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Stack of Dollars on US Map
9.24.04
Politics and Economy:
Pete Peterson
More on This Story:
Pete Peterson

Last year Pete Peterson came to NOW to talk about the growing federal deficit. He told Bill Moyers then, "You and I are going to be getting tax cuts so that my six-year-old, nine-year-old, five-year-old, et cetera, grandchild, can pay bigger taxes in the future."

In the run up to the election Pete Peterson returns to NOW to discuss the deficit again, which he calls "a fiscal economic crisis in the making." Now no matter who wins in November, says Peterson, there is a lot of rethinking that has to go into our fiscal and economic policies, as it is clear that "the course we are on is unsustainable."



Pete Peterson
Peter G. Peterson is Chairman and Co-Founder of The Blackstone Group. He is Chairman of the Council on Foreign Relations, founding Chairman of the Institute for International Economics (Washington, D.C.) and founding President of The Concord Coalition. Mr. Peterson is the Co-Chair of The Conference Board Commission on Public Trust and Private Enterprises (Co-Chaired by John Snow, currently Secretary of the Treasury). He was also Chairman of the Federal Reserve Bank of New York from 2000 to 2004. Prior to founding Blackstone, Mr. Peterson was Chairman and CEO of Lehman Brothers (1973–1977) and later Chairman and CEO of Lehman Brothers, Kuhn, Loeb Inc. (1977–1984). He was Chairman and CEO of Bell and Howell Corporation from 1963 to 1971.

In 1971, President Richard Nixon named Mr. Peterson Assistant to the President for International Economic Affairs. He was named Secretary of Commerce by President Nixon in 1972. At that time he also assumed the Chairmanship of President Nixon’s National Commission on Productivity and was appointed U.S. Chairman of the U.S.–Soviet Commercial Commission, which negotiated comprehensive trade, Ex-Im credit, arbitration, copyright and lend-lease agreements.

Mr. Peterson was formerly a Director of Sony Corporation, Minnesota Mining and Manufacturing Company, Federated Department Stores, Black & Decker Manufacturing Company, General Foods Corporation, RCA, The Continental Group, and Cities Service.

Mr. Peterson is the author of several books, including RUNNING ON EMPTY: HOW THE DEMOCRATIC AND REPUBLICAN PARTIES ARE BANKRUPTING OUR FUTURE AND WHAT AMERICANS CAN DO ABOUT IT; GRAY DAWN: HOW THE COMING AGE WAVE WILL TRANSFORM AMERICA – AND THE WORLD; WILL AMERICA GROW UP BEFORE IT GROWS OLD?; AND FACING UP: HOW TO RESCUE THE ECONOMY FROM CRUSHING DEBT AND RESTORE THE AMERICAN DREAM.

He has been awarded honorary PhD degrees by Colgate University, Georgetown University, George Washington University, Northwestern University, New School University, the University of Rochester, and Southampton College of Long Island University.

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