Wall Street waves unsettle Connecticut

GREENWICH, Conn. -- Despite appearances, the worries of Main Street are being felt even here, in Wall Street's well-manicured backyard.

"I'm old and coming up to retirement," says Jeff Ramer, 64, an attorney who has lived more than half his life in this affluent community. "I'm concerned that the money we put aside for retirement has taken a great hit."

Through the years he has voted for more Republicans than Democrats, he says. But the financial crisis roiling Wall Street has solidified his desire for political change — and his support for Democratic presidential nominee Barack Obama. "It has a bearing for me," Ramer says of the economy.

The meltdown that has caused investment firms to fall, stocks to plunge and the credit markets to slow to a virtual standstill has made the economy the primary concern for many Americans as they prepare to select a new president in barely four weeks.

The tremors on Wall Street and fallout from the $700 billion rescue plan President Bush signed into law last week are felt acutely in this state. It is home to numerous hedge funds, Fortune 500 companies and residents who work in finance and related industries on Wall Street and elsewhere.

Connecticut draws 45% of its income tax revenue from Fairfield County, a finance center next door to New York. Greenwich alone, tucked in the county's southern end, paid more than $598 million in state income taxes in 2006, 12.7% of the statewide total, according to the governor's office.

Though the state has more unaffiliated voters than those who declare themselves Republican or Democrat, polls show Connecticut solidly in Obama's column. In a SurveyUSA poll taken Sept. 24-25 for New York's WABC-TV, 54% of those questioned support Obama, and 38% prefer Republican John McCain.

"The impact of the financial situation here is probably similar to that around the nation," says Ken Dautrich, public policy professor at the University of Connecticut. "(Voters) want change, which of course benefits Obama more than it does McCain."

Connecticut Sen. Joe Lieberman, an independent who was the Democratic vice presidential nominee in 2000, supports McCain. That endorsement has done little to help McCain, Dautrich says.

"I think the feeling is that Lieberman has crossed the line," he says. "He's not looking very independent, so we've seen his popularity drop through the floor as a result of his outright endorsement and speech at the Republican Convention."

The head of Connecticut's Republican Party says the financial crisis may help McCain here by contrasting his economic philosophy with Obama's.

"McCain understands the free market," says Chris Healy, the state party's chairman. "He understands the role government plays in it. He understands the punishing role taxes play in it in tough times. … Is there enough time to make that case? Yes. I think McCain will make it."

Along Greenwich Avenue, known to Greenwich residents simply as "The Avenue," a glistening array of Jaguars and Mercedes Benzes is parked a diamond's toss from the Bentley dealership and other high-end retailers downtown.

Some who work in local shops say business has slowed. Jose Candray, manager of Village Bagels, says tips are smaller and customers are buying their own cream cheese rather than paying a little more to have deli employees layer it on.

Several Greenwich residents say they're not impressed by how either political party handled the partisan tussling over the economic recovery package.

"Both lousy," says Tom Mahr, 50, an investment banker who lives and works in Greenwich.

It didn't make him change his mind about probably voting for McCain in November.

"I'm a believer that less taxes for everybody is good as opposed to less taxes for some," says Mahr, explaining why he prefers McCain. "We run a small company with 40 people worldwide. If taxes go up, it's hard for us."

Ramer says he believes in the free market system, but "I favor the idea of using public money" to promote stability.

Others say the economy is only one issue guiding their decision.

"In the beginning, I thought McCain was a decent sort of candidate in that it wouldn't matter enormously if he won," says Jane Pattison, 71, whose support of Obama has become even more solid in the wake of the turmoil on Wall Street. "I thought they were both good men.

"But lately I've seen great flaws in (McCain): instability, an erratic nature and, of course, the most important thing was his selection of a vice presidential candidate," Alaska Gov. Sarah Palin.

Bob Jermain, an investment banker, also remains an Obama supporter. His lifestyle has changed because of the country's fiscal troubles. "My kids don't need 20 sweaters," says Jermain, 49. "We all bought way more than we needed because we could. Capitalism gone wild."