No, not the movie.
I've been wondering when the business community would wake up. You know, the people that politicians care about....the corporate interests that they all shine for, in order to reap campaign contributions.
Pundits, the media and amateurs like me have sat back, marveling at the fractiousness that has led to this cliff we are on, this precipice that is the refusal to pass a new debt ceiling. Failure risks another recession in this country, in the same manner (perhaps larger?) than the Lehman failure caused in 2008. But where has the business community been? Surely, if they push Congress, something will get done. And believe me, no matter what industry a corporation is in, if the debt ceiling is not raised, economic chaos will cause big problems for most of the companies in this nation.
And finally, they have acted. And, the letter that 470 CEO's signed to Washington is the reason you have finally seen some uncomfortable shuffling in the last week, some realization of what they are risking.
Did it have to come to this? Here's what they cautioned:
"Treasury securities influence the cost of financing not just for companies but more importantly for mortgages, auto loans, credit cards and student debt,” 470 business leaders wrote in a letter. “A default would risk both disarray in those markets and a host of unintended consequences. The debt ceiling trigger does offer a needed catalyst for serious negotiations on budget discipline but avoiding even a technical default is essential. This is a risk our country must not take.
Now is the time for our political leaders to put aside partisan differences and act in the nation’s best interests,” the letter said. “We believe that our nation’s economic future is reliant upon their actions and urge them to reach an agreement. It is time to pull together rather than pull apart.”
While deficit reduction at the same time is important, it is not necessary for this to pass, and it has not played a role in the multiple increases in the debt ceiling in prior administrations.
Put aside your pettiness, girls and boys, and do not allow another economic disaster. Our joblessness right now is bad enough.
Here's the link to the whole letter, with the names of the CEO's, written on July 12:
