Wall Street is an eight-block-long street in the financial district of Lower Manhattan in New York City, United States. It runs from Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, financial interests headquartered in New York, or that city's own Financial District (Manhattan).
Wall Street was originally known in Dutch as "de Waalstraat" when it was part of New Amsterdam in the 19th century, although the origins of the name vary. An actual wall existed on the street from 1685 to 1699. During the 19th century, Wall Street was a slave trading market and a site of securities trading, as well as the location of Federal Hall, New York's first City Hall. At the turn of the century, the area had one use, but increasingly business predominated and New York's financial industry focused on Wall Street. In the 20th century, several skyscrapers were built on Wall Street, including 40 Wall Street, which was once the tallest building in the world.
Wall Street is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. Several other major exchanges are or were headquartered in the Wall Street area, including the Mercantile Exchange, the Stock Exchange, the Futures Exchange (NYFE), and the former American Stock Exchange.[1] To support the exchanges, many brokerage firms had offices "clustered around Wall Street." The direct economic impacts of Wall Street activities extend beyond New York.
Wall Street physically contains several bank headquarters and skyscrapers, as well as the New York Stock Exchange Building and Federal Hall. The street has three metro stations and a ferry stop.
History
Contenido
Hay varios relatos acerca de cómo la "de Waalstraat"[2] (literalmente: Walloon Street), de nombre holandés, obtuvo su nombre. Se pueden considerar dos explicaciones contradictorias.
La primera es que Wall Street lleva el nombre de los valones*:* el nombre holandés para un nacido en Valonia es Waal.[3] Entre los primeros colonos que se embarcaron en el barco Nieu Nederlandt en 1624 se encontraban 30 familias valonas. Entre sus miembros estaba Peter Minuit, la persona que compró Manhattan para los holandeses.
Architecture as an economic engine
Introduction
Wall Street is an eight-block-long street in the financial district of Lower Manhattan in New York City, United States. It runs from Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, financial interests headquartered in New York, or that city's own Financial District (Manhattan).
Wall Street was originally known in Dutch as "de Waalstraat" when it was part of New Amsterdam in the 19th century, although the origins of the name vary. An actual wall existed on the street from 1685 to 1699. During the 19th century, Wall Street was a slave trading market and a site of securities trading, as well as the location of Federal Hall, New York's first City Hall. At the turn of the century, the area had one use, but increasingly business predominated and New York's financial industry focused on Wall Street. In the 20th century, several skyscrapers were built on Wall Street, including 40 Wall Street, which was once the tallest building in the world.
Wall Street is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ. Several other major exchanges are or were headquartered in the Wall Street area, including the Mercantile Exchange, the Stock Exchange, the Futures Exchange (NYFE), and the former American Stock Exchange.[1] To support the exchanges, many brokerage firms had offices "clustered around Wall Street." The direct economic impacts of Wall Street activities extend beyond New York.
Wall Street physically contains several bank headquarters and skyscrapers, as well as the New York Stock Exchange Building and Federal Hall. The street has three metro stations and a ferry stop.
History
Contenido
Hay varios relatos acerca de cómo la "de Waalstraat"[2] (literalmente: Walloon Street), de nombre holandés, obtuvo su nombre. Se pueden considerar dos explicaciones contradictorias.
La otra es que el nombre se deriva de un muro o muralla (en realidad, una empalizada de madera) en el límite norte del asentamiento de Nueva Ámsterdam, construido para proteger contra posibles incursiones de nativos, piratas e ingleses. Esta fue construida de tierra y tablones de madera de 5 m, que miden 1 m de largo y 3 m de altura.[4].
Si bien la palabra holandesa "wal" se puede traducir como "muralla", solo apareció como "De Wal Straat" en algunos mapas en inglés de Nueva Ámsterdam, mientras que otros mapas en inglés muestran el nombre como "De Waal Straat".[2].
Según una versión de la historia:.
En la década de 1640, las cercas básicas de piquetes y tablones servían para demarcar las parcelas y residencias en la colonia.[6] Más tarde, en nombre de la Compañía Neerlandesa de las Indias Occidentales, Peter Stuyvesant, utilizando tanto africanos esclavizados como colonos blancos, colaboró con el gobierno de la ciudad en la construcción de una fortificación más sustancial, una 4 m pared.[7][8] En 1685, los topógrafos trazaron Wall Street siguiendo las líneas de la empalizada original.[9] El muro comenzaba en Pearl Street "Pearl Street (Manhattan)"), que era la costa en ese momento, cruzaba el camino indio Broadway y terminaba en la otra costa (hoy Trinity Place), donde giraba hacia el sur y corría a lo largo de la costa hasta que terminaba en el antiguo fuerte. En estos primeros días, los comerciantes y comerciantes locales se reunían en lugares dispares para comprar y vender acciones y bonos, y con el tiempo se dividían en dos clases: subastadores y comerciantes.[10] Wall Street también era el mercado donde los propietarios podían alquilar a sus esclavos por día o por semana.[11] La muralla se eliminó en 1699[3][4] y se construyó un nuevo Ayuntamiento en Wall y Nassau "Nassau Street (Manhattan)") en 1700.
La esclavitud se introdujo en Manhattan en 1626, pero no fue hasta el 13 de diciembre de 1711 que el Consejo Común de la Ciudad de Nueva York convirtió a Wall Street en el primer mercado oficial de esclavos de la ciudad para la venta y alquiler de africanos e indios esclavizados.[12][13] El mercado de esclavos operó desde 1711 hasta 1762 en la esquina de las calles Wall y Pearl. Era una estructura de madera con techo y lados abiertos, aunque es posible que se hayan agregado paredes a lo largo de los años y podrían albergar aproximadamente a 50 hombres. La ciudad se benefició directamente de la venta de esclavos mediante la aplicación de impuestos a cada persona que se compraba y vendía allí.[14].
A finales del siglo , había un plátano de Virginia al pie de Wall Street bajo el cual los comerciantes y especuladores se reunían para negociar valores. El beneficio fue estar cerca el uno del otro.[15][4] En 1792, los comerciantes formalizaron su asociación con el Acuerdo de Buttonwood, que fue el origen de la Bolsa de Valores de Nueva York.[16] La idea del acuerdo era hacer el mercado más "estructurado" y "sin las subastas manipuladoras", con una estructura de comisiones.[10] Las personas que firman el acuerdo acordaron cobrarse mutuamente una tasa de comisión estándar; las personas que no firmen aún pueden participar, pero se les cobrará una comisión más alta por negociar.[10].
En 1789, Wall Street fue el escenario de la primera toma de posesión presidencial de los Estados Unidos cuando George Washington prestó juramento en el balcón del Federal Hall el 30 de abril de 1789. Esta fue también la ubicación de la aprobación de la Declaración de Derechos. Alexander Hamilton, quien fue el primer secretario del Tesoro y "arquitecto del primer sistema financiero de los Estados Unidos", está enterrado en el cementerio de Trinity Church "Iglesia de la Trinidad (Manhattan)"), al igual que Robert Fulton, famoso por sus barcos de vapor.[17][18].
19th century
In the first decades of the century, both residences and businesses occupied the area, but businesses increasingly predominated. "There are old stories of people's houses surrounded by the clamor of business and commerce and the owners complaining that they can't do anything," according to a historian named Burrows.[19] The opening of the Erie Canal at the turn of the century meant a huge boom in New York business, as it was the only major eastern seaport that had direct access by inland waterways to the ports of the Great Lakes ("Great Lakes (North America)"). Wall Street became the "money capital of the United States."[15].
Historian Charles R. Geisst suggested that there has been a constant "tug of war" between business interests on Wall Street and authorities in Washington, D.C., the capital of the United States at the time.[10] Generally, during the century, Wall Street developed its own "unique personality and institutions" with little outside interference.[10]
In the 1840s and 1850s, most residents moved further to Midtown due to increased commercial use on the lower end of the island.[19] The Civil War had the effect of causing the northern economy to soar, bringing greater prosperity to cities such as New York, which "became the banking center of the nation", connecting "the capital of the Old World and the ambition of the New World", according to one account.[17] JP Morgan created giant trusts; John D. Rockefeller's Standard Oil moved to New York.[17] Between 1860 and 1920, the economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner.[17] New York was second only to London as the world's financial capital.[17].
In 1884, Charles Dow began tracking stocks, initially starting with 11 stocks, mostly railroads, and analyzed the average prices of these eleven.[20] Some of the companies included in Dow's original calculations were American Tobacco Company, General Electric, Laclede Gas Company, National Lead Company, Tennessee Coal & Iron, and United States Leather Company. When the average "high and low" rose steadily, he considered it a market condition. bullish; if the averages fell, it was a bear market. You add up the prices and divide them by the number of stocks to get your Dow Jones average. The Dow numbers were a "convenient benchmark" for analyzing the market and became an accepted way to view the stock market as a whole. In 1889, the original stock market report, Customers' Afternoon Letter, became The Wall Street Journal. real, it became an influential international business journal published in New York.[22] After October 7, 1896, it began publishing the expanded list of Dow stocks.[20] A century later, there were 30 stocks on average.[21].
