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What Peter Orszag's Replacement Needs To Know

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What Peter Orszag's Replacement Needs to Know, From Nicholas Colas at BNY ConvergEx

 

 

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Thu, 06/24/2010 - 00:07 | 430816 VK
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Does Tyler ever sleep? Great updates for insomniacs world over!

Thu, 06/24/2010 - 00:08 | 430817 vs18
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Hey Tyler logged in from my blackberry, finally able to comment more frequently. Anyway I was always curious but does ZH ever face potential litigation risk from the people who own the rights to Fight Club properties? Just saying yknow, something to think about as your popularity increases. Don't want to see this place shutdown because of copyright infringement from money-bleeding Hollywood douchebags.

Thu, 06/24/2010 - 00:45 | 430856 Rusty Shorts
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 - shut up bitch.

Thu, 06/24/2010 - 00:57 | 430861 bob_dabolina
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bitch pleeeeeze.

Thu, 06/24/2010 - 00:53 | 430863 Cheeky Bastard
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nigga they be rolling off-shore yaknowhatimean 

Thu, 06/24/2010 - 01:05 | 430878 vs18
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Well that's good. A really random observation I know, but don't put it past ZH's enemies (I.e. GS, helicopter ben, tiny tim, etc.) to do anything to shut these guys up.

Thu, 06/24/2010 - 01:30 | 430903 Cheeky Bastard
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they tried, they failed. Fight Club prevails. but thats as far as I will go on this topic.

Thu, 06/24/2010 - 01:44 | 430921 vs18
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Oh yeah understood. I've followed the incredible growth of this site since last February, was always a bit scared to comment. I remember very well the infamous hit jobs last summer from NY Post and NY Mag, just goes to show you that this place has hit some high placed nerves. Case in point to its new influence: getting an email reply in just under hours from GS' VP of PR, LvP... on a sunday no less! This site is unlike any other financial blog that I've ever read, which is why I follow its progress with great interest.

Thu, 06/24/2010 - 04:03 | 431029 StychoKiller
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Better question, what timezone does the date/timestamp represent?

Thu, 06/24/2010 - 08:02 | 431148 The Merchant of...
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Or, Tyler Durden is a real name with a real photo that happens to look just like the Brad Pitt depiction of the character.

Thu, 06/24/2010 - 10:38 | 431389 Rusty_Shackleford
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Reminds me of the story about a reporter by the name of Bill Wyman.  He got a "cease-and-desist" from the lawyers of Bill Wyman from the Rolling Stones for "unauthorized exploitation" of the musician's name (even though it was the reporter's real name).

 

http://abcnews.go.com/2020/story?id=123793&page=1

 

They'll still come after you.

Thu, 06/24/2010 - 00:13 | 430830 AFVet
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I don't know.  Was Orszag working hard or hardly working?  He helped foist an unworkable healthcare bill on us and trillions in additional debt.  He looks more like a rat leaving a sinking ship to me.

Thu, 06/24/2010 - 02:25 | 430971 jmc8888
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What he did is save money on healthcare. But not in a good way.

it's deathcare.  Really is. If you haven't read LaRouche on deathpanels, than you're listening to dipshit Sarah Palin.  Only LaRouche  shrewdly and cogently initiated (that means FIRST) the discription of the 'health reform' picked up by know-nothings as simply death panels. So if you haven't read LaRouche on the topic, you haven't read ANYTHING on deathpanels.  No one else will even touch it.  Those that do, don't know shit. Thus you most likely know shit about the real death panels in it. So if anyone laughs at deathpanels and hasn't read LaRouche on it, then the joke is on them, as they're the real dipshit for dismissing what's real based upon the dipshit media's jerry's kids interpretation of it.

Just wait until the deficit commision, and IMAC sink their teeth into the budget...on this note...it will drop like a rock.  They'll say they're cutting waste, but the human death toll will tell the real story.

Instead of Congress controlling the purse, it's now this unelected commission of statitician 'experts'...probably those unemployed by AIG for good reason.

Not to mention that crazy mechanisms that only pay for 'results'...which means on your average cancer treatment, if only 30 percent are cured (because hey, it's fucking cancer idiots), 70 percent will never be by the treatment.  So you'll only now get paid for the 'cured' 30 percent, meaning you will most likely stop using the procedure so much because as a health care provider you'll lose big. So either the doctor take a huge paycut, or they stop the treatments.  Not all doctors will jump ship, but the majority will. 

Part of the strategy isn't to kick people off, but get doctors to leave, or capitulate. 

Now back to that mechanism, 30 percent of 1 million is the same percentage as 30 percent of 10 dollars.  So if you half the number of people using procedures, you'll still end up only getting 30 percent, the percentage doesn't really change based on the number of people it's given to....thus it's a vicious cycle of cut to lose less, get paid less, cut to lose less, get paid less, etc, etc.  Until eventually most medium to expensive procedures that don't result in 90 percent success rate will be retired.  Not because they don't work, but because we have to rig health care like we rig everything else.

