The Farce Is (Again) Complete: Former Obama Budget Chief Orszag Says Official Economic Projections "Too Optimistic"

Tyler Durden's picture

And so the comedy circle is complete yet again after none other than former White House budget chief Peter Orszag throws cold water in the face of the White House, the Treasury and everyone else who has so far been so stupid to continue to deflect blame for America's horrendous fiscal situation purely on S&P and its "colossal $2 trillion mistake." Because if the guy who up until a year ago personally came up with the White House's voodoo numbers is telling you they are full of shit (the numbers, not the White House), perhaps it does put the administration's claim that it is all S&P excel spreadsheet skills that are at fault, in a slightly different light.

  • ORSZAG: OFFICIAL U.S. ECONOMIC PROJECTIONS 'TOO OPTIMISTIC'
  • PETER ORSZAG IS A FORMER WHITE HOUSE BUDGET CHIEF
  • CITIGROUP INC.'S PETER ORSZAG COMMENTS ON BLOOMBERG TELEVISION

In the meantime, as posted yesterday, enjoy the CBO's far, far better predictive track record.

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zorba THE GREEK's picture

Gold about to get it's $1700 cherry popped.

Hearst's picture

Asian markets down hard.  Gold & Silver advancing strong.

Mr Lennon Hendrix's picture

Is anyone feeling sorry for the traders that have had their heads up their asses for the last few years?

No?

Me neither.

Quixotic_Not's picture

Can't wait for munie markets to crater and finally wake-up the sleeping asshats!

ZackLo's picture

I LOVE IT MAN I'VE BEEN FIGHTING THESE BITCHEZ FOR 2 YEARS! no mercy! I will gladly take my money back and much more. Bull markets make weak boys rich....Bear markets make men from those who survive..

ZackLo's picture

I LOVE IT MAN I'VE BEEN FIGHTING THESE BITCHEZ FOR 2 YEARS! no mercy! I will gladly take my money back and much more. Bull markets make weak boys rich....Bear markets make men from those who survive..

StychoKiller's picture

Spiked up to $1715+/Toz tonite!

gorillaonyourback's picture

lol numbers full of shit? lmao

trav7777's picture

eager to see whether Bama's popularity rating goes down faster than the SP500

CrashisOptimistic's picture

I'm not going to praise the GOP at all because they don't deserve it . . . but I will say the Democrat BS about "balanced approach" is cowardly hypocrisy.

THEY HAD FULL CONTROL WITH OVERWHELMING MAJORITY, INCLUDING FILIBUSTER PROOF FOR ABOUT 10 MONTHS AND NOT ONCE DID THEY PASS A LAW TO RAISE TAXES!!!

They had every chance to get their "balance".  They knew damn well it would get them voted out so they said no.  Now they want to hide behind a package the GOP votes for too in order to immunize themselves from tax raising campaign ads.

Cowardice!

They had EVERY OPPORTUNITY to raise taxes, and even end the demonized Bush Tax Cuts for Two F*cking Years and didn't raise a finger to do it.

Fuck Democrats.  Fuck the GOP a little less.

Forgiven's picture

Jeethner better be looking for another job.

Taku's picture

Timmah!

He's playing with 6% and 7% yoy models right now.

Mr Lennon Hendrix's picture

Haha!  Definately the 7%. They need 7%!!!!!  Or else!  Of course, that is where gold comes in; it is used as the leverage to keep the ponzi going, with or without 7%.

Ahmeexnal's picture

He already applied for head treasurer of the eurozone.

 

Little John's picture

I hope Andy Sorkin is taking notes on all the stuff goin' on. This is all gonna make a great sequel to TBTF.  There will be blood ...

 

High Plains Drifter's picture

 I can't believe they put him on morning squawk now. whose great idea was that?

PaperBugsBurn's picture

 

 

Phuk "Andy" bitch-ass Sorkin... off with his head too!

indygo55's picture

Would it be too personally agrandizing to say "Ye-Hah,,,, Hi-Oh SILVER"?

 

Mr Lennon Hendrix's picture

The no shit statement of the night goes to....

....the nerdy looking prep from Citi!

vegas's picture

Well, let me be the first one to say it: "the White House is full of shit". There, I feel better; now the financial world can end as we know it.

alexwest's picture

gold is 1700..

RP: IS GOLD THE MONEY ??
BB: ,, NO....... (in mongolid voice)
RP: WHY DO CENTRAL BANKS KEEP GOLD IN RESERVES ???
BB: I GUESS ITS TRADITION..

priceless... what a clueless idiot...

alx

Quixotic_Not's picture

He was lying (BB)...you knew that, right?

RockyRacoon's picture

ORSZAG is a pretty sharp guy.  I listened to him long before he became a mouthpiece for the Administration.   It was pretty obvious to those who knew his stance that it was no surprise that he didn't last long in DC.   He is a pretty straight shooter, so the cranked-up stuff he was obliged to spew drove him away.   I'll say that David Walker held in there a little longer before moving on.   It's a wonder Walker didn't meet with an "untimely demise".

