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Obama Budget Director Peter Orszag Is Out, Becomes First Economic Adviser To Bail
The man singlehandedly responsible for the smallest, "biggest inconsistency" in US budgetary history (that whole $6.3 billion in GSE's left off the US balance sheet, for the full post read "Obama's budget has one small, missing piece... For $6.3 trillion"), Peter Orzsag, currently head of Obama' budget office and previously head of the Congressional Budget Office, and also responsible for the most ridiculous budget in US history (what is the most recent 2020 projected deficit: $100 trillion? $100 quadrillion? does anyone even care?) is out. Bloomberg reports: "White House Budget Director Peter Orszag plans to leave President
Barack Obama’s Cabinet in July, before the White House begins preparing
its next budget, administration officials said." This is arguably the biggest slap in the face of the administration's failed budgetary efforts: the rats are now openly jumping ship, knowing full well that the US will soon be ($20 billion in debt) underwater.
Orszag, 41, considered leaving his post as director of the Office of Management and Budget in April and stayed on after an appeal from the president, the officials, who spoke on condition of anonymity, said. Orszag’s decision to leave this summer will accelerate the process of picking a successor.
Orszag’s spokesman declined to comment directly on his plans. “Peter’s focused on his work, not on Washington speculation,” said Kenneth Baer, the budget office’s communications director.
The departure comes as Obama is putting his focus on slicing the federal deficit, forecast to reach a record $1.6 trillion this year. The president appointed a bipartisan panel to recommend ways to cut the shortfall, and its report is due in December.
Upon leaving the administration, Orszag will likely join a think tank, said one of the administration officials.
Yup. Think Tank Sachs.
Here are the potential replacements:
Among the potential replacements under consideration are Laura Tyson, a
former director of the National Economic Council under President Bill
Clinton, and Rob Nabors, who served as OMB deputy director under Orszag
before moving to the White House to work under Chief of Staff Rahm
Emanuel, said one of the officials.
On the other hand, could Peter's departure have been mandatorily "voluntary"?
Earlier this month, Orszag announced a plan to force some federal agencies to reduce their fiscal 2012 budget requests by 5 percent to help cut the deficit.
“As stewards of the American people’s tax dollars, we cannot afford to waste money on programs that do not work, that are outdated or that are duplicative of one another,” he said in a speech on June 8 at the Center for American Progress.
In other words dissent will not be tolerated comes to throwing away tens of billions. The penalty for fiscal prudence is testing the helicopter's eject seat mechanism.
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I don't know... I live next to some pretty good looking average Americans.
Yeah I shouldn't be such an asshole. Normal girls are a lot hotter than any of the made-up and plastic television barbies.
Your comment was generally speaking correct. I just live in a pretty nice high rise.
More channeling of Bill Hicks...Eerie...
No one wants to see an average American naked.
oh R E A L L Y†
He doesn't have to wonder, it's for the $10M+ bonus the fascists pay him after his term is over. Ask Bill Clinton.
The more he plays golf, the less time he has to create more debt. Where's the problem?
The more his lousy golf skills make him feel inadequate, the more he'll compensate by further endeavoring to control our asses.
I believe that.
Tempo: Grizzly Adams did have a beard: He is playing golf almost every day.
http://www.dailymail.co.uk/news/worldnews/article-1223229/Obama-swings-p...
When the shit hits the fan in 12 mths i want guys like this held accountable for their utter incompetence period. This amounts to treason. And all who think this thing wont blow soon are blind.
Yeah. Like Cheney's comment on "statute of limitations". Douche.
Time to cut off his testic... I mean he needs an orchiectomy, both si... bilaterally
The EUR/CHF just fell off a cliff. So..... how's that new iPhone OS update?
I have no fucking clue as to why so many people are so easily hypnotized by toys.
My toys go "bang".. it all depends on what toys we're talking about ;)
my toys “vibrate”
Now THAT was an interesting distraction, velobabe....
Yes, the euro short squeeze appears to have run its course. We'll see...
I remember when I was a kid, my mother would sometimes say to me, "fucko," she'd say, in her motherly way, "fucko, please always remember, and don't ever forget, get out of this shitty country as soon as you can."
thanks, Mom, wherever you are.
Brother?
si, soy yo.
Orhag will end up being replaced by a Rhesus monkey named "Jabber" from the Simian Economic Clusterfuck Foundation - though our little primate would be totally overqualified for the job of Budget Director. Our level of complete screwed-ness boggles my mind daily....
