Tuesday, December 29, 2009

Unprecedented Access

You just never know which story will peak your interest or where the story will lead. Such is the case when I saw this simple wedding announcement between Peter Orszag, the president's budget director, and ABC financial reporter, Bianna Golodryga. So of course I wanted to find out a little bit about the couple. What I was most interested in was the angle that we finally had some proof of the administration literally being in bed with the media.

What I found was a little more eye opening then that. Not many people pay attention to folks who crunch numbers for a living and speak on financial and economic matters. In fact most of us turn it to the business channel when we are suffering insomnia to help put us to sleep.

Well, I am awake now.

Mr Orszag worked for former President Clinton and is now Barry O's budget director, but he is also a socialist leaning economist.

Witness this exchange from 2001, when Orszag was working at the Hoover Institute. Peter Robinson is the host of the show this interview was on.

Peter Robinson: Why don't you just soak the rich? If you're concerned that these rich are getting richer too quickly…

Peter Orszag: There is a tradeoff that one has to find a balance between…

Peter Robinson: Ahh, okay, all right.

Peter Orszag: …in--in, uh, equality versus incentives. And at some point, one--one leans too hard and the disincentive effects are too large. The question is finding a balance between the--the incentives provided to produce, supply labor, take risks, and fairness.

Peter Robinson: So this would be difficult statistically, but the rule of thumb would be, we engage in redistribution, we cream off the top quintile and put it one the bottom qui--quintile, to the extent that we can without killing the economic engine--without smothering growth. Would that be about the rule of thumb that'd you go for?

Peter Orszag: I think that's about the rule of thumb, yes.

Peter Robinson: So…

Peter Orszag: It's all a matter of degree. How much reduction in--in economic activity are you willing to…

Peter Robinson: Right, and it could be difficult to find that balance…

Peter Orszag: Right.

Peter Robinson: …but that would be the aim.

Peter Orszag: That should be the aim, yes.

Peter apparently is a big hit with the folks over at HuffNPuff.

Bianna Golodryga bio

She also is believer in redistributing the wealth, evidenced by the tone of the interviews she does with the wealthy people whose social circles she inhabits.

Well, Jim Cramer was certainly right on target with his analysis...not!

And Bianna, what do you think of the unemployment rate now that it is above 10%?

All of these wealth redistribution believers in our current administration are certainly getting very troubling.

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