Page 6 - Module 1 History of wall street

1847 map showing the street layout and ferry routes
The
for lower Manhattan

st
Regulation 21 Century

September 1929 was the peak of the 1975 the Securities & Exchange Commission more affordable locations. The recession In 2001 the Big Board, as some termed the $5000 to $8000 apiece on bollards: recklessly, the banks didn’t look at these
market.October 3, 1929 was when the threw out the NYSE’s “Rule 394” which had of 1990–91 was marked by office vacancy NYSE, was described as the world’s “largest To prevent a vehicle-delivered bomb from loans adequately, relying on flawed credit-
market started to slip, and it continued required that “most stock transactions take rates downtown which were “persistently and most prestigious stock market”. entering the area, Rogers Marvel designed rating agencies such as Standard & Poor’s
throughout the week of the 14th.In October place on the Big Board’s floor”, in effect high” and with some buildings “standing But when the World Trade Center was a new kind of bollard, a faceted piece of and Moody’s, which blithely certified toxic
1929, renowned Yale economist Irving freeing up trading for electronic methods. empty”.The day of the drop, October 20, destroyed on September 11, 2001, it left sculpture whose broad, slanting surfaces mortgage-backed securities as solid. A few
Fisher reassured worried investors that In 1976, banks were allowed to buy and sell was marked by “stony-faced traders whose an architectural void as new developments offer people a place to sit in contrast to of those on Wall Street, including maverick
their “money was safe” on Wall Street. A stocks, which provided more competition sense of humor had abandoned them since the 1970s had played off the complex the typical bollard, which is supremely hedge fund manager John Paulson and the
few days later, on October 24,stock values for stockbrokers.Reforms had the effect and in the exhaustion of stock exchange aesthetically. The attacks “crippled” the unsittable. The bollard, which is called the top brass at Goldman Sachs, spotted what
plummeted. The stock market crash of of lowering prices overall, making it easier employees struggling to maintain orderly communications network. One estimate Nogo, looks a bit like one of Frank Gehry’s was going on and ruthlessly gambled on
1929 ushered in the Great Depression in for more people to participate in the stock trading”. Ironically, it was the same year that was that 45% of Wall Street’s “best unorthodox culture palaces, but it is hardly a crash. They made a fortune but turned
which a quarter of working people were market. Broker commissions for each stock Oliver Stone’s movie Wall Street appeared. office space” had been lost.The physical insensitive to its surroundings. Its bronze into the crisis’s pantomime villains. Most,
unemployed, with soup kitchens, mass sale lessened, but volume increased. In 1995, city authorities offered the Lower destruction was immense: surfaces actually echo the grand doorways though, got burned – the banks are still
foreclosures of farms, and falling prices. The Reagan years were marked by a Manhattan Revitalization Plan which offered Debris littered some streets of the financial of Wall Street’s temples of commerce. gradually running down portfolios of non-
During this era, development of the financial renewed push for capitalism, business, with incentives to convert commercial properties district. National Guard members in Pedestrians easily slip through groups of core loans worth $800bn. -- The Guardian
district stagnated, and Wall Street “paid a national efforts to de-regulate industries to residential use. camouflage uniforms manned checkpoints. them as they make their way onto Wall reporter Andrew Clark, 2010.
heavy price” and “became something of a such as telecommunications and aviation. Construction of the World Trade Center Abandoned coffee carts, glazed with dust Street from the area around historic Trinity
backwater in American life”. The economy resumed upward growth after began in 1966 but had trouble attracting from the collapse of the World Trade Church. Cars, however, cannot pass. -- Blair
During the New Deal years as well as a period in the early 1980s of languishing. tenants when completed. Nonetheless, Center, lay on their sides across sidewalks. Kamin in the Chicago Tribune, 2006
the 1940s, there was much less focus on A report in The New York Times described some substantial firms purchased space Most subway stations were closed, most Wall Street itself and the Financial District
Wall Street and finance. The government that the flushness of money and growth there. Its impressive height helped make it a lights were still off, most telephones did as a whole are crowded with highrises.
clamped down on the practice of buying during these years had spawned a drug visual landmark for drivers and pedestrians. not work, and only a handful of people Further, the loss of the World Trade Center
equities based only on credit, but these culture of sorts, with a rampant acceptance In some respects, the nexus of the financial walked in the narrow canyons of Wall has spurred development on a scale that
