Orszag Resigns Over Inability To Persuade Summers And Obama Keynesianism Leads To Suffering

Zero Hedge ^ | 6/25/10 | Tyler Durden

[Daisyjane69]

As we speculated previously, 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.

[Daisyjane69]

Original title was too long to fit and should read:

“FT Reveals Orszag Resigns Over Inability To Persuade Summers And Obama Keynesianism Leads To Suffering”

[Daisyjane69]

Mods,

Please remove and redirect to:

http://www.freerepublic.com/focus/f-news/2542024/posts

Before posting I did a full title search and an “Orszag” search and neither yielded results.

Should have known a fellow FReeper would snag such a title before I did! :)