Episode 33: Wall Street

[00:00:00] Welcome to English, please, the podcast where we explore captivating topics in under 10 minutes in clear, intermediate English. I’m your host, Christopher. I live and work in New York City, and I’m a language enthusiast who has always been interested in the best ways to learn a new language. 

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Wall Street, located in lower Manhattan here in New York City, is the financial center of the United States. Although it’s just a short street, it represents [00:02:00] the heart of American finance and has a huge impact on the global economy. The significance of Wall Street comes from its role in shaping the U S economy, its influence on markets around the world and its deep connections to American culture and history. 

The history of Wall Street begins in the early 17th century, when the Dutch established the town of New Amsterdam, which would later become New York City. In fact, the name “Wall Street” actually comes from a wall made of wood that was built by the Dutch in 1653 to defend the settlement from possible attacks by Native Americans and the British army. Although the wall was removed in 1699, the name remained. [00:03:00] 

By the late 1700s, Wall Street started to become a financial hub. In 1792, an agreement called the Buttonwood Agreement was signed. It was named after a kind of tree called a buttonwood tree. We’re stockbrokers and merchants regularly gathered on Wall Street. The agreement set up rules for investing and marked the beginning of the New York stock exchange. Over time, Wall Street grew to become the center of commerce and finance in the new country of the United States. 

In the late 1800s and early 1900s, Wall Street became very powerful. This was because of the rise of big businesses and important banks like JP Morgan and Goldman Sachs. Wall Street became a [00:04:00] symbol of wealth, and also a symbol of how the us economy could rise as well as fall. 

Wall Street has always been a popular topic for books, movies, and art. It’s seen as a place of big dreams, greed, and money. These stories have shaped how people think about the world of finance. 

One of the most famous movies about Wall Street is called Wall Street, from 1987. It’s directed by Oliver Stone and features the actor, Michael Douglas, as a powerful and selfish businessman named Gordon Gekko. Gordon Gekko famously said, “Greed is good,” and this became a symbol of the risky and sometimes unethical things that happened on Wall Street in the 1980s. The movie [00:05:00] wasn’t just for entertainment, it also made people think what’s right and wrong in business. 

The Bonfire of the Vanities, a novel by Tom Wolfe, offers another look into the world of high finance in New York in the 1980s. Oh, “high finance” is a common term used to describe complex financial transactions that involve large amounts of money. The novel focuses on the lives of wealthy financial professionals and executives. 

More recent books like The Big Short by Michael Lewis talk about the causes of recent financial disasters. They show how powerful banks and financial companies on Wall Street have often helped to create these problems and caused serious harm to people. 

Both of these books were [00:06:00] also made into movies. 

Wall Street influences visual art as well. The Charging Bull sculpture installed in 1989 near Wall Street. Is a powerful symbol of aggressive financial optimism and the pursuit of money. It has become a cultural icon and tourist attraction over the years with people visiting from around the world. 

And as I mentioned, Wall Street is the most important financial center in the United States. It’s where the biggest stock markets like the New York Stock Exchange and NASDAQ are located. These markets allow companies to raise money by selling stocks to investors, and they give people a chance to invest their money, and hopefully make it grow. 

But Wall Street does more than just trade stocks. It’s also [00:07:00] home to other types of financial businesses. What happens on Wall Street can have a big impact on the entire us economy, affecting things like jobs and the amount of interest on loans. Oh, I’m sure you’ve heard the word “interest” and usually it refers to a feeling of wanting to learn more about something. For example, “I have an interest in learning English.” Here though, “interest” means the extra money that you pay when you get a loan. 

Wall Street plays a crucial role in the world’s financial system. It’s like a global financial thermometer, since it measures the overall health of the world economy. When the U.S. stock market goes up or down, it can affect other economies around the world. For example, in [00:08:00] 2008, there was a financial crisis that started on Wall Street, and it spread globally. This clearly showed that the markets around the world are very closely connected to Wall Street. 

While Wall Street does create jobs and certainly contributes to the economy, it’s often criticized for making the gap between the rich and poor wider. Many people also say that Wall Street encourages financial risks that can cause economic crashes. 

Today, the area around Wall Street remains a vibrant and dynamic part of New York City. The street itself is narrow and relatively short. Spanning only eight blocks from Broadway to South Street. However, it’s importance is much bigger than its size. [00:09:00] 

The New York Stock Exchange is located at 11 Wall Street, and it’s still a very important symbol of global finance, even though most trading now happens on computers. The streets around Wall Street are filled with tall buildings with major banks, law firms and financial companies. In the past, the area was very busy during the day, but there were few people there after dark. Recently, and especially after 9/11, there have been efforts to attract more people to live there. Including young professionals and families. 

Tourism is also a big part of modern Wall Street. People from all over come to see things like the New York Stock Exchange and the Charging Bull statue. The 9/11 Memorial, Federal Hall, and One World Trade Center [00:10:00] are also important places to visit as they hold a lot of historical and emotional meaning. 

Wall Street is very different than it was in the past. New companies using technology, digital money, and financial systems, are changing the way things are done. These are challenging the traditional ways Wall Street has operated, and they are threatening Wall Street’s importance. There’s also a lot of discussion about ways that Wall Street should be regulated. 

The story of Wall Street shows the ups and downs of capitalism. Even though it faces challenges and criticism, Wall Streets still remains a central part of the global financial system. As we look ahead, Wall Street’s success will depend on its ability to come up with new ideas and help solve global problems. [00:11:00] 

I know there were some complicated ideas in this episode, but I hope you were able to understand most of it. As always, there’s a transcript available to help you with your understanding. You can find the link in the episode notes. Try to listen again with the transcript to help with anything that wasn’t clear. 

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Sincere, thanks as always for listening! I hope 2025 is a great year for you. 

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