WALL STREET

Wall Street is a 0.7-mile-long (1.1 km) street running eight blocks, roughly northwest to southeast, from Broadway to South Street on the East River in the Financial District of Lower Manhattan, New York City. Over time, the term has become a metonym for the financial markets of the United States as a whole, the American financial sector (even if financial firms are not physically located there), or New York-based financial interests.
Anchored by Wall Street, New York City has been called both the most economically powerful city and the leading financial center of the world, and the city 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 have or had headquarters in the Wall Street area, including the New York Mercantile Exchange, the New York Board of Trade, and the former American Stock Exchange.

WHY IS IT CALLED WALL STREET

The name of the street originates from an actual wall that was built in the 17th century by the Dutch, who were living in what was then called New Amsterdam. The 12-foot (4 meter) wall was built to protect the Dutch against attacks from pirates and various Native American tribes, and to keep other potential dangers out of the establishment.
The area near the wall became known as Wall Street. Because of its prime location running the width of Manhattan between the East River and the Hudson River the road developed into one of the busiest trading areas in the entire city. Later, in 1699, the wall was dismantled by the British colonial government, but the name of the street stuck.

The financial industry got its official start on Wall Street on May 17, 1792. On that day, New York's first official stock exchange was established by the signing of the Buttonwood Agreement. The agreement, so-called because it was signed under a buttonwood tree that early traders and speculators had previously gathered around to trade informally, gave birth to what is now the modern-day New York Stock Exchange NYSE.
Today, "Wall Street" is used to describe the country's financial sector. Since the start of the latest economic recession, in some circles, the term "Wall Street" has become a metaphor for corporate greed and financial mismanagement.

ARCHITECTURE

Wall Street's architecture is generally rooted in the Gilded Age, though there are also some art deco influences in the neighborhood. The streets in the area were laid out prior to the Commissioners' Plan of 1811, a grid plan that dictates the placement of most of Manhattan's streets north of Houston Street. 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. Construction in such narrow steep areas has resulted in occasional accidents such as a crane collapse. One report divided lower Manhattan into three basic districts.

1. The financial district proper—particularly along John Street
2. South of the World Trade Center area—the handful of blocks south of the World Trade Center along Greenwich, Washington and West Streets
3. Seaport district—characterized by century-old low-rise buildings and South Street Seaport; the seaport is "quiet, residential, and has an old world charm" according to one description.

Landmark buildings on Wall Street include Federal Hall, 14 Wall Street (Bankers Trust Company Building), 40 Wall Street (The Trump Building), 55 Wall Street (the former world headquarters of Citicorp), the New York Stock Exchange at the corner of Broad Street and the US headquarters of Deutsche Bank at 60 Wall Street. The Deutsche Bank building (formerly the J.P. 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 1970s, was very plain and utilitarian in comparison.

AS AN ECONOMIC ENGINE

Wall Street pay, in terms of salaries and bonuses and taxes, is an important part of the economy of New York City, the tri-state metropolitan area, and the United States. In 2008, after a downturn in the stock market, the decline meant $18 billion less in taxable income, with less money available for "apartments, furniture, cars, clothing and services". A falloff in Wall Street's economy could have "wrenching effects on the local and regional economies".

Estimates vary about the number and quality of financial jobs in the city. One estimate was that Wall Street firms employed close to 200,000 persons in 2008. Another estimate was that in 2007, the financial services industry which had a $70 billion profit became 22 percent of the city's revenue. Another estimate (in 2006) was that the financial services industry makes up 9% of the city's work force and 31% of the tax base. An additional estimate (2007) from Steve Malanga of the Manhattan Institute was that the securities industry accounts for 4.7% of the jobs in New York City but 20.7% of its wages, and he estimated there were 175,000 securities-industries jobs in New York (both Wall Street area and midtown) paying an average of $350,000 annually. Between 1995 and 2005, the sector grew at an annual rate of about 6.6% annually, a respectable rate, but that other financial centers were growing faster. Another estimate (2008) was that Wall Street provided a fourth of all personal income earned in the city, and 10% of New York City's tax revenue. The city's securities industry, enumerating 163,400 jobs in August 2013, continues to form the largest segment of the city's financial sector and an important economic engine, accounting in 2012 for 5 percent of private sector jobs in New York City, 8.5% (US$3.8 billion) of the city's tax revenue, and 22% of the city's total wages, including an average salary of US$360,700.

The seven largest Wall Street firms in the 2000s were Bear Stearns, JPMorgan Chase, Citigroup Incorporated, Goldman Sachs, Morgan Stanley, Merrill Lynch and Lehman Brothers.[50] During the recession of 2008–10, many of these firms, including Lehman, went out of business or were bought up at firesale prices by other financial firms. In 2008, Lehman filed for bankruptcy, Bear Stearns was bought by JP Morgan Chase, forced by the U.S. government, and Merrill Lynch was bought by Bank of America in a similar shot-gun wedding.

TOURISM

Wall Street is a major location of tourism in New York City. One report described lower Manhattan as "swarming with camera-carrying tourists". Tour guides highlight places such as Trinity Church, the Federal Reserve gold vaults 80 feet below street level (worth $100 billion), and the NYSE. A Scoundrels of Wall Street Tour is a walking historical tour which includes a museum visit and discussion of various financiers "who were adept at finding ways around finance laws or loopholes through them".

Occasionally artists make impromptu performances; for example, in 2010, a troupe of 22 dancers "contort their bodies and cram themselves into the nooks and crannies of the Financial District in Bodies in Urban Spaces" choreographed by Willi Donner. One chief attraction, the Federal Reserve Building in lower Manhattan, paid $750,000 to open a visitors' gallery in 1997. The New York Stock Exchange and the American Stock Exchange also spent money in the late 1990s to upgrade facilities for visitors. Attractions include the gold vault beneath the Federal Reserve and that "staring down at the trading floor was as exciting as going to the Statue of Liberty.

PUBLIC PERCEPTION OF WALL STREET

Wall Street in a conceptual sense represents financial and economic power. To 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 around the Gilded Age period in the late 19th century. 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. During the subprime mortgage crisis from 2007–10, Wall Street financing was blamed as one of the causes, although most commentators blame an interplay of factors. The U.S. government with the Troubled Asset Relief Program bailed out the banks and financial backers with billions of taxpayer dollars, but the bailout was often criticized as politically motivated, and was criticized by journalists as well as the public. When the United States Treasury bailed out large financial firms, to ostensibly halt a downward spiral in the nation's economy, there was tremendous negative political fallout, particularly when reports came out that monies supposed to be used to ease credit restrictions were being used to pay bonuses to highly paid employees. FBI statistics on robbery, fraud, and crime at one time showed that Wall Street was the "most dangerous neighborhood in the United States" if one factored in the $50 billion fraud perpetrated by Bernie Madoff. When large firms such as Enron, WorldCom and Global Crossing were found guilty of fraud, Wall Street was often blamed, even though these firms had headquarters around the nation and not in Wall Street.

VERSUS MAIN STREET

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 500 industrial or service corporations.

Lower Manhattan as seen from above

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