General Question

Mr_M's avatar

For those who do NOT live in New York State - when you think of a problem on "Wall Street", do you think of it as a problem WITH N.Y. since it's in N.Y.?

Asked by Mr_M (7586points) September 30th, 2008
Observing members: 0 Composing members: 0

23 Answers

MrMeltedCrayon's avatar

Considering the effect it’s having on the entire nation it’s hard to see it as something only New Yorkers need to be worried about.

deaddolly's avatar

No, I think of it as a world thing—it impacts so much, everywhere.

NY gets blamed for too much all ready.

btko's avatar

I think of the United States in general

Fieryspoon's avatar

I don’t. I live in California, and I think it’s a problem with the government, the culture, and the obsession people have with thinking of growth as a percentage, and not as actual numbers. Growth-based compensation for a company is scary, because, at some point, there aren’t any more resources to grow into (either city blocks, customers with good credit, etc). Once you’ve exceeded those values and hit that ceiling, the only place to grow is into riskier and riskier markets. This is what caused the mortgage crisis, as more and more banks were eager to loan out money to people who could not pay them back. They had already given mortgages to every person who could afford it/wanted it, and so in order to continue their growth trends, they had to grow into markets that could not sustain themselves.

I feel, that without real regulation, businesses will continue to fail. There is an upper limit to a company’s growth, and not exceeding that ceiling is not a bad thing.

JackAdams's avatar

The problem isn’t the venue; it’s the people AT the venue.

DrasticDreamer's avatar

I also think of the US in general.

Mr_M's avatar

@MrMelted you misunderstood – I’m asking if “non-New Yorkers” feel NY is partially to blame for the problem because it’s in NY.

gailcalled's avatar

The Major stock exchanges around the world are all siamese twins now. London, Hong Kong, Paris, Australia, stock exchanges The NY stock exchange is simply a bldg where traders buy and sell for businesses, corporations, brokerage houses, online traders. My favorite is the Bulgarian Stock Exchange which mirrors the NYSE.

MrMeltedCrayon's avatar

@Mr_M: No, I understood, I just worded my response weirdly and incorrectly. As JackAdams said, the location isn’t the problem and blame shouldn’t be placed on the shoulders of those living in New York (unless, of course, they are directly involved).

gailcalled's avatar

See the action in Bulgaria yesterday and how it interconnects with the rest of the financial world.

Dorkgirl's avatar

Wall Street is not NYC, so not a reflection on the entire populace, from my perspective.

iwamoto's avatar

i wonder if anyone would say yes to this question….

Dorkgirl's avatar

iwamoto, answering yes to this question would be like blaming New Orleans for Hurricane Katrina.

skfinkel's avatar

Nope. Selfishness and greed and stupidity and greed and more greed and a lack of responsibility for others is the culprit—and that is not based in NY, but rather in our horrible leadership that condones greed and selfishness.

iwamoto's avatar

exactly, then why is this question being asked ? or should i flood the board with questions like this one to make my point ?

Mr_M's avatar

Hmmm, sounds like a threat.

Fact is, as devastating as “9/11” is to the COUNTRY, in many other states it is essentially forgotten. Celebrated in NY yet forgotten as you go west. It’s a national devastation yet not looked at like that by some. I wanted to find out how non-New Yorkers look at Wall Street and Wall Street problems. Next time I guess I should just ask you.

gailcalled's avatar

@Iwa: Mr. M’s question was reasonable albeit naive. And it generated some answers actually more interesting than I was expecting.

Mr_M's avatar

Naive? I never, in a million years, would EVER have thought other states would “forget” about 9/11 because it was a “NY thing”. I am SURE some Americans look at Wall Street as a “NY thing”.

gailcalled's avatar

@Mr_M: 9/11 was also a “Pentagon thing” and a ” Shanksville, Pennslyvania thing” And you did not mention 9/11 in your questions so you are using sophistry now.

And I would bet that most adult and thinking Americans do not think of the traders on the floors of the stock exchanges as responsible for the financial and investment melt-down. All of your serious respondents ^^ disagree with you.

Mr_M's avatar

How can anyone “disagree” with me when I’m not taking any position? I’m asking a question. A question which is straight forward. The ONLY reason I brought up “9/11” was, well, never mind, I give up!

iwamoto's avatar

well, what did you want to get out of this question ? if i ask “why don’t banana’s grow straight” and somebody answers “they arch towards the sun”, bam, there’s my result, my question has been answered

what is your goal with this question, is it going anywhere ? i don’t want to give the idea that i’m policing, but i’m just very curious what spawned this question

Mr_M's avatar

A few things:

First, “Policing” is not exactly the idea I’m getting about you.

Second, who exactly are you that you expect people have to answer to you about why they post a question?

Finally, the question you should ask is NOT about bananas, but why you just don’t get it? PRICELESS.

DandyDear711's avatar

Before I was a New Yorker, I did not think a problem with Wall Street was a New York problem. Now that I am an (upstate) New Yorker, I still do not feel any connection to New York City.

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