[untitled] Walk Project
On a recent trip down Wall Street, I came upon a fabulous group called [untitled] Walk Project. This is why I love New York – unexpected discoveries of different thinking.
Fundamentals of Interactive Journalism
Just another Blogs.journalism.cuny.edu weblogPosts Tagged ‘wall street’
A Season of Hope: Holidays on Wall Street
The Christmas melodies of Gavin deGraw and Aretha Franklin were two of the main attractions at the New York Stock Exchange’s annual tree lighting ceremony this year. Beyond the glitz of Rockefeller Plaza, Wall Street’s celebration has the distinction of being organized by New Yorkers for New Yorkers, with plenty of holiday cheer permeating the gloom that become a familiar part of our days.
Hundreds of New Yorkers past and present gathered downtown for an evening of celebration, rumination and time with family before facing a new year and uncertain economic times.
Larry Lampiasi came downtown to watch his granddaughter sing with her schoolmates in Brick, New Jersey’s Monsignor Donovan Choir. As a self-employed salesman, he says he’s felt the economic pinch, but thinks the holiday season will help.
http://www.vimeo.com/2491242Jack Ruppenthar, also present to support his grandson in the choir, agreed, noting that the current economic recession would hurt those with financial investments and retirement savings and 401Ks. But with the holiday season upon us, he thinks it “will make people think more, being a little more frugal … putting more thought into the quality of gifts over the quantity of gifts.”
The ceremony outside the NYSE building on Broad Street between Wall Street and Exchange Place is quite possibly the most personal, meaningful and even oldest of all the high-profile holiday events in New York City, as it takes place in the heart of old New York and has been a tradition since 1923.
This year, while Mr. DeGraw and Ms. Franklin’s drew audience members who recognize their music and name, the evening’s entertainment and festive atmosphere also catered to the younger generation. Performances from local teen musicians were featured: Long Island rock band Push Play and 14-year-old Tiffany Giardina – her music is included in an upcoming movie, “Another Cinderella Story” – who grew up in New York.
Also on hand was 25-year-old jazz pianist and singer Peter Cincotti, whose blend of traditional jazz and classic styles with rock and pop made his song “December Boys” and his Christmas-themed melodies transfix crowd members of all ages.
http://www.vimeo.com/2491284Alceste, a New Jersey native and former retirement center COO who moved to Florida several years ago, noted the impact of the current economic crisis on both the younger and older generations.
http://www.vimeo.com/2496942Not Everyone is worried about the economy
Janet Pritchard was pleased Wall Street was taking such a tough hit.
“It means the yuppies won’t be able to come and buy here,” Ms. Pritchard 44, said as she walked down the promenade in Brooklyn Heights with her 5-year-old son. “I have been living here for 10 years, I own my house outright, so personally I feel very safe.”
Down the road in Boerum Hill, Chris Mendoca, 33, said he hadn’t paid too much attention to the recent news.
“There are overpriced condos going up on every street corner, and rents are still skyrocketing, it doesn’t seem to be effecting much here,” Mr. Mendoca said. “My biggest concern is the price of gas, I don’t take the subway, so I hope that the price comes down a little,” he said.
Others thought there was reason to be concerned.
“We should all be holding on to our seats,” said Don, 54, who declined to give his last name citing his position at the Federal Reserve. “I don’t think this neighborhood will feel the effects immediately, but they should be scared. All their money is in their million dollar homes, and guess what, when they need to sell, the buyers aren’t going to be there. Just watch what happens this week, it should have them shaking,” he said.
Outside the courthouse Troy Griffith, 36, reiterated this sentiment.
“I think the crisis will have a trickle down effect,” Mr. Griffith said. “The folks in this neighborhood will see it when their dollar doesn’t go as far, and when their houses don’t sell. It will be a rude awakening,” he said.
Robin Kahn, an agent for Corcoran, has a more upbeat attitude about the housing markets in the area.
“I believe these neighborhoods will hold their value. As long as people price their homes reasonably, they will sell. The greatest challenge I have, is convincing sellers their expectations might be too high,” Ms. Kahn said.
One Hedge Fund Manager’s Goodbye Letter
What do you think of Lahde Capital former manager Andrew Lahde’s goodbye letter?
Laughing at the thought of a Wall Street Crisis from 2004 S.E.C Meeting
On Oct. 2, 2008, the New York Times published a follow-up story on the fiasco that occurred on Wall Street over a period of time.
Reporter Stephen Labaton was present at the 2004 meeting where members of Morgan Stanley, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Bear Sterns pleaded to be release from a limited regulation to the S.E.C board.
The regulation had restricted the investment banks to allow their brokerage subdivisions to take on a certain “amount” of debt they could possibly handle. With the exemption, these firms would be able to tap into the billions of dollars that were on reserve.
Ironically, current Treasury Secretary Henry M. Paulson was chairman of Goldman Sachs at the meeting before stepping down two years later.
Here is an audio clip from Back Story with the Times:
http://graphics8.nytimes.com/podcasts/2008/10/03/03backstory-labaton.mp3
What do you think?
Burning Down the House 101
The Federal government takes over the nation’s largest mortgage finance lenders Fannie Mae and Freddie Mac, Bank of America acquires Merrill Lynch, Barclays acquires Lehman Brothers, the Fed provides AIG with a $85 billion two-year loan and bans short selling, JPMorgan buys a branch network of Washington Mutual, Citigroup buys Wachovia at $1 a share, Congress passes a $700 billion mortgage and bank “bailout” or “rescue” package… If you do not have a business background or do not follow the business news, you’re probably thinking, what does this mean and how did we get here?
I sat down with Merrill Lynch Trader Waleed Shoukry and he shared his thoughts on the situation on Wall Street, how this is affecting the American taxpayer, the trader and what this all means.
Following my interview with Shoukry, I interviewed a current Executive MBA student for his thoughts on whether he had noticed any impact of the financial situation on business students.
See here. Your questions/thoughts are welcomed.
You broke it, you bought it
This past Thursday afternoon I headed downtown to take pictures of a protest of the Wall Street bailout for a class assignment. I arrived early and found a couple of guys offering fliers to passersby near the bull sculpture at Bowling Green. They told me they’d learned about the event online and didn’t know exactly who had organized it. As I waited for the action to begin, I watched tourists taking photos of their friends standing next to the bull’s hindquarters or groping its legendary testicles.
Eventually protesters, journalists and onlookers began gathering at the site. The crowd of demonstrators included Socialists, members of Code Pink and other anti-war groups, and individual New Yorkers angered by the proposed government rescue of financial institutions. Spectators looked on curiously as cops advised people to stay out of the street. (more…)
Fear and Loathing on Wall Street
Lehman Bros is filing for bankruptcy. Merrill Lynch is being bought. Denied the comfort of rock bottom, Wall Street continues its descent into the deeper layers of a financial Dante’s Inferno.