A kingdom of evil and the most famous and the most polarizing money institution people have ever had, the Wall Street still inspires people to write books and make cool movies. We have dug out the world wide net to find the most interesting facts about the Mecca for many widely known rich people.
1. The original name of Wall Street was “de Waal Straat”.
This place used to be settled by the Dutch and called New Amsterdam. Why “Wall”? The history has a version – the Dutch allegedly built the wall to protect their settlement from the British, so later the place started to be called Wall Street.
2. Wall Street is the source of a considerable portion of all NY earnings.
It deals not only with finance, but also insurance and real estate – altogether amounting to 35% of total NY city income.
3. The earnings of a Wall Street employee is shockingly higher than of an average one in America.
An average Wall Street employee makes $363,000 (bonuses included) compared to an average American Doctor of Science with $81,400 not to mention those who have not achieved this much.
4. The financial part of NY is not represented by Wall Street only.
The financial ditrict of the city if much larger, while Wall Street itself stretches for eight blocks with its length less than half a mile.
5. The financial bailout program of the U.S. costs much more than you could ever imagine – $4.62 trillion.
It is more than the Marshall Plan, purchase of Louisiana, flight to the Moon, S&L bailout, Korean War, New Deal, wars in Iraq and Vietnam and NASA’s lifetime budget combined!
6. If you could travel back to 1956 and invest $1,000 with Warren Buffet, you would have more than $300 million today.
Einstein called compounding “the 8th wonder of the world” for a reason – with a 22% yearly growth, one thousand bucks invested with Warren Buffet 60 years ago would bring you 300 million bucks.
7. Wall Street’s history as of the center of business and finance began under a buttonwood tree.
It’s where twenty four traders signed an agreement to trade stocks with each other and initiate the NY Stock and Exchange Board.
8. Sometimes we are too optimistic in our statements: at the FOMC meeting in on June 27-28th, 2007 they said “recession” thrice while the word “strong” was pronounced 61 times.
Half a year after the Federal Open Market Committe meeting the American economy slipped into recession.
9. Wall Street is not actually the world coolest financial center.
Its position is second in the list, the first one belongs to London (according to the Global Financial Centres Index).
10. The Wall Street Crash of 1929 is believed by many people to be a major reason of the Great Depression that affected a lot of states in the 1930s.
The crash was caused by the sudden fall of the prices and shares following the rise throughout the 1920s.
11. Market decline makes the number of investors drop by 8,7% comoared to market increase.
This happens alongside with the finance phenomenon knows as the “ostrich effect” when people try to avoid financial threats by pretending they don’t exist.
12. The Wall Street Crash was not so much suicidal as widely believed.
In the period from Black Thursday to the end of 1929 the number of suicides and suicude attempts in NY amounted to a hundred. However, only 4 of them were connected with the Wall Street Crash.
13. Director Oliver Stone made two movies about “Wall Street”.
The first one was released in 1987 and starred such prominent actors as Charlie Sheen, Michael Douglas, Daryl Hannah and Martin Sheen, the second one was a sequel of 2010 with Charlie Sheen, Michael Douglas who agreed to act again.
14. The first movie, that became classic, was partially shot at real NY stock exchange during the working hours.
All thanks to Kenneth Lipper, a longtime Wall Street insider and New York City’s deputy mayor.
15. Wall Street starts trading daily at 9.30 a.m. when it hears the bell of the NY Stock Exchange ringing.
The closing bell rings at 4 p.m. Many famous people at different times have obtained the honour to ring it.
16. The first location of the NY Stock Exchange was a coffee house.
The Tontine Coffee House was placed on the corner of Wall Street and Water Street. The New York Stock Exchange has moved many times, the current building was constructed in 1903.
17. “Sleep Now into the Fire” – the track for RageAgainst the Machine (2000) was being shot in front of the New York Stock Exchange building.
However the filming of the track didn’t interrupt the trading work inside the building as the doors were intentionally locked.
18. The crash of 1929 had been predicted by economist Roger Babson a month before it happened.
He said it would be inevitable and terrific. It started at the final hour of trading on October 23rd – the prices started to fall sharply, people were stricken with panic.
19. 16,4 million shares were being traded on Black Tuesday – this record lasted for forty years.
People were shouting out “Sell! Sell! Sell!” so loudly that the opening bell was not ever heard. A lot of investors lost all their life savings within seconds.
20. The Stock market of America required many years to recover from the Crash of the Stock market.
The loss of the Crash amounted to $25 bullion dollars ($300 billion in today’s equivalent), the American elite was trying to do something but it didn’t help. The pre-crash numbers were reached only in 1954.