Charlie Rose Science Series
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04/02/2008
Pete Peterson
A conversation with Pete Peterson
Keywords:
An hour with Pete Peterson, co-founder and senior chairman of The Blackstone Group. Peterson will give $1 billion to his new foundation, the Peter G. Peterson Foundation, to help solve some of the country's biggest economic problems. He discusses how he sees the current economic crisis, sovereign wealth funds, and his relationship with Blackstone co-founder and CEO, Steve Schwarzman.
I am in the middle of Mr. Peterson's book, "Running on Empty". I find his candor and thoughts very insightful. I'd like to hear the current presidential candidates take on his positions. I wonder if they even understand how their inability to be truthful with the public on these issues is making matters worse.
Got it - Paul Tillich. Although the phrase "comfortable with ambiguity" seems to be apocryphal, if not, in its sense, too far from some of the things Tillich did say.
What is the quote towards the end when Peterson says "Paul Tilley once said 'the problem of the 20th, 21st century is to be comfortable with ambiguity'" and Charlie and Peterson mutually agree that 'Paul Tilly' is a "great philosopher...who is Paul Tilly? Are they talking about Charles Tilly, sociologist at Columbia (who never said that, as far as I know), or someone else I've just never heard of? Anyone know what Peterson's talking about because Charlie acts like he does and I have no clue... thanks
Double Wow. This show impressed me. Thank you Charlie for introducing me to Peter G. Peterson. I agree with the Concerned Canadian below. I am 54 and very concerned that both my retirement savings and the entitlements promised to me for over 35 years of full-time working will not be there.
I saw this show last week, but did not have the chance to comment until now. To the say the least, and this is because I am such a big fan of what you do Charlie, I was disappointed, and even angered. Mr. Peterson should never have been invited as a guest. You really let us down. And it's not just because this man has an ego the size of China. It's that I found this man to be absolutely, disgustingly self-centered and disingenuine. Your question to him on the taxation of carried interest was his moment of truth. And Mr. Peterson, you failed miserably. Any of us who truly understand this issue know that carried interest income carries a far lower tax rate (approx. 23% lower) than if this income was taxed as what it truly is, i.e. as earned income. You should have come clean; but now it's too late; your moment of truth has passed and is now gone. Mr. Peterson, If you're looking for a big reason why so many of us are skeptical about our leaders, look no further than your own mirror. Charlie, I thought the disclaimer at the beginning about the Peterson foundation funding was odd; until mid-show when the plot became clear. The man with the big wallet bought his way onto your show and into my living room where his ego, arrogance, and cluelessness were all on display. Yuck. Let's all take a cold shower and vow to never let this happen again. Mr. Peterson, close your foundation and take your money back. For godsake man, do not go Gore on us and make a movie; we already have more than enough misdirection to deal with.
I am convinced that one of the reasons that we don't save more is that Americans think it's patriotic to spend. After 9/11 what did Bush say? He said "go out and spend". I keep hearing about how consumer spending is what our economy is based on and that it's such a bad thing if it slows down! We have no will power and are totally unrealistic about how to live within our means. Of course, big business is going to take advantage of this. I don't think anything will change until there's a big recession.
Salvo, I wish I had said that. A nice salvo. McCain is thick as a post.
It would be too much to ask but for all kinds of reasons a substantial change in U.S foreign policy would be a good start. The present foreign policy has been a failure for many years. One would think that this could not have occured but it has.
Editorials aside, I see few options in the future: 1) weimar inflation (10k's of %) 2) nationalisation of exxon 3) an end to the political status quo and the US imperial economic model of these 3, which do you think is most likely... hence the gold in my safe.
The Americans voted in Bush not once but twice (though the first time was a usurping of sorts), and a distinct possibility exists that the heroic but doltish donkey McCain will succeed him. Sadly enough, America, bloated, self-righteous, self-serving, dangerous, arrogant and absurd, deserves what it got and what it will get . . .
How will the U.S get out of this mess? Low wages Credit maxed out SUV culture Big home culture Homes used as an ATM Inflating the money supply A depreciating U.S $$$ Trillions of $$$ spent around the world to cause trouble Trillions of $$$ in unfunded liabilities A defence budget approaching a Billion $ No health care Homeowners bankruptcies a record high The election/ placement of a President with the support of a conservative judiciary Democratic erosion Options to executives that have been untenable Wall Street decimated - Citigroup, Bear Stearns, Bank of America, Merrill Lynch Failed CEO's exit with outlandish packages ie Home Depot CEO and others get multi millions when they leave a company regard of their performance. Foreign Policy that has been wrong Subprime mortgage greed crisis A President who lied A War on an innocent sovereign country Almost 5000 dead from that war, 30,000 wounded and hundreds of thousand of Iraq citizens killed or wounded. A manufacturing base that has disappeared Having China and other countries pick up your tab. A society needs the Mr Peterson's of this world, people who can think, did not create the problem and are working towards a solution with their thoughts and their money. You may not come out of this one. China will prosper. India will prosper. Europe is prospering. This is because they have much that the U.S does not have and they are free of the problems that you do have.
I am distressed at the number of negative comments on Mr Peterson's candid and serious concerns about United States society. I would have thought that this Charlie Rose audience would respond very favourably to his observations. The fact that you did not undertand the observations of this experienced man means that the many domestic and world problems in your country are very close to being beyond repair. Keep spending. Keep fighting. You are losing on both fronts. You have not even recovered from your post world war two reputation (we know it all )and now you have trumped that. As a nation you are in serious trouble
wow...I would dare say a very impactful video for me...can't thank you enough.
Today's Americans need to be more humble. In the past, when America we bit the bullets and hold on together as a country. Today, Americans are citizens who lay blames on other countries for our misfortune. Even our founding fathers would laugh hard on today's Americans because we are screw up.. Our economy will be bad for 3-5 years, even the Canadians will surpass Americans if we keep our entitlement of arrogant.
Recently you asked Peter G. Peterson Senior Chairman of The Blackstone Group "Why is it we have a negative savings rate?", And you iterated that you keep asking this question without a satisfactory answer... The answer, for me, is very clear...It's not that we are consuming more, it is that what we consume, COSTS a hell of a lot more. Everything is triple the price of what it used to cost a dozen years ago. From gas to electricity to goods, and even services. Food is MUCH more expensive. We are not making double, or triple the amount of what we were and yet we are nevertheless paying it. A hundred dollars at the supermarket used to (not long ago) fill your cart. Now it barely gets you a few meals. Filling your tank with gas was not that big a deal, now it's $40.00. Electricity was $75.00 a month for a household. It is now $200.00. Oil for heat every month was $150.00, and now, it's over $500.00. Sneakers used to be $15.00, now they are $50.00. How are we paying? On credit! Credit companies are ruthless in their dealing with customers. The percentages are extreme. The penalties for slight violations, devastating, and the tricks to get everybody hooked to more credit much, MUCH more clever. The pertinent information's in whatever you spend or put on credit are obfuscated to mind-boggling levels, and the feeling is consistently to being 'ripped-off' and not to 'customer-friendly' service. Corporate America has a much more take the money and run attitude than not so long ago, yet has gotten all of us to spend at a particular level for comfort. Kids demand for satisfaction is much pricier than it ever was with the proliferation of electronics. Car companies haven't done a thing to deal with real issues that might help the consumer other than to make huge gas guzzling SUVs the car of choice. Frankly I was surprised to hear you say that you can't get an answer to this question that makes sense. It is obvious. We are being asked to pay top dollar for essentially worthless garbage and we are creating new industries to deal with the garbage (recycling). Our basic energy needs have become difficult to afford. I make a decent salary but I can barely keep up with my bills, I can't imagine how poorer people do it! I guess you and all the people you interview still see these costs as 'a drop in the bucket' and can't imagine how debilitating it is for the average American...
