117 Alethiometer
Alethiometer's picture

I would think this seals the deal on another "preemptive" war against a "horrible and oppressive" regime.  Hmmm...Let's see, who's left, and in what order to attack? We have: Iran, North Korea, Pakistan...then maybe we can launch "humanitarian campaigns" into resource rich Africa...then after we plunder them we can take on China and Russia.  We still have lovely, seemingly non-ending campaigns going in Iraq and Afghanistan, so I would say we are right on target.  Miltary-Industrial Complex to the rescue! 

Fri, 06/25/2010 - 15:39 | 434144 technovelist
Fri, 06/25/2010 - 15:41 | 434153 jkruffin
jkruffin's picture

North Korea? LOL  Their soccer team, as a reward for their excellent World Cup play, is being sent to work in the coal mines for KJI.  ROFLMAO  Why don't the people just kill that stupid idiot?

Fri, 06/25/2010 - 15:45 | 434170 Clayton Bigsby
Clayton Bigsby's picture

Same thing as Chavez - why kill them when they can fuck their own country so badly without our help to never be able to pose a threat again?

Fri, 06/25/2010 - 15:44 | 434165 tao400
tao400's picture

Why will this lead to a war. I don't doubt it but don't understand why.

Fri, 06/25/2010 - 16:01 | 434201 QQQBall
QQQBall's picture

Dude, technically I think Pakistan is an ally?

Fri, 06/25/2010 - 15:28 | 434118 Anarchist
Anarchist's picture

These guys are not following the priciples of Kenynes. They are in cahoots with the ruling elite to redistribute the countries assets away from the useless eaters, that would include YOU, into their own pockets.

Fri, 06/25/2010 - 15:31 | 434124 centerline
centerline's picture

Too many useless eaters now.  Time for population numbers to drop sharply for awhile.

Fri, 06/25/2010 - 16:14 | 434233 Kegfreak
Kegfreak's picture

I think that is the main principle of Keynes.  He was an English Socialist of the first degree.  He never believed what he was doing would help the masses, just his cronies.

Fri, 06/25/2010 - 15:28 | 434119 DonnieD
DonnieD's picture

I have a newfound respect for Propeller Head

Fri, 06/25/2010 - 15:29 | 434120 Xibalba
Xibalba's picture

I'll take one pitchfork, and one torch please. 

Fri, 06/25/2010 - 23:32 | 434768 StychoKiller
StychoKiller's picture

Double-headed axe and flamethrower for me, thanks.

Sat, 06/26/2010 - 01:26 | 434897 QEsucks
QEsucks's picture

 + 1000

Fri, 06/25/2010 - 15:31 | 434125 Apostate
Apostate's picture

Typical math nerd who sees an entire country of people as a giant spreadsheet to be manipulated at will.

That's what he was hired to do, of course. At least Rahmbo, Jabba Summers, and the Emperor understand that obeying the laws of mathematics is futile if you're running the grandest ponzi empire ever conceived.

They're driving the car into the wall as fast as possible in the hopes of breaking through to the other side. I pity the EMTs that will need to clean up the gore. 

Fri, 06/25/2010 - 15:44 | 434164 hambone
hambone's picture


"They're driving the car into the wall as fast as possible in the hopes of breaking through to the other side"

Good shat - that's about the only explanation that makes any sense.

Fri, 06/25/2010 - 16:17 | 434247 Xibalba
Xibalba's picture

It worked for the DeLorean in '85.   The outcome will result in a Wild Wild West in one time or another. 

Fri, 06/25/2010 - 22:13 | 434656 Rusty_Shackleford
Rusty_Shackleford's picture


Engage the flux-capacitor!

Fri, 06/25/2010 - 16:25 | 434259 sgt_doom
sgt_doom's picture

In actuality, they all sound completely idiotic.

First, one requires an economy to follow any sort of economic rules....

Fri, 06/25/2010 - 16:37 | 434285 Alcoholic Nativ...
Alcoholic Native American's picture

That's not a wall my friend, it's a gathering of plebes.  And they got a real big truck.

