I'm visiting Wall Street to
take some snapshots (more mental than photographic) of the looming
economic crisis. I want to see if traders, fund managers, and other
workers in the financial sector reveal any outward signs of distress.
Will they walk and talk a different way? Will they be nervous and
spilling their coffee on the sidewalk? We'll see! As with the other
walks, I'll be commenting on buildings, restaurants, etc., but I'll
also be chiming in with my amateur economic knowledge to translate the
mood of the Street.
Let's begin with a few quotes, shall we?
"Of
a Sunday, Wall-street is deserted as Petra; and every night of every
day it is an emptiness. This building too, which of week-days hums with
industry and life, at nightfall echoes with sheer vacancy, and all
through Sunday is forlorn. And here Bartleby makes his home; sole
spectator of a solitude which he has seen all populous—a sort of
innocent and transformed Marius brooding among the ruins of Carthage!" - Herman Melville (1819-1891), Bartleby, the Scrivener: A Story of Wall-street (1853)
"Out
of the din, overlooking the struggle, are, here, and there oases of
silence, where self-contained men sit in carpeted offices behind
guarded doors, armed with pens whose briefest tracings spell poverty or
wealth; their fingers pressing tiny buttons that sway the markets of
the world. " - From Charcoals of New and Old New York.
Pictures and Text by F. Hopkinson Smith. New York: Doubleday, Page
& Company. 1912. Image here of Wall Street by F. Hopkinson Smith.
Walking Off the Wall Street Bears: A Subprimer
I am no financial genius, but the colonel
and I sold our happy little bungalow in the American South a couple of
years ago, a time of a local bubble, and we made a bit of money, albeit
a pittance compared to New York real estate profits. * We also got rid
of our cars. We were moving to Manhattan, after all, where bungalows do
not exist, although I think they would make a charming addition to the
landscape, and cars seemed way too much of an inconvenience.
Much of the worries on Wall Street these days stem from the crisis in subprime mortgages,
risky loans to often credit-risky individuals to buy homes for
themselves. However, these individuals found themselves overwhelmed
financially with often high adjustable rate mortgages, and they faced
foreclosure. Some of the lenders are also up a creek. All this is just
sad. Manhattan, on the other hand, does not see much subprime action at
all, because people buying condos and townhouses at 4 to 6 million and
up are not financing these purchases through subprime mortgages. New
Yorkers of means only deal in prime, like a yummy slice of prime rib
roast.
Walking down Wall Street, I visualize the world I have
seen outside the confines of Manhattan, one of a variety of homes -
ranch houses, bungalows, Cape Coders, MacMansions, adobe houses,
shotgun houses, and all the American vernacular, and all the people
inside of them, figuring out how to manage their budgets. The elegant
Federalist, Gothic Revival, Art Deco, and Beaux-Arts buildings in the
Wall Street area, on the other hand, seem removed from this
aforementioned crisis, like they're on an island.
WARNING:
WOTBA's limited economic knowledge should not be used by real people
engaged in financial speculation. I'm just going for the visuals on all
this.
Image: Dorothea Lange. 1939. "Washington, western,
Thurston County. Malone Company house in abandoned mill village now
occupied by Work Projects Administration (WPA) worker." Library of
Congress, Prints & Photographs Division, FSA-OWI Collection.
* However, WOTBA obviously has way too much time on her hands and should get a JOB.
Walking Off the Wall Street Bears: With George, and a Rally!
How
spectacular Wall Street was this afternoon and prime for a little
rally! I spent much of my time soaking in just a taste of afternoon sun
that broke through the clouds, strolling up and down the short stretch
of this expensive and historic real estate. Wall Street is cavernous
and narrow, but the light that filters through on the east and west
provides for some sexy lighting. Tiffany's has joined the street, very
near a Starbucks, so there's much caffeinated glamour to take in.
I
sat for awhile behind the statue of George Washington in front of
Federal Hall and pondered his left foot. Across the street sits the
House of Morgan, so it was the perfect place to contemplate the
founding of the United States of America and the flourishing of the
capitalist system. I reached no conclusions. I did venture into Federal
Hall to look over the preview of the coming National Archives presence
in the main exhibition halls, and I was excited to see many important
documents of American history. Maybe if more people knew about this
exhibit I would not be the only visitor. The gift shop is a good place
to buy gifts relating to George Washington.
In financial news of
the day, Wal-Mart reported surprisingly good earnings, largely due to
its early discounts for the holidays. This great news rallied
investors, cheered that consumers will buy enough merchandise for
everyone throughout the merry season. Wal-Mart has attempted to open
stores in New York City, but we have scared them off. You can read all
about it here (NYT).
Image:
Drawing in pen and colored pencil of the left foot of the statue of
George Washington. Federal Hall. Wall Street. November 13, 2007.