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Billionaire Gasbag on Pennsylvania Avenue

Why does supreme billionaire egomaniac Pete Peterson have so much access to the White House?  The NYT offers some clues:

Asked about the balance of power between them, Mr. Geithner told the story of having gotten his last job, the presidency of the Federal Reserve Bank of New York, because Peter G. Peterson, then the bank’s chairman, saw him as the one who had been “willing to say no to Larry Summers.”

You’re going to be hearing a lot more about what egomaniac hedge fund billionaire Pete Peterson thinks needs to happen to the social safety net:


The Peter G. Peterson Foundation is pleased to announce that its first national television ad will run on Sunday, February 22 as part of a $1 million-plus public education campaign aimed at raising awareness of America’s fiscal challenges.

The awareness campaign was first announced at a February 5 Capitol Hill press conference by Foundation President and CEO David M. Walker, the former U.S. Comptroller General from 1998-2008, who was joined by Sens. Kent Conrad (D-N.D.) and George Voinovich (R-Ohio) and Reps. Jim Cooper (D-Tenn.) and Frank R. Wolf (R-Va.). 

The TV ad will air during Sunday morning public affairs programming in advance of President Barack Obama’s Fiscal Responsibility Summit on Monday, February 23.  Additionally, as part of the awareness campaign, the Foundation will continue to advertise in The New York Times, The Washington Post, Politico, Roll Call, and other publications.

Ben Smith has the schedule for next week’s fiscal responsibility summit.   Although the White House told numerous health care policy advocates that Peterson would be a keynote speaker, his name is now not on the list.  There will be a Social Security breakout session headed by Christina Romer and Peterson’s good friend Larry Summers.  Maybe they can ask Peterson to explain why he’s scaring little old ladies with his ads about $56 trillion deficits

As Sara Robinson says, "The $56 trillion number is what you get if you project the entire U.S. debt a full 75 years into the future, which is how far out you have to go before you can get into numbers that big….Peterson and his posse are laying bets that Americans are too mathematically and logically challenged to notice the flaws in his reasoning—even though the holes are big enough to drive an entire generation of retired Boomers through."

It would be the fiscally responsible thing to do.

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Jane Hamsher

Jane Hamsher

Jane is the founder of Her work has also appeared on the Huffington Post, Alternet and The American Prospect. She’s the author of the best selling book Killer Instinct and has produced such films Natural Born Killers and Permanent Midnight. She lives in Washington DC.
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