Pete Peterson's Real Crisis: America Speaks and Says the Wrong Thing

[flpoljunkie]

Since the media is not reporting this, here it is. In fact, this morning Morning Joe reveled in the Debt Commission's (led by Erskine Bowles and Alan Simpson) 'gloomy picture' of the federal debt given to the NGA this weekend. (Emphasis mine.)
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/11/AR2010071102463.html

FAILED DISINFORMATION CAMPAIGN:

Pete Peterson's Real Crisis: America Speaks and Says the Wrong Thing

by Peter Hart for Fairness and Accuracy in Reporting (FAIR)
Originally published on Wednesday, 30 June 2010

After being given "misleading background information about the federal deficit and economic options to achieve fiscal 'balance' and future prosperity," the public got a chance to weigh in on what they thought the most prudent course of action might be.

Billionaire Pete Peterson has spent a lot of money trying to convince people that Social Security is a serious threat to the country's finances. And it's a message that the corporate media love to echo. So when Peterson's group decided to hold "town hall" meetings to promote fiscal austerity by cutting Social Security and Medicare, one would have guessed that the media would give it some attention.

But a funny thing happened this weekend at these "America Speaks" events. Members of the public, after being given what Roger Hickey calls "misleading background information about the federal deficit and economic options to achieve fiscal 'balance' and future prosperity," got a chance to weigh in on what they thought the most prudent course of action might be. As Thomas Frank points out in the Wall Street Journal today (6/30/10; subscription required), the results were likely a huge disappointment to Peterson:

The event took place as scheduled last Saturday, with thousands of citizens meeting in different cities. They duly absorbed a booklet alerting them to the danger of deficits. They deliberated. And then something funny happened on the way to the consensus.

According to a preliminary compilation of results, participants supported "an extra 5 percent tax" on incomes of greater than $1 million per year (by 68 percent) and an increase in the corporate income tax rate (59 percent). They thought a "carbon tax" was a good idea (64 percent) as well as a "securities transactions tax" (61 percent). On Social Security, austerity was nowhere in sight as 85 percent backed raising the limit on taxable income, and only a miserable 27 percent thought that we should "create personal savings accounts." Majorities favored cutting defense spending and expressed support for further recovery measures even if they increase the deficit.

Raising taxes on the wealthy, a carbon tax, cutting military spending--who ARE these people? It sounds a political agenda that most pundits would tell you is politically impossible. (It also happens to be what a lot of people want, but never mind that.)

Given the media's general enthusiasm for Peterson's propaganda on austerity and Social Security, it's striking how little coverage these town halls have received. But it's hard not to conclude that the public rejection of the media's conventional wisdom is the explanation. A few weeks ago, Washington Post columnist David Broder (5/2/10) lamented the fact that Peterson was apparently not having as much impact on the political discussion as the Tea Party movement: "Peterson's foundation could do the country a favor by uncovering a credible populist Republican who will buck his party's orthodoxy and take that message of fiscal responsibility to the country."

Instead, Peterson's people are trying to spread their message--but the public apparently wants something else entirely.

http://baltimorechronicle.com/2010/070310FAIR.shtml

[flpoljunkie]

1. Mika's on the case yet again!

Repeats Erskine Bowles saying this 'debt is like a cancer.' And, now the discredited Bush flack, Andy Card, is following up lamenting that Congress is not involved!

[pattmarty]

2. Mika would be sitting at home on an expensive couch watching..............

............soap operas if her daddy wasn't a "name" and a "regular" on the political shows. She's as dumb as a box of rocks.

[fasttense]

3. Spending millions and still Pete Peterson's ideas are rejected.

Seems most Americans aren't as stupid as the billionaire Pete Peterson thinks they are.

[flpoljunkie]

4. Yes, this is Pete Peterson of the private equity firm, the Blackstone Group.

#165 of the Forbes 400

#165 Peter Peterson
09.20.07, 6:00 PM ET


© AP Photo/Amy Sussman/Graylock.com

NET WORTH $2.5 billion
SOURCE Finance, Self made
AGE 81
MARITAL STATUS Married, 5 children
HOMETOWN New York, NY, United States
EDUCATION Northwestern University, Bachelor of Arts / Science
University of Chicago, Master of Business Administration


With Stephen Schwarzman and Hamilton James took their investment house Blackstone public in June; shares down 30% since. Sold just under 10% stake to Chinese government weeks before the offering. Wall Street giant manages $90 billion across private equity, real estate, corporate debt, hedge fund operations. Schwarzman and Peterson cofounded Blackstone Group 1985 with $400,000; since then they have invested in 112 companies, with a total enterprise value of $200 billion. Net profits in 2006: $2.3 billion. Paid $39 billion for Sam Zell's Equity Office Properties in February, then agreed to buy Hilton Hotels for $26 billion in July. Peterson studied at Northwestern, then M.B.A. from U. of Chicago. Commerce Secretary under Nixon, became chairman of Lehman Brothers 1973. Headed the Federal Reserve Bank of New York 2000 to 2004. Shuns The Forbes 400: "There are plenty of people who want to be on the list. I don't." Has earmarked hundreds of millions to charity.

http://www.forbes.com/lists/2007/54/richlist07_Peter-Peterson_UWZU.html

[tsuki]

6. Peter G. Peterson, of the Peter G. Peterson Foundation, has "earmarked"

one billion dollars to destroy social security and medicare. I don't know if that qualifies as a charity.

[tsuki]

5. I'm glad to see that Peter G. Peterson, of the Peter G. Peterson Foundation,

is throwing his billion dollars down the drain. Time to pony up another billion, Peter G. Peterson, of the Peter G. Peterson Foundation.