Wall Street Crash of 1929 one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e. the dollar), and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also, the uptick rule, which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid. The stock
Wall Street the United States" if one factored in the $50 billion fraud perpetrated by Bernie Madoff. When large firms such as Enron, WorldCom and Global Crossing were found guilty of fraud, Wall Street was often blamed, even though these firms had headquarters around the nation and not in Wall Street. Many complained that the resulting Sarbanes-Oxley legislation dampened the business climate with regulations that were "overly burdensome". Interest groups seeking favor with Washington lawmakers, such as car dealers, have often sought to portray their interests as allied with "Main Street" rather than "Wall Street", although analyst Peter Overby on "National Public