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WALL STREET IS MAIN STREET

October 4, 2010

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I read an interesting article in Friday’s NY Times about Anthony Scaramucci and his recent exchange with President Obama. I spent an hour or so with Mr. Scaramucci about a month ago at 5WPR and I was impressed with his background; as the NY Times states, “He did not grow up with a silver spoon in his mouth… he went to public school.” He struck me as an ambitious entrepreneur and – admittedly – I really wanted him to hire us as his PR agency, and was quite disappointed when he didn’t.

During his recent exchange with President Obama, he said, “We have felt like a piñata. Maybe you don’t feel like you’re beating us with a stick but we certainly feel like we’ve been whacked with a stick.” Speaking of the “connection between Wall Street and Main Street,” he returned to his theme. “When are we going to stop whacking Wall Street like a piñata?” The self made Scaramucci mentioned his 43 employees how in New York City “a $50,000 employee will cost him $90,000, and that person will bring home only about $35,000. Seems very disconnected, and that doesn’t encourage job growth.”

(The exchange can be viewed at: http://www.businessinsider.com/anthony-scaramucci-pals-around-with-president-obama-2010-9)

As a small business owner in New York, one who isn’t part of the Wall Street community, I share exactly his sentiments. Why is it that there isn’t attention directed to people who create jobs and opportunity – the same people that can create jobs further down the line? Wouldn’t the government want to encourage entrepreneurs rather than tax and hamper them further? Obama’s answer, discussing the Top 25 hedge fund managers who brought home $1 Billion didn’t resonate with many entrepreneurs, like myself, who don’t make anywhere near $1 billion; and yes I aspire to do so, as do so many others. Is that a bad thing – something we should discourage in our capitalist country?

I am frustrated with continued tax increases, the inability of businesses to get financing, and increased government intervention. I fail to understand how any small business owner in New York can’t feel the same way and applaud Scaramucci for letting President Obama know how he felt. (Anthony – You still should have hired us!).

Wall Street, and all of the other industries which create jobs, is Main Street, and it does create opportunities for the entire U.S.

Ronn Torossian

5WPR