20th century
Business writer John Brooks in his book Once in Golconda considered the beginning of the century period to be the heyday of Wall Street.[17] The address of 23 Wall Street, the headquarters of JP Morgan & Company, known as The Corner, was "the exact center, both geographical and metaphorical, of financial America and even the financial world."[17].
Wall Street has had changing relationships with government authorities. In 1913, for example, when officials proposed a $4 stock transfer tax, stock market employees protested.[23] On other occasions, city and state officials have taken steps through tax incentives to encourage financial firms to continue doing business in the city.
A post office was built at 60 Wall Street in 1905.[24] During the years of World War I, there were occasional fundraising efforts for projects such as the National Guard.[25].
On September 16, 1920, near the corner of Wall and Broad Street "Broad Street (Manhattan)", the busiest corner of the financial district and across from the Morgan Bank offices, a powerful bomb exploded. It killed 38 people and seriously injured 143 people.[26] The perpetrators were never identified or arrested. However, the explosion helped fuel the red scare that was underway at the time. A report from The New York Times:.
The area was the subject of numerous threats; A bomb threat in 1921 led detectives to seal off the area to "prevent a repeat explosion of the Wall Street bomb."[28].
September 1929 was the stock market's peak.[29] October 3, 1929 was when the market began to slide, and it continued through the week of October 14.[29] In October 1929, renowned Yale economist Irving Fisher assured worried investors that their "money was safe" on Wall Street.[30] A few days later, on October 24,[29] Stock values plummeted. The stock market crash of 1929 marked the beginning of the Great Depression, in which a quarter of workers were unemployed, with soup kitchens, mass farm foreclosures, and declining prices. During this era, the development of the financial district stalled, and Wall Street "paid a heavy price" and "became something of a backwater in American life."
During the New Deal years, as well as the 1940s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying stocks based solely on credit, but these policies began to ease. From 1946 to 1947, stocks could not be purchased "on margin (finance)", meaning that an investor had to pay 100% of the cost of a stock without taking out any loans.[31] However, this margin requirement was reduced four times before 1960, each time spurring a mini rally and increasing volume, and when the Federal Reserve reduced margin requirements from 90% to 70 %.[31] These changes made it a little easier for investors to buy shares on credit. The growing national economy and prosperity led to a recovery during the 1960s, with some bad years in the early Sunday 1970s in the wake of the Vietnam War. Trading volumes increased; In 1967, according to Time magazine, volume reached 7.5 million shares a day, causing a paper "jam" with "batches of employees" working overtime to "settle transactions and update customer accounts."[32].
In 1973, the financial community recorded a collective loss of $245 million, spurring temporary government aid.[33] Reforms were instituted; The Securities and Exchange Commission eliminated fixed commissions, forcing "brokers to freely compete with each other for investors' business." In 1975, the SEC scrapped the NYSE's "Rule 394" that required "most stock transactions to be conducted on the floor of the Big Board," effectively freeing trading from electronic methods. In 1976, banks were allowed to buy and sell stocks, which generated more competition for stockbrokers.[34] The reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market.[34] Broker commissions for each stock sale decreased, but volume increased.[33].
The Reagan years were marked by a renewed push for capitalism and business, with national efforts to deregulate industries such as telecommunications and aviation. The economy resumed its upward growth after a period of languor in the early 1980s. A report in The New York Times described that the abundance of money and growth during these years had engendered a kind of drug culture, with rampant acceptance of cocaine use, although the overall percentage of actual users was probably small. A reporter wrote:
In 1987, the stock market crashed,[15] and, in the relatively brief recession that followed, the surrounding area lost 100,000 jobs by one estimate.[36] Since telecommunications costs were falling, banks and brokerage firms could move out of the Financial District to more affordable locations.[36] One of the firms looking to move was the NYSE. In 1998, the NYSE and the city reached a $900 million settlement that prevented the NYSE from crossing the river to Jersey City (Jersey City (New Jersey)); The agreement was described as "the largest in the city's history to prevent a corporation from leaving the city."[37]
21st century
In 2001, the Big Board, as some called the NYSE, was described as the "largest and most prestigious stock market in the world."[38] When the World Trade Center was destroyed on September 11, 2001, the attacks "crippled" the communications network and destroyed many buildings in the financial district, although buildings on Wall Street suffered little physical damage.[38] One estimate was that 45% of the "best trading space" had been lost. offices" on Wall Street.[15] The NYSE was determined to reopen on September 17, almost a week after the attack.[39] During this time, Rockefeller Group Business Center") opened additional offices at 48 Wall Street. Still, after 9/11, the financial services industry went through a recession with a significant drop in year-end bonuses of $6.5 billion, according to an estimate by the comptroller's office. state.[40].
To protect against vehicular bombardment in the area, authorities built concrete barriers and, over time, found ways to make them more aesthetically appealing by spending $5,000 to $8,000 each on bollards. Parts of Wall Street, as well as several other streets in the neighborhood, were blocked by specially designed bollards:
The Guardian journalist Andrew Clark described the years from 2006 to 2010 as "tumultuous", in which the American heartland was "plunged into gloom" with high unemployment of around 9.6%, with the median house price falling from $230,000 in 2006 to $183,000, and a foreboding rise in the national debt to $13,400. million, but that despite the setbacks, the American economy was once again "recovering."[41] What had happened during these heady years? Clark wrote:
The early months of 2008 were a particularly problematic period that made Federal Reserve Chairman. Ben Bernanke, "worked on holidays and weekends" and made an "extraordinary series of moves."[42] He shored up American banks and allowed Wall Street firms to borrow "directly from the Federal Reserve"[42] through a vehicle called the Federal Reserve Discount Window, a sort of lender as of late.[43] These efforts were highly controversial at the time, but from the perspective of 2010, it appeared that the efforts federal agencies had been the right decisions. By 2010, Wall Street firms, in Clark's view, were "returning to their former selves as engine rooms of wealth, prosperity and excess." the Wall Street Reform and Consumer Protection Act,* which dealt with issues such as credit card rates and lending requirements.[45] The NYSE closed two of its trading floors in a move to transform itself into an electronic exchange.[17] Beginning in September 2011, protesters disenchanted with the financial system protested in parks and plazas around Wall Street.[46].
On October 29, 2012, Wall Street was hit when New York and New Jersey were flooded by Hurricane Sandy. Its 4.2 m storm surge, a local record, caused massive flooding in nearby streets.[47] The New York Stock Exchange was closed for weather-related reasons, the first time since Hurricane Gloria in September 1985 and the first weather-related two-day closure since the Blizzard of 1888.
Architecture
Wall Street architecture generally has its roots in the Gilded Age.[19] Older skyscrapers were often built with elaborate facades, which have not been common in corporate architecture for decades. There are numerous landmarks on Wall Street, some of which were erected as bank headquarters. These include:
• - 1 Wall Street, a 50-story skyscraper built in 1929-1931 with an expansion in 1963-1965. It was previously known as the Irving Trust Company Building and the Bank of New York Building.[48] [49].
• - 14 Wall Street, a 32-story skyscraper with a 7-story step pyramid, built in 1910-1912 with an expansion in 1931-1933. It was originally the Bankers Trust Company building.[48] [50].
• - 23 Wall Street, a four-story headquarters built in 1914, was known as the "House of Morgan" and served for decades as the headquarters of J.P. Bank. Morgan & Co. and, by some accounts, was considered an important direction in American finance. Cosmetic damage from the 1920 Wall Street bombing is still visible on the Wall Street side of this building.[51].
• - Federal Hall (26 Wall Street), built in 1833–1842. The building, which formerly housed the United States Customs House and later the Sub-Treasury, is now a national monument "National Monument (United States)").[48] [52].
• - 40 Wall Street, a 71-story skyscraper built in 1929-1930 as the Bank of Manhattan Company Building; It later became the Trump Building.[48] [53].
• - 48 Wall Street, a 32-story skyscraper built in 1927-1929 as the Bank of New York & Trust Company Building.[48] [54].
• - 55 Wall Street, erected in 1836-1841 as a four-story Merchants Exchange, became the United States Custom House at the turn of the century. An expansion in 1907-1910 turned it into the eight-story National City Bank building.[48] [55].
• - 60 Wall Street, built in 1988.[48] It was previously the headquarters of JP Morgan & Co.[56] before becoming the US headquarters of Deutsche Bank.[57] It is the last remaining headquarters of a major investment bank on Wall Street.
