I found the following interview to be of interest. Pete Peterson certainly has an interesting background:
http://www.chicagobooth.edu/magazine/31/2/peterson.aspx
Of particular note was a quote from the article:
“We now have political system where, unlike what the founders of the country had in mind, politicians consider the position a career and don’t want to lose their jobs. If they peddle the hard truths, they fear they’ll lose elections and lose their jobs.”
SPX at 901.08 as this post is written