Editing Wall Street (section)

==Importance==
[[File:NYC_Downtown_Manhattan_Skyline_seen_from_Paulus_Hook_2019-12-20_IMG_7347_FRD.jpg|thumb|300px|alt=see caption|The [[FiDi (Manhattan)|Financial District]] of [[Lower Manhattan]] including Wall Street, the world's principal [[financial center]]<ref>{{cite news|url= https://www.reuters.com/business/new-york-widens-lead-over-london-top-finance-centres-index-2022-03-24/|title= New York widens lead over London in top finance centres index|website= Reuters|date= March 24, 2022|access-date= June 25, 2022|last1= Jones|first1= Huw|archive-date= June 11, 2022|archive-url= https://web.archive.org/web/20220611064943/https://www.reuters.com/business/new-york-widens-lead-over-london-top-finance-centres-index-2022-03-24/|url-status= live}}</ref>]]

===As an economic engine===
====In the New York economy====
Finance professor Charles R. Geisst wrote that the exchange has become "inextricably intertwined into New York's economy".<ref name="nyt20011012" /> 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 area (NY-NJ-CT)|tri-state metropolitan area]], and the [[Economy of the United States|United States]].<ref name="nyt20080726" /> Anchored by Wall Street, New York City has been called the world's most economically powerful city and leading [[financial center]].<ref>See: * {{cite web|url=https://www.reuters.com/article/us-survey-banks/new-york-surges-ahead-of-brexit-shadowed-london-in-finance-survey-idUSKBN1ZQ0BE|title=New York surges ahead of Brexit-shadowed London in finance: survey|first=Huw|last=Jones|publisher=Reuters|date=January 27, 2020|access-date=January 27, 2020|archive-date=January 27, 2020|archive-url=https://web.archive.org/web/20200127114217/https://www.reuters.com/article/us-survey-banks/new-york-surges-ahead-of-brexit-shadowed-london-in-finance-survey-idUSKBN1ZQ0BE|url-status=live}} * {{cite web|url=https://www.reuters.com/article/us-survey-markets/united-states-top-britain-second-in-financial-activity-think-tank-idUSKCN1LK2TM|title=United States top, Britain second in financial activity: think-tank|first=Huw|last=Jones|publisher=Thomson Reuters|date=September 4, 2018|access-date=September 4, 2018|archive-date=October 31, 2020|archive-url=https://web.archive.org/web/20201031103124/https://www.reuters.com/article/us-survey-markets/united-states-top-britain-second-in-financial-activity-think-tank-idUSKCN1LK2TM|url-status=live}} * {{cite news |url=http://www.citylab.com/work/2015/03/sorry-london-new-york-is-the-worlds-most-economically-powerful-city/386315/ |title=Sorry, London: New York Is the World's Most Economically Powerful City |first=Richard |last=Florida |newspaper=Bloomberg.com |publisher=The Atlantic Monthly Group |date=March 3, 2015 |access-date=March 25, 2015 |quote=Our new ranking puts the Big Apple firmly on top. |archive-date=March 14, 2015 |archive-url=https://web.archive.org/web/20150314002727/http://www.citylab.com/work/2015/03/sorry-london-new-york-is-the-worlds-most-economically-powerful-city/386315/ |url-status=live }} * {{cite web |url=http://www.businessinsider.com/top-8-cities-by-gdp-china-vs-the-us-2011-8 |title=Top 8 Cities by GDP: China vs. The U.S. |publisher=Business Insider, Inc |date=July 31, 2011 |access-date=October 28, 2015 |archive-date=October 16, 2015 |archive-url=https://web.archive.org/web/20151016233339/http://www.businessinsider.com/top-8-cities-by-gdp-china-vs-the-us-2011-8 |url-status=live }} * {{cite web |url=http://www.philippineairlines.com/news-and-events/pal-advises-passengers-come-airport-early-2/ |title=PAL sets introductory fares to New York |publisher=Philippine Airlines |access-date=March 25, 2015 |archive-date=March 27, 2015 |archive-url=https://web.archive.org/web/20150327052843/http://www.philippineairlines.com/news-and-events/pal-advises-passengers-come-airport-early-2 |url-status=dead }}</ref><ref>[https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-28-explore-data/gfci-28-rank/ GFCI 28 Rank] {{Webarchive|url=https://web.archive.org/web/20201104141441/https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-28-explore-data/gfci-28-rank/ |date=November 4, 2020 }} Accessed September 26, 2020.</ref> As such, a falloff in Wall Street's economy could have "wrenching effects on the local and regional economies".<ref name="nyt20080726" /> 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".<ref name="nyt20080726">{{cite news |first=Patrick |last=McGeehan |title=City and State Brace for Drop in Wall Street Pay |newspaper=The New York Times |date=July 26, 2008 |url=https://www.nytimes.com/2008/07/26/nyregion/26pay.html |access-date=January 14, 2010 |archive-date=October 24, 2020 |archive-url=https://web.archive.org/web/20201024221802/https://www.nytimes.com/2008/07/26/nyregion/26pay.html |url-status=live }}</ref>

