Wall Street is the name of a famous street which runs through lower Manhattan. It is the historic site where many financial institutions are located, and as such, it has become a symbol of commerce and the American economy.

2 Explanations for the name Wall Street

There are two explanations for the name “Wall Street.” It is presumed by some historians that the street references a literal wall that was built by the Dutch in the 1600s in order to protect themselves from invasions. Others have suggested that the name is a reference to the Walloons, who are known to be the citizens from Belgium who played a great role in the construction of New Amsterdam, better known as New York City today.

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Guardian in a recent report revealed the perpetrators of the global financial crisis. It  revealed their names and photos too. The British Guardian newspaper on Monday published a list of people whose work has proved fatal for the world economy. Lies have been told by  both policy makers and business sharks.

The publication also listed visionaries who, warned us long before the actual crisis hit our shores.  Unfortunately for the all us, these people were not involved in the process of decision-making.

In its famous “black list” Guardian has 25 spots. Almost half of them are filled with the people that have something to do with economic crisis of today. here are some of political and financial heavy weights.

Bark up the wrong tree “guru”

Alan Greenspan, head of the U.S. Federal Reserve( 1987 to 2006), is on the list at number one. The most influential financier has received from fans the world title of “guru”, “oracle” and “maestro”. In the delight of observers led his calmness with which Greenspan has held America through crises of 1987 and 1991, as well as the collapse of IT-industry in 2000 and panic in the markets that followed the September 11, 2001.  It was Greenspan in early 2000 pursued a policy of low rates of the Fed, which led to easy money and irresponsible distribution of loans by banks. Moreover, the head of the Fed encouraged mortgage borrowers to take loans with floating rates. When rates inevitably increased after the tightening of fiscal policy in the middle of this decade, the people proved to have nothing to pay sharply increased the cost of credit.

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