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Obama's choice for Office Of Management And Budget cites best Toby Keith song
Peter R. Orszag
Is otherwise known for: Running marathons and attending country-western concerts. In a June 2007 appearance on CNN's "Lou Dobbs Tonight," Mr. Orszag's paraphrase of a country star's hit song disarmed Mr. Dobbs, who was unsuccessfully pushing Mr. Orszag, as the Congressional Budget Office director, to validate his own views that illegal immigrants impose high costs on taxpayers. "Well, Lou, as Toby Keith would say, that's not how it is," Mr. Orszag said. The host, taken aback by the unlikely allusion from the bespectacled economist, replied, "You rock on, Mr. Director!"
Is otherwise known for: Running marathons and attending country-western concerts. In a June 2007 appearance on CNN's "Lou Dobbs Tonight," Mr. Orszag's paraphrase of a country star's hit song disarmed Mr. Dobbs, who was unsuccessfully pushing Mr. Orszag, as the Congressional Budget Office director, to validate his own views that illegal immigrants impose high costs on taxpayers. "Well, Lou, as Toby Keith would say, that's not how it is," Mr. Orszag said. The host, taken aback by the unlikely allusion from the bespectacled economist, replied, "You rock on, Mr. Director!"
What's Going On Here?
OK, so the Fed is planning to buy obligations of the GSEs* - as well as securities guaranteed by the GSEs. This is in an effort to lower spreads. The Fed will in effect pay for these purchases by having the Treasury issue U.S. government debt.
But the GSEs have been nationalized. Their obligations are already U.S. government debt. What's going on here?
*government-sponsored enterprises