"The global economy seems to be a ship afloat without a captain to steer us into port. Yesterday, the Wall Street Journal headlined "Turmoil Spreads in Europe." What we are seeing now is a growing lack of confidence in even the strong northern countries being able to stem the tide of a debt meltdown. As we stated in the past, markets operate in large measure on confidence and perception. In the United States, we've seen that lack of confidence keep banks from lending and businesses from creating news jobs.
As CEO of The Broadsmoore Group, job creation is a top priority for our company. We are only one merchant bank, but we are taking the lead in an area where conventional lenders are sitting on the sidelines. The European debt crisis affects us all and until global leaders take the hard measures necessary to instill confidence, we will continue to float in uncharted waters. Italy and Greece can replace their leaders as they have done, but unless their new leaders exert strong economic restraint in curbing overreaching worker demands, we will all continue to look forward to an uncertain future," saidAJ Discala CEO of The Broadsmoore Group.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.