Fix the savings problem. That's easy. 1. Get the Democrats and Republicans to stop supporting a Federal Budget that drives the Fed into inflating the money supply. 2. Eliminate taxes on income and capital gains. How to pay for this? As Ron Paul says there's a trillion dollars being spent to cause trouble around the world, start there. I don't see China spending on military bases in 130 countries, why should we? Eliminating the Dept of Ed could help too. And that pesky $54 Trillion unfunded liability of Social Security/Medicare that the baby boom has been supporting at the ballot box their whole voting life? It's inevitable there are going to be income and asset tests when social security gets repackaged as an old-folks poverty prevention program.
Wow! I look over the majority of the comments and my reaction is "The truth hurts." I thought it was a wonderful interview. I think there are two main reasons Americans don't save. We look at the rates for savings and the fact that we are taxed on the tiny income we would get from savings and say, "Why bother." We're arrogant, ignorant, and foolish. And why not. I think the second reason is that, few alive remember (lived through) a real war (WWII) or a truly bad times (a depression). The con jobs (credit cards, home equity,...) have gotten flashier and prettier than our level of education. Having said all that, I'm not proud of being arrogant, ignorant, and foolish. I think it is a sad, sad, thing and I fear the consequences. I wish PP all the best with his foundation. I hope something comes out of it that does make a difference.
Horrendous..... the 84 years old (multi?) billionaire who has leveraged the system his entire life.... now is sitting pretty, and after reaping the benefits and not stopping the ruination.... blithly says it's the younger generation (who is totally screwed and knows it)... that not only do they need to fix it... they are ignorant for not already working on the fix!!! News Flash: We know Mr. Petersen. I fall just on the edge of "slacker" generation, just behind "boomer" ... and we have always known we're screwed. We're not getting a dime and we're going to pay through our you know what unmentionalbe for elders, who had it soft in booming economies. All the while, we will strugle through unimaginable economic disaster. How long to pay off these debts? more than our lifetime. We are not ignorant Mr. Petersen, but you and your cronies are still in the power seats...making your billions... by the time enough of us get there to make changes, we fully expect it to be too late. Any wonder someone under 50, much less 25 will vote for Obama? no....
Great interview as always! I wish Pete Peterson had been taken to task regarding his comment that entitlements were the only place to cut back spending. Pete, what about the 100's of billions per year on this immoral war? What about the 700+ billion defense budget? Not too many years ago the defense budget was a paltry (!!) 400 billion. I'm a veteran, so I feel particularly entitled to comment on this. Entitlements are not the place for cutbacks, in fact they need to grow (health care for all), but grow smartly. We spend way more per individual on health care than do the European countries, which have care for all, because we are saddled with this very inefficient and profit-making insurance scheme. Thanks.
What an ingenious solution P.P. has to the saving problem- spend a billion dollars to pit the younger generation against the older generation. How about spending a billion dollars teaching kids to use critical thinking skills so they don't turn into the kids he saw at his first job "screaming for more things". But what happens if kids don't want more things? What will happen to the corporate fat cats selling all those things? Maybe P.P. should watch the PBS special on "Unnatural Causes" so he expands his view of what needs to take place in this country. I also thought he did a pretty good job of skirting the question on corporate compensation, both Paul Volker and Warren Buffett have spoken to this issue in a more honest way. Would P.P. ration a second liver transplant to a rich corporate fat cat or just to a poor person? We have investments, savings, health care coverage,investment property,etc. but we also try very hard not to spend money on "stuff" ie no cable, no big screen TV, buying good used cars in other words we are not the conspicuous consumers that have driven this economy for years. This is what P.P. should spent his money teaching young people. That is what we are drilling into our children.
One other thing. Mr. PP complains that we don't save. That we're gluttonous spenders. Americans spend 17 cents out of every dollar on healthcare. Canadians 9%. Europeans, on average, 6%. All, according to the WHO, get superior care. Give us the kind of government controlled health care that they get and immediately there'll be 8 cents out of every dollar available for saving. That would be an 8% saving rate. But, beware what you wish for Mr PP. That'll be 8 cents that won't go to an insurance company. Horror of horrors.
PP displayed his facility for a reign of error. First, he states that the US has 8x the MRI's of Canada. He suggests that in the "good old days" we all took aspirin but today the MD of the greedy boomer sends him for an MRI. But Mr. PP, Canada 1/10th the population. Therefore, their population actually has more MRI's. And, they spend nearly 50% less on medical care. OMG, how can that be?! Could it be that out of every dollar we spend on healthcare, half of it goes to an insurance company, who's only task is to deny us the right to spend our money on healthcare? But, Mr. PP posits that we need to cut government spending on "entitlements". Why? Because, then the money now spent much more efficiently on healthcare via the government will be spent on the private sector providing health care. People will not merely stop getting healthcare. They'll pay out of pocket or... as surely Mr PP desires, via profit making insurers. Which would provide evidence that there is ample money in the US to pay for healthcare. It's just a question of whether we want the private sector to administrate it or the public sector. Well, in as much as it costs the private sector 18% to administrate it and the "fat, bloated, ineffficient government-run bureaucracy" Medicare only 2%... I vote for the latter vs. the former. The problem with enitlements in this country is not that they're excessive. They're not. By innternational standards, they're quite meager. The problem is that they're not funded via equitable taxation. He talks about the SSA being in financial trouble. So, we're going to have to cut the $1500/mo pension that elders and disabled get because we can't afford it? BTW, this single program lifted an entire class of people out of poverty with a single act. And, we need to cut it. We can't afford, says PP. Really? Why not. Many, many other nations do so and better. How do they do it? Well maybe..., they don't impose a cap on those who are obliged to pay for the system. Now, only the first 100K (approx.) of income is taxed to pay for the SSA. Mr. PP never mentioned that. Raise or lift that limit and the SSA problems disappear. But, Mr. PP doesn't want to mention that because he'd like to see the funds that go into SS go into th private sector where they can further enrich his class. Before we try his idea, let's try what seems to work quite well aboard. Tax the rich, more. Mr. PP tries to suggest that his rate of taxation is greater than his secretary's (in an allusion to Buffetts comments that he pays less). This whole discussion about rates of taxation is rubbish. As a famous ad once said, "It's not what you pay. It's what you keep". Mr. PP may well pay a higher rate of taxation than his secretary. But, 24% of $60K is leaves far less left over than 34% of $10 million leaves Mr. PP. I'm assuming that Mr. PP, like his secretary, has two arms and two legs. Why then, does he need so much more than his secretary. But then, Mr. PP says he knows he has "enough". So, he's opted to commit a billion to an organization that is designed to teach the young that they're being raped by the old (who insist they continue to get $1500/mo pensions and health care). Better, much better would be that more monies come from the likes of the Mr. PP's of the world to pay for the kind of dignified life that is readily available to the average European, Candaian or Japanese by good old fashioned taxation.
