Editor, The Nation
Ladies and Gentlemen:
On February 13th, you published “The Peterson Foundation Responds” by David Walker, CEO of The Peterson Foundation (See Peterson Foundation Tax Return, Pete Peterson), a response to William Greider’s excellent article, “Looting Social Security.”
While David Walker served as the chief auditor to the US Congress, the US government consistently failed to comply with laws requiring audited financial statements and over $4 trillion went missing from the US government. Mr. Walker made no effort to identify funds missing and get them back. He failed to honor his commitments to publish the names of government contractors associated with these losses.
In short, David Walker watched while trillions of transactions continued for years that had not been authorized by appropriations and continued to draw a paycheck and enjoy the benefits of his position.
I can think of no person less qualified to comment on William Greider’s work or to help us determine how to achieve financial responsibility then the auditor who was well paid to give speeches while our wealth was stolen.
Sincerely Yours,
Catherine Austin Fitts Solari, Inc. Assistant Secretary of Housing, George H. W. Bush Administration
See also at Catherine’s Blog: Looting Social Security
While no big fan of The Peterson Foundation, it is noted that David Walker made an informative movie IOUSA, quit his job in protest, and went on the road to popularize it. He may well be a
failed bureaucrat, and have clay feet as an auditor, but it is appropriate to acknowledge contributions that have been made.
The writer’s derogatory language “…no person less qualified to …determine how to achieve financial responsibility…” is polarizing, self-serving, and unhelpful. Can the writer truly
think of “no person” less qualified than David Walker, former CFO of the USA, to comment on US
finances? This reflects more on the writer’s imagination than on Walker’s and Peterson’s foibles.
On top of this, we’re asked to believe Mr.Greider, who asserts that Social Security has
a multi-trillion dollar surplus. A surplus, only if you agree intragovernmental Treasury IOUs are
real money. Some do not. But, if you disagree, tell you what: Give me all your cash, and I’ll
write you a personal IOU that you cannot trade with anyone else. OK? No? Well, that’s exactly
what Social Security has done. Walker’s right: It is looted.
Mr. Greider also asserts Social Security is “self-funded and strong”, but we should still go for
an additional government-run mandatory savings plan? Mandatory savings? Run by the government? No thanks! If Social Security is, in fact, “self-funded and strong” with a multi-trillion dollar
surplus, why not simply take that money — our money — and putting in Mr. Greider’s “mandatory
savings plan”? And ask for no additional money to come from the taxpayer? After all, that’s what Social Security was supposed to be, is it not — a mandatory savings plan?
Or has it already been looted, as Walker describes?
Troubling, because this makes Solari’s agenda very different from what one might otherwise have been led to believe. Caveat Lector.
– Ross Mohan
Arlington, VA
Fantastic letter.
It’s very sad to see bona fide issues like the insolvency of the US co-opted by corrupt insiders. Otherwise intelligent people believe that the Peterson Foundation is giving back to the community. Who can blame them given the state of the media?
Oops! I made an error – I meant, elude, not allude.
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This is such a great letter, and to the point, highlighting the obvious from David Walker, as CEO of the Peterson Foundation, response to William Greider’s article. He does indeed speak with a forked tongue, and in a very clever way, co-opting language and idea’s that may appear progressive, when in fact, they are not. They may have the financial armada, but simple measures will most likely allude their predatory complexity. Makes one wonder if Walker and The Peterson Foundation is part of the Chicago Tea Party network… George Seldes lives on.
Thanks, Catherine. Ann
God bless you Catherine!!! I know David Walker and Pete CFR Peterson are vermon. All of a sudden the media hypes up David Walker and allows him on the boob tube. He was the wolf guarding the hen house. What a disgrace our FAKE media has become.