Peter G. Peterson is chairman and co-founder of The Blackstone Group. He is also chairman of the Council on Foreign Relations, founding chairman of the Institute for International Economics, and founding president of The Concord Coalition. In 1971, President Richard Nixon named Mr. Peterson assistant to the president for International Economic Affairs. He was named secretary of commerce by President Nixon in 1972. Mr. Peterson is also the author of several books, including "Running on Empty: How the Democratic and Republican Parties are Bankrupting Our Future and What Americans Can Do About It." From the Series:Policy Watch with Doug Besharov