By SS, KH & OH
Seeds: Wall Street in New York City, New York has been a haven for investment banks and brokerages for over 100 years, given that it was once home of the famous New York Stock Exchange (the building that resides is now a historic landmark, and the NYSE relocated). Wall Street is also the setting for the stock market crash in 1929 which marked the beginning of the Great Depression. Also, some believe the Wall Street community caused the collapse of the housing bubble in 2007 (also called the subprime mortgage crisis), which caused the nationwide recession that began in 2007.
Core: The term Wall Street is now used more broadly to refer to banking, business, and brokering communities that reside in and around this area. The bankers of Wall Street are mostly associated with corruption, as Wall Street is the source of many scandals, and many of the company owners are exorbitantly wealthy.
Skin: Wall Street has recently been brought to the forefront of political discussions due to Democratic presidential candidate, Bernie Sanders. Sanders is particularly passionate about the disbanding of the largest banks in America, but Hillary Clinton has also recently mentioned Wall Street reform, though some suggest that it is more responsive to Sanders than her actual policy.
Leaves: While many argue that Wall Street needs to be more highly regulated in order to prevent economic crises, such as the 2007 recession, very little legal action has been taken against Wall Street bankers who have been intentionally negligent. here have been statements from ex-employees of major businesses in the area who claim that their bosses were given warnings that the mortgages were fraudulent, and continued to do business anyway, leading to the housing market crash and recession.
Food For Thought: Do you think that Wall Street should be prosecuted for the crash of the housing bubble in 2007? Do you think that the businesses are corrupt?