From its inception, Wall Street has been the site of some of America's greatest triumphs and tragedies. As another chapter plays out, the Obama administration works to protect Wall Street and the American Economy. Image Source: Wikimedia Commons
Approximately 100 years before America was born, an Earthen wall on the northern boundary of the New Amsterdam settlement was erected to protect settlers from Native American incursions and encroachment from the English. As the settlement expanded, the Dutch West India company collaborated with the government in place at the time to fortify the wall—the end result being a 12 foot wall running along the shore. Traders gathered along the wall dividing into two groups—auctioneers and dealers—to exchange shares and bonds. Much of our country’s history would happen on this spot where traders gathered—in 1792 George Washington was sworn in as the first president of the United States, it is the location of the passing of the Bill of Rights and in 1792 the New York stock exchange was born—on Wall Street. In spite of its history, Wall Street is also the site of some of the greatest American tragedies. In 1929, the stock market crashed and by 1932 the American marketplace lost nearly 90 percent of its value, plunging the country into the great depression. The savings and loan crisis of the 1980s contributed to the economic recession that plagued the country for much of the 1990s. The financial crisis of 2008 has resulted in some of the most controversial economic legislation in recent memory—with a final resolution still eluding American leaders.
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