Investors Not Worried about Default, Financial Planners Say

Reports that Congressional phone lines were jammed Tuesday indicates people are very concerned about the mounting debt crisis—but Alexandria residents don’t seem to be too concerned about how it will impact their own finances.

Alexandria-based financial advisors said they have not gotten a flood of phone calls or frantic emails from clients wondering how a government default could hurt their own portfolios.

“I think it’s interesting the lack of calls about ‘what are we going to do,’” said David Armstrong of Monument Wealth Management in Alexandria. To Armstrong, that “[signals] that even though it’s a mess, everyone thinks it’s going to be fixed before it becomes a crisis.”

So far, the markets have not reacted dramatically. The Dow Jones Industrial Average, S&P 500 and Nasdaq were all down slightly Monday and Tuesday.

Tim Wesling of  in Alexandria said his investors also are not calling in a panic.

“Our clients are long range investors who barely blinked during the crisis of 2008,” Wesling said. "The rushing and changing is the emotional part of investing, and investment pros like us are there to take out the emotional component."

The emails Armstrong has received have been very opinionated. “Just to be frank with you, people are angry,” he said Tuesday. Wesling agreed and, like his clients, seemed frustrated with Congress.

Republicans and Democrats in the House and Senate agree they must do something about the federal debt, but they have very different opinions about what to do.

Monday night, President Obama addressed the nation and took a hard line on certain House Republicans who are fighting against any increase in taxes. Obama  asked citizens to call their representatives Tuesday to voice their opinion and pressure Congress to work together to get something done before August 2, “Default Day.” House Speaker John Boehner also addressed the nation.