Major moments in the history of the stock market, from the birth of stock exchanges to catastrophic market crashes and more.
Kamal Derviş’ Essay in his essay “Convergence, interdependence, and divergence” presents three globalization trends. The convergence of global incomes per capita, the cyclical interdependence of countries, and the divergence of income distribution within nations. The trends suggest that while developing nations are catching up with developed nations, global income inequality is on the rise, and the interdependence of nations is cyclical meaning that while developing nations are growing faster than their developed counterparts, economic crisis in the developed world can be devastating to the developing world.
Many remember John Steinbeck's cult novel "The Grapes of Wrath" about a family of farmers who went bankrupt during the Great Depression, forced to travel from Oklahoma to California to survive. Today, October 29, marks 91 years since the day of perhaps the most famous stock market crash in history, "Black Tuesday", which marked the beginning of the Great Depression (1929-1932) - October 29, 1929.
In today's world, many millennials have found new and inventive ways to make fun of baby boomers. There have been the OK Boomer memes and the tendency to call any baby boomer who expresses a somewhat controversial opinion a ‘Karen.’
We all use money almost every day. Maybe you pay with cash or receive a paycheck; maybe you buy something with your credit card or transfer funds electronically to your retirement fund. It’s amazing how far our money has come. You can easily transfer money from an account simply by tapping your phone, use an app to send a payment to someone, or receive your checks virtually.
Economics can be, admittedly, a pretty boring subject to casually read up on. Not everyone is a fan of how the US economy—or any economy for that matter—works.
With its global financial epicenter in New York City, the stock market has long been a source of curiosity for many Americans. With numerous popular films like Wall Street and The Wolf of Wall Street uncovering the unsavory side of investment, people are often skeptical of the financial industry. Though few truly understand the inner workings of the world economy, they are fascinated by the culture around it and are envious of those who thrive off of trading in the stock market. If you have an intermediate or advanced knowledge about the world of finance or investment, you have at very least probably heard the terms bull and bear markets. These terms are used to describe the performance of the stock exchange in terms of stock prices and subsequent investor confidence. There are few factors more important in the fluctuations of the market than the state of investor confidence. The state of the market hinges greatly on the confidence of the investor, meaning that high confidence is good for the market and low confidence is obviously bad. In fact, before the Great Depression, many of the large economic collapses in history were referred to as "panics," occurring every few decades, despite the general upward trend of the nineteenth century. The origin of bull market and bear market terms still stands today, though, as vocabulary has evolved to describe trends in the market, and are exceedingly important for anyone with a vetted interest in the stock market to know.
15. Fifth Avenue Fortress - Bruce Kovner Bruce Kovner bought this beautiful Georgian mansion in 1999 and converted it to a science fiction fortress with a dozen bathrooms.
Wall Street is notoriously corrupt. Entire libraries and bookstores could be filled with the exposés and investigations of Wall Street and Washington corruption, ranging from single individuals stealing billions from their investors to the largest corporations running nationwide or global scams. Sometimes it's a matter of opportunity, as seen in The Big Short, but other times it's a matter of long-term, pre-meditated malice and greed. To bone up on your understanding of some of these shocking people and events, there are countless books about Wall Street scandals that offer new insights, deep investigations, and important discussions of the ways that some aspects of the economy do and, more importantly, don't work.
Among the best Wall Street films to watch, the classic 1987 film Wall Street is considered to be the archetypal image of the wealth, surplus, and success of the 1980s. Despite critical and financial success, leading to a lukewarm sequel in 2010, the film had more than its fair share of behind-the-scenes drama. Between this drama between stars Charlie Sheen and Michael Douglas, burgeoning technologies, and historical relevance, here are some things you didn't know about Wall Street.
Like members of any relatively exclusive profession or organization, the stockbrokers on Wall Street have, over time, developed a proprietary lexicon of inside jokes and trade-specific terms. Generally, these terms are of little to no use to laypeople, but they come in handy in a few specific scenarios. Understanding some of the more cryptic Wall Street market terms can enrich the experience of watching a movie like The Wolf of Wall Street, or seemingly any movie that takes place in the 1980s, while understanding common stock market terms and their definitions is just good general knowledge.
The finance world is one that is deceptively dramatic. On the surface, finance seems to be the most drama-free industry in existence. People ask, "What's so exciting about number-crunching accountants?"
At one point, Bernie Madoff was one of the most respected men on Wall Street. As owner of one of the most successful investment firms in America and as the former chairman of NASDAQ, Madoff had the world at his feet. Everyone in the finance world wanted to be him.