Could have told us while at OMB

By Peter Orszag
America must brace itself for turbulence

America is experiencing the hard slog of recovering from the financial crisis. Prospects have turned more positive over the past two months. But a year ago growth was picking up too – and then it stalled, at about the same time Greece’s fiscal problems infected the global economy. The question now is whether a home-grown fiscal crisis could derail this year’s rebound.

Some analysts have reached dramatic conclusions, suggesting the near-certainty of hundreds of billions of dollars in government defaults within the US over the next 12 months. Such predictions will undoubtedly turn out to be substantially overblown. Yet the rejection of one extreme is not the affirmation of the other. International investors would be wise to pay close attention to fiscal trends within the US.

Gated at the FT

Peter Orszag Vice Chairman of Global Banking at Citigroup

This guy was with Obama less than a year ago, telling us that Obamacare was fine and dandy, that we should build a $200 billion Choo Choo and go further into debt, don't worry the states..

Now he works with a bankrupt bank, on government welfare, telling us the states are in dire shape, Obamacare is trashing them, the municipals are bankrupt and the Choo Choo will not fly.

Tea Party are we getting some clues?  This nut case is going to make millions off of government welfare. It is time to shut down the Fed, stop the debt, and raise taxes on these idiots.  They don't call it lying, they call it Expectations Management, a Keynesian scientific thingy.

One final rule.  Do not listen to an economist unless he is locked in his basement, unable to communicate except by blog.