One of the reasons I watch Charlie Rose ( perhaps the principal one) is to learn about various people, aspects of the world I have no great knowledge of. Once again Rose chooses a guest who enables them to be done in an outstanding way. However what is learned in this particular conversation is not very heartwarming. For Peterson lays out clearly what is wrong with the American economy, and in fact with American habits and social reality. 1) The Society has been spending and consuming above its head, living on credit in part from what it assumed would be the ever- rising equity of homes. The fall in housing prices means a contraction in available funds for consumption- i.e. economic turndown. 2) The entitlement programs of Social Security and Medicare mean the future of America is mortgaged beyond its capacity to pay. Peterson wants to help the younger generation, and one way to do this is to somehow limit the impossible burden of obligation upon them to pay for the entitlements of the generations before them. 3) The declining American economy in terms of its financing itself from sovereign funds of others means less economic power for the U.S. future. Downhill may be far worse than expected. There is more . The conversation is truly a rich one. Petersen is articulate, smart, down- to- earth. His noble idea of not taking his billions with him to the grave but passing it on or a good share of it for the American society that has given him so much makes him another in the Gates, Buffett mold. Charlie Rose was once again a humane Renaissance man who seems capable of speaking at their level with guests from so many different areas of human endeavor.
...and one other thing, take one entitlement, for example. BIG OIL is subsidized by the US Government, and in the latest Congressional hearings the Fat Oilcats claimed their gains were in line with other huge industries. Only the pharmaceutical industry with 20.8% profits came out higher than BIG OIL with 16%, but the pharma people only need to send in a few of their 35,000 lobbyists to bring Bush and cronies to their knees, and new, egregiously priced drugs pop onto the market. My sister, a pharma rep, makes so much money that she doesnt know what to do with it. When i asked her if she might help out with our mother who has dementia she replied that caring for my mother was MY job because I have lived a life of volunteer work...so much for generosity. so much for kindness where only mean-spiritedness rules.
the comments are always better than the charlie chatting. and the conversation with peterson had one great part which wasn't his, the quote by heller talking to vonnegut, and saying he could identify when enough is enough...it needs to be emblazoned on the flag of this creeping, crawling country. I read several comments before I heard the interview, and am compelled to describe a powerful kind of beauty in knowing when enough can mean paying no taxes needed by Bush to kill more innocent victims in Iraq and Afghanistan. It is bad news to hear that Pete is good friends with Henry the Kiss (of death)....Henry hasn't a clue that there are 90% of us lowlings left behind...we were never in his plans for anything but to milk. "Knowing when enough is enough" needs to be the mantra of this century as we slouch toward doom.
Well said Mr Jones.
Subprime solution: fix the total mortgage principal at whatever the initial rate and monthly payment will capitalize over a 30 year fixed rate and make the predators pick up the difference, with no foreclosures. No repeat. No future moral hazard. If Citigroup et al bellyup, the world will be better off. Baby rapers, puppy kickers and abusers of little old ladies. Their egregious greed has destroyed us. -------- Pogo.
What are you talking about, Peterson? So the US has 8 times the MRIs that Canada has. The US also has 10 times the population. So we Canadians have more MRIs per capita than you do.
Well.... first let me remark on the fact that I noticed that Charlie, as another big moneymaker, was wearing a custom made suit that made Pete Peterson's suit look like it came off the rack at a discount store. Now to my sense of what was said: As a baby boomer I resent the characterization made by Mr. Peterson. Our gen. has not had such an easy time of it. I have worked hard and saved as much as I could all my life. I see Mr. Peterson has been on Charlie's show ELEVEN times, and has apparently given some monetary support to Charlie who seems to butter him up. I have noticed that over the years Charlie Rose has gone up and up to yuppie and then "connoisseur" of the pricey, it can't help but go to your head, I guess, being around all these billionaires who are spouting "wisdom". As to Mr. Peterson's saying the problems are all with people like us middle class schmoes not saving enough, I agree with another person who says why? save? when interest rates and bond rates are in the toilet. Finally, I was enraged when he talked about letting go of ENTITLEMENTS. What have we been putting our money into all these years if we aren't going to get medicare and social security??? I am sure he's not terribly worried as he's a billionaire and doesn't have to be concerned about making enough to pay his own bills. Having seen Charlie Rose's smirk when Peterson mentioned his wealth in an underhanded way, I am afraid that I can't have much respect for Charlie Rose anymore. I thought PBS was "for the people" but kind of wonder when we have to endure this sort of thing and the put-downs of people like us who have worked hard and been screwed by more than one "billionaire".
How tasteless, joking about what a break PGP and CR are getting with the Bush tax cuts? And then, claiming to say "enough" after making his first billion. Altruistic foundation? another tax break. I was really impressed with the profundity and wisdom of this self-satisfied capitalist. Does he realize how the majority of people in our 3rd world country are living these days? and his part in the economy of endless greed of the wealthy class has contributed to it? I would suggest he not put the blame on people that WORK for a living and then are encouraged to buy to keep it all afloat.
Re: P.P.'s "Best practices in medicine" statements I have a comment on Pete's passing remark that in the old days if you got arthritis, you simply took aspirin and carried on. He takes issue with the use of MRI as a diagnostic tool for arthritis. If it had not been for the early intervention of my rheumatologist requesting an MRI, I might now be suffering even more debilitating effects of a very serious and crippling disease called Rheumatoid Arthritis. I'm glad that P.P. didn't have the final say in my care. Early diagnosis must not be dismissed as a frivolous medical practice. I'm sure that if P.P. or one of his relatives were faced with a similar scenario, they would avail themselves of any and all appropriate diagnostic tools. His statements suggest...one set of rules for the general public and another set for the super wealthy. Economic perspectives do not necessarily result in 'best practices'.
We deliver medical care very inefficiently in the US. I believe Pete was about to give the statistic that we spend twice as much per capita as most European countries and provide less care. Solving the health care crisis will go a long way to improving our overall entitlment deficits. Rationing has to be part of the equation. We simply cannot give everyone everything in the world of high tech medicine. We have to be rational about sustaining by artificial means for terminal patients. On his economic prescription for why we don't save, I think he is simply out of touch with the realities of life for the common man. Yes, there is too much consumerism. However, the other half of it is that with health care costs, lack of safety nets, and poor job prospects for many, there just is not much to save.
oh well, we can always sell Alaska back to the Russia at a profit if the United State is ever going to go broke over entitlements
Peter and Charlie spoke of the Oregon Medical plan. I was aware of the proposed medicare/medicaid program hatched by Oregon and killed by Bush #1 for being "rationing". Well, I think it should be revived. It was a BRILLIANT program with cost containment and it DID ration medical care. How? If you had an ailment, such that if money got spent on it, it would not improve your quality of life, it wasn't reimbursed. So if you had a baby born without a brain stem (no fix for that, they die soon, but lots can be spent on their care), no reimbursement. Sorry for all you brain stem less babies. Most things would be covered, and the more they mattered the more probable the coverage. The application of the insurance business model to the medical and health care inductry is a non sequitur.
