It could be seen in shorter-term market moves in each of the last three years, whenthe stock market rolled over into corrections each spring foretelling the economic slowdowns in each of the last three summers, and then recovered in the summer and fall with the economic recovery getting back on track.
At the end of last year Mr Orszag was said to have clashed with Larry Summers, who heads the president's National Economic Council, over just whenthe fiscal consolidation should start.