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Donnie, unable to make the event announcing the deal, prepares his video speech. Meanwhile, Alma learns she might be a grandmother again from an unlikely source.

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In the first few decades, both residences and businesses occupied the area, but increasingly business predominated. Wall Street became the "money capital of America".

Geisst suggested that there has constantly been a "tug-of-war" between business interests on Wall Street and authorities in Washington, D.

In the s and s most residents moved further uptown to Midtown Manhattan because of the increased business use at the lower tip of the island.

Morgan created giant trusts; John D. In Charles H. Dow began tracking stocks, initially beginning with 11 stocks, mostly railroads, and looked at average prices for these eleven.

He added up prices, and divided by the number of stocks to get his Dow Jones average. Named in reference to the actual street, it became an influential international daily business newspaper published in New York City.

Wall Street has had changing relationships with government authorities. In the late 19th and early 20th centuries the corporate culture of New York was a primary center for the construction of skyscrapers , and was rivaled only by Chicago on the American continent.

There were also residential sections, such as the Bowling Green section between Broadway and the Hudson River , and between Vesey Street and the Battery.

The geology of Manhattan is well-suited for tall buildings, with a solid mass of bedrock underneath Manhattan providing a firm foundation for tall buildings.

Skyscrapers are expensive to build, but when there is a "short supply of land" in a "desirable location", then building upwards makes sound financial sense.

On September 16, , close to the corner of Wall and Broad Street, the busiest corner of the financial district and across the offices of the Morgan Bank , a powerful bomb exploded.

It killed 38 and seriously injured people. The explosion did, however, help fuel the Red Scare that was underway at the time. A report from The New York Times:.

The tomb-like silence that settles over Wall Street and lower Broadway with the coming of night and the suspension of business was entirely changed last night as hundreds of men worked under the glare of searchlights to repair the damage to skyscrapers that were lighted up from top to bottom.

The Assay Office, nearest the point of explosion, naturally suffered the most. The front was pierced in fifty places where the cast iron slugs, which were of the material used for window weights, were thrown against it.

Each slug penetrated the stone an inch or two and chipped off pieces ranging from three inches to a foot in diameter. The ornamental iron grill work protecting each window was broken or shattered.

It was as though some gigantic force had overturned the building and then placed it upright again, leaving the framework uninjured but scrambling everything inside.

The area was subjected to numerous threats; one bomb threat in led to detectives sealing off the area to "prevent a repetition of the Wall Street bomb explosion".

September was the peak of the stock market. The stock market crash of ushered in the Great Depression in which a quarter of working people were unemployed, with soup kitchens, mass foreclosures of farms, and falling prices.

During the New Deal years as well as the s, there was much less focus on Wall Street and finance. The government clamped down on the practice of buying equities based only on credit, but these policies began to ease.

Trading volumes climbed; in , according to Time Magazine , volume hit 7. The Reagan years were marked by a renewed push for capitalism and business , with national efforts to de-regulate industries such as telecommunications and aviation.

The economy resumed upward growth after a period in the early s of languishing. A report in The New York Times described that the flushness of money and growth during these years had spawned a drug culture of sorts, with a rampant acceptance of cocaine use although the overall percent of actual users was most likely small.

The Wall Street drug dealer looked like many other successful young female executives. Stylishly dressed and wearing designer sunglasses, she sat in her Chevrolet Camaro in a no-parking zone across the street from the Marine Midland Bank branch on lower Broadway.

The customer in the passenger seat looked like a successful young businessman. But as the dealer slipped him a heat-sealed plastic envelope of cocaine and he passed her cash, the transaction was being watched through the sunroof of her car by Federal drug agents in a nearby building.

In the stock market plunged [21] and, in the relatively brief recession following, lower Manhattan lost , jobs according to one estimate.

In , city authorities offered the Lower Manhattan Revitalization Plan which offered incentives to convert commercial properties to residential use.

Construction of the World Trade Center began in but had trouble attracting tenants when completed. Nonetheless, some substantial firms purchased space there.

Its impressive height helped make it a visual landmark for drivers and pedestrians. In some respects, the nexus of the financial district moved from the street of Wall Street to the Trade Center complex.

