Many would like to see Wall Street given a new name. Situated in lower Manhattan, New York City, New York, some who want to see it called Fall Street. Fall, as in the nursery rhyme Humpty Dumpty took a great fall. The place where all the king's horses and all the king's men couldn't put Humpty back together again. Back in the 1640's the original Wall Street was created out of basic picket and plank fencing and formed the northern edge of the New Amsterdam settlement. In the 1650's it was fortified into a 12-foot timber and earth wall and used as a barricade against assault from North American tribes, New England colonists, as well as the English Redcoats. Many believe the name Wall Street, was a reference to the people, the Dutch Walloons, who resided behind the wall, while others liked to think of it as referring to the protective structure, the wall itself. In the 18th century traders and speculators met informally underneath a buttonwood tree on the street. By 1792 the origin of the New York Stock Exchange was forged through the Buttonwood Agreement. The fame of the street continued to increase, as In 1789, the first presidential inauguration of George Washington took place on the Street, increased the Street's fame. In 1929 the Street was a scene of total despair, when crowds of shocked men gathered together following the Great Crash. ushered in the Great Depression. { The financial structure today, still bears the mark of what was formed in the Great Depression. As Wall Street evolved over the decades, as the a world financial centre, it has outright defied government control and regulatory control. The name Wall Street has come to refer to big business interests, compared to small business and the working middle class concerns . Entrance into the prestigious neighbourhood by middle class entrepreneurs has been almost impossible. The president of the NY Federal Reserve , which is based on Wall Street, is the only regional Bank president with a permanent vote and is traditionally selected {{{vice chairman of the Street|the Street’s vice chairman. The bank on Wall Street has a gold vault 80 feet (25 m) under the street level. It {{{is the world’s largest depository of gold}, even larger| is the largest reservoir of goldin the world, larger even}}} than Fort Knox. It was breaking into this vault that was the centre point of the film Die Hard Revenge. For a quarter of a century {{{financial arenas have gloried in their|finance has basked in its own golden age, leading to financial globalization. Modern finance may have improved countless lives, but during the past year, Wall Street has dissolved into â€Fall Street’, with a resonating crash. Financial services are in tatters right around the world . England has had its first run on a bank since Disraeli was Prime Minister. America continues its attempts at bailout, backed by the Chinese government. Promises of financial affluence have dissolved into financial hardship of unbelievable proportions, apart from the top executives who still cream it off the Street. President Barak Obama harshly criticized the $18 billion pay out in bonuses to the Street’s top executives and employers, calling it utterly shameful. He later announced a cap of $500,000 for any other compensation to these executives, in response to a public outcry over Wall Street overindulgence . While the executives continue to walk off with the cream, the rest of the world suffers. Executives who have continued in their opulent lifestyle, in spite of the world’s financial melt down. One can only surmise at what sort of phoenix will soar from the ashes of Wall Street in the coming months, or whether or not, it will be rightfully renamed Fall Street.
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