Another key anchor for the area is the New York Stock Exchange Building on the corner of Broad Street (Manhattan). It is home to the New York Stock Exchange, which is by far the largest stock exchange in the world by market capitalization of its listed companies,[58][59][60][61] at $28.5 trillion as of June 30, 2018. City officials realize its importance and believe it has "outgrown its neoclassical temple at the corner of Wall and Broad streets", and in 1998, they offered substantial tax incentives to try to keep it in the financial district.[15] Plans to rebuild it were delayed by the September 11 attacks.[15] The exchange still occupies the same site. The exchange is the home of a lot of technology and data. For example, to accommodate the three thousand people working directly on the trading floor requires 3,500 kilowatts of electricity, along with 8,000 telephone circuits on the trading floor alone and 200 miles of fiber optic cable underground.[39].
Importance
As an economic engine
Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined with the economy of New York."[38] The pay of Wall Street, in terms of salaries, bonuses, and taxes, is an important part of the economy of New York, the tri-state metropolitan area, and the United States.[63] Anchored on Wall Street, New York has been called the most economically powerful city in the world and its main financial center.[64][65] As such, A downturn in the Wall Street economy could have "heartbreaking effects on local and regional economies."[63] In 2008, after a downturn in the stock market, the downturn meant $18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services."[63].
It is estimated that Wall Street firms employed nearly 200,000 people in 2008.[63] Another estimate was that in 2007, the financial services industry, which had a profit of $70 billion, became 22% of the city's revenue.[66] Another estimate (in 2006) was that the financial services industry represented 9% of the city's workforce and the 31% of the tax base.[67] An additional 2007 estimate by Steve Malanga of the Manhattan Institute was that the securities industry accounts for 4.7 percent of jobs in New York, but 20.7 percent of its wages, and estimated that there were 175,000 jobs in the securities industry in New York (both Wall Street and Midtown) paying an average of $350. 000 dollars annually.[17] Between 1995 and 2005, the sector grew at an annual rate of about 6.6% per year, a respectable rate, but other financial centers were growing faster.[17] Another estimate, made in 2008, was that Wall Street provided a quarter of all personal income earned in the city and 10% of New York's tax revenue.[68] The city's securities industry, which had 163,400 jobs as of August 2013, continues to form the largest segment of the city's financial sector and a major economic driver, accounting for 5 percent of New York's private sector jobs in 2012, 8.5 percent (3.8 billion) of the city's tax revenues, and 22 percent of the city's total wages, including an average salary of $360,700. dollars.[69].
The seven largest firms on Wall Street in the 2000s were Bear Stearns, JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley, Merrill Lynch and Lehman Brothers.[63] During the 2008-2010 recession, many of these companies, including Lehman, went out of business or were bought at fire sale prices by other financial companies. In 2008, Lehman declared bankruptcy,[41] Bear Stearns was bought by JPMorgan Chase[41] forced by the United States government,[42] and Merrill Lynch was bought by Bank of America in a similar wedding. These failures marked a catastrophic downsizing for Wall Street as the financial industry undergoes restructuring and change. With New York's financial industry providing nearly a quarter of all revenue produced in the city and accounting for 10% of the city's tax revenue and 20% of the state's, the recession has had enormous implications for government treasuries.[63] New York Mayor Michael Bloomberg over a four-year period reportedly spent more than $100 million on tax incentives to persuade Goldman Sachs to build a 43-story headquarters. apartments in the financial district near the destroyed site of the World Trade Center.[66] In 2009, things were looking somewhat bleak, with an analysis by the Boston Consulting Group suggesting that 65,000 jobs had been permanently lost due to the recession.[66] But there were signs that property prices in Manhattan were rebounding with price increases of 9% annually in 2010, and bonuses were being paid once again, with average bonuses of more than $124,000 in 2010.[41].
A requirement of the New York Stock Exchange was that brokerage firms must have offices "clustered around Wall Street" so that employees could deliver physical paper copies of stock certificates each week.[15] There were some signs that downtown had become the center of financial services transactions as early as 1911.[70] But as technology advanced, in the mid- to late-century, computers and telecommunications replaced notifications. on paper, meaning that the close proximity requirement could be overlooked in more situations.[15] Many financial firms found that they could move to Midtown Manhattan, just 6 km away,[19] and still operate effectively. For example, Donaldson's former investment firm, Lufkin & Jenrette") was described as a Wall Street firm, but was headquartered on Park Avenue in Midtown.[71] One report described the migration from Wall Street:
However, a key magnet for Wall Street remains the New York Stock Exchange building. Some "old guard" firms, such as Goldman Sachs and Merrill Lynch (bought by Bank of America in 2009), have remained "fiercely loyal to the location of the Financial District", and new ones such as Deutsche Bank have chosen office space in the district. counters.[15].
After Wall Street firms began expanding westward in the 1980s in New Jersey,[72] the direct economic impacts of Wall Street activities have gone beyond New York. Employment in the financial services industry, primarily in "back office" roles, has become an important part of New Jersey's economy.[73] In 2009, Wall Street employment salaries were paid in the amount of nearly $18.5 billion in the state. The industry contributed $39.4 billion or 8.4 percent to New Jersey's gross domestic product in the same year.[74].
The most significant area with Wall Street employment is in Jersey City (Jersey City, New Jersey). In 2008, "Wall Street West" employment contributed to one-third of private sector jobs in Jersey City. Within the Financial Services group, there were three main sectors: more than 60 percent were in the securities industry "Value (finance)"); 20 percent were in banking; and 8 percent in insurance.[75].
Additionally, New Jersey has become the primary technological infrastructure to support Wall Street operations. A substantial amount of securities traded in the United States is executed in New Jersey, as the electronic trading data centers in the United States stock market for all major stock exchanges are located in North and Central Jersey. A significant number of securities clearing and settlement personnel are also located in the state. This includes the majority of Depository Trust's workforce. Company,[78] the largest U.S. securities depository and Depository Trust & Clearing Corporation"),[79] the parent company of National Securities Clearing Corporation, Fixed Income Clearing Corporation, and Emerging Markets Clearing Corporation.[80].
However, having a direct link to Wall Street employment may be problematic for New Jersey. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector as a result of the subprime mortgage crisis.[74].
On the importance of the street as a financial center, the New York Times analyst. Daniel Gross, wrote:
An example is the alternative trading platform known as BATS), based in Kansas City, which came "out of nowhere to gain a 9 percent share of the US stock trading market."[17] The firm has computers in the US state of New Jersey, two salespeople in New York, but the remaining 33 employees work at a center in Kansas.[17]
In the public imagination
Wall Street in a conceptual sense represents economic and financial power. For Americans, it can sometimes represent elitism and power politics, and its role has been a source of controversy throughout the nation's history, particularly beginning with the Gilded Age period at the turn of the century. Wall Street became the symbol of a country and an economic system that many Americans consider developed through trade, capitalism and innovation.[81].
The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, or New York-based financial interests.[82] Wall Street has become synonymous with financial interests, which are often used negatively.[83] During the subprime mortgage crisis of 2007 to 2010, Wall Street financing was blamed as one of the causes, although most Commentators blame an interaction of factors. The United States government's Troubled Asset Relief Program bailed out banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated,[83] and was criticized by journalists and the public alike. Analyst Robert Kuttner in the Huffington Post criticized the bailout for helping big Wall Street firms like Citigroup while neglecting to help smaller community development banks like Chicago's ShoreBank. A Huffington Post writer examined FBI statistics on theft, fraud and crime and concluded that Wall Street was the "most dangerous neighborhood in America" when taking into account the $50 billion fraud perpetrated by Bernie Madoff.[84].
When large companies such as Enron, WorldCom, and Global Crossing were found guilty of fraud, Wall Street was often blamed,[30] even though these companies had headquarters across the country and not on Wall Street. Many complained that the resulting Sarbanes-Oxley Act tarnished the business climate with regulations that were "unduly burdensome."[85] Interest groups courting the favor of Washington lawmakers, such as auto dealers, have often tried to present their interests as allies of Main Street rather than Wall Street, although analyst Peter Overby of National Public Radio suggested that auto dealers have given more than $250 billion in consumer loans. and have real ties to Wall Street.[86].
When the United States Treasury bailed out large financial companies, ostensibly to stop a downward spiral in the nation's economy, there were tremendous negative political consequences, particularly when reports emerged that money that was supposed to be used to ease credit restrictions was being used to pay bonuses. to highly compensated employees.[87] Analyst William D. Cohan) argued that it was "obscene" how Wall Street reaped "massive profits and bonuses in 2009" after being saved by "billions of dollars from the American taxpayer treasury" despite Wall Street's "greed and irresponsible risk-taking."[88]Washington Post reporter Suzanne McGee called on Wall Street to make a sort of public apology to the nation and expressed dismay that people like Goldman Sachs CEO Lloyd Blankfein had not repented despite being sued by the SEC in 2009. McGee wrote that "the bankers are not the only ones to blame, but their overly simplistic denials of responsibility and the occasional vague, hesitant expression of regret do not go far enough to deflect the blame." anger".[89].