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.<ref name="nyt20080726" /> Another estimate was that in 2007, the financial services industry which had a $70 billion profit became 22 percent of the city's revenue.<ref name="nyt20090223">{{cite news |first=Patrick |last=McGeehan |title=After Reversal of Fortunes, City Takes a New Look at Wall Street |newspaper=The New York Times |date=February 22, 2009 |url=https://www.nytimes.com/2009/02/23/nyregion/23wall.html |access-date=January 15, 2011 |archive-date=October 24, 2020 |archive-url=https://web.archive.org/web/20201024004341/https://www.nytimes.com/2009/02/23/nyregion/23wall.html |url-status=live }}</ref> 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.<ref>{{cite news |first=Heather |last=Timmons |title=New York Isn't the World's Undisputed Financial Capital |newspaper=The New York Times |date=October 27, 2006 |url=https://www.nytimes.com/2006/10/27/business/worldbusiness/27london.html |access-date=January 15, 2011 |archive-date=October 29, 2020 |archive-url=https://web.archive.org/web/20201029172402/https://www.nytimes.com/2006/10/27/business/worldbusiness/27london.html |url-status=live }}</ref> An additional estimate from 2007 by [[Steven Malanga|Steve Malanga]] of the [[Manhattan Institute]] was that the securities industry accounts for 4.7 percent of the jobs in New York City but 20.7 percent 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.<ref name="nyt20071014" /> 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.<ref name="nyt20071014" /> Another estimate, made in 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.<ref>{{cite news |first=Patrick |last=McGeehan |title=As Financial Empires Shake, City Feels No. 2 on Its Heels |newspaper=The New York Times |date=September 12, 2008 |url=https://www.nytimes.com/2008/09/13/nyregion/13rivalry.html |access-date=January 15, 2011 |archive-date=October 28, 2020 |archive-url=https://web.archive.org/web/20201028043325/https://www.nytimes.com/2008/09/13/nyregion/13rivalry.html |url-status=live }}</ref>  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 percent (US$3.8 billion) of the city's tax revenue, and 22 percent of the city's total wages, including an average salary of US$360,700.<ref>{{cite web |url=http://www.osc.state.ny.us/osdc/rpt7-2014.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.osc.state.ny.us/osdc/rpt7-2014.pdf |archive-date=October 9, 2022 |url-status=live |title=The Securities Industry in New York City |first1=Thomas P.|last1=DiNapoli|first2=Kenneth B.|last2=Bleiwas |date=October 2013 |access-date=July 30, 2014}}</ref>

The seven largest Wall Street firms in the 2000s were [[Bear Stearns]], [[JPMorgan Chase]], [[Citigroup]], [[Goldman Sachs]], [[Morgan Stanley]], [[Merrill Lynch]] and [[Lehman Brothers]].<ref name="nyt20080726" /> 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,<ref name="guardian20101007" /> [[Bear Stearns]] was bought by [[JPMorgan Chase]]<ref name="guardian20101007" /> forced by the [[Federal government of the United States|U.S. government]],<ref name="npr20080317" /> and [[Merrill Lynch]] was bought by [[Bank of America]] in a similar shot-gun wedding. These failures marked a catastrophic downsizing of Wall Street as the financial industry goes through restructuring and change. Since New York's financial industry provides almost one-fourth of all income produced in the city, and accounts for 10% of the city's tax revenues and 20% of the state's, the downturn has had huge repercussions for government treasuries.<ref name="nyt20080726" /> New York's mayor [[Michael Bloomberg]] reportedly over a four-year period dangled over $100 million in tax incentives to persuade Goldman Sachs to build a 43-story [[headquarters]] in the [[Financial District (Manhattan)|Financial District]] near the destroyed World Trade Center site.<ref name="nyt20090223" /> In 2009, things looked somewhat gloomy, with one analysis by the [[Boston Consulting Group]] suggesting that 65,000 jobs had been permanently lost because of the downturn.<ref name="nyt20090223" /> But there were signs that Manhattan property prices were rebounding with price rises of 9% annually in 2010, and bonuses were being paid once more, with average bonuses over $124,000 in 2010.<ref name="guardian20101007" />