Mr. Pete Peterson, You are a great role model for all MBA students!! Take care of yourself first and give back to society later with a carrot stick (others poor fellows must save more).
Wow, the boomers are feeling a little sensitive, eh? Listen to the interview. Peterson never said anything bad about the boomers. He made it clear that he was merely repeating theories he'd heard regarding how we got in this economic mess, and he never endorsed any of the theories, including the one about baby boomers creating the mess. Secondly, in a country that has a negative savings rate, what is so controversial about saying that people need to save more? He wasn't attacking those making minimum wage; he was merely stating that many people have the capacity to save and do not. I would think that is evident. Thirdly, I heard him say that Social Security is not nearly the problem that Medicare is. Given the way health care costs are rising, that, too, should not be surprising. Thank God that Charlie Rose interviews people that have the temerity to suggest that this society's current course is not sustainable. Take a look around you, read the paper, pull your head out of the sand . . . some sacrifice (from the so-called fat cats all the way down to the average future Medicare recipient) is going to be required to get us out of this mess. Charlie does viewers a great service by educating people as to this fact.
Where do you and Pete Peterson live? Do you live on some other planet? Do you not remember our President Bush pleading with the American people to spend spend spend after 911 so as to save the economy???? How can you forget so quickly????? I can't belive the conversation between you and Pete Peterson. First they beg the American public to spend in order to save the economy and then blame the American people for not saving. Wow!!!!!!! Talk about crazy making. You all hit the jackpot!!!!!!!!! It was also unbelieable to watch this guy threaten to go over seas if the American public doesn't dance to his tune. What kind of American is this guy? He seems to be for himself and himself. Thanks
Where do you and Pete Peterson live? Do you live on some other planet? Do you not remember our President Bush pleading with the American people to spend spend spend after 911 so as to save the economy???? How can you forget so quickly????? I can't belive the conversation between you and Pete Peterson. First they beg the American public to spend in order to save the economy and then blame the American people for not saving. Wow!!!!!!! Talk about crazy making. You all hit the jackpot!!!!!!!!! It was also unbelieable to watch this guy threaten to go over seas if the American public doesn't dance to his tune. What kind of American is this guy? He seems to be for himself and himself. Thanks
"The only public place in New York City where a person can walk and not be confronted by commercials is at Ground Zero" Maybe everyone should relocate or go to Ground Zero more often or more likely just STOP CONSUMING! It CAN be done.
What a neocon! Deeply believing all his arrogant, self-serving ideas. Why don't Americans don't save? because they are irresponsible! Same reason the people are unemployed! Just like the Robber Barons of old who insisted the unemployed and farmer who lost their farms were lazy and irresponsible. This is the same guy who suggested that we could use American marketing skills to make the world love Bush's policies!!! I suggest he spend his money learning to listen and develop some compassion.
Why, Charlie and Peter ask, do we have a negative savings rate in the US? Part of the answer is that the interest rate on savings is terrible. When banks offer nothing, virtually to savers, and relatively secure bonds offer nothing to savers, there is a natural inclination to not save. This fact in conjunction with the fact that "investing" in one's house appeared a smart way to save for the future, because housing prices were rising, credit was cheap, the asset was tangible, and the rewards were fairly immediate - i.e. you could enjoy living in a nicer home and thus were willing to put what would have been savings into your house payment - encouraged American's not to save. So, the answer to Charlie and Peter's question is not simply that American's like to consume now, rather than save for later, which of course they are inclined to already do as all human beings are, but because the reasonable alternatives seemed so relatively poor. If we wanted to encourage American's to save more three places to start would be the following: (1) do not tax for crying out loud interest on savings!! That we do this is really incredible. (2) Allow people to contribute more to their IRA's and 401 K. The limits are way toooo low! (3) Make the "investing" of savings in other assets besides houses - which have huge tax breaks for average Americas - more transparent. Right now the mutual fund industry - although not quite criminal is often immoral the way it prices it services. Regulators should make it more easy for small savers, that is, to save and get a reasonable rate of return on their savings. rather than the 2 to 3 percent they can now get. Given that inflation is at 4%, come to think of it - I am going to go out and spend all my savings right now... So, don't blame the American public, fix the system.
Tremendous show. Sorry to read negatives here--but understand some of them. Mr. Petersen should consider that the SHORTAGE of money and funded reserves for Medicare, ss, etc., and be seen as a possible SHORTAGE of the THINGS that will have to be purchased by the providers of THINGS for the care and support of beneficiaries. As such the THINGS will provide JOBS in the future IF America has the RESOURCES to produce the THINGS. These RESOURCES are materials, skilled labor, organization, etc. The key question is: IS MONEY TO PAY FOR WHAT WE PRODUCE a scarce resource or an efficient enabler? Please CR and PP try to answer this question on air. Transcripts of CR shows ought to be $1 on line. Higher cost reduces your volume and profit and limits target audience to businesses. Shows on TED TURNER and PP are milestone shows IF they can be followed up. PP repeated Freidman on --Do not short-change YOUR personal comparative advantage--. PP's advantahe is clear thinking--as is MINE. I'm senior in age to PP. He owes me a note so I can help him advise and advocate winning strategies to make the American Dream real for billions of people scaled to what is possible. The DREAM is not mainly for WINNING THE LOTTO. It is for LEARNING and PRODUCING the modest needs without which the human being is SAD and sometimes even SICK in the head and body.
Everything that is happening now has been obvious since the 90s. This current crisis could have been solved in the past ten years without major impact, but instead of acting in the best interest of the public everyone allowed "greed is good" to be their rallying cry. - Twenty years ago every personal financial expert said, Do not borrow money to go on vacation, etc... Only borrow money to finance real assets like a house or car. Yet in past years I've heard constant radio ads from my local credit union for people to borrow money on their homes so that they can "take that vacation to Hawaii." The press and regulators should have been crying "stop" the instant those ads appeared. But instead people were encouraged to use their homes like an ATM cranking out the money, and you were considered a fool if you did not max out the value of your house. - Ten years ago the Japanese had their meltdown. They got up to 100 year mortgages, we reached 50 year mortgages before the bubble burst. They had a major recession that actually forced deflation on the society, where the price of goods and services were forced to drop by half or more. The value of the houses dropped to a third yet they still had to pay the 100 year mortgage that still existed. Their government tried to stimulate the economy by public works projects. In one case they built a stadium that in current Yen will take 300 years to pay off. The Fed is making the same tragic mistakes by bailing out greedy corporations that should have their CEOs going to jail for the obvious crooked schemes. The current corporate mess makes Enron look legit, yet officials merely spout empty platitudes about a sound economy. Here in America housing prices and all else will have to drop in value to match the fact that salaries have not kept up with inflation. The consumer dollar has less buying power than it did in the 70s during the oil crisis. Actual deflation will have to occur to bring prices down to realistic values. - Everyone forgets that after the dot com collapse brokers and pundits came forward and admitted that they were ordered to lie about the status of the stock market before the crash. No one was punished for misleading the public. I suspect that after this latest fiasco fades a new wave of brokers and pundits will come forward to say that they had been ordered to lie. - The only way to fix this systemic problem is to have a truly free and independent press. One that is not-for-profit and that exist solely to cover the news, inform the public, hold politicians to task, rather than simply entertain a befuddled consumer nation as it does now. We need a press that will tell the truth whether we want to hear it or not. Thank you for your time.
