A Gift From the Heart Reading Street

Advanced level English

Usa - American life

Wall Street Civilization - the center of America

For Americans, the most important street in the U.s. is Wall Street

In the U.s.a., there are enough of famous streets. But of all the streets in world, in that location is one which is in the news every twenty-four hours: WALL STREET . This is the street on which fortunes are fabricated and lost. But more generally what goes on on" the street i"s of vital interest for most Americans..... and the rest of the world too. Every bit they say, when Wall Street sneezes, America catches cold.

The New York Stock Exchange, on Wall Street.

Say "the streets of New York" to a non-American, and he'll probably think of Times Square, Madison Artery or Broadway; merely mention the discipline to an American and for many the first name that comes to mind volition exist Wall Street.
For many, Wall Street is indeed just "the street", probably the most important street in the United states or even in the earth; for what goes on on Wall Street, more perchance than what goes on in Congress, can accept a directly influence on the lives of everyone in the USA, if not most people in the globe.
Wall Street is of course the domicile of the New York Stock Exchange, the financial eye of the American business world. Each day, billions of dollars of shares are traded on the floor of the stock exchange on behalf of companies, pension funds and private individuals wanting to protect their investments or their life's savings, and make certain that they besides are on the bandwaggon of prosperity.

Wall Street's ups and downs touch on the lives of well-nigh Americans

    The New York Stock Substitution is the biggest and most active stock exchange in the world; over half of all adult Americans have some, if not all, of their savings invested directly on Wall Street, so information technology is not surprising that the fluctuations of the Street's famous indexes, the Dow Jones and the Nasdaq, are followed daily by millions of ordinary Americans. When the Dow and the Nasdaq are on a rise, millions of Americans experience more prosperous; when they are falling, millions start feeling worried about their financial security and their retirement years. Yet more than chiefly, when Wall Street booms it is a sign that the American economy is booming, creating jobs and prosperity for people throughout the nation; when Wall Street slumps for more than a brusk catamenia, it is because the American economic system is slowing downwardly, putting investment and jobs at run a risk.
Nevertheless, in spite of its periodic crashes and downturns, most Americans know very well that past investing direct in the stock market, they are probably ensuring the all-time possible long term return on their investments.
Over time, direct investments on Wall Street take ever washed better than most other forms of long-term placement, and logically speaking this is inevitable. Ultimately, nearly forms of investment depend on the performance of the United states economy in full general, and by investing directly on Wall Street, American investors are but ensuring that they personally accept total reward of the growth of the stock market place, rather than share their gains with banks, investment trusts or other intermediaries offer investment services.

CRASHES ON THE STREET

    The take a chance of a crash on Wall Street is a reality that must ever exist borne in listen: Wall Street "crashed" well-nigh spectacularly in the fall of 1929, when share values dropped over 50% in the space of a few days. By the fourth dimension the fall bottomed out in 1932, over 80% had been "wiped off" the value of shares on the American stock market, and the Great Depression had begun.
Earlier 1929, as the stock market boomed, over a million Americans had been speculating on the Street, borrowing money that they did not accept in gild to purchase shares for sale at a profit. When the crash came, hundreds of thousands of these speculators, both individuals and companies, went bankrupt, causing immense distress and poverty.
More than recently, Wall Street crashed in 2007 - 2008, nearly triggering a plummet of the world financial organization. When the stock market eventually stopped falling in March 2009, it had lost 54% of its value, and many people had lost their life's savings.
Previously in 1997, almost over a tertiary of its value was wiped out in a few days; but this fourth dimension the consequences were less dramatic. While most Americans saw the value of their savings tumble, few went bankrupt as a upshot.

   In today's America, borrowing money solely for the purpose of speculating on Wall Street is not a common habit, then the money that was "lost" in recent crashes was mostly money that people owned themselves, non money that they owed to someone else.
Ane mean solar day no doubt, in some unforeseen future, Wall Street will crash spectacularly again; just when that happens there will accept to be both a crusade and an effect. The most likely crusade will be a major world crisis; the nearly likely effect, given today's "global economy", will be a major economic ending around the world, perhaps similar to the hyperinflation that afflicted Deutschland under the Weimar commonwealth.
If that happens, society as we know it will grind to a halt, and near forms of saving, except perhaps gold and real estate, volition lose near of their value; until that solar day, Wall Street will remain as one of the nerve centers of the global economy.

WORDS

be on the bandwagon: exist part of - carry in mind: remember - comes to mind: he  thinks of - distress: alarm - fluctuation: ups and downs - grind to a halt: stop - likely: probable - on behalf of: for - plummet: fall sharply - purpose: reason - real estate: state and buildings - retirement years: years when one no longer works - share: investment, bond - slump: become downhill, fall - solely: but - stock : share, investment - trade : buy and sell - tumble : fall

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This resources is © copyright Linguapress  2000 . Updated 2020.   Based on an commodity originally published in Spectrum magazine.
This text may not be reproduced on other websites nor in printed grade without written permission from the publishers. Reproduction is authorised exclusively for personal use past students, or for use by teachers with their classes.

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Student worksheet

Wall Street Culture

Discussion endings. Replace all the missing endings in this excerpt from the commodity.
Some of the endings test your grammar, others test spelling, and a few test if you have learned all the vocabulary.

    The risk of a crash on Wall Street is a real that must always be b in mind: Wall Street "crashed" most spectac in the autumn of 1929, when share values dro over 50% in the space of a few days. Past the time the autumn botto out in 1932, over 80% ha been "wiped off" the value of shares on the American stock marketplace, and the Great Depre had beg .
Before 1929, equally the stock market place boo, over a million Americans had been specula on the Street, borro money that they did not, have in order to buy shares for due south  at a turn a profit. When the crash c, hundr of thousands of these speculat both individ and companies, went bank, caus immense distress and pov.
More recen, Wall Street crash in 2007 - 2008, well-nigh trigge a collapse of the world financ system. When the stock market result stopped fa in March 2009, it ha  lo 54% of its value, and many people ha  lo their life's sav.
Previ in 1997, almost  a th of its value was wiped out in a few days; but this fourth dimension the consequ were less dram. While most Americans saw the value of their sav breadbasket few went bank equally a outcome.

. For teachers:

Gap fill exercise
This exercise tests a) retentivity, b) spelling and c) grammar.

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