Current tallies of the New York Stock Exchange, the NYSE, have equated its assets to nearly fifteen-trillion dollars, which does not even cancel out our national debt. The NYSE was officially opened in 1792, since then many people have become extremely wealthy while some have even became extremely poor. Our country has benefitted from the stock exchanges too, by creating jobs and influencing the economy in positive and negative ways. The United States economy and the stock market seem to share many relations, such as the repeating economic cycle of thirty years; which demonstrates the upswings and downswings of the NYSE. Over the past three-hundred and twelve years the New York Stock Exchange has contributed greatly to our country, in both positive and negative ways.
Since the birth of the New York Stock Exchange in 1792, many have become extremely wealthy and even more have lost much of their life savings in the markets. The original stock market was first debuted in Belgium in the 1530’s, it was located in Antwerp (Beattie). The idea of the market in the time was for business men to congregate during the day to do business, work on the government issues of the time, and for individuals to take care of their debt (Beattie). Although the NYSE it is one of the most renowned stock exchanges in the world, it was not the first one in the United States, that award goes to the Philadelphia Stock Exchange (Beattie). The PSE was brought about in 1790, and has continued to be on the smaller side of stock exchanges. The economy has fluctuated to the positive and negative over the centuries it has been open, one of the most recent downturns was in 2008.
The month of September started with unsettling news...
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... spend their money. The future of America lies in the financial backing we have, if we continue to spend more money than we have it will end disastrously. “If stock market experts were so expert, they would be buying stock, not selling advice.” ~Norman Ralph Augustine
Baughman, Judith S. "The Stock Market: Crash." American Decades: 1920-1929. New York: Gale Research, 1996. 103-07. Print.
Beattie, Andrew. "The Birth of Stock Exchanges." Investopedia. N.p., 26 Feb. 2009. Web. 30 Apr. 2014.
Havemann, Joel. "He Financial Crisis of 2008: Year In Review 2008." Encyclopedia Britannica Online. Encyclopedia Britannica, n.d. Web. 06 May 2014.
Kosakowski, Paul. "The Fall of the Market in the Fall of 2008." Investopedia. N.p., 09 Apr. 2009. Web. 08 May 2014.
Twin, Alexandria. "Stock Crushed." CNNMoney. Cable News Network, 29 Sept. 2008. Web. 29 Apr. 2014.
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