I have always suspected that all these anti-terrorism laws are being enacted because the elite know full well that nobody is gonna standby and watch all the promises made to the Working Class during the past 50 years being broken. At the moment, the No-Fly list contains more then 1.3 million names and counting. Calm
I am a Texan (born in West Palm Beach, Fl.), daughter and granddaughter of Career Military Officers, widow of a Vet, mother of two precious twenty-something sons. Yesterday I received a very disturbing email from the Quakers regarding Bush's 2009 Budget Request ... "For the first time in history, the total U.S. military budget will be over ONE TRILLION DOLLARS...!! W/O even including Iraq War Spending, the military budget has increased by 70% since Bush took office, according to the White House!" Please go to www.fcnl.org/budget to learn more about police state spending that I don't want my sons to have to pay for in either blood or dollars. also PrioritiesNH.org Mr. "FatCats", I beg of you to support Ron Paul even though the Media has created a blackout around him as it did with Democratic Congressman Dennis Kucinich. These two Statesmen worked together last year to try to pass the "Industrial Hemp Act of 2007." Such a bill would have generated billions of dollars of "economic stimulus" in Revenue for our Farmers and Families from the Amazing HEMP Plant Product that is drought resistant, needs no petrochemical fertilizers or pesticides (foreign oil) and produces clean Oxygen as a bi-product!!!! Taking Hemp out of control of the D.E.A. and putting it in the hands of the people is just one of Ron Paul's plans for the future Health of Our Country. Making Medical Marijuana available to the People is also a good idea supported by Paul. As you probably know, Ron Paul plans to abolish the Unconstitutional Income Tax.....Far better for us to spend our wages on what is morally right, than to allow a corrupt Military, Industrial, Petrochemical, Pharma- ceutical Complex to stick our Children with a lifelong debt to China. Mr. Buffett, I will turn 60 this year, and I am both saddened and out- raged by the hijacking of this country by Corporate Greed and the War Machine of Bush, Cheney, Rove, McCain etc. At the Same Time, I am up- lifted by the possibility that with your help as a spokesman in the Media for Ron Paul, as well as a financier for Paul, We Can Have the Clean, Green, Natural Health, No-Nuke, Alternative Energy Paradise we dreamed of in the 70's when Buckminister Fuller, E. F. Schumacher, author of "Small is Beautiful - Economics As If People Mattered." and Jack Herer ,author of "The Emperor Wears No Clothes" were my heroes. Mr. Buffett, please do the right thing, go to RonPaul2008.com and come out in support of the candidate who has the greatest integrity, principle, and insight into the needs of the American People...Ron Paul !!! Peace and Love in Austin Linda Verde p.s. go to PrioritiesNH.org for the War Budget
I was born in 1948 and I've worked a lifetime. Promises were made to the Working Class and they had better be kept. If I had of known that promises made to me during my working career were not going to be kept, I would of asked for a salary increase of 50% in order to ensure that my retirement would be funded. But, I settled for poor wages with the knowledge that my retirement would be totally funded. I watched the elites lavish themselves with richness, but shrugged it off with the ideal that my retirement would be funded. If people like your guest are suggesting that entitlements be cut and that promises made to the Working Class be retroactively cut .... then I suggest that the economic terrorists which run our governments around the world take every damn cent out of every bank account valued at more than 1 million dollars. In a sense, take back all the monies which were earned as profits and share values by these same economic terrorists .... and cut their bank accounts or seize these monies "retroactively" .... break all the promises made to the elites for the past 50 years. I'll tell yuh this .... we remember the riots of the 1960's and we recognize the one huge mistake which was made at that time. We should of burned down the elite neighbourhoods and not our own poor communities. Look Out! Gated communities are not going to save your ass this time. As you ignored the homeless people upon our streets for the past 50 years, I will ignore your pleas for help when your being strung up on lamp posts as the riots break out. Calm
I am a Texan (born in West Palm Beach, Fl.), daughter and granddaughter of Career Military Officers, widow of a Vet, mother of two precious twenty-something sons. Yesterday I received a very disturbing email from the Quakers regarding Bush's 2009 Budget Request ... "For the first time in history, the total U.S. military budget will be over ONE TRILLION DOLLARS...!! W/O even including Iraq War Spending, the military budget has increased by 70% since Bush took office, according to the White House!" Please go to www.fcnl.org/budget to learn more about police state spending that I don't want my sons to have to pay for in either blood or dollars. also PrioritiesNH.org Mr. "FatCats", I beg of you to support Ron Paul even though the Media has created a blackout around him as it did with Democratic Congressman Dennis Kucinich. These two Statesmen worked together last year to try to pass the "Industrial Hemp Act of 2007." Such a bill would have generated billions of dollars of "economic stimulus" in Revenue for our Farmers and Families from the Amazing HEMP Plant Product that is drought resistant, needs no petrochemical fertilizers or pesticides (foreign oil) and produces clean Oxygen as a bi-product!!!! Taking Hemp out of control of the D.E.A. and putting it in the hands of the people is just one of Ron Paul's plans for the future Health of Our Country. Making Medical Marijuana available to the People is also a good idea supported by Paul. As you probably know, Ron Paul plans to abolish the Unconstitutional Income Tax.....Far better for us to spend our wages on what is morally right, than to allow a corrupt Military, Industrial, Petrochemical, Pharma- ceutical Complex to stick our Children with a lifelong debt to China. Mr. Buffett, I will turn 60 this year, and I am both saddened and out- raged by the hijacking of this country by Corporate Greed and the War Machine of Bush, Cheney, Rove, McCain etc. At the Same Time, I am up- lifted by the possibility that with your help as a spokesman in the Media for Ron Paul, as well as a financier for Paul, We Can Have the Clean, Green, Natural Health, No-Nuke, Alternative Energy Paradise we dreamed of in the 70's when Buckminister Fuller, E. F. Schumacher, author of " Small is Beautiful - Economics As If People Mattered." and Jack Herer , author of "The Emperor Wears No Clothes" were my heroes. Mr. Buffett, please do the right thing, go to RonPaul2008.com and come out in support of the candidate who has the greatest integrity, principle, and insight into the needs of the American People...Ron Paul !!! Peace and Love in Austin Linda Verde
Senior Moment The whole hour was a senior moment. Here is a prominent businessman who has written two books on the entitlement mess , both of which I own and when asked "Peter what are your specific recommendations on preventing the entitlement bust which is looming just over the horizon, he just replies " increasing taxes on us fat cats will not solve the problem. Charlie asks, " What will" Peter just looks back blank faced and refuses to answer. Complaints? We have enough people complaining I want to see someone on this show who can give specific answers and has a detailed plan. Listening to a cantankerous old man grumbling about the values of the baby boom generation is a waste of time.