Fri, 06/25/2010 - 21:33 | 434592 hangemhigh
hangemhigh's picture

deleted by poster

Fri, 06/25/2010 - 21:34 | 434599 hangemhigh
hangemhigh's picture


You know the day destroys the night

the night divides the day

Tried to run

Tried to hide

Break on thru to the other side


We chased our pleasures here

We dug our treasures there

Tried to run

Tried to hide

Break on thru to the other side




Fri, 06/25/2010 - 15:33 | 434131 Magua
Magua's picture

great picture - they say you can tell who is the servant and who is the boss, by who is standing or sitting.

Fri, 06/25/2010 - 22:06 | 434648 Tapeworm
Tapeworm's picture

Your observation is something that I have never considered. In that vein I see that Larry is positioning his lard ass to emit a room clearing fart.


What fries me is that the populace has no interest in the biggest scams of all time, and are glued to small time scams as done on TV 'drama" shows. I suppose that there are no big corporate media buyers that would advertise on real crime shows if that threatened their place on the Business Roundtable.

Fri, 06/25/2010 - 23:34 | 434772 StychoKiller
StychoKiller's picture

Bring back Max Headroom (from 15 seconds in the future).

Sun, 06/27/2010 - 06:21 | 436225 i.knoknot
i.knoknot's picture

+++ eagerly waiting for the digital remaster DVDs

way ahead of their time. (way more than 15 seconds... :^)

Fri, 06/25/2010 - 15:34 | 434132 masterinchancery
masterinchancery's picture

Winston Churchill in 1938: "given the choice between dishonor and war, he chose dishonor--he'll get War."

Fri, 06/25/2010 - 15:35 | 434136 The Disappointed
The Disappointed's picture

I've got the solution! Never more relevant than today, especially the money shower at the end

Fri, 06/25/2010 - 15:36 | 434137 InsanePonziClown
InsanePonziClown's picture

FT, ehhhhhhhhhh, let's get some real reporting going on here

Orzag knew damned well they were keynesians going in, hell, they all are, even orzag, he signed up with them, orzag probably didn't try and disade anyone least likely obama, sumners or rahm babeeeeeeeeeeeeeeeeeeeeee, the fact is they are palying big bens playbook come hell or highwater, what's the difference to them, my gosh they finally got the reigns of the world and orzag had the gall to tell them, uhhhhhhh guys, we are insolvent m'fn broke broke broke, which means we are the next christian in waiting in the wings to be thrown out into the lions pit

hell, orzag handles the books, when ur accountant quits u know hope is hopeless


Fri, 06/25/2010 - 15:46 | 434173 cbaba
cbaba's picture

yes, for me he is a Rat leaving the sinking ship.

Fri, 06/25/2010 - 15:37 | 434139 Leo Kolivakis
Leo Kolivakis's picture

No worries, he's got Bianna by his side:

Fri, 06/25/2010 - 15:40 | 434149 lsbumblebee
lsbumblebee's picture

She looks like Erin Burnett after eating a jar of collagen.




Fri, 06/25/2010 - 15:45 | 434171 MsCreant
MsCreant's picture


Fri, 06/25/2010 - 17:18 | 434357 carbonmutant
carbonmutant's picture

 Looks like one of those new synthetic lifeforms...

Sun, 06/27/2010 - 06:22 | 436228 i.knoknot
i.knoknot's picture

OMG... lol

Fri, 06/25/2010 - 15:43 | 434160 MsCreant
MsCreant's picture

Did he punch her in the mouth?

Fri, 06/25/2010 - 16:12 | 434229 Ripped Chunk
Ripped Chunk's picture

The better to adore you with my dear

Fri, 06/25/2010 - 15:50 | 434143 Problem Is
Problem Is's picture

Fat Larry and Romer need to lay off the donuts...
Unbutton your coat Larry... It won't be so obvious...

Fat Larry on Stimulus:

"Let the good times roll,
 Let them make you a clown."

