Peterson Foundation Head Nostalgic for Debtor's Prisons [View All]

http://fdlaction.firedoglake.com/2010/06/15/peterson-fdtn-head-nostalgic-for-debtor%E2%80%99s-prison-is-indentured-servitude-next/

David Walker is the president and CEO of the Peter G. Peterson Foundation, founded by billionaire financier Peterson as a think tank on fiscal issues. On CNBC’s “Squawk Box” recently, Walker seemed to long for a return to debtor’s prisons. If he’s nostalgic for debtor’s prison, the next step is to advocate the return of debt bondage, or perhaps people being sold into indentured servitude. Those practices went hand in hand with the concept of prison time for those who owe money. Via http://mediamatters.org/mmtv/201006110037">Media Matters:

WALKER: The fact of the matter is, we have to change how we do things. We are on an imprudent and unsustainable path in a number of ways. You talk about debtor’s prisons, we used to have debtor’s prisons, now bankruptcy’s no taint. Bankruptcy’s an exit strategy. Our society and our culture have changed. We need to get back to opportunity and move away from entitlement. We need to be able to provide reasonable risk but we need to hold people accountable when they do imprudent things. It’s pretty fundamental.

Now, why should you care that this wealthy CEO longs for the days of debtor’s prison, which often resulted in forced bondage and child labor? Walker heads the Peterson Foundation, and President Obama is heavily relying on Peterson and those associated with him to http://www.niemanwatchdog.org/index.cfm?fuseaction=ask_this.view&askthisid=00456">help run his deficit commission. I’m horrified that this man with his insane beliefs is anywhere near important policy decisions about the future of Social Security and Medicare.