====Versus Midtown Manhattan====
A requirement of the New York Stock Exchange was that brokerage firms had to have offices "clustered around Wall Street" so clerks could deliver physical paper copies of stock certificates each week.<ref name="usatoday20011024" /> There were some indications that midtown had been becoming the locus of financial services dealings even by 1911.<ref>{{cite news |title=WALL STREET BANKS CONNECTING UPTOWN; Financial District Notes This as American Exchange National Buys Into the Pacific. |newspaper=The New York Times |date=May 27, 1911 |url=https://www.nytimes.com/1911/05/27/archives/wall-street-banks-connecting-uptown-financial-district-notes-this.html |access-date=January 14, 2010 |archive-date=October 30, 2020 |archive-url=https://web.archive.org/web/20201030154328/https://www.nytimes.com/1911/05/27/archives/wall-street-banks-connecting-uptown-financial-district-notes-this.html |url-status=live }}</ref> But as technology progressed, in the middle and later decades of the 20th century, computers and telecommunications replaced paper notifications, meaning that the close proximity requirement could be bypassed in more situations.<ref name="usatoday20011024" /> Many financial firms found that they could move to [[Midtown Manhattan]], only {{convert|4|mi|km|0|spell=in}} away,<ref name="nyt20010909" /> and still operate effectively. For example, the former investment firm of [[Donaldson, Lufkin & Jenrette]] was described as a ''Wall Street firm'' but had its headquarters on [[Park Avenue]] in [[Midtown Manhattan|Midtown]].<ref>{{cite news |first=Heidi N. |last=Moore |title=DLJ: Wall Street's Incubator |newspaper=The Wall Street Journal |date=March 10, 2008 |url=https://blogs.wsj.com/deals/2008/03/10/the-little-bank-that-was-wall-streets-incubator/ |access-date=January 14, 2010 |archive-date=July 26, 2018 |archive-url=https://web.archive.org/web/20180726103746/https://blogs.wsj.com/deals/2008/03/10/the-little-bank-that-was-wall-streets-incubator/ |url-status=live }}</ref> A report described the migration from Wall Street:

{{blockquote|The financial industry has been slowly migrating from its historic home in the warren of streets around Wall Street to the more spacious and glamorous office towers of Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase, Citigroup, and Bear Stearns have all moved north.|source=''USA Today'', October 2001.<ref name="usatoday20011024" />}}

Nevertheless, a key magnet for the Wall Street remains the [[New York Stock Exchange Building]]. Some "old guard" firms such as [[Goldman Sachs]] and [[Merrill Lynch]] (bought by [[Bank of America]] in 2009), have remained "fiercely loyal to the Financial District" location, and new ones such as [[Deutsche Bank]] have chosen office space in the district.<ref name="usatoday20011024" /> So-called "face-to-face" trading between buyers and sellers remains a "cornerstone" of the NYSE, with a benefit of having all of a deal's players close at hand, including [[Investment banking|investment bankers]], [[lawyer]]s, and [[accountant]]s.<ref name="usatoday20011024" />