I haven't been able to see the actual interview yet. However, let me say, in reaction to some of the comments I've read, I am a, "Baby Boomer". I was raised by parents of the,â?? Greatest Generation", (they lived through the, â??Great Depression". I was taught to save, from the cradle. We had banking days at my elementary school. The nation was a nation of savers. Credit was a 4-letter word in my house. If you purchased an item, (on time/the lay away plan), when it entered your house, it was yours. Some where along the line, all that was changed by, "Big Business". We became the, "Affluent Society", and the motto seemed to be, spend, spend, spend, buy, buy, buy. Even when I tried to save, I couldn't, because prices were racing up, faster than my paychecks, (I worked 2 full time jobs for many years) could keep up with. Nixon called a wage and price freeze. The only thing that froze was wages. The first slice of Pizza that I ever ate cost 15 cents. What's the price of a slice today? I try to avoid children's channels that have commercials, so my grandkids won't become infected with consumerists. I only saw the part of the interview where Mr. Peterson referred to the USA as looking like a developing country. I've been saying that for a long time now. We look like a third world nation. People are working 2 and 3 jobs, to provide half of what one income used to provide. I saw on a news show where young people are doing a reverse migration back to Brazil. Why? Because they can't make a decent living in America. The mega businesses must not be familiar with the idea of, "killing the goose that lays the golden egg". Since we don't seem to know how to rebel against tyranny any more. I guess the only way to turn things around, is just to wait until we flat run plumb out of money, and just cannot feed the greedy any longer. Then maybe the cost of living might go down. Assuming theyâ??ve also depleted the resources of the rest of the world.
I haven't been able to see the actual interview yet. However, let me say, in reaction to some of the comments I've read, I am a, "Baby Boomer". I was raised by parents of the,â?? Greatest Generation", (they lived through the, â??Great Depression". I was taught to save, from the cradle. We had banking days at my elementary school. The nation was a nation of savers. Credit was a 4-letter word in my house. If you purchased an item, (on time/the lay away plan), when it entered your house, it was yours. Some where along the line, all that was changed by, "Big Business". We became the, "Affluent Society", and the motto seemed to be, spend, spend, spend, buy, buy, buy. Even when I tried to save, I couldn't, because prices were racing up, faster than my paychecks, (I worked 2 full time jobs for many years) could keep up with. Nixon called a wage and price freeze. The only thing that froze was wages. The first slice of Pizza that I ever ate cost 15 cents. What's the price of a slice today? I try to avoid children's channels that have commercials, so my grandkids won't become infected with consumerists. I only saw the part of the interview where Mr. Peterson referred to the USA as looking like a developing country. I've been saying that for a long time now. We look like a third world nation. People are working 2 and 3 jobs, to provide half of what one income used to provide. I saw on a news show where young people are doing a reverse migration back to Brazil. Why? Because they can't make a decent living in America. The mega businesses must not be familiar with the idea of, "killing the goose that lays the golden egg". Since we don't seem to know how to rebel against tyranny any more. I guess the only way to turn things around, is just to wait until we flat run plumb out of money, and just cannot feed the greedy any longer. Then maybe the cost of living might go down. Assuming theyâ??ve also depleted the resources of the rest of the world.
these have been some shows the past two days. the country can't afford entitlements so no social security no medicare/medicade. what becomes of these folks? we arrogantly proclaim ourselves"the only superpower",but can't afford to help the elderly or less fortunate. other industrialized countries some how do. the reason we don't save? no tax incentives, no significant rate of return, and we are all encouraged to spend.the government and private sector made it extra easy no matter the cost.
Mr. Peterson only sees one side of the equation. Could the great disaparty in wealth in this country be responsible for people not saving? Most Americans have seen their incomes stay static or lose buying power over the past 20 years. Mr. Peterson doesn't know this because he and his group of wealthy Americans have amassed the bulk of the country's wealth. Why haven't we saved? Why have most families needed two wage earners? This disparaty in earning power has to be part of the equation. In addition our government sends us tax rebates and encourages us to spend them rather than save them. Where is the leadership in this country encouraging savings? My biggest question is why our government has not and is not funding these entitlements, yet we are funding an unecessary war in Iraq.If our government started "SAVING" our social security and medicare tax receipts immediately and into the future, they would be leading by example and beginning to fund these entitlements. The scenario Mr. Peterson presents of the future with the Boomers retiring is pretty glim for most Americans who are counting on social security and medicare to support them in retirement. Without these adequately funded we will see a rise in need for soup kitchens, low income housing, free medical clinics, free beds in nursing homes, etc.
The whole conversation is typical of wealthy conservatives who sidestep the real issues. #1 No discussion of disparity between rich and poor. #2 no talk of sharing the immense profits of Blackstone with working employees of take over companies such as bonuses, pensions and decent wages. #3 Rose failed to question him on CEO's like Home Depot who failed as leader but received 236 million dollar payout. #4 No conversation on jobs leaving for over seas and what can be done to stop it. #5 It was a mutual feel good discussion between a rich person and a well known commentator who live above the common Americans and can't possibly get into our skins.
Peterson's interview was a mixed bag. His comments about compatibility and adjaceny made great business sense and helped me better focus my business plan. His comments about best practices in medicine -- as though they don't already exist -- made me wonder about the depth of his understanding of the industry of health care. His choice of an exaggerated example of giving an alcoholic a second liver transplant was a transparently shallow attempt to denigrate universal health care. If we want a better society, we need to care for each other. People do well when they feel more secure, and universal health care is one way to promote that sense of well being, security and the urge to be productive.
((sam dobermann)) - Mr. Peterson seems to have served as a mirror for so many people's person issues to come out......you are case in point. SS is fine, "the system is not in danger"....you sound like the type that says that global warming is a myth too. "he is a pig" "he is a pig" "I graduated with a real degree, not just the Business school add on" how can anyone take you the least bit seriously? "I'll bet he has been accepting his SS check since he turned 65." That's the stupidest statement I've heard in a long, long time. I have no idea if there's a way to reject it, but the guy is giving back 1 billion dollars right now and you are implying that he is so greedy that he wants every last cent that he can get? That's simply the dumbest imaginable argument trying to support your point. Whether it is factually true or not it doesn't support your point. There's a good chance he doesn't even open it or ever see it. It's probably handled by a personal accountant or something. But the friggin guy is giving back 1 billion dollars to try to fix issues that no politicians will touch with a.....with anything, for any reason! Does anyone get this? I know people do.....just not most of the dopes posting on here.....which brings up....how's it go.....the don't argue with a fool because from a distance people can't tell who's who? Something like that. What am I doing on here???
((Dan - Ummm)).....he was not blaming the problem on 9/11 or baby boomer psychology, he was mentioning the various theories that had been voiced to him about the problem......and this in response to Charlie's question (as to why we as a society have negative savings, if I remember correctly). No offense, but you totally missed this. Check out the video if you disagree. ((tom marion)) - wow, Tom, take that mention of baby boomers a wee bit personally there or what? geez... I'm not even going to get into your screwed up logic. I don't have that much time. Again, I'm not intentionally being rude. Oh shoot....one logical comment: can not one resist advertising? You make it sound like "if they show it to me, I must buy it!!" ((Bill F - wow)).....are you straightedge or what dude? I know you probably don't know what that means... If that is truly "just one example", I think I'd be terrified to see you expand your thoughts... I did read that right, didn't I? You actually want anything caused by consumption of meat/dairy products (that's what I assume you mean by "animal protein") to be considered insurance fraud? ((charlies sheep)) - what a clever name, you are just so clever, IT IS SO CLEVER TO SCREAM AT US ALL THE TIME, thanks.