Transport
Since Wall Street is historically a commuter destination, a lot of transportation infrastructure has been developed to serve it. Pier 11, near the eastern end of Wall Street, is a busy terminal for the New York Waterway, NYC Ferry, New York Water Taxi, and SeaStreak. The midtown Manhattan heliport also serves Wall Street.
There are three subway stations under Wall Street:
• - Wall Street "Wall Street (Seventh Avenue–Broadway line)") on William Street "William Street (Manhattan)") (trains 2 and 3)[101].
• - Wall Street "Wall Street (Lexington Avenue Line)") on Broadway (4 and 5 trains)[101].
• - Broad Street "Broad Street (Manhattan)") on Broad Street, with entrance on Wall Street (J and Z trains)[101].
• - Dow Jones Industrial Average.
• - New York Economy.
• - Wall Street Historic District.
• - Wikimedia Commons hosts a multimedia category on Wall Street.
• - New York Songlines: Wall Street, a virtual walking tour.
[5] ↑ Sidis, William James (1935). «7». Las tribus y los estados – vía Archivos Sidis. Parámetro desconocido |capítulo-url= ignorado (ayuda); |fechaacceso= requiere |url= (ayuda).
[6] ↑ The History of New York State, Book II, Chapter II, Part IV. Editor, Dr. James Sullivan, Online Edition by Holice, Deb & Pam. Retrieved August 20, 2006.
[20] ↑ a b Charles Dow (30 de marzo de 2009). Laura Sether, ed. Dow Theory Unplugged: Charles Dow's Original Editorials and Their Relevance. W&A Publishing. p. 2. ISBN 978-1934354094.: https://books.google.com/books?id=0_0c6ETLK7EC&pg=PA2
[26] ↑ Beverly Gage, The Day Wall Street Exploded: A Story of America in its First Age of Terror. New York: Oxford University Press, 2009; pp. 160-161.
[30] ↑ a b c d Larry Elliott (reviewer) Steve Fraser (author) (book:) Wall Street: A cultural History (by Fraser) (21 de mayo de 2005). «Going for brokers: Steve Fraser charts the highs and the lows of the world's financial capital in Wall Stree». The Guardian. Consultado el 15 de enero de 2011.: https://www.theguardian.com/books/2005/may/21/featuresreviews.guardianreview11
[41] ↑ a b c d e f g h i Andrew Clark (7 de octubre de 2010). «Farewell to Wall Street: After four years as US business correspondent, Andrew Clark is heading home. He recalls the extraordinary events that nearly bankrupted America – and how it's bouncing back». The Guardian. Consultado el 15 de enero de 2011.: https://www.theguardian.com/business/2010/oct/07/farewell-to-wall-street-us-financial-crisis
[46] ↑ COLIN MOYNIHAN (17 de septiembre de 2011). «Wall Street Protest Begins, With Demonstrators Blocked». The New York Times. Consultado el 16 de septiembre de 2011. «Throughout the afternoon hundreds of demonstrators gathered in parks and plazas in Lower Manhattan. They held teach-ins, engaged in discussion and debate and waved signs with messages like "Democracy Not Corporatization" or "Revoke Corporate Personhood."».: https://cityroom.blogs.nytimes.com/2011/09/17/wall-street-protest-begins-with-demonstrators-blocked/
[48] ↑ a b c d e f g White, Norval; Willensky, Elliot; Leadon, Fran (2010). AIA Guide to New York City (en inglés) (5.ª edición). Nueva York: Oxford University Press. ISBN 9780195383867.
[50] ↑ «Bankers Trust Building». New York City Landmarks Preservation Commission. 24 de junio de 1997. Consultado el 17 de febrero de 2020.: http://s-media.nyc.gov/agencies/lpc/lp/1949.pdf
[51] ↑ «Historic Structures Report: 23 Wall Street Building». National Register of Historic Places, National Park Service. 19 de junio de 1972. Consultado el 17 de febrero de 2020. «J. P. Morgan & Co. Building». New York City Landmarks Preservation Commission. 21 de diciembre de 1965. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/72000874.pdf
[52] ↑ «Historic Structures Report: Federal Hall». National Register of Historic Places, National Park Service. 15 de octubre de 1966. Consultado el 17 de febrero de 2020. «United States Custom House». New York City Landmarks Preservation Commission. 21 de diciembre de 1965. Consultado el 17 de febrero de 2020. «Federal Hall Interior». New York City Landmarks Preservation Commission. 27 de mayo de 1975. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/66000095.pdf
[53] ↑ «Historic Structures Report: Manhattan Company Building». National Register of Historic Places, National Park Service. 16 de junio de 2000. Consultado el 17 de febrero de 2020. «Manhattan Company Building». New York City Landmarks Preservation Commission. 12 de diciembre de 1995. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf
[54] ↑ «Historic Structures Report: Bank of New York & Trust Company Building». National Register of Historic Places, National Park Service. 28 de agosto de 2003. Consultado el 17 de febrero de 2020. «Bank of New York & Trust Company Building». New York City Landmarks Preservation Commission. 13 de octubre de 1998. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/03000847.pdf
[55] ↑ «Historic Structures Report: National City Bank Building». National Register of Historic Places, National Park Service. 30 de noviembre de 1999. Consultado el 17 de febrero de 2020. «National City Bank Building». New York City Landmarks Preservation Commission. 21 de diciembre de 1965. Consultado el 17 de febrero de 2020. «National City Bank Building Interior». New York City Landmarks Preservation Commission. 12 de enero de 1999. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/72000872.pdf
[63] ↑ a b c d e f Patrick McGeehan (26 de julio de 2008). «City and State Brace for Drop in Wall Street Pay». The New York Times. Consultado el 14 de enero de 2010.: https://www.nytimes.com/2008/07/26/nyregion/26pay.html
[66] ↑ a b c Patrick McGeehan (22 de febrero de 2009). «After Reversal of Fortunes, City Takes a New Look at Wall Street». The New York Times. Consultado el 15 de enero de 2011.: https://www.nytimes.com/2009/02/23/nyregion/23wall.html
[69] ↑ Thomas P. DiNapoli (New York State Comptroller) and Kenneth B. Bleiwas (New York State Deputy Comptroller) (October 2013). «The Securities Industry in New York City». Consultado el 30 de julio de 2014.: http://www.osc.state.ny.us/osdc/rpt7-2014.pdf
[73] ↑ Scott-Quinn, Brian (31 de julio de 2012). Finance, investment banking and the international bank credit and capital markets : a guide to the global industry and its governance in the new age of uncertainty. Houndmills, Basingstoke: Palgrave Macmillan. p. 66. ISBN 978-0230370470. Consultado el 29 de junio de 2013.: https://books.google.com/books?id=dv9TrTcZeGQC
[101] ↑ a b c "Subway Map" (PDF). Metropolitan Transportation Authority. September 2021. Retrieved September 17, 2021.
La primera es que Wall Street lleva el nombre de los valones*:* el nombre holandés para un nacido en Valonia es Waal.[3] Entre los primeros colonos que se embarcaron en el barco Nieu Nederlandt en 1624 se encontraban 30 familias valonas. Entre sus miembros estaba Peter Minuit, la persona que compró Manhattan para los holandeses.
La otra es que el nombre se deriva de un muro o muralla (en realidad, una empalizada de madera) en el límite norte del asentamiento de Nueva Ámsterdam, construido para proteger contra posibles incursiones de nativos, piratas e ingleses. Esta fue construida de tierra y tablones de madera de 5 m, que miden 1 m de largo y 3 m de altura.[4].
Si bien la palabra holandesa "wal" se puede traducir como "muralla", solo apareció como "De Wal Straat" en algunos mapas en inglés de Nueva Ámsterdam, mientras que otros mapas en inglés muestran el nombre como "De Waal Straat".[2].
Según una versión de la historia:.
En la década de 1640, las cercas básicas de piquetes y tablones servían para demarcar las parcelas y residencias en la colonia.[6] Más tarde, en nombre de la Compañía Neerlandesa de las Indias Occidentales, Peter Stuyvesant, utilizando tanto africanos esclavizados como colonos blancos, colaboró con el gobierno de la ciudad en la construcción de una fortificación más sustancial, una 4 m pared.[7][8] En 1685, los topógrafos trazaron Wall Street siguiendo las líneas de la empalizada original.[9] El muro comenzaba en Pearl Street "Pearl Street (Manhattan)"), que era la costa en ese momento, cruzaba el camino indio Broadway y terminaba en la otra costa (hoy Trinity Place), donde giraba hacia el sur y corría a lo largo de la costa hasta que terminaba en el antiguo fuerte. En estos primeros días, los comerciantes y comerciantes locales se reunían en lugares dispares para comprar y vender acciones y bonos, y con el tiempo se dividían en dos clases: subastadores y comerciantes.[10] Wall Street también era el mercado donde los propietarios podían alquilar a sus esclavos por día o por semana.[11] La muralla se eliminó en 1699[3][4] y se construyó un nuevo Ayuntamiento en Wall y Nassau "Nassau Street (Manhattan)") en 1700.