====In the New Jersey economy====
{{main|Wall Street West}}
After Wall Street firms started to expand westward in the 1980s into [[New Jersey]],<ref>{{cite news |last=Williams |first=Winston |title=On the Jersey City Docks, Wall St. West |url=https://www.nytimes.com/1988/10/28/nyregion/on-the-jersey-city-docks-wall-st-west.html |access-date=June 28, 2013 |newspaper=The New York Times |date=October 28, 1988 |archive-date=April 6, 2019 |archive-url=https://web.archive.org/web/20190406213209/https://www.nytimes.com/1988/10/28/nyregion/on-the-jersey-city-docks-wall-st-west.html |url-status=live }}</ref> the direct economic impacts of Wall Street activities have gone beyond New York City. The employment in the financial services industry, mostly in the "back office" roles, has become an important part of New Jersey's economy.<ref>{{cite book |last=Scott-Quinn |first=Brian |title=Finance, investment banking and the international bank credit and capital markets : a guide to the global industry and its governance in the new age of uncertainty |date=July 31, 2012 |publisher=Palgrave Macmillan |location=Houndmills, Basingstoke |isbn=978-0230370470 |page=66 |access-date=June 29, 2013 |url=https://books.google.com/books?id=dv9TrTcZeGQC}}</ref> In 2009, the Wall Street employment wages were paid in the amount of almost $18.5 billion in the state. The industry contributed $39.4 billion or 8.4 percent to the New Jersey's [[gross domestic product]] in the same year.<ref name="njfinance">{{cite web |title=Finance |url=http://www.nj.gov/njnextstop/home/finance/ |work=New Jersey Next Stop ... Your Career |publisher=State of New Jersey |access-date=June 29, 2013 |archive-date=December 22, 2018 |archive-url=https://web.archive.org/web/20181222173747/https://www.nj.gov/njnextstop/home/finance/ |url-status=live }}</ref> The most significant area with Wall Street employment is in [[Jersey City]]. In 2008, the "Wall Street West" employment contributed to one third of the [[private sector]] jobs in Jersey City. Within the Financial Service cluster, there were three major sectors: more than 60 percent were in the [[Security (finance)|securities industry]]; 20 percent were in [[bank]]ing; and 8 percent in [[insurance]].<ref>{{cite web |title=Your Gateway to Opportunity, Enterprise Zone Five Year Strategic Plan 2010 |url=http://www.jcedc.org/Pages/JerseyCity%20UEZ_Economics.pdf |publisher=Jersey City Economic Development Corporation |access-date=June 29, 2013 |archive-date=October 28, 2013 |archive-url=https://web.archive.org/web/20131028234728/http://www.jcedc.org/Pages/JerseyCity%20UEZ_Economics.pdf |url-status=dead}}</ref>

Additionally, New Jersey has become the main technology infrastructure to support the Wall Street operations. A substantial amount of securities traded in the United States are executed in New Jersey as the [[data center]]s of electronic trading in the U.S. equity market for all major stock exchanges are located in [[North Jersey|North]] and [[Central Jersey]].<ref>{{cite news |last=Bowley |first=Graham |title=The New Speed of Money, Reshaping Markets |url=https://www.nytimes.com/2011/01/02/business/02speed.html?pagewanted=all |access-date=June 29, 2013 |newspaper=The New York Times |date=January 1, 2011 |archive-date=November 11, 2020 |archive-url=https://web.archive.org/web/20201111195546/http://www.nytimes.com/2011/01/02/business/02speed.html?pagewanted=all |url-status=live }}</ref><ref>{{cite web |title=NASDAQ OMX Express Connect |url=http://www.nasdaqtrader.com/content/Productsservices/trading/CoLo/ExpressConnect_factsheet.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.nasdaqtrader.com/content/Productsservices/trading/CoLo/ExpressConnect_factsheet.pdf |archive-date=October 9, 2022 |url-status=live |publisher=NASDAQ OMX |access-date=June 29, 2013}}</ref> A significant amount of securities [[Clearing (finance)|clearing]] and [[Settlement (finance)|settlement]] workforce is also in the state. This includes the majority of the workforce of Depository Trust Company,<ref>{{cite web |title=DTC Operations Move to Newport, New Jersey |url=http://www.dtcc.com/downloads/legal/imp_notices/2012/dtc/ope/0481-12.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.dtcc.com/downloads/legal/imp_notices/2012/dtc/ope/0481-12.pdf |archive-date=October 9, 2022 |url-status=live |publisher=The Depository Trust Company |access-date=June 29, 2013 |date=September 10, 2012}}</ref> the primary U.S. securities [[Depository bank|depository]]; and the [[Depository Trust & Clearing Corporation]],<ref>{{cite news |last=Gregory |first=Bresiger |title=DTCC Moves Most Operations to NJ |url=http://www.tradersmagazine.com/news/dtcc-moves-most-operations-to-nj-110623-1.html |access-date=June 29, 2013 |newspaper=Traders Magazine |date=December 14, 2012 |archive-date=September 1, 2017 |archive-url=https://web.archive.org/web/20170901130140/http://www.tradersmagazine.com/news/dtcc-moves-most-operations-to-nj-110623-1.html |url-status=dead}}</ref> the parent company of National Securities Clearing Corporation, the Fixed Income Clearing Corporation and Emerging Markets Clearing Corporation.<ref>{{cite web |title=Clearing Agencies |url=https://www.sec.gov/divisions/marketreg/mrclearing.shtml |publisher=U.S. Securities and Exchange Commission |access-date=June 29, 2013 |archive-date=March 26, 2018 |archive-url=https://web.archive.org/web/20180326175221/https://www.sec.gov/divisions/marketreg/mrclearing.shtml |url-status=live }}</ref> Having a direct tie to Wall Street employment can be problematic for New Jersey, however. The state lost 7.9 percent of its employment base from 2007 to 2010 in the financial services sector in the fallout of the [[subprime mortgage crisis]].<ref name="njfinance" />