PaperBugsBurn's picture

Orszchzsag is a banksters' man through and through..  fuck is wrong with ZHers tonight???  "Andy" Sorkin... puh-leeeze!

 

OFF WITH THEIR HEADS!!

karzai_luver's picture

Pauly O'Neil layed this all on the table back in the early W years but nobody gave a shit we had evil to fight and all that.

Since then no honest peeps even get nominated as they can't get them past that den of whores and corrupt fucks AKA;THESENATE!

I would rather see a street sweeper raid of 100 dopeheads than what we elect to that "body".

 

 

Fed Supporter's picture

Abolish the 17th amendment.  That was sold to the sheep as more democracy.  The Senate is also known as the millionaires club.

Dr Hackenbush's picture


the administrations coordinated war on oil speculators now in full gear

GlassHammer's picture

"Everything is bad and its going to stay bad for a long time."

-Orszag 10/7/2011

 

Maybe in two more months.... 

 

Doyle Hargraves's picture

I watched that special until after Bill Gross was done talking. He seemed to have more insight then any of them, perhaps TD should put up what Bill had to say. Orszag still subscribes to, at least from this interview, the "balanced" approach to solving the issues at hand and getting rid of all post 2000 tax cuts and taking payroll tax down by 3 times the current break of 2% in effect by the debt brotha administration until employment rises. For that I think he is off track, just kill the MIC and WIC (welfare industrial complex) and problem solved overnight, he looks too much like Milhouse from the Simpsons to take that seriously.

natty's picture

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kridkrid's picture

and english speaking reporting on the asian markets to watch?

Temporalist's picture

$1700 busted!  (according to Blmbrg tv)

SoCalBusted's picture

Nice this bitch can have a chuckle, while she was the one that helped engineer this pile of crap.  Typical academic.

apberusdisvet's picture

watching Oriole Morrison on CNBC; one of the better blonde bimbos on financial TV; luv that Aussie accent.  Some guy from Oxford (no less) just said all the politicians worldwide did not have the confidence of the people.  DUH!

Reese Bobby's picture

Orszag seems like a very bad guy.  Gets a woman pregnant, promises to marry her and then slithers off into the blackness.  Typical metro-sexual, liberal atheist I would guess...

gookempucky's picture

Many late nighters here with nothing better to do than wait AU break 17---- this is for all you do and enjoy the mudwrestling.

http://www.netdania.com/Products/live-streaming-currency-rates-foreign-exchange/real-time-quotes/QuoteList.aspx?m=q

monopoly's picture

When there is news to report Zero Hedge is there, no matter what the time in NY, LA or Frankfurt. Must have a staff of 200 at least. :)

So far all I have heard from our govt. is whining, like little children. To hell with the rating. Lets get to work and fix this once mighty country. Re-election is not important, taking the right track is primary for our children, for those over 55 probably too late. Congress will now work together, take pay and expense cuts, remove our troops from all foreign countries, immediately work on a long range plan for the future to not only balance the budget but pay back the 17 Trillion we will owe by Christmas 2012. Glass steagal will be back in force as banks will just take in deposits, and loan on a safe ratio.

Obama will eliminate all subsidies for housing, prosecute the banks and mortgage brokers for the fraud they committed and earn the respect of Americans again.

Shortly after all this is initiated I fully expect Obama, Geithner and The Bernank to resign. Faith in the country will rebound, small business owners will slowly begin hiring, unemployment will drop and the country after paying the piper who is now impatient will prosper. And we can finally sell our gold.

Ooops, sorry, I was dreaming. OK, Good Night

electronpaul's picture

And what rate of GDP was calculated into the "debt ceiling" deal? 4% - 5%? If we're going double dip right now, then wont tax revenue be such a huge miss to the downside in their models that the "ceiling" will probably have to be revisited right after the Big O is routed out of office?....just asking

gmj's picture

The debt ceiling deal did NOT factor in a credit downgrade.  No good will come of this.

honestann's picture

2012 is when we all find out whether the voters in amerika are utterly, completely and totally insane and/or corrupt.  If they are not, Ron Paul would win even without campaigning.

I'm about 99% sure we'll find out the sheople are just as insane and corrupt as they seem to be.

Ricky Bobby's picture

It is going to be my indicator, because if the current regime is reelected or someone like Romney then I will know that there is absolutely no hope.

gerriek's picture

Carry trade blows up. AUD in free fall.

Kiwi Pete's picture

Since the shit is hitting the fan anyway why doesn't the US Gov bring all the Freddie & Fannie May debt on to the books. That's about $7 Trillion right? Plus add in the amount "borrowed" from the state pension funds, another $400 billion odd right? That would bump up the official debt number to a nice round $22 Trillion. 

They need to admit to themselves that it's that bad! Then they can start to address the problem. As you say to alcoholics, first you have to admit you have a problem, right? Obama, congress, senate are all still in denial.

honestann's picture

Of course they should.  But if they included all debt and liabilities, the debt would total up to about $220-trillion, not $22-trillion.