Fri, 06/25/2010 - 16:15 | 434235 Ripped Chunk
Ripped Chunk's picture

Larry was an ugly, fat child that vowed to take revenge on Mankind because of the taunting he endured as a child.

So teach your children not to mock the other ugly children.

Fri, 06/25/2010 - 15:42 | 434154 tao400
tao400's picture

Can someone explain to me why the exploding debt will inevitably lead to war if no debt repudiation. I read that over and over again but don't understand the rational, though I don't doubt its truth since I have read it from so many different sources.

Fri, 06/25/2010 - 15:57 | 434188 Diogenes
Diogenes's picture

It's a crock. The depression of the 30s, according to contemporary sources, ended in 1934. By 1936 the economy was so overheated the gov't caused the "Roosevelt Recession" of 1937-38 deliberately, to avoid another boom/bust. WW2 for the US did not start until December 1941, long after the RR ended.


Besides if wars and repudiation ended depressions the US would be in the clear by now. Has everyone forgotten that the US is waging 4 wars as we speak? And is repudiating normal financial obligations whenever convenient?

Fri, 06/25/2010 - 16:00 | 434198 LoneStarHog
LoneStarHog's picture

Sadly, this is such a paradigm example of a public school education(?).

Fri, 06/25/2010 - 17:22 | 434366 Diogenes
Diogenes's picture

You don't get that kind of information from public schools. You get it from reading original sources. By that I mean books and magazines published in the 20s and 30s.

I was surprised as anybody to find out that the generally held opinions are a load of hooey. The war did not end the depression, and the depression did not cause the war.

I could show you books from as early as 1926, taking for granted that there would be another European war because the political causes of WW1 were not resolved, in fact the so called  solutions made things worse.

Look at any chart of the stock market averages and you will see that the market bottomed in 1931 and 32 then recovered. Not to overheated 1929 levels but to normal levels. Then notice the recession in late 1937 and 1938.

I could even show you a Joseph Mitchell story from the New Yorker in 1934, describing party hats with funny mottos like "wasn't the depression awful" and "it's hell when your wife is a widow". For most Americans the depression was history by 1935.

Fri, 06/25/2010 - 16:09 | 434209 mikla
mikla's picture

Can someone explain to me why the exploding debt will inevitably lead to war if no debt repudiation.

The logic is that if you start a war, then people won't notice that you defaulted.  It's sort of like  arson (set fire to your house because you don't want to make payments on it anymore).

However, your "gut" instinct is correct, if I read you right:  You get debt repudiation either way, and there *might* be war when one side is mad enough about getting screwed.

The "Keynesian" attitude relates to the Broken Window Fallacy ... if you destroy all homes and property, then everybody can get "rich" by selling supplies to build new houses and iPads.  (So, to Keynesians, war literally makes society rich -- that's not a joke -- they actually believe that.)

[EDIT] The reality is that "war" used in this sense is like "bankruptcy" ... after the war, contracts are dismissed, capital is re-assigned, and pre-war debt is often repudiated.  It's still a default, but war provides a significant "distracting event" to get everyone to agree to the new terms (e.g., the post-war agreement).

Fri, 06/25/2010 - 16:07 | 434210 Anarchist
Anarchist's picture

There are no guarantees of anything. You can't start a war if you don't have the ability to sustain it long enough to achieve your goals.

In the case of the US, we have the means to start and sustain a war. The problem is there are enough countries with veto power so you may never achieve all of your goals. Some of the backers of these two wars have already or are close to achieving their goals. The Chinese and Russians hate the Taliban but were OK with Saddam. The sanctions limited how much investment they could put in Iraq. When the Chinese and Russians find it is not in their interest to support the wars, you will see US losses explode.

Fri, 06/25/2010 - 16:09 | 434222 Gully Foyle
Gully Foyle's picture


We have bases in 163 of 195 nations in the world. Something like 750 bases.

It looks like the ones without bases would be the ones targeted.

Then again you never know.