====Competing financial centers====
{{Main|Financial center}}

Of the street's importance as a financial center, ''[[New York Times]]'' analyst [[Daniel Gross (journalist)|Daniel Gross]] wrote:

{{blockquote|In today's burgeoning and increasingly integrated global financial markets&nbsp;— a vast, neural spaghetti of wires, Web sites and trading platforms&nbsp;— the N.Y.S.E. is clearly no longer the epicenter. Nor is New York. The largest mutual-fund complexes are in [[Valley Forge, Pennsylvania|Valley Forge, Pa.]], [[Los Angeles]] and [[Boston]], while trading and money management are spreading globally. Since the end of the cold war, vast pools of capital have been forming overseas, in the Swiss bank accounts of Russian oligarchs, in the Shanghai vaults of Chinese manufacturing magnates and in the coffers of funds controlled by governments in Singapore, Russia, [[Dubai]], [[Qatar]] and Saudi Arabia that may amount to some $2.5 trillion.|Daniel Gross in 2007<ref name="nyt20071014" />}}

An example is the alternative trading platform known as [[BATS Global Markets|BATS]], based in [[Kansas City]], which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks".<ref name="nyt20071014" /> The firm has computers in the [[U.S. state]] of [[New Jersey]], and only two salespeople in New York City; the remaining 33 employees work in a center in Kansas.<ref name="nyt20071014" />

===In the public imagination===
====As a financial symbol====
{{Financial markets}} 
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.<ref>Fraser (2005).</ref>

The term "Wall Street" has become a [[metonym]] for the financial markets of the United States as a whole, the [[Financial services in the United States|American financial services industry]], or New York–based financial interests.<ref>{{Cite web|first=Kimberly|last=Amadeo|title=Learn how Wall Street works|url=https://www.thebalance.com/introduction-to-wall-street-for-beginners-358143|access-date=September 6, 2020|website=The Balance|language=en|archive-date=October 30, 2020|archive-url=https://web.archive.org/web/20201030170755/https://www.thebalance.com/introduction-to-wall-street-for-beginners-358143|url-status=live}}</ref><ref>[http://mw1.merriam-webster.com/dictionary/Wall%20Street Merriam-Webster Online] {{Webarchive|url=https://web.archive.org/web/20071012142345/http://mw1.merriam-webster.com/dictionary/Wall%20Street |date=October 12, 2007}}, retrieved July 17, 2007.</ref> Wall Street has become synonymous with financial interests, often used negatively.<ref name="Kuttner2010">{{cite web |first=Robert |last=Kuttner |title=Zillions for Wall Street, Zippo for Barack's Old Neighborhood |website=Huffington Post |date=August 22, 2010 |url=https://www.huffingtonpost.com/robert-kuttner/zillions-for-wall-street-_b_690541.html |access-date=January 14, 2010 |archive-date=March 4, 2016 |archive-url=https://web.archive.org/web/20160304104046/http://www.huffingtonpost.com/robert-kuttner/zillions-for-wall-street-_b_690541.html |url-status=live }}</ref> During the [[subprime mortgage crisis]] from 2007 to 2010, 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,<ref name="Kuttner2010" /> and was criticized by journalists as well as the public. Analyst [[Robert Kuttner]] in the ''[[Huffington Post]]'' criticized the bailout as helping large Wall Street firms such as Citigroup while neglecting to help smaller community development banks such as Chicago's [[ShoreBank]].<ref name="Kuttner2010" /> One writer in the ''Huffington Post'' looked at [[Federal Bureau of Investigation|FBI]] statistics on robbery, fraud, and crime and concluded that Wall Street was the "most dangerous neighborhood in the United States" if one factored in the $50 billion [[fraud]] perpetrated by [[Bernie Madoff]].<ref>{{cite web |first=B. Jeffrey |last=Madoff |title=The Most Dangerous Neighborhood in the United States |website=Huffington Post |date=March 10, 2009 |url=https://www.huffingtonpost.com/b-jeffrey-madoff/the-most-dangerous-neighb_b_173667.html |access-date=January 14, 2010 |archive-date=July 14, 2016 |archive-url=https://web.archive.org/web/20160714071415/http://www.huffingtonpost.com/b-jeffrey-madoff/the-most-dangerous-neighb_b_173667.html |url-status=live }}</ref>

