You know, there have been so many times during the past few weeks’ stock market downturns and general feeling of economic panic when we’ve thought, “If only we could walk through Wall Street and learn about previous crashes in American history.” Finally, our prayers have been answered. The three-hour “Great Wall Street Crashes Walking Tour” takes you on a jaunt through the financial district, educating you about historic financial downturns.
Learn fun facts about past crashes as you fret about how you’ll pay off your mortgage in this one. Ah, synergy.
ABC News: The enduring symbols of Wall Street’s fabled, turbulent history are inescapable on this walk through the epicentre of American capitalism.
Over there, at 23 Wall, is the former headquarters of J.P. Morgan’s banking dynasty, its granite facade still scarred by pockmarks from a terrorist bomb that killed 33 people in 1920. A block away, a skyscraper at 48 Wall occupies the site of the city’s first bank, founded by Alexander Hamilton in 1784. Names like Rockefeller, Roosevelt and Goldman Sachs are invoked at almost every turn.
The past, as outlined during a recent three-hour “Great Wall Street Crashes Walking Tour,” takes on greater meaning in the current economic crisis — an ongoing story of boom and bust, bull markets and bailouts, recessions and recoveries…
“If we’ve learned anything from history, it is that history repeats itself,” says Richard Warshauer, a real estate executive who founded the tour 20 years ago after the crash of 1987. His partner, James Kaplan, puts a more optimistic twist on that lesson: “Wall Street always comes back — every time there’s been a crash, there’s been a rebound. In order to have a rise, you have to have a fall.”
On a recent rainy Saturday, Warshauer and Kaplan led some 30 people on the tour, which is offered annually, beginning at the Museum of American Finance, itself an engrossing presentation of history from the Dutch settlers of New Amsterdam to the modern Wall Street of glass and steel towers.
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