In: Finance
Describe the history and current issues facing Wall Street
Wall Street represents the U.S financial markets that include stocks market, bond market, foreign exchange market, futures market and commodities market. It include the banks, hedge funds and security traders which support the American financial system.
History
The ten-foot wooden bazaar became the street bazaar for the traders and these traders collectively created the New York Stock Exchange in 1792. The Wall Street faced many difficulties, of which, the stock market crash of 1929 was the major event. The Dow lost the gains in few hours that day. In addition, there was the great depression in 2008 caused by housing bubble. The Wall Street was in panicky situation that time because of several factors as banks stopped lending, default of various companies etc. The federal government took certain steps to regain the faith of people in Wall Street.
Issues faced by Wall Street