When large firms such as [[Enron]], [[WorldCom]], and [[Global Crossing]] were found guilty of fraud, Wall Street was often blamed,<ref name="guardian20050521" /> even though these firms had headquarters around the nation and not in Wall Street. Many complained that the resulting [[Sarbanes-Oxley]] legislation dampened the business climate with regulations that were "overly burdensome".<ref>{{cite news |first=Daniel |last=Altman |title=Other financial centers could rise amid crisis |work=The New York Times: Business |date=September 30, 2008 |url=https://www.nytimes.com/2008/09/30/business/worldbusiness/30iht-glob01.1.16579561.html |access-date=January 15, 2011 |archive-date=November 1, 2020 |archive-url=https://web.archive.org/web/20201101031817/https://www.nytimes.com/2008/09/30/business/worldbusiness/30iht-glob01.1.16579561.html |url-status=live }}</ref> Interest groups seeking favor with [[Washington, D.C.|Washington lawmakers]], such as car dealers, have often sought to portray their interests as allied with ''Main Street'' rather than ''Wall Street'', although analyst Peter Overby on ''[[National Public Radio]]'' suggested that car dealers have written over $250 billion in consumer loans and have real ties with ''Wall Street''.<ref>{{cite news |first=Peter |last=Overby |title=Car Dealers May Escape Scrutiny Of Consumer Loans |publisher=NPR |date=June 24, 2010 |url=https://www.npr.org/templates/story/story.php?storyId=128068332 |access-date=January 14, 2010 |archive-date=January 8, 2021 |archive-url=https://web.archive.org/web/20210108093556/https://www.npr.org/templates/story/story.php?storyId=128068332 |url-status=live }}</ref>

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.<ref>{{cite news |title=Hard Times, But Big Wall Street Bonuses |publisher=CBS News |date=November 12, 2008 |url=https://www.cbsnews.com/news/hard-times-but-big-wall-street-bonuses/ |access-date=January 14, 2010 |archive-date=October 10, 2013 |archive-url=https://web.archive.org/web/20131010153413/http://www.cbsnews.com/stories/2008/11/12/earlyshow/main4595179.shtml |url-status=live }}</ref> Analyst [[William D. Cohan]] argued that it was "obscene" how Wall Street reaped "massive profits and bonuses in 2009" after being saved by "trillions of dollars of American taxpayers' treasure" despite Wall Street's "greed and irresponsible risk-taking".<ref>{{cite news |first=William D. |last=Cohan |title=You're Welcome, Wall Street |newspaper=The New York Times |date=April 19, 2010 |url=http://opinionator.blogs.nytimes.com/2010/04/19/youre-welcome-wall-street/ |access-date=January 15, 2011 |archive-date=August 9, 2020 |archive-url=https://web.archive.org/web/20200809003309/https://opinionator.blogs.nytimes.com/2010/04/19/youre-welcome-wall-street/ |url-status=live }}</ref> ''[[Washington Post]]'' reporter Suzanne McGee called for Wall Street to make a sort of public apology to the nation, and expressed dismay that people such as [[Goldman Sachs]] chief executive [[Lloyd Blankfein]] hadn't expressed contrition despite being sued by the [[Securities and Exchange Commission|SEC]] in 2009.<ref name="wp20100630">{{cite news |first=Suzanne |last=McGee |title=Will Wall Street ever apologize? |newspaper=Washington Post |date=June 30, 2010 |url=http://views.washingtonpost.com/leadership/guestinsights/2010/06/wall-street-and-the-noble-art-of-the-apology.html |access-date=January 15, 2011 |archive-date=October 23, 2020 |archive-url=https://web.archive.org/web/20201023144613/http://views.washingtonpost.com/leadership/guestinsights/2010/06/wall-street-and-the-noble-art-of-the-apology.html |url-status=live }}</ref> McGee wrote that "Bankers aren't the sole culprits, but their too-glib denials of responsibility and the occasional vague and waffling expression of regret don't go far enough to deflect anger."<ref name="wp20100630" />

