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Judd Gregg Exposes Peter Orszag

By Larry Doyle on February 4, 2010 at 3:30 PM in Bailouts, Current Affairs, Economy, Judd Gregg, Sense on Cents (Larry Doyle blog), TARP

Are we a nation of laws or not? Do we merely do what is expedient and politically correct as opposed to what is right and principled? Do we allow political polls and political winds to override the pursuit of truth, transparency, and integrity? All too often, our nation gets so caught up in the moment that we lose sight of who we truly are, from where we have come and where we hope to be going. As a result, I believe we have lost both our moral and economic compass.

I broach these questions and make that assertion based on Tuesday’s engagement (video clip below the fold) between Senator Judd Gregg (R-NH) and Peter Orszag, White House Director of the Office of Management and Budget.

As a backdrop to Gregg exposing Orszag’s arrogant and presumptuous demeanor, please recall that the law enacted to implement the TARP (Troubled Asset Recovery Program) required that any funds recovered through this program be effectively returned to taxpayers to pay down our national debt. That’s the law.

Do the laws of our nation stand for anything or can they be presumptuously overrun at the administration’s whim and fancy?

I commend Judd Gregg for standing his ground and exposing Peter Orszag in this engagement. America deserves to witness this undressing because the very core of Gregg’s argument is the lack of respect so many in our country have for principle. You may feel differently and believe Orszag’s goals are worthy. I would ask you if the ends justify the means. Do you really want to go there?

What do you think of Judd Gregg? Peter Orszag? Are we a nation of laws or not?

Craig Della Penna

So, let me get this straight: according to Mr. Orszag, he’s merely describing the end game here.
That is, the BO(zo) administration agreed to the TRAP [my spelling] repayment stipulation only because they knew they would just have their Congressional poodles pass another law letting them do whatever they wanted with the TRAP repayment money.
And they wonder why we want to burn the place down…
Diana L. C.

Who was the person whose voice we heard at the end cutting off the discussion? I am just as angry about that.

Yes, burn the house down! Start over. We do have a right to expect that what we were told would happen will happen. You can’t change the rules in the middle of the “game.”
PortiaElizabeth

First I have to say I live in NH, so Judd Gregg is a personal hero. I was never more proud to live in this state than when Senator Gregg turned down Obama’s request to join his Cabinet. I was still too new here to know much about the Sen, and besides, he’s Republican and I’m not. When Gregg walked away with head held high, I knew he was a man of principle and integrity, so I started paying attention. I’m only sad to say he wants to retire when his current term ends. I don’t fault him for wanting to get out of the cesspool, but I wish he’d reconsider since we need him and more of his ilk in Washington.
Darwin

You have apparently read my mind as this is what I was discussing downthread. Do the ends justify the means? Is it okay to cheat to win if your motives are pure? Orszag’s argument is that before the money goes back into the general fund it can still be used to help out any generic ‘bank’ including community ones. He’s playing loose and fast here. However, Gregg is no better in that he authored the TARP program to bail out the banks to begin with. That is, did Gregg want to bailout banks to save middle class economy or to save banks? If he wanted to save middle class economy, then isn’t that what Orszag is trying to do?
Darwin

I would also note: Senator Gregg’s TARP program was instituted while he had a multi-million dollar investment in the Bank of America. Make of it what you will.
jbjd

“First I have to say I live in NH, so Judd Gregg is a personal hero. I was never more proud to live in this state than when Senator Gregg turned down Obama’s request to join his Cabinet.”

PE, this is exactly where my head was, watching this. ‘Thank goodness Senator Gregg did not accept the job of Secretary of Commerce. He would have been so burdened by this corrupt Administration, and powerless to stop it.’

LD, great video.
jbjd

Darwin, have you any cites for your claims? If so, will you please post these?
AC

Dumwin comes here under various names as an antagonist–don’t feed the trolls.
jbjd

I have seen Peter Orszag on The Daily Show. http://www.thedailyshow.com/videos/?term=peter+orszag&start=0
SalG

See here:

http://articles.latimes.com/2009/feb/04/nation/na-gregg4

Stock is up now, I would think since early 2009.
SalG

Also see what else he owns according to his latest available congressional disclosure report. (Starts on page 4.)

http://www.washingtonpost.com/wp-srv/politics/congress/fin_dis/2008/g000445.pdf
Darwin

It appears SalG took care of the citation in my absence. Yes, $1 million to $5 million in stock and savings in Bank of America. Again make of it what you will. As for Orszag: http://online.wsj.com/article/SB10001424052748704343104575033232457697418.html

This Wall Street Journal article points out his playing fast and loose with the rules as he was/is a deficit hawk. It is unknown how or why he could square this circle. Perhaps he has some heretofore unknown connection to community banks as Gregg does with BofA.
Obama: Dubya 2 Electric Boogaloo

Obamacus spent 20 years in a hate whitey/hate America church run by his spiritual godfather, and then claims in 2008 he had no idea that Trinity/Wright was about hating America and hating whitey. Make of it what you will.
Darwin

Yes, yes, precisely! Now you understand. Let us assume in Obama’s case that he hates white people and lied about it. What should we now do with this information? I posited downthread that if Palin or Scott Brown runs against Obama in 2012, given Obama is a liar and racist, would they be justified in cheating to beat him?