Now with the queen wanting more war though, that's what we'll probably be spending our blood money on by cutting the expenditures, that is if everything doesn't blow up economically first.  No wait, we'll be cutting because of the bailouts.  Shit, we'll be cutting for whatever reason will sit the best with the idiots.

Don't think it will happen, you should read his (Peter Orszag's) industry papers.  Read them, then think again IMAC and his deficit commission, and aren't these things exactly what his facist malthusian theoretical papers called for? Yep

Again when asked recently, he said roughly this...'the commissions have the say outside of congress about the spending matters, BIG CHANGE'.  Orszag says that.  HE SAYS ITS A BIG CHANGE. 

People really don't understand we didn't just put an hmo style health care denier in front of everybody via our gov't, but we also added such things for medicare which never existed in that population.  

We also tied all procedures to QALY and the same sort of bunk statistical models that gave us AIG and Cap and trade. Oh comparitive effectiveness reasearch is bullshit too.

Fuck, there's even more than this.

Now again, I'm not saying this in total will cut the budget, what I am saying is our healthcare is about to be screwed, worse than it already was, and this part of the budget will come under control, excluding other factors like hyperinflation or collapse. But it will come under control only because of malthusian measures, and are only 'consider vital' by the same idiots with enough self-limiting behaviors that they feel we must not let any debt take a hair cut, and we must keep this crappy system going....because there is never another option available, even though there clearly is.

(note: I'm a firm single payer advocate....what we got, is worse than HMO's. this isn't what we wanted, and only a fascist corporatist asshole would foist this upon us. Sadly because obama has no balls, he passed the worst healthcare bill imaginable, and will sully the belief in single-payer with this fascist monstrosity.)

He is a rat leaving a sinking ship, but only after he did EVERYTHING he came to Washington for.  His job is done.  The queen's deathpanels are in.  The deficit commission is going to hit us hard at the end of this year, and there is very little congress can do to stop it.  It's for the most part, outside their control.  So think like Federal Reserve, but for Healthcare, run by similar psycho's who rely too much on fantasy statistics, as opposed to real world application and solutions.

You may not realize it now, but you'll be cursing Orszag's name far longer than you might curse Bush. That is if my fellow americans continue to be complete and utter morons regarding just about everything.

 

But then again maybe he skates through, since he left BEFORE the commission makes it's cut.  It's pretty shrewd, since only the really astute will pick up that he's the architecht of the crap that's coming.

 

I guess no one noticed the 21 percent cut in medicare payments, with many of them retroactive...meaning for some people, things they get paid for now that they did a month or three ago will also be taking the haircut.

So why is it that the people, the doctors, those that really produce stuff are the ONLY ones taking cuts.  Meanwhile we have money for wars, but can't feed the poor.  Oh wait, it's have money for bailouts, who the fuck cares about the poor we can't even afford the war.

Thu, 06/24/2010 - 06:37 | 431092 anony
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Been cursing Orszag since he was hired.  Along with his fellow jews:

geithner,bernanke,summers,greenspan,rubin,friedman,fuld,

frank,gensler, blankfein, shapiro,yellin, fink,cohn,dugan

kagan,lippman,madoff, and be sure his replacement will

come from the same stock.

 

Thu, 06/24/2010 - 08:26 | 431171 IBelieveInMagic
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Ah the good ole blame the jew argument! Very fresh indeed -- thank you for refocusing our wandering attention to this important detail.

Thu, 06/24/2010 - 10:26 | 431345 anony
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Your welcome.  What if they were all named Salozzo, Capone, Corleone, Battaglia, Rocco, DeNapoli, Sinatra, Gotti, Martino, Brazzi, Rosetti, Lucca, Romo, Siciliano, LaPietro, Cirrone.....

Just a coincidence, huh?

Thu, 06/24/2010 - 00:17 | 430834 johnmilan
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a movie should be made depicting whats really going on

Thu, 06/24/2010 - 00:27 | 430838 Rusty Shorts
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 - they did.

http://www.youtube.com/watch?v=_2dwL6_SAXE

 - p.s.

`check the BoA cameo at 6:30... -

Thu, 06/24/2010 - 00:46 | 430857 Overleveraged_a...
Overleveraged_and_Impatient's picture

Nice Post!

Thu, 06/24/2010 - 00:41 | 430855 Currently Smoki...
Currently Smoking Cannabis's picture

"...with considerable interest."

Indeed.

Thu, 06/24/2010 - 00:56 | 430867 Cheeky Bastard
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You know what they say about companies who change CFOs often/with increased frequency.