[[File:60 Wall Street building.jpg|thumb|upright|right|US headquarters of [[Deutsche Bank]] at [[60 Wall Street]] in 2010]]
But chief banking analyst at [[Goldman Sachs]], Richard Ramsden, is "unapologetic" and sees "banks as the dynamos that power the rest of the economy".<ref name="guardian20101007" /> Ramsden believes "risk-taking is vital" and said in 2010:

{{blockquote|You can construct a banking system in which no bank will ever fail, in which there's no leverage. But there would be a cost. There would be virtually no economic growth because there would be no credit creation.|Richard Ramsden of Goldman Sachs, 2010.<ref name="guardian20101007" />}}

Others in the financial industry believe that they have been unfairly castigated by the public and by politicians. For example, [[Anthony Scaramucci]] reportedly told President [[Barack Obama]] in 2010 that he felt like a [[piñata]], "whacked with a stick" by "hostile politicians".<ref name="guardian20101007" /> The financial misdeeds of various figures throughout American history sometimes casts a dark shadow on financial investing as a whole, and include names such as [[William Duer (Continental Congressman)|William Duer]], [[James Fisk (financier)|Jim Fisk]] and [[Jay Gould]] (the latter two believed to have been involved with an effort to collapse the U.S. gold market in 1869) as well as modern figures such as [[Bernard Madoff]] who "bilked billions from investors".<ref>{{cite news|url=http://traveltips.usatoday.com/walking-tours-nyc-11759.html|title=Walking Tours of NYC|first=T.L.|last=Chancellor|date=January 14, 2010|access-date=January 14, 2010|publisher=USA Today: Travel|archive-date=October 5, 2018|archive-url=https://web.archive.org/web/20181005153339/https://traveltips.usatoday.com/walking-tours-nyc-11759.html|url-status=live}}</ref>

In addition, images of Wall Street and its figures have loomed large. The 1987 [[Oliver Stone]] film ''[[Wall Street (1987 film)|Wall Street]]'' created the iconic figure of [[Gordon Gekko]] who used the phrase "greed is good", which caught on in the cultural parlance.<ref name="nyt20090908" /> Gekko is reportedly based on multiple real-life individuals on Wall Street, including corporate raider Carl Icahn, disgraced stock trader Ivan Boesky, and investor Michael Ovitz.<ref>{{Cite web|last=Chen|first=James|title=Who Is Gordon Gekko?|url=https://www.investopedia.com/terms/g/gordon-gekko.asp|access-date=September 6, 2020|website=Investopedia|language=en|archive-date=November 19, 2020|archive-url=https://web.archive.org/web/20201119052043/https://www.investopedia.com/terms/g/gordon-gekko.asp|url-status=live}}</ref> In 2009, Stone commented how the film had had an unexpected cultural influence, not causing them to turn away from corporate greed, but causing many young people to choose Wall Street careers because of the film.<ref name="nyt20090908">{{cite news |first=Tim |last=Arango |title=Greed Is Bad, Gekko. So Is a Meltdown. |work=The New York Times: Movies |date=September 7, 2009 |url=https://www.nytimes.com/2009/09/08/movies/08stone.html |access-date=January 14, 2010 |archive-date=November 9, 2020 |archive-url=https://web.archive.org/web/20201109035921/http://www.nytimes.com/2009/09/08/movies/08stone.html |url-status=live }}</ref> A reporter repeated other lines from the film: "I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, Buddy. A player."<ref name="nyt20090908" /> Wall Street firms have, however, also contributed to projects such as [[Habitat for Humanity]], as well as done food programs in [[Haiti]], trauma centers in [[Sudan]], and rescue boats during floods in [[Bangladesh]].<ref>{{cite news |first=Emily |last=Wax |title=Wall Street Greed? Not in This Neighborhood |newspaper=Washington Post |date=October 11, 2008 |url=https://www.washingtonpost.com/wp-dyn/content/article/2008/10/10/AR2008101002937.html |access-date=January 14, 2010 |archive-date=January 8, 2021 |archive-url=https://web.archive.org/web/20210108092705/https://www.washingtonpost.com/wp-dyn/content/article/2008/10/10/AR2008101002937.html |url-status=live }}</ref>

