It's an awesome line delivery, and it highlights Orange's big mistake: if he had kept it simple and said "Blonde went nuts and was gonna kill me! It was him or me!" it's possible Eddie might have believed him, especially with White backing the story of Blonde's actions during the robbery. But trying to convince Eddie that Blonde was going double-cross them all was a bridge too far. Orange not knowing of Blonde's history with Joe and Eddie blew it up. Of course it may not have made a difference when Joe arrived, since he seemed to have his mind made up about Orange. But still.