Wall Street, in lower Manhattan, New York City, New York, should be renamed, as in Fall Street. Is this where Humpty Dumpty took a great fall and all the king's horses and all the king's men couldn't put Humpty Dumpty back together again?
The original Wall Street, in the 1640's, was created out of fundamental picket and plank fencing, forming the northern most edge of the New Amsterdam settlement. It was fortified in the 1650's into a 12-foot timber and earth wall and used as a fortification against the assault from North American tribes, New England colonists, as well as the British.
Many thought the name Wall Street, was referring to the people, the Dutch Walloon, who dwelt behind the wall, while others preferred to think of as referring to the defensive structure, the wall itself.
As early as the 18th century traders and speculators collected together informally underneath the branches of a buttonwood tree on the street. By 1792 the origin of the New York Stock Exchange had been created through the Buttonwood Agreement.
The Street's fame continued, when in 1789 the first presidential inauguration of George Washington took place on the Street.
After the Great Crash of 1929, the Street was a scene of total anguish, as crowds of shattered men gathered together. This was the beginning of the Great Depression. Today's financial structure still bears the mark of what was forged in the Great Depression.
As Wall Street progressed over the decades, to become a world financial hub, it has utterly resisted government oversight and regulatory control. The term "Wall Street" evolved to refer to corporate business interests, as opposed to the interests of small business and the working middle class. Entrance into the prestigious neighbourhood by middle class entrepreneurs, has been virtually impossible.
The president of the NY Federal Reserve, which is based on the Street, is the only regional Bank president who holds a permanent vote and is traditionally selected as Street's vice chairman. The bank on Wall Street, has a gold vault 80 feet (25 m) below the street. This is the world's largest depository, even larger than Fort Knox. Breaking into this vault was the main theme of the film Die Hard Revenge.
For a quarter of a century finance has glorified in its own golden age, leading to financial globalization. Modern finance may have improved countless numbers of lives, but over the past year, Wall Street has disintegrated into 'Fall Street'.
Financial services are in chaos right around the earth. England had its first bank-run since Prime Minister Disraeli was in office. America, backed by the Chinese government, continues its stumbling attempts at bailouts. Promises of financial affluence have dissolved into financial heartbreak, apart from those who still cream it off the top of the Street.
President Barak Obama was harshly critical of the $18 billion pay out in bonuses, made to the Street's top ranking executives and employers, calling it totally shameful. He later pronounced a $500,000 cap, for any other compensation made to top executives, in response to a public outcry over Wall Street overindulgence. The world suffers, while the top executives have continued their usual opulent lifestyle.
One can only guess at what sort of phoenix will rise from the ashes of Fall Street in the coming year. Maybe the city officials will reconsider the name of Wall Street and officially make it Fall Street.
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