I commend him for not taking the Vince Foster route in dealing with his contribution to the lies.
I expect he told BHO that he expected even a Kenyan Muslim should be able to add and subtract to get to a final deficit number. What an insult for the Hopey Changey true believers. The true Administration economist, Googlesby, explained that more unemployed with higher benefits than available from work increased nominal income.
Orszag was a slow learner and could not convert from econometrics to econo fantasy.
We. Want. Something. Here. NOW.
I agree, Augustus.
The problem with Obama is that he is from Kenya where schools teach stuff about farming and spears, rather than math and deficits. I've done some research, and noticed that the closer Obama became president, the bigger the deficit grew. Plus, things got really bad in this country right around January 2009. Coincidence? Charts don't lie, only Kenyans do.
We need to return the White House to its rightful owners.
I. Want. My. Country. BACK!
I. Want. My. Country. BACK!
People in hell want ice water.
Do you think that Foster had any choice? - Ned
The wheels are coming off in Afghanistan. Witness this mornings announcement the Kandahar operation is on hold till Sept. now this....
http://www.wired.com/dangerroom/2010/06/mcchrystal-apologies-for-incendiary-article/
Tyler, you must be British. Their billion is few more than ours.
http://eyeful-tower.com/muse/billion.htm
Cheerio old chap.
+1...nice link!
Learn something new everyday.
For your perusual: Orzsag's social security plan.
http://www.brookings.edu/papers/2005/04saving_diamond.aspx
Inconvenient for the Democrats?
I don't think I could stomach reading the whole book, but the abstract will give you enough to go on. It's much as I said earlier in the thread: raise taxes, maintain benefits for the oldsters, fuck everyone lower down the Ponzi.
One last loot-fest before it all goes down.
"A nigga please! Watch your shit fall like Rome"
Ol Dirty Bastard's (RIP) lyrics never seemed so prescient.
I smell only blood in the water! OK and lots of oil!
Barack Carter!
Tyler, update those B's to T's, so we don't get them confused with Benny and Timmy
from wiki... He co-authored a paper titled "Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard" with Nobel Prize winning economist Joseph Stiglitz in 2002 in which they inferred that "on the basis of historical experience, the risk to the government from a potential default on GSE debt is effectively zero."
Stiglitz is a fat idiot.
What is the proper role of government in a free society? To answer this question, we must first understand what is meant by 'government'.
Government is the use of force. To govern means to control. The use of force is implicit in the definition of control. Otherwise, it would be 'influence' rather than control. Even the good things that governments do involve the use of force somewhere, somehow. Some times government uses force directly to control behavior. Other times, government uses money taken by force to fund activities which would otherwise not involve the use of force.
Understanding that government is the use of force, the question then becomes 'What is the proper use of force in a free society?'.
Joseph Knight
Little parachutes don't carry as much...
Just like Obama a Pozer! They both have done nothing before office and wantnt lots more
wealth after office!!!
God when will it end??
Budget Director Peter Orszag.
Has a position without portfolio until after the November elections.
By law, the 2010 budget was to be presented by Congress by May 15, 2010. Democrat Congressional leadership have made the calculated bet they would be pummeled in the mid-terms if they performed their Constitutional duties and presented the President with a budget before the elections. THEY DECIDED TO INGORE EVERY UNDESIRED BUDGETARY LAW ON THE BOOKS, and to eliminate every Federal official who would not submit to the new regime's diktats.
.
.
THIS IS THE FIRST YEAR IN THE HISTORY OF THE REPUBLIC THERE WILL NOT BE A FEDERAL BUDGET IN PLACE BY THE TIME OF A NOVEMBER ELECTION.
.
.
Budget Director Peter Orszag, has no function to the Obama Administration and Congressional democrats besides being the whipping boy and scapegoat.
In the new collective, men without a function are sent to the soylent green retirement home.
Which amazingly, is the exact opposite of what Budget Director Peter Orszag wrote in the above mentioned books co-authored with the sociopath Stiglitz.
I bet he's buying gold as we speak
Good gosh some giant advertisment swallowed half the page I was reading!
...in other news the BDI is in a massive freefall..about to surpass 2010 lows.
...and in other news Gen. McCrystal has been 'summoned' to the WH...sounds like he said some not so nice things about the CINC.