La esclavitud se introdujo en Manhattan en 1626, pero no fue hasta el 13 de diciembre de 1711 que el Consejo Común de la Ciudad de Nueva York convirtió a Wall Street en el primer mercado oficial de esclavos de la ciudad para la venta y alquiler de africanos e indios esclavizados.[12][13] El mercado de esclavos operó desde 1711 hasta 1762 en la esquina de las calles Wall y Pearl. Era una estructura de madera con techo y lados abiertos, aunque es posible que se hayan agregado paredes a lo largo de los años y podrían albergar aproximadamente a 50 hombres. La ciudad se benefició directamente de la venta de esclavos mediante la aplicación de impuestos a cada persona que se compraba y vendía allí.[14].
A finales del siglo , había un plátano de Virginia al pie de Wall Street bajo el cual los comerciantes y especuladores se reunían para negociar valores. El beneficio fue estar cerca el uno del otro.[15][4] En 1792, los comerciantes formalizaron su asociación con el Acuerdo de Buttonwood, que fue el origen de la Bolsa de Valores de Nueva York.[16] La idea del acuerdo era hacer el mercado más "estructurado" y "sin las subastas manipuladoras", con una estructura de comisiones.[10] Las personas que firman el acuerdo acordaron cobrarse mutuamente una tasa de comisión estándar; las personas que no firmen aún pueden participar, pero se les cobrará una comisión más alta por negociar.[10].
En 1789, Wall Street fue el escenario de la primera toma de posesión presidencial de los Estados Unidos cuando George Washington prestó juramento en el balcón del Federal Hall el 30 de abril de 1789. Esta fue también la ubicación de la aprobación de la Declaración de Derechos. Alexander Hamilton, quien fue el primer secretario del Tesoro y "arquitecto del primer sistema financiero de los Estados Unidos", está enterrado en el cementerio de Trinity Church "Iglesia de la Trinidad (Manhattan)"), al igual que Robert Fulton, famoso por sus barcos de vapor.[17][18].
19th century
In the first decades of the century, both residences and businesses occupied the area, but businesses increasingly predominated. "There are old stories of people's houses surrounded by the clamor of business and commerce and the owners complaining that they can't do anything," according to a historian named Burrows.[19] The opening of the Erie Canal at the turn of the century meant a huge boom in New York business, as it was the only major eastern seaport that had direct access by inland waterways to the ports of the Great Lakes ("Great Lakes (North America)"). Wall Street became the "money capital of the United States."[15].
Historian Charles R. Geisst suggested that there has been a constant "tug of war" between business interests on Wall Street and authorities in Washington, D.C., the capital of the United States at the time.[10] Generally, during the century, Wall Street developed its own "unique personality and institutions" with little outside interference.[10]
In the 1840s and 1850s, most residents moved further to Midtown due to increased commercial use on the lower end of the island.[19] The Civil War had the effect of causing the northern economy to soar, bringing greater prosperity to cities such as New York, which "became the banking center of the nation", connecting "the capital of the Old World and the ambition of the New World", according to one account.[17] JP Morgan created giant trusts; John D. Rockefeller's Standard Oil moved to New York.[17] Between 1860 and 1920, the economy changed from "agricultural to industrial to financial" and New York maintained its leadership position despite these changes, according to historian Thomas Kessner.[17] New York was second only to London as the world's financial capital.[17].
In 1884, Charles Dow began tracking stocks, initially starting with 11 stocks, mostly railroads, and analyzed the average prices of these eleven.[20] Some of the companies included in Dow's original calculations were American Tobacco Company, General Electric, Laclede Gas Company, National Lead Company, Tennessee Coal & Iron, and United States Leather Company. When the average "high and low" rose steadily, he considered it a market condition. bullish; if the averages fell, it was a bear market. You add up the prices and divide them by the number of stocks to get your Dow Jones average. The Dow numbers were a "convenient benchmark" for analyzing the market and became an accepted way to view the stock market as a whole. In 1889, the original stock market report, Customers' Afternoon Letter, became The Wall Street Journal. real, it became an influential international business journal published in New York.[22] After October 7, 1896, it began publishing the expanded list of Dow stocks.[20] A century later, there were 30 stocks on average.[21].
20th century
Business writer John Brooks in his book Once in Golconda considered the beginning of the century period to be the heyday of Wall Street.[17] The address of 23 Wall Street, the headquarters of JP Morgan & Company, known as The Corner, was "the exact center, both geographical and metaphorical, of financial America and even the financial world."[17].
Wall Street has had changing relationships with government authorities. In 1913, for example, when officials proposed a $4 stock transfer tax, stock market employees protested.[23] On other occasions, city and state officials have taken steps through tax incentives to encourage financial firms to continue doing business in the city.
A post office was built at 60 Wall Street in 1905.[24] During the years of World War I, there were occasional fundraising efforts for projects such as the National Guard.[25].
On September 16, 1920, near the corner of Wall and Broad Street "Broad Street (Manhattan)", the busiest corner of the financial district and across from the Morgan Bank offices, a powerful bomb exploded. It killed 38 people and seriously injured 143 people.[26] The perpetrators were never identified or arrested. However, the explosion helped fuel the red scare that was underway at the time. A report from The New York Times:.
The area was the subject of numerous threats; A bomb threat in 1921 led detectives to seal off the area to "prevent a repeat explosion of the Wall Street bomb."[28].
September 1929 was the stock market's peak.[29] October 3, 1929 was when the market began to slide, and it continued through the week of October 14.[29] In October 1929, renowned Yale economist Irving Fisher assured worried investors that their "money was safe" on Wall Street.[30] A few days later, on October 24,[29] Stock values plummeted. The stock market crash of 1929 marked the beginning of the Great Depression, in which a quarter of workers were unemployed, with soup kitchens, mass farm foreclosures, and declining prices. During this era, the development of the financial district stalled, and Wall Street "paid a heavy price" and "became something of a backwater in American life."
During the New Deal years, as well as the 1940s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying stocks based solely on credit, but these policies began to ease. From 1946 to 1947, stocks could not be purchased "on margin (finance)", meaning that an investor had to pay 100% of the cost of a stock without taking out any loans.[31] However, this margin requirement was reduced four times before 1960, each time spurring a mini rally and increasing volume, and when the Federal Reserve reduced margin requirements from 90% to 70 %.[31] These changes made it a little easier for investors to buy shares on credit. The growing national economy and prosperity led to a recovery during the 1960s, with some bad years in the early Sunday 1970s in the wake of the Vietnam War. Trading volumes increased; In 1967, according to Time magazine, volume reached 7.5 million shares a day, causing a paper "jam" with "batches of employees" working overtime to "settle transactions and update customer accounts."[32].
In 1973, the financial community recorded a collective loss of $245 million, spurring temporary government aid.[33] Reforms were instituted; The Securities and Exchange Commission eliminated fixed commissions, forcing "brokers to freely compete with each other for investors' business." In 1975, the SEC scrapped the NYSE's "Rule 394" that required "most stock transactions to be conducted on the floor of the Big Board," effectively freeing trading from electronic methods. In 1976, banks were allowed to buy and sell stocks, which generated more competition for stockbrokers.[34] The reforms had the effect of lowering prices overall, making it easier for more people to participate in the stock market.[34] Broker commissions for each stock sale decreased, but volume increased.[33].
The Reagan years were marked by a renewed push for capitalism and business, with national efforts to deregulate industries such as telecommunications and aviation. The economy resumed its upward growth after a period of languor in the early 1980s. A report in The New York Times described that the abundance of money and growth during these years had engendered a kind of drug culture, with rampant acceptance of cocaine use, although the overall percentage of actual users was probably small. A reporter wrote:
In 1987, the stock market crashed,[15] and, in the relatively brief recession that followed, the surrounding area lost 100,000 jobs by one estimate.[36] Since telecommunications costs were falling, banks and brokerage firms could move out of the Financial District to more affordable locations.[36] One of the firms looking to move was the NYSE. In 1998, the NYSE and the city reached a $900 million settlement that prevented the NYSE from crossing the river to Jersey City (Jersey City (New Jersey)); The agreement was described as "the largest in the city's history to prevent a corporation from leaving the city."[37]
21st century
In 2001, the Big Board, as some called the NYSE, was described as the "largest and most prestigious stock market in the world."[38] When the World Trade Center was destroyed on September 11, 2001, the attacks "crippled" the communications network and destroyed many buildings in the financial district, although buildings on Wall Street suffered little physical damage.[38] One estimate was that 45% of the "best trading space" had been lost. offices" on Wall Street.[15] The NYSE was determined to reopen on September 17, almost a week after the attack.[39] During this time, Rockefeller Group Business Center") opened additional offices at 48 Wall Street. Still, after 9/11, the financial services industry went through a recession with a significant drop in year-end bonuses of $6.5 billion, according to an estimate by the comptroller's office. state.[40].
