Difference between revisions of "Wall Street"
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[[Image:panic29.gif|right|thumb|Wall Street during the stock market crash of 1929]] | [[Image:panic29.gif|right|thumb|Wall Street during the stock market crash of 1929]] | ||
| − | '''Wall Street''' is a famous road across southern [[Manhattan]] where the [[New York Stock Exchange]] is located. The term "Wall Street" figuratively refers to banks and investment companies, even though they are not located on that particular street. | + | '''Wall Street''' is a famous road across southern [[Manhattan]] where the [[New York Stock Exchange]] is located. The term "Wall Street" figuratively refers to very large banks, corporations and investment companies with a nationwide scope, even though they are not located on that particular street. It stands in contrast to [[Main Street]], which refers to locally owned small businesses in smaller cities and towns. |
| + | ==Politics== | ||
| + | In the Republicans party today, there is sometimes a political tension between the interests of Wall Street and Main Street. For example, Main Street was reluctant to support the $700 billion bailout for Wall Street in the [[Financial Crisis of 2008]]. | ||
| + | Historically, Populists, agrarians and liberals have been hostile to Wall Street, as typified by [[Thomas Jefferson]]. [[Andrew Jackson]] and [[William Jennings Bryan]]. Under President [[Bill Clinton]], however, leading Wall Street financiers played a major role in shaping his economic policies, especially Robert Rubin, his Treasury Secretary. | ||
| + | ==History== | ||
In the 1600s Dutch settlers built a wall in [[Manhattan]] to guard against Indians and pirates. A nearby path became a commercial center because the path joined the East River on one side with the Hudson River on the other. Soon merchants built shops and warehouses along the path, and then a city hall and church were constructed. [[New York]] City became national capitol from 1785 until 1790. Federal Hall, where [[George Washington]] was inaugurated, was located on Wall Street. | In the 1600s Dutch settlers built a wall in [[Manhattan]] to guard against Indians and pirates. A nearby path became a commercial center because the path joined the East River on one side with the Hudson River on the other. Soon merchants built shops and warehouses along the path, and then a city hall and church were constructed. [[New York]] City became national capitol from 1785 until 1790. Federal Hall, where [[George Washington]] was inaugurated, was located on Wall Street. | ||
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== See also == | == See also == | ||
| − | + | *[[Main Street]] | |
| + | *[[Populism]] | ||
*[[Stock market]] | *[[Stock market]] | ||
== External links == | == External links == | ||
| − | |||
*[http://www.nyse.com/about/listed/listed.html?sa_campaign=/internal_ads/productsignature/nyse The New York Stock Exchange] | *[http://www.nyse.com/about/listed/listed.html?sa_campaign=/internal_ads/productsignature/nyse The New York Stock Exchange] | ||
| − | + | ==Further reading== | |
| + | * Stecve Fraser, ''Wall Street: America's Dream Palace'' (2008) [http://www.amazon.com/Wall-Street-Americas-Palace-America/dp/0300117558/ref=pd_bbs_4?ie=UTF8&s=books&qid=1222528504&sr=8-4 excerpt and text search] | ||
Revision as of 15:19, September 27, 2008
Wall Street is a famous road across southern Manhattan where the New York Stock Exchange is located. The term "Wall Street" figuratively refers to very large banks, corporations and investment companies with a nationwide scope, even though they are not located on that particular street. It stands in contrast to Main Street, which refers to locally owned small businesses in smaller cities and towns.
Politics
In the Republicans party today, there is sometimes a political tension between the interests of Wall Street and Main Street. For example, Main Street was reluctant to support the $700 billion bailout for Wall Street in the Financial Crisis of 2008.
Historically, Populists, agrarians and liberals have been hostile to Wall Street, as typified by Thomas Jefferson. Andrew Jackson and William Jennings Bryan. Under President Bill Clinton, however, leading Wall Street financiers played a major role in shaping his economic policies, especially Robert Rubin, his Treasury Secretary.
History
In the 1600s Dutch settlers built a wall in Manhattan to guard against Indians and pirates. A nearby path became a commercial center because the path joined the East River on one side with the Hudson River on the other. Soon merchants built shops and warehouses along the path, and then a city hall and church were constructed. New York City became national capitol from 1785 until 1790. Federal Hall, where George Washington was inaugurated, was located on Wall Street.
In March, 1792, 24 leading merchants met at Corre's Hotel to launch a securities (stock) business in order to win business back from auctioneers, and on May 17, 1792, they signed the Buttonwood Agreement requiring them to trade securities only among themselves and avoid the auctioneers. This became the New York Stock Exchange, later built at 11 Wall Street.
See also
External links
Further reading
- Stecve Fraser, Wall Street: America's Dream Palace (2008) excerpt and text search