There is a very simple explanition for the lack of saving in America today. The DUCK AND COVER GENERATION aka "Baby Boomers" were brought up in a world where there was no safe haven from extinction brought about by Nuclear War. Not only did this creat a live for today mindset of instant gratification but also caused a lack of respect or disatisfaction with tradtional values as being outmoded in todays uncertain world. This fact plus the fact that the Greatest Generation indulged the "Duck and Cover Generation" so that they would not have to suffer the same deprivation that they had to during the Great Depression are the 2 main factors in todays culture that have caused a disregard for the consequences of todays behavior.
((Gary Strunk)) - I'm not sure of this, but I would assume that he meant that we have 8x more MRIs per person than Canada has, and just did not say that.....I highly doubt that he would make that stupid of a point, as you imply.
I just burned a DVD of this show from my DVR for my personal library to watch again in the future because the show was that good. I looked this page up to get the information on Mr. Peterson that wasn't contained on the show homepage. I didn't come to read the comments and certainly not to post one, but after reading some of these, I must. I don't mean to be negative, but I must post rebuttals to some comments. ((Daniel Wasserman)) - Way to go with "PC" argument and blow it way out of proportion. The use of the word "retarded" probably stuck out to virtually every one listening, and wasn't appropriate, but (1) It really wasn't a big enough deal to justify getting that worked up, in my opinion. (2) The guy is about 80 I believe he said. I think it's safe to say that the ridiculous level of PC-ness that is "required" now is pretty well lost on most people of that generation - most of them just don't want to hear it. It's a generalization, of course, but I think it's true. (3) Most importantly, there's a huge logic flaw here....how do you jump from "you would have to be retarded not to understand" (which was referring to one the preceding point in his thought process) to him insulting "working Americans who work everyday to keep this country afloat" ? That was not his point at all.
I think Mr. Peterson hit it right on. Never before, even during the Great Depression, have we had the magnitude of public, corporate, and private debt as we have now. The American economics have been so poorly managed by both the corporates, banks, and government alike, that there is substantially serious doubt that anyone is going to see an economic rebound for at least the next 10 years, if ever! Our debts are far too great! They have bled the average American to death. The entire American capitalistic system is predatory. So, is the American tax system. It is much like the biological food chain. When you deplete or kill off the bottom of the food chain, there is nothing left for the predators at the top of the food chain to eat, and so they die too. That is precisely what you are seeing with the sub-prime market, and the credit card crunch, among other things. If Americans had money in their pockets, they wouldn't need to borrow money from lenders for the lenders to have all these problems! What many economic analysts seem to overlook is the economic health and welfare of the average American that makes our economy viable! Instead, they are concentrating far too much of their attention on the plight on Wall Street, the corporates, and the banks, without ever mentioning the underlying dynamics of the situtation that got us into this rut to begin with. While Wallstreet's definition of a recession is two quarters of negative growth, it is a totally arbitrary and meaningless measure of economic viability or stability. The welfare of the people of this nation should be of first concern, not corporate earnings at the end of the quarter, and not one single economic analyst has been able to produce an indicator of just how well the American people, (and taxpayers), are doing. I really think we are operating in a self-denial mode, trying to persuade ourselves to the illusion that America will eventually correct itself and everything will be OK. Listening to Federal Reserve Chairman Ben Bernanke struggling and unwilling to admit that we are in a recession, much less to say we are in a very bad one, makes one wonder how much of a bad situation are they really trying to hide from the public! Sounds too much like the rest of the Bush administration, who also paints rosy pictures about the economy, yet we all know how wrong and delusional they have been about many things, like Iraq, Katrina, etc.,.
Wow. This guy gives the true conservative outlook on our country's economic situation right down the line and sounds like he knows something. <br></br>Too bad he is full of his own bull pucks and is an expert at using straw men: that is Peterson says someone said X, then Peterson shoots X down. But no one said X, they may have said something similar but not X. But that is it for Peterson: on he goes.<br></br> His analysis of Social security is total bull droppings. The system is NOT in danger -- many have written long clear explanations that you can find. It was well studied BY CONSERVATIVES during the Regan reign and adjusted for the ages. All this guff about crisis in SS is just trying to sell you on having Wall St. get your money. Your choice of 5 funds hand picked by Wall Street firms is not much of a choice but the commissions will enrich the firms.<br></br> They way all of this is blamed on the little people (the lower 99% in income) not saving WITHOUT MENTIONING the Iraq adventure, the bloated defense department budget, Pork run amuck under total Republican control and the entitlement of the richest boggles the mind. Look at the Oil Corporation obscene profits and hear their cries as Congress tries to cut back on their newest tax breaks.<br></br> My God, this guy is a pig. A self justifying pig. Hear how he mentions he went to the University of Chicago 2 or 3 times. Well I went to the U of Chicago and graduated with a real degree, not just the Business school add on. He is still a pig.<br></br> And now he wants to promote an inter-generational war. To educate the youth to oppose the elderly on the entitlements that this ultra rich man hates. I'll bet he has been accepting his SS check since he turned 65. He doesn't have to.<br></br> His examples in the healthcare problems touched some difficult issues but he misrepresented the problems and the proposed solutions.<br></br> Agh.
TOWER OF BAAABLE-(PETERSON) SPEAKS--TO POWER--LOVES POWER AND HEARS HIS OWN VOICE---DID YOU HEAR ANY TRUE ANSWERS TO ANY OF YOUR QUESTIONS? ---NO !--FURTHERMORE THATS CORPORATE DOOR CLOSING OUT THE FIRST 10 YEARS OF THIS CENTURY --HE-SAID HE MOVES TO SUIT HIS AGENDA---POOR FOLKS JUST WANT-- WELFARE AND--HEALTHCARE AT ZERO EXPENSE--WELL--GIVING IS MORE THAN TIME, MONEY OR OPINION--LEADERSHIP--OF THE MONEY,BY THE MONEY--AND FOR THE MONEY IS (PETERSON) ALIVE THE JAUNDISSED EYE--HAS PASS JUDGEMENT---ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
Finally someone with the courage to publicly state the depth and seriousness of the problem without pretending that there are solutions which only a financial simpleton would accept. I'm a liberal geezer who happens to think that the AARP ought to be on a top ten list of the financial enemies of the US economy. Just one example, providing medical insurance for self inflicted disease should be considered insurance fraud and not covered by medical insurance period: cancer from smoking or consuming animal protein; the diseases of the obese, etc.
