DRAWING on OBSERVATIONS

Ball point pen on the morning newsprint

The Deficit for the coming year is eleven percent of GDP and the most optimistic of forecasts project unsustainable debt for at least ten more years.

Translation: A Hard Rain’s A-Gonna Fall.

I saw ten thousand talkers whose tongues were all broken,
indeed.

Ball point pen on the morning newsprint

President Obama’s budget director Peter Orszag was the bearer of bad news yesterday when he announced via his agency’s website that the projected deficits are even higher than previously forecast. Citing the dire fiscal situation that they inherited, The ten year tab climbed by another two trillion dollars. I don’t know about you, but these numbers seem abstract to me. A trillion dollars is a million million. If you laid one dollar bills end to end, you could make a chain that stretches from earth to the moon and back again 200 times. One trillion dollars would stretch nearly from the earth to the sun. It would take a military jet flying at the speed of sound, reeling out a roll of dollar bills behind it, 14 years before it reeled out one trillion dollar bills. The deficits are now projected to total 9.05 trillion dollars over the next ten years.

Tomorrow, Ted Kennedy

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Ball point pen on the morning newsprint

Its gonna take time, A whole lot of precious time. Its gonna take patience and time, ummm To do it, to do it, to do it, to do it, to do it, to do it right.
George Harrison

That was the message from President Obama’s Office of Management and Budget Director Peter Orszag this weekend…minus Harrison’s hip, melodic delivery and eastern philosophy vibe.

Note to Congress: He purposefully skipped over the second verse about how it’s gonna take plenty of money.

Ball point pen on the morning newsprint

Obama unveiled his economic team yesterday. The starting Director of the White House Domestic Policy Council, from the University of North Carolina and University of Michigan, Melody Barnes. At Secretary of the Treasury, from Dartmouth College and John Hopkins, Timothy Geithner. Starting Director of the White House Budget Office, from Princeton University and London School of Economics, Peter Orszag. At Chairman of the White House Council of Economic Advisers, from the College of William and Mary and Massachusetts Institute of Technology, Christina Romer. Starting at Director of the National Economic Council, from Massachusetts Institute of Technology and Harvard University, Lawrence Summers
The stock market has rallied 900 points in two sessions.

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