To protect against vehicular bombardment in the area, authorities built concrete barriers and, over time, found ways to make them more aesthetically appealing by spending $5,000 to $8,000 each on bollards. Parts of Wall Street, as well as several other streets in the neighborhood, were blocked by specially designed bollards:
The Guardian journalist Andrew Clark described the years from 2006 to 2010 as "tumultuous", in which the American heartland was "plunged into gloom" with high unemployment of around 9.6%, with the median house price falling from $230,000 in 2006 to $183,000, and a foreboding rise in the national debt to $13,400. million, but that despite the setbacks, the American economy was once again "recovering."[41] What had happened during these heady years? Clark wrote:
The early months of 2008 were a particularly problematic period that made Federal Reserve Chairman. Ben Bernanke, "worked on holidays and weekends" and made an "extraordinary series of moves."[42] He shored up American banks and allowed Wall Street firms to borrow "directly from the Federal Reserve"[42] through a vehicle called the Federal Reserve Discount Window, a sort of lender as of late.[43] These efforts were highly controversial at the time, but from the perspective of 2010, it appeared that the efforts federal agencies had been the right decisions. By 2010, Wall Street firms, in Clark's view, were "returning to their former selves as engine rooms of wealth, prosperity and excess." the Wall Street Reform and Consumer Protection Act,* which dealt with issues such as credit card rates and lending requirements.[45] The NYSE closed two of its trading floors in a move to transform itself into an electronic exchange.[17] Beginning in September 2011, protesters disenchanted with the financial system protested in parks and plazas around Wall Street.[46].
On October 29, 2012, Wall Street was hit when New York and New Jersey were flooded by Hurricane Sandy. Its 4.2 m storm surge, a local record, caused massive flooding in nearby streets.[47] The New York Stock Exchange was closed for weather-related reasons, the first time since Hurricane Gloria in September 1985 and the first weather-related two-day closure since the Blizzard of 1888.
Architecture
Wall Street architecture generally has its roots in the Gilded Age.[19] Older skyscrapers were often built with elaborate facades, which have not been common in corporate architecture for decades. There are numerous landmarks on Wall Street, some of which were erected as bank headquarters. These include:
• - 1 Wall Street, a 50-story skyscraper built in 1929-1931 with an expansion in 1963-1965. It was previously known as the Irving Trust Company Building and the Bank of New York Building.[48] [49].
• - 14 Wall Street, a 32-story skyscraper with a 7-story step pyramid, built in 1910-1912 with an expansion in 1931-1933. It was originally the Bankers Trust Company building.[48] [50].
• - 23 Wall Street, a four-story headquarters built in 1914, was known as the "House of Morgan" and served for decades as the headquarters of J.P. Bank. Morgan & Co. and, by some accounts, was considered an important direction in American finance. Cosmetic damage from the 1920 Wall Street bombing is still visible on the Wall Street side of this building.[51].
• - Federal Hall (26 Wall Street), built in 1833–1842. The building, which formerly housed the United States Customs House and later the Sub-Treasury, is now a national monument "National Monument (United States)").[48] [52].
• - 40 Wall Street, a 71-story skyscraper built in 1929-1930 as the Bank of Manhattan Company Building; It later became the Trump Building.[48] [53].
• - 48 Wall Street, a 32-story skyscraper built in 1927-1929 as the Bank of New York & Trust Company Building.[48] [54].
• - 55 Wall Street, erected in 1836-1841 as a four-story Merchants Exchange, became the United States Custom House at the turn of the century. An expansion in 1907-1910 turned it into the eight-story National City Bank building.[48] [55].
• - 60 Wall Street, built in 1988.[48] It was previously the headquarters of JP Morgan & Co.[56] before becoming the US headquarters of Deutsche Bank.[57] It is the last remaining headquarters of a major investment bank on Wall Street.
Another key anchor for the area is the New York Stock Exchange Building on the corner of Broad Street (Manhattan). It is home to the New York Stock Exchange, which is by far the largest stock exchange in the world by market capitalization of its listed companies,[58][59][60][61] at $28.5 trillion as of June 30, 2018. City officials realize its importance and believe it has "outgrown its neoclassical temple at the corner of Wall and Broad streets", and in 1998, they offered substantial tax incentives to try to keep it in the financial district.[15] Plans to rebuild it were delayed by the September 11 attacks.[15] The exchange still occupies the same site. The exchange is the home of a lot of technology and data. For example, to accommodate the three thousand people working directly on the trading floor requires 3,500 kilowatts of electricity, along with 8,000 telephone circuits on the trading floor alone and 200 miles of fiber optic cable underground.[39].
Importance
As an economic engine
Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined with the economy of New York."[38] The pay of Wall Street, in terms of salaries, bonuses, and taxes, is an important part of the economy of New York, the tri-state metropolitan area, and the United States.[63] Anchored on Wall Street, New York has been called the most economically powerful city in the world and its main financial center.[64][65] As such, A downturn in the Wall Street economy could have "heartbreaking effects on local and regional economies."[63] In 2008, after a downturn in the stock market, the downturn meant $18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services."[63].
It is estimated that Wall Street firms employed nearly 200,000 people in 2008.[63] Another estimate was that in 2007, the financial services industry, which had a profit of $70 billion, became 22% of the city's revenue.[66] Another estimate (in 2006) was that the financial services industry represented 9% of the city's workforce and the 31% of the tax base.[67] An additional 2007 estimate by Steve Malanga of the Manhattan Institute was that the securities industry accounts for 4.7 percent of jobs in New York, but 20.7 percent of its wages, and estimated that there were 175,000 jobs in the securities industry in New York (both Wall Street and Midtown) paying an average of $350. 000 dollars annually.[17] Between 1995 and 2005, the sector grew at an annual rate of about 6.6% per year, a respectable rate, but other financial centers were growing faster.[17] Another estimate, made in 2008, was that Wall Street provided a quarter of all personal income earned in the city and 10% of New York's tax revenue.[68] The city's securities industry, which had 163,400 jobs as of August 2013, continues to form the largest segment of the city's financial sector and a major economic driver, accounting for 5 percent of New York's private sector jobs in 2012, 8.5 percent (3.8 billion) of the city's tax revenues, and 22 percent of the city's total wages, including an average salary of $360,700. dollars.[69].
The seven largest firms on Wall Street in the 2000s were Bear Stearns, JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley, Merrill Lynch and Lehman Brothers.[63] During the 2008-2010 recession, many of these companies, including Lehman, went out of business or were bought at fire sale prices by other financial companies. In 2008, Lehman declared bankruptcy,[41] Bear Stearns was bought by JPMorgan Chase[41] forced by the United States government,[42] and Merrill Lynch was bought by Bank of America in a similar wedding. These failures marked a catastrophic downsizing for Wall Street as the financial industry undergoes restructuring and change. With New York's financial industry providing nearly a quarter of all revenue produced in the city and accounting for 10% of the city's tax revenue and 20% of the state's, the recession has had enormous implications for government treasuries.[63] New York Mayor Michael Bloomberg over a four-year period reportedly spent more than $100 million on tax incentives to persuade Goldman Sachs to build a 43-story headquarters. apartments in the financial district near the destroyed site of the World Trade Center.[66] In 2009, things were looking somewhat bleak, with an analysis by the Boston Consulting Group suggesting that 65,000 jobs had been permanently lost due to the recession.[66] But there were signs that property prices in Manhattan were rebounding with price increases of 9% annually in 2010, and bonuses were being paid once again, with average bonuses of more than $124,000 in 2010.[41].
A requirement of the New York Stock Exchange was that brokerage firms must have offices "clustered around Wall Street" so that employees could deliver physical paper copies of stock certificates each week.[15] There were some signs that downtown had become the center of financial services transactions as early as 1911.[70] But as technology advanced, in the mid- to late-century, computers and telecommunications replaced notifications. on paper, meaning that the close proximity requirement could be overlooked in more situations.[15] Many financial firms found that they could move to Midtown Manhattan, just 6 km away,[19] and still operate effectively. For example, Donaldson's former investment firm, Lufkin & Jenrette") was described as a Wall Street firm, but was headquartered on Park Avenue in Midtown.[71] One report described the migration from Wall Street:
However, a key magnet for Wall Street remains the New York Stock Exchange building. Some "old guard" firms, such as Goldman Sachs and Merrill Lynch (bought by Bank of America in 2009), have remained "fiercely loyal to the location of the Financial District", and new ones such as Deutsche Bank have chosen office space in the district. counters.[15].
After Wall Street firms began expanding westward in the 1980s in New Jersey,[72] the direct economic impacts of Wall Street activities have gone beyond New York. Employment in the financial services industry, primarily in "back office" roles, has become an important part of New Jersey's economy.[73] In 2009, Wall Street employment salaries were paid in the amount of nearly $18.5 billion in the state. The industry contributed $39.4 billion or 8.4 percent to New Jersey's gross domestic product in the same year.[74].