Yeah; I think same thing applies to countries as well.

Think Callan, Fastow, Rigas. 

Thu, 06/24/2010 - 01:02 | 430873 Hephasteus
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You know what they say about training and instituationalization. Anyone who can do this job only knows tricks that no longer work.

Thu, 06/24/2010 - 01:14 | 430886 suteibu
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Abe, Hatoyama, Kan...

Thu, 06/24/2010 - 01:31 | 430906 Cheeky Bastard
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^ +1000

Add Rudd to the gang as well.

Thu, 06/24/2010 - 01:45 | 430923 Reductio ad Absurdum
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the average employed worker contributed $12,748 in income tax payments to the Federal government. The budget created by Mr. Orszag spent $16,809 on behalf of that same worker for: defense, federal worker salaries, Medicare, Medicaid, Social Security payments, unemployment benefits, and food stamps

Social Security is a "payroll tax" and not "income tax", meaning it was probably not included in the $12,748 figure. Probably other payroll taxes should be included, too. The government also makes money off business activity (corporate taxes, tariffs, etc.).

The original constitution was designed such that the federal government got most of its money from tariffs on foreign trade:

Tariffs were the largest source of federal revenue from the 1790s to the eve of World War I, until it was surpassed by income taxes. (from Wikipedia)

Income taxes became the major source of federal revenue following passage of the Sixteenth Amendment in 1913 (which declared that income tax was exempted from constitutional limits on "direct tax").

Thu, 06/24/2010 - 03:46 | 431017 Rusty Shorts
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 - 1913 was a bad year, albeit, compared to today...it was pretty damn good.

Thu, 06/24/2010 - 02:45 | 430989 Testicular Cancer
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Wanted, someone who can do junior high school math, stay away from Rolling Stones interviews, & always find green shoots & silver lining in any dispersant-laced, oil-saturated, rain cloud. Follower of Mao's teachings a plus.

Thu, 06/24/2010 - 06:50 | 431095 Monkey Craig
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Benefits: an apartment paid for by your favorite special interest group & free tickets to AIPAC retreats

Thu, 06/24/2010 - 05:18 | 431054 breezer1
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money from flying things and negative interest rates should do it.

Thu, 06/24/2010 - 06:41 | 431093 exportbank
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So Peter is gone - with most of the world (including anyone that's taken Jr High math) laughing at Krugman there may be a fleeting hope that perhaps a new player may at least stop looking at tea leaves and start looking at plain old numbers.

We have a rapidly aging population (demographic time-bomb with a lit fuse) that will put a bigger drain on SS and health care, we have a public sector that's been promised  gigantic pensions - how Professor Dr. Krugman thinks that money will ever be found to repay (OK, I know governments never retire debt) additional stimulus spending (more money to special interest groups -  banks, unions) then I'd like to see the math.

Please put all economist on the retirement program they so deserve and get some plain mathematician's (no trigonometry or calc needed). The worse lies are the one's we tell to ourselves. In most things in life, truth is your best friend - we need to face the ugly truth-- but we're trapped in these 2-year election cycles so there is never enough time for facts.

Thu, 06/24/2010 - 07:50 | 431134 King_of_simpletons
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Deutsche Bank: U.S. Financial Conditions Just Collapsed Back To Crisis Levels

http://www.businessinsider.com/deutsche-bank-financial-conditions-just-d...

Thu, 06/24/2010 - 08:19 | 431159 zhandax
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Is it not plausible Krugman is trolling for this job since he just finished his international debut as an accredited koolaid drinker?  Hell, I wouldn't mind a gubmint pension.

Thu, 06/24/2010 - 09:44 | 431257 Agent P
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"Managing the U.S. Federal budget is one of the toughest jobs in Washington"

Please...all you need is a firm grasp of negative integers and a really large box of red pens.

Thu, 06/24/2010 - 16:24 | 432211 Trailer Trash
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Slightly off topic, but, on the scapegoat, divide and conquer, red herring topic, how much do any of you know about the Tea Party?  I know a person, from whom I get emails, who belongs to the Tea Party.  Somehow I expected to get emails concerning limited government, fiscal conservatism, messages of a Libertarian tone.  I do get some of that, but most of the content is a bit unsettling, sort of like the "Jewish Problem" in reverse.  It's very anti Democrat, anti Muslim, anti Palestinian,  pro Israeli and anti illegal aliens (Mexicans).  It is inflammatory in its nature. Is this typical? Has the Tea Party adopted these issues as the means of focusing minds, eyes and anger away from the financial issues? 

Fri, 06/25/2010 - 00:42 | 432951 Real Estate Geek
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You posted this exact same comment--verbatim--in another thread.  (That'd be post #432306.)

TROLL.

Do NOT follow this link or you will be banned from the site!