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.

Not quite Obama

WASHINGTON - President Barack Obama says he is willing to work with Democrats and Republicans to improve his new health care law but warned lawmakers shouldn't "go backward" and repeal the measure.

In a statement, Obama says Americans deserve the freedom and security of knowing insurance companies can't deny, cap or drop their coverage when they need it most.

Voters have the right to elect the House of Representatives and have them vote until the next election.

If you don't like two year decisions then don't make large programs that last more than two years. The Tea party does what an emerging new party sees.

Welcome to the Tea Party

WALLACE: Back in 2005, you allowed the government of Minnesota to shutdown for nine days because of a disagreement with a Democratic legislature about taxes and spending. Should congressional Republicans take the same tough stance when it comes to raising the debt limit and federal spending?
PAWLENTY: …I’m glad we had that showdown in Minnesota. As to the federal government, they should not raise the debt ceiling. I believe we should pass legislation, allow them to seek spending, as the revenue comes in to make sure they don’t default and have a debate about what other spending could be reduced.
WALLACE: You would say to Republicans up in the building behind me do not raise the debt limit?
PAWLENTY: That’s right. To avoid the default, I would take it one step further. Send the president a piece of legislation that authorizes the federal government to sequence the pain of the bill so we don’t default on the debt obligation and then have debate about how we reduce the other spending.

Instapundit is Nudging me!

With this web site featuring Tea Party activities in my hometown. Yes, the nudging is working little by little.

Califia Beach Pundit joins a Tea party

More support for the tea party as the Congress demonstrates innumeracy with regard to spending.