In this disaster flick, what's running red is federal budget (starts Thursday)

[Omaha Steve]

http://www.omaha.com/index.php?u_page=1208&u_sid=10410652

Published Wednesday August 20, 2008
In this disaster flick, what's running red is federal budget
BY STEVE JORDON
WORLD-HERALD STAFF WRITER

Pete Peterson's father was a 17-year-old immigrant without a penny or word of English and only a third-grade education when he got a job washing dishes aboard a Union Pacific train in Nebraska.


Peter G. Peterson


George Petropoulos (a name he and a brother Americanized to Peterson) saved his money and eventually opened a Greek diner in Kearney. Central Cafe was open 24 hours a day, seven days a week, for 25 years.

Petropoulos knew only one American song, "God Bless America." When he sang it, tears streamed down his face in gratitude for what he was able to accomplish in the United States.

The elder Peterson believed in making charitable donations, his son said, even if his children didn't have new bicycles or the family a new car. He also invested heavily in his children's education, sending young Peter to Northwestern University.

Today Peter G. Peterson, 82, says his distinguished career in the public and private sectors started with the values his father passed on, including hard work, love of country and a willingness to sacrifice to serve others.

He has committed up to $1 billion to promote a campaign that will take center stage in Omaha on Thursday: reversing the buildup of public debt, correcting the imbalance of foreign trade, improving Americans' savings practices and finding the political will to make tough decisions.

His foundation purchased the documentary "I.O.U.S.A." and will show it at 400 theaters nationwide beginning Thursday. Afterward, a panel discussion in Omaha will be broadcast nationally. Among the panelists will be Peterson's longtime friend, investor Warren Buffett.

FULL story at link.