The attacks "crippled" the communications network. Debris littered some streets of the financial district. National Guard members in camouflage uniforms manned checkpoints.

Abandoned coffee carts, glazed with dust from the collapse of the World Trade Center, lay on their sides across sidewalks. Most subway stations were closed, most lights were still off, most telephones did not work, and only a handful of people walked in the narrow canyons of Wall Street yesterday morning.

The attack hastened a trend towards financial firms moving to midtown and contributed to the loss of business on Wall Street, due to temporary-to-permanent relocation to New Jersey and further decentralization with establishments transferred to cities like Chicago , Denver , and Boston.

To prevent a vehicle-delivered bomb from entering the area, Rogers Marvel designed a new kind of bollard, a faceted piece of sculpture whose broad, slanting surfaces offer people a place to sit in contrast to the typical bollard, which is supremely unsittable.

Pedestrians easily slip through groups of them as they make their way onto Wall Street from the area around historic Trinity Church.

Cars, however, cannot pass. Wall Street itself and the Financial District as a whole are crowded with highrises.

Further, the loss of the World Trade Center has spurred development on a scale that had not been seen in decades. In , Goldman Sachs began building a tower near the former Trade Center site.

A new Fulton Center is planned to improve access. The Guardian reporter Andrew Clark described the years of to as "tumultuous" in which the heartland of America is "mired in gloom" with high unemployment around 9.

But the picture is too nuanced simply to dump all the responsibility on financiers. A few of those on Wall Street, including maverick hedge fund manager John Paulson and the top brass at Goldman Sachs, spotted what was going on and ruthlessly gambled on a crash.

The first months of was a particularly troublesome period which caused Federal Reserve chairman Ben Bernanke to "work holidays and weekends" and which did an "extraordinary series of moves".

On October 29, ,—ironically, the 83rd anniversary of "Black Tuesday," the culmination of the disastrous Wall Street Crash of —Wall Street was disrupted when New York and New Jersey, an area not normally known as a hotbed of hurricane activity the way that areas much further south are, were blasted by Hurricane Sandy.

Its foot-high storm surge, a local record, caused massive street flooding in many parts of Lower Manhattan.

Power to the area was knocked out by a transformer explosion at a Con Edison plant. With mass transit in New York City already suspended as a precaution even before the storm hit, the New York Stock Exchange and other financial exchanges were closed for two days, re-opening on Oct.

Thus, it has small streets "barely wide enough for a single lane of traffic are bordered on both sides by some of the tallest buildings in the city", according to one description, which creates "breathtaking artificial canyons" offering spectacular views in some instances.

The Deutsche Bank building formerly the J. Morgan headquarters makes Deutsche Bank the last remaining major investment bank to have its headquarters on Wall Street.

The older skyscrapers often were built with elaborate facade, which have not been common in corporate architecture for decades; the nearby World Trade Center, built in the s, was very plain and utilitarian in comparison.

Cosmetic damage from the Wall Street bombing is still visible on the Wall Street side of this building. A key anchor for the area is the New York Stock Exchange.

City authorities realize its importance, and believed that it has "outgrown its neoclassical temple at the corner of Wall and Broad streets", and in offered substantial tax incentives to try to keep it in the financial district.

The exchange is the locus for an impressive amount of technology and data. For example, to accommodate the three thousand persons who work directly on the Exchange floor requires 3, kilowatts of electricity, along with 8, phone circuits on the trading floor alone, and miles of fiber-optic cable below ground.

During most of the 20th century, Wall Street was a business community with practically only offices which emptied out at night. A report in The New York Times in described a "deathlike stillness that settles on the district after 5: The general pattern is for several hundred thousand workers to commute into the area during the day, sometimes by sharing a taxicab [63] from other parts of the city as well as from New Jersey and Long Island , and then leave at night.

In only people lived "south of Chambers Street"; by , 13, people were residents with the addition of areas such as Battery Park City [21] and Southbridge Towers.

According to one description in , "The area dies at night It needs a neighborhood, a community. Wall Street is a major location of tourism in New York City.

One report described lower Manhattan as "swarming with camera-carrying tourists". Finance professor Charles R. Estimates vary about the number and quality of financial jobs in the city.

One estimate was that Wall Street firms employed close to , persons in These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change.

