STAUNCH Republican, Peter G. Peterson is also an equal opportunity basher. At an Appeal of Conscience Foundation dinner at the Marriott Marquis, Richard Nixon’s secretary of commerce blasted the George W. Bush administration for "recklessly and casually" borrowing nearly $3 billion every workday from foreign sources, and making unfounded promises of Social Security and Medicare to 77 million baby boomers that amount to trillions of dollars more than the entire net worth of the country.

This is utterly unsustainable. A colleague in the Nixon administration used to say, "If something is unsustainable, it tends to stop." He also added, "If you don’t like that one, how about if your horse dies, I suggest you dismount."

Peterson, co-founder of the Blackstone Group financial advisory firm and chairman of the Council on Foreign Relations, denounced his Republican party for being preoccupied with figuring out "how do the Pete Petersons of this world get their income tax cuts made permanent and their estate taxes eliminated."

The danger, he said, is that our children’s and grandchildren’s payroll taxes would need to be more than doubled to cover the cost of Social Security and Medicare. "This is unthinkable!"

He urged the 600 business and religious leaders at the dinner to launch a moral reawakening. "We need a movement. Let’s move!"

His call to action brought some of the audience to their feet. Among those applauding were U.S. Ambassador to the UN John Bolton, Director of National Intelligence John Negroponte, Jewish Presidents Conference executive vice chairman Malcolm Hoenlein, Marriott International chairman J. Willard Marriott, Lower Manhattan Development chairman John C. Whitehead, and Rabbi Arthur Schneier, Appeal of Conscience founding president.

The event marked the 40th year since Rabbi Schneier founded the interfaith coalition of religious and business leaders to advance religious freedom and human rights in Russia, China, the Balkans, Central Europe, Argentina and Cuba.

The foundation honored Peterson, Nokia chairman Jorma Ollila, and Australian Prime Minister John Howard who was represented by Foreign Minister Alexander Downer.

Ollila, of Finland, said that two years ago he envisioned that it would be possible for 4 billion people to have mobile phones by 2015. "Now I can say that we have reached the milestone of 2 billion mobile subscriptions."

"What connection does Australia have with Finland?" Downer wondered. Then he reached in his pocket and showed his Nokia phone.