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| Economy |
| FT Reveals Orszag Resigns Over Inability To Persuade Obama Keynesianism Leads To Suffering |
| 2010-06-25 |
| 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. |
| Posted by:tipper |
| #9 James Carville is right. JM Keynes wasn't a Keynsian in the sense these people use the term. |
| Posted by: phil_b 2010-06-25 23:16 |
| #8 Keynes: "In the long run we're all dead" Bammo: I bet we can do it much faster than that! |
| Posted by: Iblis 2010-06-25 22:42 |
| #7 Rex, that presupposes a liner progression of events. I think that the upcoming junction of the rotating blades and organic fertilizer would have rather unpredicted consequences that your proposed scenario does not include. |
| Posted by: twobyfour 2010-06-25 20:52 |
#6
I think what people need to understand is that some 50% or so of the people making under $250K are not taxed AT ALL currently. Some 43% overall don't pay taxes at all so I would imagine that amounts to at least 50% of the population under $250K. It is easy to get tax increases passed when 43% of the electorate isn't paying any. They will always vote for more tax increases if it isn't them paying the taxes. Then you only need to get 7% of the remaining population and that is easy enough to do. Any population probably has at least 7% idiots. |
| Posted by: crosspatch 2010-06-25 20:51 |
| #5 The Porkulus bill was worse than Wall Street bailout, it was a Big Gov money grab. Money taken by the govt. and spent on the govt. The US volkes got zippo. The Dems don't give a rip. They'll destroy this economy, and when the excrement hits the fan 4 years down the line whilst the Repubs are in charge, guess who gets the blame? And when the Dems are finally back in power (and they will be) they'll go right back at it. |
| Posted by: Rex Mundi 2010-06-25 19:39 |
| #4 In defense of Keynes, he advocated deficit spending to stimulate an economy. However, he also believed that sound monetary policy includes managing interest rates, money supply, credit and unemployment. The stimulus package broke all the rules, the money did not free up credit, it did not curb unemployment and there was not, so far, an uptick in inflation (that anyone will admit to, you can see it in the grocery prices). The stimulus was not a stimulus, it was a gigantic bailout of the wall street guys who gave millions to Obama's campaign. It was a political IOU being paid. There was never any intention of loosening up credit or creating jobs. Creating jobs takes away membership in the captive constituency that is unemployment. |
| Posted by: James Carville 2010-06-25 19:24 |
| #3 Unfortunately, Keynesians are self-delusional to the point of destroying our economy. It is about to the point of the movie "Erik the Viking", where different people had such radically different world views that they lived in different realities, oblivious to the realities of others. Once it all falls apart though, we know what their 'Plan B' will be. Blame Bush. |
| Posted by: Anonymoose 2010-06-25 17:09 |
| #2 A man resigning on principle--God love him! |
| Posted by: Mike 2010-06-25 16:58 |
| #1 I am tired of being embarrassed, humiliated, and lied to by Obama and his goofy loons. Be a man, Obama, resign! |
| Posted by: whatadeal 2010-06-25 16:16 |