My question is after the collapse will we just abandon all those troops and bases?

Fri, 06/25/2010 - 16:34 | 434267 sgt_doom
sgt_doom's picture

"..though I don't doubt its truth since I have read it from so many different sources."

Trust me, it's total BS.  You've also read about some so-called Recovery, also total BS and mathematically impossible.

They are dreaming of times gone by, and today America doesn't effectively have an actual economy, once, some years back, the Fantasy Finance sector reached over 80% of the GDP.

Ask someone with a functioning brain to name the top 100 exports of America (junk paper, junk paper, junk paper....), get it?

Remember, just because you keep hearing about the Tooth Fairy, there isn't actually one.

Remember that Talking Snake in the Garden of Eden?

Ever met up with a snake who made conversation with ya?

Didn't think so.....

Fri, 06/25/2010 - 17:33 | 434386 Diogenes
Diogenes's picture

Jesus Christ! Barack (Peace Prize) Obama is WAGING WAR RIGHT NOW!

Last time I counted, he had 4 wars going in Iran Iraq Afghanistan and Pakistan.

So, if WAR will cure your "depression" the IT IS ALREADY CURED!

That plus Keynesianism on steroids, crack and crystal meth and your troubles are over!

So, if your troubles are NOT over, doesn't that indicate there is something wrong with the conventional wisdom?

Fri, 06/25/2010 - 23:40 | 434776 StychoKiller
StychoKiller's picture

Look, if ya don't pay off the loan shark, he sends Guido and Louie the Fish to break some bones...

Fri, 06/25/2010 - 15:48 | 434177 Rick Blaine
Rick Blaine's picture

The fact that Orszag's leaving seems like bad news (i.e., because he seems like a genius compared to the other three circus clowns) is a good indication of just how f&(ked we are.

Fri, 06/25/2010 - 15:57 | 434187 Apostate
Apostate's picture

Yep. Even though he's part of the court, at least the guy understands that math is important.

As someone else in the thread said... "when the accountant leaves, you know that they're fucked."

Fri, 06/25/2010 - 16:04 | 434207 tao400
tao400's picture

"when the accountant leaves..." That is one of the best and most truthful lines i have heard in a very long time.

Fri, 06/25/2010 - 16:14 | 434232 Lux Fiat
Lux Fiat's picture

Yes, exactly like the CFO of a very, very large corporation making a sudden departure.  It's not a good sign.  I thought that Europe was in worse shape than the US, and comparatively, the US would outperform, and that QE would be on hold for a while.  Between the Ambrose Evans-Pritchard story, Orzag's departure, and signs of economic reason from some parts of the EU, the deflation/inflation balance appears to be in flux again, and now tilting towards inflation. 

Fri, 06/25/2010 - 16:36 | 434281 Apostate
Apostate's picture

P-Krug wants to nationalize all the banks. He's made that clear. If that happens, then inflation and currency destruction is a near-term certainty.

But now that's moot - issues with the states will force a mega-bailout. Which will lead to more crack-ups... and so on, until a political crisis point. 

Fri, 06/25/2010 - 18:10 | 434438 Lux Fiat
Lux Fiat's picture

I am concerned about how this will affect foreign perceptions of market risk in the US.  My experience has been that when I am in the unlucky position to own stock in a company that announces a sudden, unexpected high level departure (particularly the CFO), the best course of action has almost always been to sell pronto.

Agree that the present environment and Administration's apparent policies should result in inflation, and not the good kind.  However, over the next few weeks to months, if enough foreign investors decide that they want to head for the US equity (and bond) exits due to concerns about the mgm't change, instead of a QE-propelled, prenaturally buoyant market, we could see sideways chop or even another meaningful leg down.  I have no clue as to where things will actually head, but that never stops me from speculating.

Fri, 06/25/2010 - 16:35 | 434280 sgt_doom
sgt_doom's picture

Yeah, soooo important this so-called math guy ardently believes everything in America should be privatized.

Can you spell a-r-i-t-h-m-e-t-i-c?

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