"POLITICO Breaking News:
-----------------------------------------------------
The top commander in Afghanistan, Gen. Stanley McChrystal, has been summoned to the White House to explain remarks he made to a freelance writer that portrays a series of unflattering remarks McChrystal made about President Obama and other top administration officials. The face-to-face comes as pundits are already calling for McChrystal to resign."
Orzag is the first of the travelling comedy act known as the Obama economic team. When do you think the straight man Jared Bernstein, who wrote such famous schtick as "Saved and Created" will leave. Saved and Created will rival Henny Youngmans "Take my wife, PLEASE" is comedy history. How about the comedy material site known as recovery.gov and the stand up who made it famous, Joe Biden? Moe, Larry and Curly now have a fourth stooge.Next, there is Christina Romer. Remember her from her role as Miss Trunchbullin in the film Matilda. Well, at least she can be replaced with the the great comedic talent over a DHS, Janet Napolitano. They can at least add an entire new genre for "additional stimulus" Not to fear, the laughs will keep comin, we still have Timmy, "THE LITTLE ENGINE THAT COULD" Geithner". What a crowd I tell ya, What a crowd!!
Denninger today:
Geithner: LIAR
Gee Timmy, are you going to revisit this line of utter bullshit you ran on the American public?
"With the recent announcements on repayments, we are now on track to reduce TARP bank investments by more than 75 percent, while earning a healthy profit on that commitment,"
PROFIT means that after expenses you have more money than you started with.
So what the hell is this?
Geithner estimated that TARP would end up costing taxpayers $105 billion.
You lying sack of crap.
I said at the time that this program would be a monstrous net loss for the taxpayer, and I was right - and you were wrong.
$500 says that not one mainstream media source calls you on your horsecrap lie that TARP would "make a profit" for the American Taxpayer.
Oh, and the banks? They paid out right near $100 billion in 2009 in salaries and bonuses. Guess where they got the money? Yep. They stole it from you, the taxpayer, by placing their MOLE, Geithner, in Treasury where he literally handed them YOUR MONEY.
Geithner should be fired.
PS: That "estimate" almost certainly does not include GM's BS claim of "repaying" Treasury - with other bailout funds. If anything, this is a gross understatement of the losses taxpayers are being forced to absorb in order to protect the fraud and looting by the banks.
http://market-ticker.denninger.net/
Will venture a guess that the next one will also be jewish.
If I had to take a wild guess at what caused Orzsag to resign, I might point to the latest jump in health insurance costs. Orzsag was (I think) the most vocal supporter of using HCR to cut medical costs, and thus to benefit the economy. But (iirc) Congress stripped out or neutered most of the cost-cutting mechanisms he supported ("death panels" etc.), and so as costs are now rising again he may feel that his position had become untenable.
What's the first and last rule of science? You don't know everything and you could be wrong.
Orszag can't possibly have fooled himself into thinking his cost cutting measures would ever be absorbed in the market without premium increases regardless of what the Congress does to it.
This is still the same Orszag that crafted the worst budget in the history of the United States. And that's before the Congress even got their mitts on it.
"..that whole $6.3 billion in GSE's left off the US balance sheet, for the full post read "Obama's budget has one small, missing piece... For $6.3 trillion"..
$6.3 TRILLION or $6.3 BILLION?
"..the US will soon be ($20 billion in debt) underwater..."
$20 TRILLION or $20 BILLION?
Tyler, the amount of work you do, you must get tired at some point! I'm assuming both of these are typos.
DavidC
Well he did what he came for, he helped get hitler healthcare pass. 'Big difference' is the quote from him about the new budget cuts that can be mandated outside of congress from his new IMAC and debt commissions.
This guy is a psycho, thank god he's leaving. Read his fascist works, you'd think he'd be a republican, but nope, he's a fascist dem.
Now he gets to jump ship and watch the austerity measures roll in.
The Orszag and Rahm Emanuel anticipated departures, IMO, are the first signal flares of Hilliary’s renewed attack on the presidency. It’s not too soon for the Clinton people to be laying the ground work for a floor fight against Obama. Hilliary’s primary problem would be a complete absence of any black support, always a major component of Democrat political votes.
If this fight is a possibility look for the first signs of Wall Street switching sides around the end of this year.
So far the tea leaves would have Obama losing to any Republican and at this stage Wall Street doesn’t have a candidate, i.e., a Republican it can count on.
Well this is what happens when you elect a blackie wanna be preacher
Budget, schmudget. Who needs math when you have nukes.