A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week.

The financial industry has been slowly migrating from its historic home in the warren of streets around Wall Street to the more spacious and glamorous office towers of Midtown Manhattan.

Morgan Chase, Citigroup, and Bear Stearns have all moved north. Some "old guard" firms such as Goldman Sachs and Merrill Lynch bought by Bank of America in , have remained "fiercely loyal to the financial district" location, and new ones such as Deutsche Bank have chosen office space in the district.

In , the Manhattan Financial District is one of the largest business districts in the United States, and second in New York City only to Midtown in terms of dollar volume of business transacted.

After Wall Street firms started to expand westward in the s to New Jersey , [80] the direct economic impacts of Wall Street activities have gone beyond New York City.

The employment in the financial services industry mostly in the "back office" roles has become an important part of New Jersey economy.

The most significant area with Wall Street employment is in Jersey City. In , the "Wall Street West" employment contributed to one third of the private sector jobs in Jersey City.

Within the Financial Service cluster, there were three major sectors: Additionally, New Jersey has become the main technology infrastructure to support the Wall Street operations.

A substantial amount of securities traded in the United States are executed in New Jersey as the data centers of electronic trading in the U.

This includes the majority of the workforce of Depository Trust Company, [86] the primary U. Having a direct tie to Wall Street employment is problematic for New Jersey, however.

The state lost 7. Nor is New York. The largest mutual-fund complexes are in Valley Forge, Pa. 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 in the market for trading United States stocks".

Wall Street in a conceptual sense represents financial and economic power. Wall Street became the symbol of a country and economic system that many Americans see as having developed through trade, capitalism, and innovation.

Wall Street has become synonymous with financial interests, often used negatively. When large firms such as Enron , WorldCom and Global Crossing were found guilty of fraud, Wall Street was often blamed, [37] even though these firms had headquarters around the nation and not in Wall Street.

Many complained that the resulting Sarbanes-Oxley legislation dampened the business climate with regulations that were "overly burdensome".

But chief banking analyst at Goldman Sachs , Richard Ramsden, is "unapologetic" and sees "banks as the dynamos that power the rest of the economy".

But there would be a cost. There would be virtually no economic growth because there would be no credit creation. The financial misdeeds of various figures throughout American history sometimes casts a dark shadow on financial investing as a whole, and include names such as William Duer , Jim Fisk and Jay Gould the latter two believed to have been involved with an effort to collapse the U.

In addition, images of Wall Street and its figures have loomed large. The Oliver Stone film Wall Street created the iconic figure of Gordon Gekko who used the phrase "greed is good", which caught on in the cultural parlance.

Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, Buddy. Wall Street firms have however also contributed to projects such as Habitat for Humanity as well as done food programs in Haiti and trauma centers in Sudan and rescue boats during floods in Bangladesh.

As a figure of speech contrasted to " Main Street ", the term "Wall Street" can refer to big business interests against those of small business and the working or middle classes.

It is sometimes used more specifically to refer to research analysts, shareholders, and financial institutions such as investment banks. Whereas "Main Street" conjures up images of locally owned businesses and banks, the phrase "Wall Street" is commonly used interchangeably with the phrase "Corporate America".

It is also sometimes used in contrast to distinguish between the interests, culture, and lifestyles of investment banks and those of Fortune industrial or service corporations.

According to the discipline of anthropology, the term culture represents the customs, values, morals, laws and rituals which a particular group or society shares.

In the public imagination, Wall Street represents economics and finance. However, although Wall Street employees may exhibit greedy and self-interested behaviours to the public, these behaviours are justified through their own value system and social practices.

Various anthropologists have conducted research on Wall Street and it is their research which can confirm the negative views of Wall Street while providing the public with information that can contribute to a better understanding of how Wall Street workers perceive themselves.

Anthropologist Karen Ho , who has conducted ethnographic research on Wall Street, states in Situating Global Capitalisms that the markets are beginning to self-regulate themselves in terms of neoliberalism.

It is both appropriate and fitting to call Wall Street a culture because of the system of values and practices it holds onto. They value seeing themselves as experts in their field, especially since they live in a society that values wealth.

Moreover, they do not regret their actions because to them, it is part of being an American.

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