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View Diary: Wall of Shame: Republicans Lose Intellectual Cover for Austerity/Spending-Cut Policies (87 comments)

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  •  Pete Peterson (2+ / 0-)
    Recommended by:
    ZedMont, New Rule

    What, exactly, did Pete Peterson contribute to society that allowed him to siphon that much money out of the economy?  How did he get so rich?  

    •  You don't understand how finance works (0+ / 0-)

      It's not about contributing to society. Sure, many financial deals do do that, e.g. the public financing of wind turbines, solar farms, passenger rail, etc., or even making possible a Costco or the development of wonder drugs that save lives. But almost no one goes into finance with the primary goal of making the world a better place. People go into finance for the money, prestige, challenge, excitement and power. It's totally an ego, money and status thing.

      As for what made him rich, I don't know the specifics, but probably trading.

      "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

      by kovie on Wed Apr 17, 2013 at 05:57:40 AM PDT

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      •  he's from (4+ / 0-)
        Recommended by:
        kovie, ColoTim, Nailbanger, ferg

        Blackstone, private equity.

        Mitt Romney type stuff.

        Just another quick buck artist who's made his paper and wants everyone else to have as hard a time as possible getting their own paper!

        Deficits don't matter, jobs do.

        by aguadito on Wed Apr 17, 2013 at 07:27:21 AM PDT

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        •  Private equity is the au courante euphemism (2+ / 0-)
          Recommended by:
          ferg, New Rule

          for people with access to huge amounts of usually ill-gotten capital using it to engage in profitable predatory financial transactions that exploit the current lack of sufficient regulatory and societal checks on such behavior.

          I.e. the proverbial sell your mother to make a buck analogy.

          "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

          by kovie on Wed Apr 17, 2013 at 07:38:01 AM PDT

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    •  Pete Peterson? Well, he did wonders for the (0+ / 0-)

      yachting and corporate jet industries.

      Of all the preposterous assumptions of humanity over humanity, nothing exceeds most of the criticisms made on the habits of the poor by the well-housed, well-warmed, and well-fed. --Herman Melville

      by ZedMont on Wed Apr 17, 2013 at 09:47:56 AM PDT

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      •  PP=Nixons old Commerce Secratary? IIRC (0+ / 0-)

        .................expect us......................... FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

        by Roger Fox on Wed Apr 17, 2013 at 10:13:43 AM PDT

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