The most significant area with Wall Street employment is in Jersey City (Jersey City, New Jersey). In 2008, "Wall Street West" employment contributed to one-third of private sector jobs in Jersey City. Within the Financial Services group, there were three main sectors: more than 60 percent were in the securities industry "Value (finance)"); 20 percent were in banking; and 8 percent in insurance.[75].
Additionally, New Jersey has become the primary technological infrastructure to support Wall Street operations. A substantial amount of securities traded in the United States is executed in New Jersey, as the electronic trading data centers in the United States stock market for all major stock exchanges are located in North and Central Jersey. A significant number of securities clearing and settlement personnel are also located in the state. This includes the majority of Depository Trust's workforce. Company,[78] the largest U.S. securities depository and Depository Trust & Clearing Corporation"),[79] the parent company of National Securities Clearing Corporation, Fixed Income Clearing Corporation, and Emerging Markets Clearing Corporation.[80].
However, having a direct link to Wall Street employment may be problematic for New Jersey. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector as a result of the subprime mortgage crisis.[74].
On the importance of the street as a financial center, the New York Times analyst. Daniel Gross, wrote:
An example is the alternative trading platform known as BATS), based in Kansas City, which came "out of nowhere to gain a 9 percent share of the US stock trading market."[17] The firm has computers in the US state of New Jersey, two salespeople in New York, but the remaining 33 employees work at a center in Kansas.[17]
In the public imagination
Wall Street in a conceptual sense represents economic and financial power. For Americans, it can sometimes represent elitism and power politics, and its role has been a source of controversy throughout the nation's history, particularly beginning with the Gilded Age period at the turn of the century. Wall Street became the symbol of a country and an economic system that many Americans consider developed through trade, capitalism and innovation.[81].
The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, or New York-based financial interests.[82] Wall Street has become synonymous with financial interests, which are often used negatively.[83] During the subprime mortgage crisis of 2007 to 2010, Wall Street financing was blamed as one of the causes, although most Commentators blame an interaction of factors. The United States government's Troubled Asset Relief Program bailed out banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated,[83] and was criticized by journalists and the public alike. Analyst Robert Kuttner in the Huffington Post criticized the bailout for helping big Wall Street firms like Citigroup while neglecting to help smaller community development banks like Chicago's ShoreBank. A Huffington Post writer examined FBI statistics on theft, fraud and crime and concluded that Wall Street was the "most dangerous neighborhood in America" when taking into account the $50 billion fraud perpetrated by Bernie Madoff.[84].
When large companies such as Enron, WorldCom, and Global Crossing were found guilty of fraud, Wall Street was often blamed,[30] even though these companies had headquarters across the country and not on Wall Street. Many complained that the resulting Sarbanes-Oxley Act tarnished the business climate with regulations that were "unduly burdensome."[85] Interest groups courting the favor of Washington lawmakers, such as auto dealers, have often tried to present their interests as allies of Main Street rather than Wall Street, although analyst Peter Overby of National Public Radio suggested that auto dealers have given more than $250 billion in consumer loans. and have real ties to Wall Street.[86].
When the United States Treasury bailed out large financial companies, ostensibly to stop a downward spiral in the nation's economy, there were tremendous negative political consequences, particularly when reports emerged that money that was supposed to be used to ease credit restrictions was being used to pay bonuses. to highly compensated employees.[87] Analyst William D. Cohan) argued that it was "obscene" how Wall Street reaped "massive profits and bonuses in 2009" after being saved by "billions of dollars from the American taxpayer treasury" despite Wall Street's "greed and irresponsible risk-taking."[88]Washington Post reporter Suzanne McGee called on Wall Street to make a sort of public apology to the nation and expressed dismay that people like Goldman Sachs CEO Lloyd Blankfein had not repented despite being sued by the SEC in 2009. McGee wrote that "the bankers are not the only ones to blame, but their overly simplistic denials of responsibility and the occasional vague, hesitant expression of regret do not go far enough to deflect the blame." anger".[89].
Transport
Since Wall Street is historically a commuter destination, a lot of transportation infrastructure has been developed to serve it. Pier 11, near the eastern end of Wall Street, is a busy terminal for the New York Waterway, NYC Ferry, New York Water Taxi, and SeaStreak. The midtown Manhattan heliport also serves Wall Street.
There are three subway stations under Wall Street:
• - Wall Street "Wall Street (Seventh Avenue–Broadway line)") on William Street "William Street (Manhattan)") (trains 2 and 3)[101].
• - Wall Street "Wall Street (Lexington Avenue Line)") on Broadway (4 and 5 trains)[101].
• - Broad Street "Broad Street (Manhattan)") on Broad Street, with entrance on Wall Street (J and Z trains)[101].
• - Dow Jones Industrial Average.
• - New York Economy.
• - Wall Street Historic District.
• - Wikimedia Commons hosts a multimedia category on Wall Street.
• - New York Songlines: Wall Street, a virtual walking tour.
[5] ↑ Sidis, William James (1935). «7». Las tribus y los estados – vía Archivos Sidis. Parámetro desconocido |capítulo-url= ignorado (ayuda); |fechaacceso= requiere |url= (ayuda).
[6] ↑ The History of New York State, Book II, Chapter II, Part IV. Editor, Dr. James Sullivan, Online Edition by Holice, Deb & Pam. Retrieved August 20, 2006.
[20] ↑ a b Charles Dow (30 de marzo de 2009). Laura Sether, ed. Dow Theory Unplugged: Charles Dow's Original Editorials and Their Relevance. W&A Publishing. p. 2. ISBN 978-1934354094.: https://books.google.com/books?id=0_0c6ETLK7EC&pg=PA2
[26] ↑ Beverly Gage, The Day Wall Street Exploded: A Story of America in its First Age of Terror. New York: Oxford University Press, 2009; pp. 160-161.
[30] ↑ a b c d Larry Elliott (reviewer) Steve Fraser (author) (book:) Wall Street: A cultural History (by Fraser) (21 de mayo de 2005). «Going for brokers: Steve Fraser charts the highs and the lows of the world's financial capital in Wall Stree». The Guardian. Consultado el 15 de enero de 2011.: https://www.theguardian.com/books/2005/may/21/featuresreviews.guardianreview11
[41] ↑ a b c d e f g h i Andrew Clark (7 de octubre de 2010). «Farewell to Wall Street: After four years as US business correspondent, Andrew Clark is heading home. He recalls the extraordinary events that nearly bankrupted America – and how it's bouncing back». The Guardian. Consultado el 15 de enero de 2011.: https://www.theguardian.com/business/2010/oct/07/farewell-to-wall-street-us-financial-crisis
[46] ↑ COLIN MOYNIHAN (17 de septiembre de 2011). «Wall Street Protest Begins, With Demonstrators Blocked». The New York Times. Consultado el 16 de septiembre de 2011. «Throughout the afternoon hundreds of demonstrators gathered in parks and plazas in Lower Manhattan. They held teach-ins, engaged in discussion and debate and waved signs with messages like "Democracy Not Corporatization" or "Revoke Corporate Personhood."».: https://cityroom.blogs.nytimes.com/2011/09/17/wall-street-protest-begins-with-demonstrators-blocked/
[48] ↑ a b c d e f g White, Norval; Willensky, Elliot; Leadon, Fran (2010). AIA Guide to New York City (en inglés) (5.ª edición). Nueva York: Oxford University Press. ISBN 9780195383867.
