Friday Blog…Debt Ceiling

Friday Blog…Debt Ceiling

RE:  The US Debt Ceiling…and so much more!

Once again Main Street waits and watches as Washington prepares to take action on our nation’s obligations.  Like you, I’ve paid close attention to the discussions, watched the advocacy initiatives, and quite honestly, I’m sick in my stomach.

The cynical media has turned this entire debate into a Republican versus Democrats versus Tea Party debacle.  How sad and simple is their rhetoric?  As the media and the pundits attempt to spin your focus, it has never been more important for you to stay sharp.  Government spending far exceeds government revenue, and it is the unbridled deficit spending that has brought the economy to its knees.

Now, we face a debt limit crisis.  We can no longer support the girth of our government because we are required to borrow in order to pay for our day to day operations.  Maybe justice would be served by giving government oversight to the very regulatory bodies that would crucify your bank for attempting this level of deficit spending.

I don’t want the reigns of the US government in the hands of bank regulators, nor do I want the reigns in the hands of men and women who can’t understand the reality of the situation.

Let me be perfectly clear.  Your bank is critical to the economic wellbeing of your community.  Community banks across this nation can no longer serve Main Street because of foolish policies of Washington’s past.

If we are to survive as an industry, we must stand up and be heard.  Regardless of what happens with the current debt crisis, I urge you to call your congressman and US Senators, and in a respectful and rational way, communicate that economic prosperity of America requires fiscal discipline.  Remind them that the current direction of our country –a place where government attempts to grow to meet our every need—is exactly what is costing our economy jobs and our communities’ prosperity.

Our republic only works if our elected leaders are well aware of the opinions of the people that they represent.  Likewise, the future of our industry requires that we support those leaders who understand the fiscal realities of the current economy.  I hope you’ll join me as we engage on this issue, which is fundamental to our industry’s, our community’s and our economy’s wellbeing.

Nick DiFrancesco

President/COO

nick@pacb.org