Afternoon:
15°c
The other evening I went as a guest of friends to a dinner to raise money for a hospital in New York. This was the same hospital where my twins were prematurely born. On entering this world they weighed only 2lb and 3lb respectively, but went on to thrive. So I was glad to be at this event with friends whose company I always enjoy.
Until, that is, the comedian Jon Stewart, probably New York's most beloved television host, started to speak and to my astonishment was heckled. The unlikely-looking heckler was a dark-haired woman whose jewels were bigger than she was.
Her problem was Stewart's enthusiastic support for Barack Obama. "He's a communist," the woman yelled, while her table sat stony-faced. "His tax programme will make us all poor."
Stewart, to his credit, carried on with his speech, though he drily observed it was a tough crowd that night. The underlying reality is that though New York leans Democrat and will inevitably vote for Obama, the Wall Street community is very wary of his economic policies.
I have repeatedly heard from financiers that the only reason they are not voting for John McCain is his appalling judgment in picking Sarah Palin as his number two. "Raising taxes in this environment will create a depression" is the mantra one hears from the financial community, which hopes that once Obama is elected, as seems likely, he does not actually deliver on his promises.
They are very sceptical of what are perceived to be his so-called "Left-wing" economic advisers, including former Clinton Treasury Secretary Robert Rubin, who, like the former Federal Reserve chairman Alan Greenspan, has had his reputation tarnished by the credit crisis.
So, for Wall Street, this election is far from being the "exciting" moment the mainstream press would have us believe. "We're between a rock and a hard place," an ordinarily Democratic financier told me the other night.
Everyone agrees America needs a fresh face and new ideas. But most of all we need confidence in our leadership. And Wall Street, whatever you may think of it, needs to believe, too, if bankers are to lend and markets to get off the floor.
In other words, when he is elected, Obama needs to sweep even that irritating bejewelled lady off her feet.
Reader views (4)
More money was donated to the Obama campaign by the employees of Goldman Sachs than any other company in the US.
Obama quickly through his support behind the Wall Street bailout package.
Don't kid yourself. Obama has plenty of fans on Wall Street.In fact he was most of theirs preferred candidate
- Dillon Hardy, Vancouver Canada
Vicky, Your elitism as one of the followers of the annointed one is all so exposed... Heckling someone who heckles for a living? How rude and audacious....But we all know that any who do not follow the cult of Obama are not to be allowed to be seen in public
- Jack Fisherkeller, Lagrange USA
Is this woman mad? Wall Street has just been nationalised deary, or haven't you noticed? You already live in a socialist state except that only the rich are being bailed out by the poor taxpayers and remember "only the little people pay taxes" so who cares what your rich chums think they won't be rich for much longer and that is only just. As Private Eye said a while back in a very prescient cartoon "Capitalism is a system that enshrines private profits at the cost of public losses". It seems that is a system that Vicky Ward wants to maintain, . . well she is in a minority of one with that viewpoint.
- John Sinclair, Stonehaven, UK
Vicky Ward makes an interesting point when she says, "....But most of all we need confidence in our leadership. And Wall Street, whatever you may think of it, needs to believe, too..."
How about the American public believing in in Wall Street? The bankers have hardly given the people reason to trust them again. Who cares if the bankers and financiers don't like the people's choice of President? Having a President who let the rich and greedy make obscene amounts of money while dumping on the mass of the people has clearly not worked.
Presumably the bankers "believed" in George W. Bush, but that did not make them act responsibly or care about the state of the economy. When anyone betrays the trust given them, they should expect to be monitored more and controlled more in the future. They should not be allowed to blackmail the people or the President by threatening not to cooperate.
- Stan, Derby, England
