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 financial market is volatile in conjunction with the existence of job insecurity, Wall Street workers are compensated through their salaries. In Situating Global Capitalisms: A View from Wall Street Investment Bankers by Karen Ho, she interviews a banker who believes that working for Wall Street puts them at the top of the hierarchal ladder in society. The banker feels that everything goes through Wall Street, in terms of loans, investments, change or growth. From his point of view, Wall Street values are embedded in power. Similarly to Sjöberg's article, The Wall Street Culture, she states that as she was