With a looming “fiscal cliff” coupled with long-term deficit and debt issues effecting Wall Street, Sachem alum and NASDAQ OMX CEO Robert Greifeld spoke recently at the Brookings Institute about how capital markets need a sound federal budget.
Greifeld, who graduated from Sachem in 1977, said the U.S. is facing a challenging time and has to summon the courage and the vision to manage its debt.
“Our current fiscal problems will lead to many deleterious consequences for the U.S. including a decline in American ingenuity and decline in our standing in the world,” he said. “China’s economy is slowing, much of Europe is in a recession and in this global economy, America’s failure to act on its fiscal problems is aggravating existing economic weaknesses around the world.”
Greifeld was at the White House last week with President Obama, Treasury Secretary Timothy Geithner and influential business executives discussing upcoming deficit reduction notes and expiring tax breaks.
VIDEO: CLICK HERE to watch the complete Brookings Institute speech
-Words by Chris R. Vaccaro