A Travesty

Capitalist scum, floating to the top as always, will get together to "discuss" something economic.

This is such a travesty that it's hard to know where to begin.

For starters, note the prominent role of Robert Rubin and Alan Greenspan. If any two Americans are responsible for the economic, financial and fiscal mess we're in, they are Rubin and Greenspan. Much of the rising deficit, after all, is the result of the financial collapse. The main reason for the big deficits is that tax revenues are down in a severe recession. The financial collapse also required the government to step in with increased public spending.

If the orgy of financial deregulation that led to the crash had two prime sponsors, the Democratic one was Rubin and the Republican one was Greenspan. Inviting these characters to a fiscal summit to devise a way out of the crisis is like inviting arsonists to design a seminar on fire prevention.

Peterson himself, who underwrites the work of the foundation with a billion dollar gift, made his money as one of America's private-equity moguls. Private equity companies have been among main offenders in the world of shadow banking that helped cause the collapse, and are now lobbing against tough financial reform and regulation.

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The Peterson Foundation and its president, David Walker, already know exactly what they want -- strict budget caps on social outlay, enforced by a rigid formula, with cuts in Medicare and Social Security leading the way.

We'd love to see some public action in front of whichever luxury hotel this confab will be occurring in. We wouldn't mind seeing some action inside the event as well. We got your Town Hall meeting right here, exploiters.