====In popular culture====
[[File:Wall Street & Broadway.JPG|thumb|upright|Street sign for Wall Street at the corner with Broadway, in front of [[1 Wall Street]]]]
* [[Herman Melville]]'s classic short story "[[Bartleby, the Scrivener]]" (first published in 1853 and republished in revised edition in 1856) is subtitled "A Story of Wall Street" and portrays the alienating forces at work within the confines of Wall Street.
* Many events of [[Tom Wolfe]]'s 1987 novel ''[[The Bonfire of the Vanities]]'' center on Wall Street and its culture.
* The film ''[[Wall Street (1987 film)|Wall Street]]'' (1987) and its sequel ''[[Wall Street: Money Never Sleeps]]'' (2010) exemplify many popular conceptions of Wall Street as a center of shady corporate dealings and [[insider trading]].<ref>[https://www.imdb.com/title/tt0094291/ IMDb entry for Wall Street] {{Webarchive|url=https://web.archive.org/web/20180722232330/https://www.imdb.com/title/tt0094291/ |date=July 22, 2018 }} Retrieved August 19, 2006.</ref>
* In the ''[[Star Trek]]'' universe, the [[Ferengi]] are said to make regular pilgrimages to Wall Street, which they worship as a holy site of commerce and business.<ref>[[11:59 (Star Trek: Voyager)]]</ref>
* On January 26, 2000, the band [[Rage Against the Machine]] filmed the music video for "[[Sleep Now in the Fire]]" on Wall Street, which was directed by [[Michael Moore]].<ref>{{Cite web |title=Rage Against The Machine Shoots New Video With Michael Moore |work=MTV News |url=http://www.mtv.com/news/articles/1433553/20000128/rage_against_the_machine.jhtml |last=Basham |first=David |date=January 28, 2000 |access-date=September 24, 2007 |archive-date=March 13, 2007 |archive-url=https://web.archive.org/web/20070313230512/http://www.mtv.com/news/articles/1433553/20000128/rage_against_the_machine.jhtml |url-status=dead }}</ref> The New York Stock Exchange closed early that day, at 2:52&nbsp;p.m.<ref>{{Cite web |title=NYSE special closings since 1885 |url=https://www.nyse.com/pdfs/closings.pdf |access-date=September 24, 2007 |archive-date=September 25, 2007 |archive-url=https://web.archive.org/web/20070925210452/http://www.nyse.com/pdfs/closings.pdf |url-status=dead}}</ref>
* In the 2012 film ''[[The Dark Knight Rises]]'', [[Bane (comics)|Bane]] attacks the [[Gotham City]] Stock Exchange. Scenes were filmed in and around the New York Stock Exchange, with the J.P. Morgan Building at Wall Street and Broad Street standing in for the Exchange.<ref>{{cite web|url=https://www.movie-locations.com/movies/d/Dark-Knight-Rises.php|title=Filming Locations for Christopher Nolan's The Dark Knight Rises (2012), with Christian Bale, in New York, Pittsburgh, Los Angeles, the UK and India.|first=Tony|last=Reeves|access-date=March 28, 2020|archive-date=November 26, 2020|archive-url=https://web.archive.org/web/20201126161840/https://www.movie-locations.com/movies/d/Dark-Knight-Rises.php|url-status=live}}</ref>
* The 2013 film ''[[The Wolf of Wall Street (2013 film)|The Wolf of Wall Street]]'' is a [[black comedy|dark comedy]] about [[Jordan Belfort]], a New York stockbroker who ran [[Stratton Oakmont]], a firm from [[Lake Success, New York]], that engaged in securities fraud and corruption on Wall Street from 1987 to 1998.

====Personalities associated with the street====
Many people associated with Wall Street have become famous; although in most cases their reputations are limited to members of the [[brokerage firm|stock brokerage]] and banking communities, others have gained national and international fame. For some, like hedge fund manager [[Ray Dalio]],<ref>{{Cite web|title=Ray Dalio|url=https://www.forbes.com/profile/ray-dalio/|access-date=September 6, 2020|website=Forbes|language=en|archive-date=June 6, 2012|archive-url=https://web.archive.org/web/20120606093421/http://www.forbes.com/profile/ray-dalio/|url-status=live}}</ref> their fame is due to skillful investment strategies, financing, reporting, legal or regulatory activities, while others such as [[Ivan Boesky]], [[Michael Milken]] and [[Bernie Madoff]] are remembered for their notable failures or scandal.<ref>[http://www.americanheritage.com/articles/magazine/ah/2009/1/2009_1_52.shtml John Steele Gordon] {{Webarchive|url=https://web.archive.org/web/20100102180816/http://americanheritage.com/articles/magazine/ah/2009/1/2009_1_52.shtml |date=January 2, 2010}} "Wall Street's 10 Most Notorious Stock Traders," ''American Heritage'', Spring 2009.</ref>