[50] ↑ «Bankers Trust Building». New York City Landmarks Preservation Commission. 24 de junio de 1997. Consultado el 17 de febrero de 2020.: http://s-media.nyc.gov/agencies/lpc/lp/1949.pdf
[51] ↑ «Historic Structures Report: 23 Wall Street Building». National Register of Historic Places, National Park Service. 19 de junio de 1972. Consultado el 17 de febrero de 2020. «J. P. Morgan & Co. Building». New York City Landmarks Preservation Commission. 21 de diciembre de 1965. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/72000874.pdf
[52] ↑ «Historic Structures Report: Federal Hall». National Register of Historic Places, National Park Service. 15 de octubre de 1966. Consultado el 17 de febrero de 2020. «United States Custom House». New York City Landmarks Preservation Commission. 21 de diciembre de 1965. Consultado el 17 de febrero de 2020. «Federal Hall Interior». New York City Landmarks Preservation Commission. 27 de mayo de 1975. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/66000095.pdf
[53] ↑ «Historic Structures Report: Manhattan Company Building». National Register of Historic Places, National Park Service. 16 de junio de 2000. Consultado el 17 de febrero de 2020. «Manhattan Company Building». New York City Landmarks Preservation Commission. 12 de diciembre de 1995. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/00000577.pdf
[54] ↑ «Historic Structures Report: Bank of New York & Trust Company Building». National Register of Historic Places, National Park Service. 28 de agosto de 2003. Consultado el 17 de febrero de 2020. «Bank of New York & Trust Company Building». New York City Landmarks Preservation Commission. 13 de octubre de 1998. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/03000847.pdf
[55] ↑ «Historic Structures Report: National City Bank Building». National Register of Historic Places, National Park Service. 30 de noviembre de 1999. Consultado el 17 de febrero de 2020. «National City Bank Building». New York City Landmarks Preservation Commission. 21 de diciembre de 1965. Consultado el 17 de febrero de 2020. «National City Bank Building Interior». New York City Landmarks Preservation Commission. 12 de enero de 1999. Consultado el 17 de febrero de 2020.: https://s3.amazonaws.com/NARAprodstorage/lz/electronic-records/rg-079/NPS_NY/72000872.pdf
[63] ↑ a b c d e f Patrick McGeehan (26 de julio de 2008). «City and State Brace for Drop in Wall Street Pay». The New York Times. Consultado el 14 de enero de 2010.: https://www.nytimes.com/2008/07/26/nyregion/26pay.html
[66] ↑ a b c Patrick McGeehan (22 de febrero de 2009). «After Reversal of Fortunes, City Takes a New Look at Wall Street». The New York Times. Consultado el 15 de enero de 2011.: https://www.nytimes.com/2009/02/23/nyregion/23wall.html
[69] ↑ Thomas P. DiNapoli (New York State Comptroller) and Kenneth B. Bleiwas (New York State Deputy Comptroller) (October 2013). «The Securities Industry in New York City». Consultado el 30 de julio de 2014.: http://www.osc.state.ny.us/osdc/rpt7-2014.pdf
[73] ↑ Scott-Quinn, Brian (31 de julio de 2012). Finance, investment banking and the international bank credit and capital markets : a guide to the global industry and its governance in the new age of uncertainty. Houndmills, Basingstoke: Palgrave Macmillan. p. 66. ISBN 978-0230370470. Consultado el 29 de junio de 2013.: https://books.google.com/books?id=dv9TrTcZeGQC
[101] ↑ a b c "Subway Map" (PDF). Metropolitan Transportation Authority. September 2021. Retrieved September 17, 2021.
But Goldman Sachs chief banking analyst Richard Ramsden is "unapologetic" and sees "banks as the dynamos that drive the rest of the economy."[41] Ramsden believes that "risk-taking is vital," saying in 2010:
Others in the financial industry believe they have been unfairly criticized by the public and politicians. For example, Anthony Scaramucci told President Barack Obama in 2010 that he felt like a piñata, "beaten with a stick" by "hostile politicians."[41].
The financial misdeeds of various figures throughout American history sometimes cast a dark shadow over financial investing as a whole, and include names such as William Duer, Jim Fisk, and Jay Gould (the latter two are believed to have been involved in an effort to crash the US gold market in 1869), as well as modern figures such as Bernard Madoff, who "swindled billions from investors".[90]
In addition, images of Wall Street and its figures have gained prominence. The 1987 Oliver Stone film. Wall Street, "Wall Street (film)") created the iconic figure of Gordon Gekko, who used the phrase "greed is good", which became popular in cultural parlance.[91] Gekko is reportedly based on multiple real-life people on Wall Street, including corporate raider Carl Icahn, disgraced stockbroker Ivan Boesky, and investor Michael Ovitz.[92] In 2009, Stone commented on how the film had had an unexpected cultural influence, not causing them to turn away from corporate greed, but rather causing many young people to choose careers on Wall Street because of the film.[91] A reporter repeated other lines from the film: "I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, Buddy. A player."[91]
However, Wall Street firms have also contributed to projects such as Habitat for Humanity, as well as food programs in Haiti, trauma centers in Sudan, and flood rescue boats in Bangladesh.[93].
• - Herman Melville's classic short story "Bartleby the Clerk" (first published in 1853 and republished in a revised edition in 1856) is subtitled "A History of Wall Street" and portrays the alienating forces at work within the confines of Wall Street.
• - Many events in Tom Wolfe's 1987 novel Bonfire of the Vanities "Bonfire of the Vanities (novel)") focus on Wall Street and its culture.
• - The film Wall Street "Wall Street (film)") (1987) and its sequel Wall Street 2: Money Never Sleeps (2010) exemplify many popular conceptions of Wall Street as a center of shady corporate dealings and insider trading.[94].
• - In the Star Trek universe the Ferengi are said to make regular pilgrimages to Wall Street, which they worship as a sacred place of commerce and business.[95].
• - On January 26, 2000, the band Rage Against the Machine filmed the music video for "Sleep Now in the Fire" on Wall Street, which was directed by Michael Moore.[96] The New York Stock Exchange closed early that day, at 2:52 p.m. m.[97].
• - In the 2012 film The Dark Knight Rises, Bane "Bane (character)") attacks the Gotham City Stock Exchange. Scenes were filmed in and around the New York Stock Exchange, with the JP Morgan Building at Wall Street and Broad Street standing in for the Stock Exchange.[98]
• - The 2013 film The Wolf of Wall Street is a dark comedy about Jordan Belfort, a New York stockbroker who ran Stratton Oakmont, a Lake Success, New York, company that engaged in securities fraud and corruption on Wall Street from 1987 to 1998.
Many people associated with Wall Street have become famous; Although in most cases their reputation is limited to brokers, others have gained national and international fame. For some, such as hedge fund manager Ray Dalio,[99] their fame is due to their skillful investment strategies, financing, reporting, legal or regulatory activities, while others such as Ivan Boesky, Michael Milken and Bernie Madoff are remembered for their notable failures or scandal.[100].
But Goldman Sachs chief banking analyst Richard Ramsden is "unapologetic" and sees "banks as the dynamos that drive the rest of the economy."[41] Ramsden believes that "risk-taking is vital," saying in 2010:
Others in the financial industry believe they have been unfairly criticized by the public and politicians. For example, Anthony Scaramucci told President Barack Obama in 2010 that he felt like a piñata, "beaten with a stick" by "hostile politicians."[41].
The financial misdeeds of various figures throughout American history sometimes cast a dark shadow over financial investing as a whole, and include names such as William Duer, Jim Fisk, and Jay Gould (the latter two are believed to have been involved in an effort to crash the US gold market in 1869), as well as modern figures such as Bernard Madoff, who "swindled billions from investors".[90]
In addition, images of Wall Street and its figures have gained prominence. The 1987 Oliver Stone film. Wall Street, "Wall Street (film)") created the iconic figure of Gordon Gekko, who used the phrase "greed is good", which became popular in cultural parlance.[91] Gekko is reportedly based on multiple real-life people on Wall Street, including corporate raider Carl Icahn, disgraced stockbroker Ivan Boesky, and investor Michael Ovitz.[92] In 2009, Stone commented on how the film had had an unexpected cultural influence, not causing them to turn away from corporate greed, but rather causing many young people to choose careers on Wall Street because of the film.[91] A reporter repeated other lines from the film: "I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, Buddy. A player."[91]
However, Wall Street firms have also contributed to projects such as Habitat for Humanity, as well as food programs in Haiti, trauma centers in Sudan, and flood rescue boats in Bangladesh.[93].
• - Herman Melville's classic short story "Bartleby the Clerk" (first published in 1853 and republished in a revised edition in 1856) is subtitled "A History of Wall Street" and portrays the alienating forces at work within the confines of Wall Street.
• - Many events in Tom Wolfe's 1987 novel Bonfire of the Vanities "Bonfire of the Vanities (novel)") focus on Wall Street and its culture.
• - The film Wall Street "Wall Street (film)") (1987) and its sequel Wall Street 2: Money Never Sleeps (2010) exemplify many popular conceptions of Wall Street as a center of shady corporate dealings and insider trading.[94].
• - In the Star Trek universe the Ferengi are said to make regular pilgrimages to Wall Street, which they worship as a sacred place of commerce and business.[95].
• - On January 26, 2000, the band Rage Against the Machine filmed the music video for "Sleep Now in the Fire" on Wall Street, which was directed by Michael Moore.[96] The New York Stock Exchange closed early that day, at 2:52 p.m. m.[97].
• - In the 2012 film The Dark Knight Rises, Bane "Bane (character)") attacks the Gotham City Stock Exchange. Scenes were filmed in and around the New York Stock Exchange, with the JP Morgan Building at Wall Street and Broad Street standing in for the Stock Exchange.[98]
• - The 2013 film The Wolf of Wall Street is a dark comedy about Jordan Belfort, a New York stockbroker who ran Stratton Oakmont, a Lake Success, New York, company that engaged in securities fraud and corruption on Wall Street from 1987 to 1998.
Many people associated with Wall Street have become famous; Although in most cases their reputation is limited to brokers, others have gained national and international fame. For some, such as hedge fund manager Ray Dalio,[99] their fame is due to their skillful investment strategies, financing, reporting, legal or regulatory activities, while others such as Ivan Boesky, Michael Milken and Bernie Madoff are remembered for their notable failures or scandal.[100].