policies began to ease. From 1946-1947, of cocaine use although the overall percent district moved from the street of Wall Street Street yesterday morning. -- Leslie Eaton had not been seen in decades. In 2006,
stocks could not be purchased “on margin”, of actual users was most likely small. A to the Trade Center complex. Real estate and Kirk Johnson of the New York Times, Goldman Sachs began building a tower near
meaning that an investor had to pay 100% reporter wrote: growth during the latter part of the 1990s September 16, 2001. the former Trade Center site.Tax incentives
of a stock’s cost without taking on any The Wall Street drug dealer looked like many was significant, with deals and new projects Still, the NYSE was determined to re-open provided by federal, state and local
loans. But this margin requirement was other successful young female executives. happening in the financial district and on September 17, almost a week after the governments encouraged development. A
reduced four times before 1960, each time Stylishly dressed and wearing designer elsewhere in Manhattan; one firm invested attack.[49] During this time Rockefeller new World Trade Center complex centered
stimulating a mini-rally and boosting volume, sunglasses, she sat in her 1983 Chevrolet more than $24 billion in various projects, Group Business Center opened additional on Daniel Libeskind’s Memory Foundations
and when the Federal Reserve reduced the Camaro in a no-parking zone across the many in the Wall Street area. In 1998, the offices at 48 Wall Street. The attack plan is under development, the centerpiece
margin requirements from 90% to 70%. street from the Marine Midland Bank NYSE and the city struck a $900 million hastened a trend towards financial firms of which is the 1,776-foot (541 m) tall One
These changes made it somewhat easier branch on lower Broadway. The customer in deal which kept the NYSE from moving moving to midtown and contributed to World Trade Center that opened in 2014.
for investors to buy stocks on credit. The the passenger seat looked like a successful across the river to Jersey City; the deal was the loss of business on Wall Street, due New residential buildings are sprouting up,
growing national economy and prosperity young businessman. But as the dealer described as the “largest in city history to to temporary-to-permanent relocation to and buildings that were previously office
led to a recovery during the 1960s, with slipped him a heat-sealed plastic envelope prevent a corporation from leaving town”. New Jersey and further decentralization space are being converted to residential
some down years during the early 1970s in of cocaine and he passed her cash, the A competitor to the NYSE, NASDAQ, moved with establishments transferred to cities units, also benefiting from tax incentives.
the aftermath of the Vietnam War. Trading transaction was being watched through the its headquarters from Washington to New like Chicago, Denver, and Boston. A new Fulton Center is planned to improve
volumes climbed; in 1967, according to sunroof of her car by Federal drug agents York. After September 11, the financial services access. In 2007, the Maharishi Global
Time Magazine, volume hit 7.5 million in a nearby building. And the customer — industry went through a downturn with a Financial Capital of New York opened
shares a day which caused a “traffic jam” an undercover agent himself -was learning sizable drop in year-end bonuses of $6.5 headquarters at 70 Broad Street near the
of paper with “batteries of clerks” working the ways, the wiles and the conventions of billion, according to one estimate from a NYSE, in an effort to seek investors. But the
overtime to “clear transactions and update Wall Street’s drug subculture. -- Peter Kerr state comptroller’s office. Many brokers picture is too nuanced simply to dump all
customer accounts”. In 1973 the financial in the New York Times, 1987. In 1987 the are paid mostly through commission, and the responsibility on financiers. Most Wall
community posted a collective loss of $245 stock market plunged and, in the relatively get a token annual salary which is dwarfed Street banks didn’t actually go around the
million, which spurred temporary help from brief recession following, lower Manhattan by the year-end bonus. US hawking dodgy mortgages; they bought
the government.Reforms were instituted; lost 100,000 jobs according to one estimate. To guard against a vehicular bombing in the and packaged loans from on-the-ground
the SEC eliminated fixed commissions, Since telecommunications costs were area, authorities built concrete barriers, firms such as Countrywide Financial and
which forced “brokers to compete freely coming down, banks and brokerage firms and found ways over time to make them New Century Financial, both of which hit
with one another for investors’ business”. In could move away from Wall Street to more aesthetically appealing by spending a financial wall in the crisis. Foolishly and

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