Every August Congresswoman Judy Biggert speaks at the Naperville Area Chamber of Commerce’s legislative meeting. This year the meeting came after a crucial vote in Washington regarding the nation’s debt ceiling.
“Her message to us today I think was very important, about the need for compromise, the need for the groups to get together, and the need for the groups to get moving forward,” said John Schmitt,
President and CEO of the Naperville Area Chamber of Commerce.
Biggert said passing the debt ceiling took too long, and blamed that on a lack of cooperation among parties and between chambers of Congress. A joint committee of 12 members will need to find at least 1-point-2 trillion dollars in cuts to make by November 23, and Biggert says they have some tough choices to make.
“This is a global economy crisis and I think we as world leaders really need to put our house in order, and show that we can and have the ability to address this, and find the solutions that can help the whole country and the world,” said Biggert.
Several audience members expressed frustration because what’s happening in Washington is affecting their local businesses.
“We’re in the business of managing money for other people,” said Sean Sebold, President of Sebold Capital Management. “A lot of the things that are going on in Washington are impacting the markets, which negatively impacts the wealth of our clients.”
After Standard and Poor’s announcement that they were downgrading the United States’ credit rating, the markets seesawed as people panicked. Traders and investors say they’re looking for leadership, both here in the U-S and across the globe.
“All eyes are on Europe right now, all eyes are currently on Washington, and unfortunately Washington as well as Europe are on vacation,” said Jeff Kilburg, Senior Development Director for TreasuryCurve.com. “That’s very frustrating for traders as well as the average investor to get an idea of where this market is heading.”
Experts like Kilburg say in the short-term, chaos will likely continue, but August could be a bottoming-out month.
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