Charlie, Interesting to hear Mr. Peterson,s posistion on the state of the country. I find it quite amazing that someone from the inner circle speak as though this country had a future as an independent nation, knowing we are being consumed by the world's authorities as a figurehead for the U.N. Time is without a doubt against us. It is time to stop looking to blame and believe what history has proven over again, (all) men's covetness has devoured the wealth and is now controlled by just a few. As before all the kingdoms will devoure one another to assemble the world goverment. That brings us to this great time in world history as it unfolds, the time when man will meet our creator. This is a great time to start reading the Holy Word of God. Times getting really short. God Bless
Charlie, I keep hearing that people in the U.S. need to save more. Excuse me but where do you put it? In a bank that pays a half of a percent interest on a passbook account? Then we are taxed on the earnings and then subtract the inflation rate and your losing four and a half percent (at least) a year. This is really an incentive. Put it into a money market at two and a half percent, tax it and inflation, also not a good option. So what do Americans do with their savings? They put it into 401 K's, IRA's and homes. I don't believe that this money is even considered savings by the government. However, if added together we are probably "saving" at a higher rate than most countries. Why not address all aspects of "savings"?
Wow! Love Peterson! I've wanted someone big to say, "why aren't these econ problems discussed by the candidates et al?" Thank you for the billion, will you just mail it to me? Mr. Bachelors-@-$7.50/hr and I know "it's the economy stupid"! Tell us what we should do! Mr. Peterson said recession depends on housing prices. How do I just keep my own home? "Will we turn around?" you asked him. HOW? We don't manufacture/export anything to anybody to bring any money into this economy... How will we EVER be a money-generating country again? All we do is flip burgers, that make us sick, so we give our money to the doctor, and he goes and gets lunch at the burger joint - (great cash flow... how is that sustainable?) When I learned about supply-and-demand economics in 4th grade social studies, I always wondered what would happen when the demand outweighed supply and the price went so high you couldn't ever afford anything... And I have lived to see the answer... Yes, Mr. Peterson, we're collapsing back to a 3rd world country! And we better start talking more about these substantive things rather than "could we have stopped the sub-prime issues before they started" - yeah, if you can change human nature and opportunism !?! Let's have, say, 1/2 of all the CEO stock options divided among all of us who make less than 35k/year, then we'll be socially secure, and help the CEOs et al learn the meaning of "enough". Thank you, Mr. Heller.
Mr. Peterson made the comment to Charlie, something like, 'You would have to e retarded not to understand...' is a totally unacceptable way to express his opinion on a topic. Someone as intelligent as Mr. Peterson should have paraphrased his cmment better, use a better choice of words. How insuting to working Americans who work everyday to keep this ocuntry afloat, but apparantely idiots to Mr. Peterson. Though wealthy, high and mighty, I truly wish this guy with a bloated ego a terrible retiremnt! Totally
I heard a comment by Mr. Peterson that the US has 8 times more MRI centers than Canada. When things are compared why is that people compare apples to oranges. Oh, I remember to make things look worse than they really. The population of the US is more than 8 times that of Canada.
Budget and entitlement mess outlined in, "WHERE DOES THE MONEY GO?," by Jean Johnson and Scott Bittle. No way we have the moral fortitude to meet the problems head on. We're toast as far as sustaining out position or retaining respect down the road. Too bad! The financial wise-guys (fools) sucked the system dry for no other reason than that-they-could. Dante surely has a place awaiting.
I did not have the stomach for tonights show, so maybe my comment is useless, but the show has had others like Peterson on who have the audacity to blame the American people for not saving. The irony is that these comments come from a person who makes, I don't believe earns, a few hundred million a year to manipulate companies, politicians and the American economy. So for someone like myself who pays for everything on $7.50/hr I would like someone like Peterson to explain how I must save on the wage I earn; by the way this is with a Bachelors degree. My Mother at 75 still works full time, the most she ever earned, including Social Security, her pension and an above average wage for my area is $34K/yr. The only way for things to get better is to abolish the Republican party and corporate class, wishfull thinking, but what other way. Again, I had no stomach for this person. Maybe he had some ideas and understanding for those of us outside of his gilded world.
The lecherous, avarice, egregious greed by Citigroup et al by enticing the most vulnerable and exploitable into ARM subprime loans only to repossess them after selling the paper on the secondary market. Cruel, evil bastards. Need to cap credit card interest rates and fees to human levels. Discount even further when health and unemployed crises arise. Let Citigroup et al belly up if that's the natural outcome. Socializing the systems losses, but capitalizing the gains for the effete wise-guys has gone on long enough. Greed is our achille's heel.
Why don't you ask Paul Krugman or better, Ralph Nader, what he thinks about the Bears Stearns bailout? You ask people who will give you the answers that YOU want to hear. That's my future tax-money that Bernanke has put up to guarantee JP Morgan's acquisition of bad debt. You are a nothing but a propagandist for the banking establishment, and they are the ones who demanded deregulation of the banking industry to begin with. Bernanke, Paulsen, the Fed governors, they are all shills.
I liked your comment better the first time, Tom. It looks like tomorrow's show will be one for the ages:)Keep up the great work, Charlie
Oh Charlie, Charlie, Charlie, Why is America not saving? Maybe itâ??s the 60â??s â?¦ Pete Peterson ponders. Oh goodness, once again itâ??s allllllll the Boomers â??meâ?? mindset thatâ??s the problem. And you say- what? Nothing. Might it be, Charlie, that: 1. Real wages are shrinking and Boomers want to live, or believe they can live, as well as their parents did, so they donâ??t have to admit that they are poorer off- which for many they are. 2. That education is so expensive that every last sent is going to the school for our children- or to rent, if youâ??re like me and live in NYC. 3. That the commercialism has exploded â?? we canâ??t even just buy kidâ??s clothes anymore; we have to buy â??designerâ?? kidâ??s clothes. Buy, buy, buy. The only public place in New York City where a person can walk and not be confronted by commercials is at Ground Zero Path Terminal; I guess somebody finally decided that there is more to a public space than that which can enveloped in a moving light billboard. And what about the credit cards? Have you done a show about how they are TRYING to keep people in debt; that they actually hate people who pay up their bills and that they make most of their money now on gotcha fees? Did you watch the recent Frontline that exposed the malfeasance and complicity of the Bush administrations federal regulatory agencies? Maybe you should. And when itâ??s Christmas, what does the media talk about; peace on Earth, or how we might not be spending as much as last year and how that has everyone worried? Charlie! America is now a consumer nation. We have to buy or all our jobs go out the window. So we are pushed, PUSHED, to buy- by corporations, by the government, by our own desires not to believe weâ??re going to hell in a hand-basket (a basket, btw, made in China.) But no Charlie, no no, you go right ahead and nod away at the possibility that itâ??s just the fault of those self-seeking, me-generation no gooders, the Boomers. Sheeeeeeesh Charlie! Tom from Harlem
a recent article in the New York Times showed how in Great Britain the culture was transformed from a "saving" type of culture to a "consumer" type of culture once the credit card companies were given free reign to ply their trade. It seems highly disingineous for someone as apparently smart as Peter Peterson to blame the problem in the US on 9/11 or baby boomer psychology.
Oh Charlie, Charlie, Charlie... Why is America not saving? Maybe itâ??s the 60â??sâ?¦Pete Peterson ponders. Oh goodness, once again itâ??s allllllll the Boomers â??meâ?? mindset thatâ??s the problem. And you say- what? Nothing. Might it be, Charlie, that: 1. Real wages are shrinking and Boo