Wall Street
Candlefocus EditorEvents that have taken place on or around Wall Street have had many lasting impacts on both the United States economy and the global economy as a whole. Arguably the most significant of these was the financial collapse of 2007-2008, when the stock market crashed and many trillions of dollars in wealth disappeared. This was a massive blow to the financial industry and widespread panic ensued, causing the U.S. government to come to the rescue with a 700 billion dollar bailout package. The meltdown demonstrated to the rest of the world how Wall Street could cause significant rippling effects throughout the entire global economy.
Wall Street’s influence is so pervasive that it has even contrasted with the everyday working people. It has become a symbol for wealth and greed, with it often being painted by the public as furthering the economic gap between America's wealthiest and the rest of the nation. Wall Street is a term that stirs the imagination, with the Hollywood movies and books that have surfaced since the 1980’s making it an attractive and powerful cultural symbol of American achievements, although it is not without its flaws.
Regardless, Wall Street remains a popular topic in American culture as it is viewed as both an integral part of the American economy and as an enigma to some who view it as a contributor to inequality. Wall Street’s past, present and future all have an integral role in shaping the world’s financial markets and will continue to be a cornerstone of America’s economic and political system.