This paper discusses, from a historical perspective, the New York Stock Exchange (NYSE), the Crash of 1929, and other substantial market crashes.
Written in 2004; 2,285 words; 6 sources; MLA; $ 70.95
Paper Summary:
The paper explains that the New York Stock Exchange (NYSE), one of the oldest financial institutions in America, first traded under a tree on a dirt street in New York in 1790. The author points out that, while the Panic of 1873 did some damage financially, during this time some of the most powerful investment houses began to form, including Charles Schwab and J.P. Morgan, and their influence on "the Street" began to grow. The paper compares the 1929 market crash, which was based mainly on over-valued stocks, to the "dot com" crash in 2000.
Table of Contents
Introduction
The New York Stock Exchange
Early Wall Street
The Big Money Men
The 1929 Crash and Other Significant Crashes
From the Paper:
"The times were opulent, and Wall Street's history was being made at every turn. Some of the practices that would eventually lead to major crashes on Wall Street also had their roots in this time. Speculation was rampant, and stocks continued to climb in value. Many people invested in stocks for the first time during the opulent Victorian age, and some of these investors were still heavily invested in the market during the Roaring 20s, when stocks rose to unrivaled highs, only to crash when the market could not bear the high valuations and fluctuations. Wall Street grew out of speculation, and its history has reflected these origins repeatedly. Fortunes have been made and lost on Wall Street for centuries, and no matter what, they will continue to fluctuate and rally as the Street's history continues."
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