A staunch Republican who served as Richard Nixon's Secretary of Commerce, Peterson, 62, has been a consistent and vociferous critic of the Reagan Administration's economic policies. In 1982, while chairman of the investment banking firm Lehman Bros. Kuhn Loeb, he co-founded a bipartisan group that warned of the mounting U.S. budget deficit. Still one of the most powerful men on Wall Street, Peterson now heads the Blackstone Group, a smaller investment house specializing in corporate takeovers and leveraged buyouts. His new book, On Borrowed Time: How the Growth in Entitlement Spending Threatens America's Future, written with Neil Howe, continues his assault...
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