And as far as Gregg. Let us also assume that he save BofA because of his own portfolio. Do we trust him now when he says the money should go back into the general fund instead of re-circulated to community banks for micro-loans?
Hokma

Darwin – if you listed every senator and/or congress person who had investments in banks at that time it would be probably everyone – whether it is direct stock or through mutual funds or through 401Ks.

No story here.
Hokma

Obama uses slight of hand or the old shell game when he refers to the TARP fund and the deficit he inherited. the TARP money was a government loan which I believe has largely been paid back.

At the time Bush left office TARP was a very temporary add on to the deficit but was to disappear as soon as the banks paid it back.

Apparently while it was paid back, Obama spent it elsewhere which made that money a permanent part of the deficit.

Once Obama is a snake oil salesmen who cannot be trusted with the truth.
Darwin

As the author of the bill however would it not been appropriate for Gregg to put his investments in a blind trust so even semblances of conflicts of interest could be avoided? That is, it makes it difficult for Gregg to now scold Obama and Orszag when his hand is deep in the cookie jar, too. Does Gregg want the money put back because that was the law or only because he doesn’t want the smaller banks to get it? Put another way: would Gregg be opposed if Orszag said, “We want $30 billion for community banks and another $30 billion for a special pilot program at BofA”?
I’m a Linda too

i LOVED when I saw Judd Greg said that so strong and matter of factly. Orszag comes across as a student in training. He studied what his elders said and is trying to just throw thast out, when he can’t even say it right, because if they instructed him to just “say this”, he didn’t even come up with it to sell it right, even the the con job would be just that.
mountainaires

Orzag obviously just presumes that the law has been passed allowing them to by-pass the current law which states that TARP funds repaid “SHALL” be paid back into the general fund to reduce the debt!

That’s the general arrogance of this administration: They presume anything they want to be so; they PRESUME TOO MUCH.
Chicago Joe

Yes, Judd Gregg has been a voice in the wilderness. I think he would make a nice VP candidate….solid and substantial.
MBC

Thanks LD for the video and post. Sen. Gregg seems truly passionate about using this money to pay down the deficit and adhering to the law. He also demonstrated principles when he turned down the cabinet position. Same for Sarah Palin when she resigned in order not to cost her beloved State of Alaska any more time or money on those frivolous law suits being cast her way. Time for some more elected officials to take a stand against this Obamination and say what they really believe. Agree or disagree, I can live with that!
elaine

Another “bolshevik plot”?
elaine

Come On, LD, you didn’t realy think these guys were gonna give up their progressive revolution easily did you? These guys are true Keynesian believers. They’ll never give up/shape up. It’s our job to replace them. It’s why we have elections.
ciic

top Christian Audigier shirt
http://www.lookedhardy.com
morris1030

This is playing with money. Orzag is an arrogant wonk, but Gregg has many financial ties to WStreet, and banks. It’s hard to know how sincere Gregg is, but Orzag is a water carrier here changing the rules to hang onto the money and do with it as he pleases.

It was supposed to be repaid to Treasury, or the taxpayers, but which is which? I trust no one.
FLDemFem

Cheating is never justified. And as for Gregg, he wasn’t the one saying the money must go back to the general fund, the LAW says that. He was simply reading the law. So it isn’t an issue of trusting Gregg, it’s an issue of whether or not Obama will follow the law. I don’t think he will, frankly, he seems to have only contempt for the law. Especially election laws.
FLDemFem

If Obama spent it elsewhere, then he committed an impeachable offense. It is illegal, and un-Constitutional, for money appropriated by Congress to be spent on anything but what it was appropriated for. If there are left-over funds from any appropriation, they go back to the Treasury. If Obama did that, and it can be proven, he can be impeached and convicted.
Hokma

Frankly, he already committed a few impeachable offenses. Unfortunately with a majority in the House and Senate it was never mentioned.
GlowingSpark

Senator Gregg is just grandstanding. Orszag wants the repaid TARP funds to be spent on another program. If Congress passes a bill which authorizes it, the funds will be spent on that other program. If Congress does not pass that bill they won’t be spent on that other program. So, the law is being followed.
FLDemFem

If the funds have already been spent on another program, the law has already been broken.