Wall Street | WAMC

Wall Street

A picture of a $20 bill, a $10 bill and a $1 bill
Jim Levulis / WAMC

While not the only factors, two of the major forces impacting the economy are the coronavirus and who will be sitting in the White House come January. With science and politics meeting, economist Hugh Johnson, the chairman and chief investment officer of Hugh Johnson Advisors in Albany, is predicting that the current V-shaped economic recovery will slow.

The New York Stock Exchange on Wall Street
Wikimedia Commons

U.S. economic markets enjoyed a strong 2019. So what does 2020 have in store? Economist Hugh Johnson and Siena College's Dr. Aaron Pacitti join Vox Pop to discuss what's on the financial horizon. WAMC's Ray Graf hosts.

NY Comptroller Releases Annual Wall Street Report

Oct 25, 2019
New York State Comptroller Tom DiNapoli
WAMC Photo by Dave Lucas

Seventeen percent of all the tax revenue collected by New York state comes from one place; Wall Street, so state officials keep a close eye on the securities industries, especially with a new state budget season just around the corner. State comptroller Thomas DiNapoli, a Democrat, has released his annual report on how Wall Street is doing. 

Federal Reserve Chair Jerome Powell at a September 18, 2019 press conference.
Federal Reserve

The Federal Reserve cut its benchmark interest rate yesterday for the second time this year while saying it's prepared to continue doing what it deems necessary to sustain economic expansion. The Fed’s move reduces its benchmark rate by a quarter-point to a range of 1.75 to 2 percent. 

Wikimedia Commons: https://commons.wikimedia.org/wiki/File:Wall_Street_(5899300483).jpg

Trade negotiations and tariffs between the United States and China have sent stocks up and down on Wall Street in recent weeks. As representatives from both countries try to reach a deal, a pair of experts join us to answer your questions about how the trade dispute is impacting the economic world. Hugh Johnson is the chair, founder and chief investment officer of Hugh Johnson Advisors in Albany, NY. He's joined by Dr. Aaron Pacitti, an associate professor of economics at Siena College. WAMC's Ray Graf hosts.

The New York Stock Exchange on Wall Street
Wikimedia Commons

Investors, some of whom are near retirement and others still many years away, will all be taking a deep breath as they open their fourth quarter statements in a week or so after the recent sharp drops on Wall Street. 

Mike Spain

WAMC's David Guistina speaks with Mike Spain, Associate Editor of The Times Union, about Ellazar Williams, who is suing Albany over the police shooting that left him paralyzed. The pair also discuss Wall Street's effect on New York state's budget.

New York State Comptroller Tom DiNapoli
WAMC Photo by Dave Lucas

New York State Comptroller Tom DiNapoli is out with his annual report on Wall Street profits – and he finds, not surprisingly, they are up.

wikipedia.org

Wall Street profits are up by one third over the same period last year, says the New York State Comptroller. Democrat Tom DiNapoli says the gain of $12.3 billion is good news for New Yorkers with retirement accounts invested in the market, as well as the state’s pension fund.

William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He’s one of America’s most respected financial journalists and the progressive bestselling author of House of Cards. 

He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent seventeen years as an investment banker on Wall Street, he is an expert on its inner workings as well.

  Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned—and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses,  putting us on a collision course for another cataclysmic meltdown. 

Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. 

WAMC Photo by Dave Lucas

Wall Street is gaining ground despite recent economic developments, according to a report by New York State Comptroller Tom DiNapoli.

  Robert Goolrick’s most recent novel, The Fall of Princes, is set in 1980’s New York City, a time when Wall Street ruled, drugs were in constant supply, and jockeying for power was the name of the game. We meet Rooney, who tells the story of how he and a group of other young Princes made it to the top and then, one by one, took a fall.

ETSY (Hudson)

A decade after it was founded in a Brooklyn apartment as a way to sell handmade goods online, Etsy has filed for an IPO .  

Founded in 2005, Etsy Inc. filed for an initial public offering March 4th, applying to trade on Nasdaq under the symbol “ETSY.”

10/30/14 Panel

Oct 30, 2014

    

  Today's panelists are WAMC’s Alan Chartock, Political Consultant Libby Post and executive editor of the Poughkeepsie Journal, Stu Shinske.

Topics include:
Maine Quarantine
Obama Changes?
Fed on Interest Rates
Wall Street Repeat Offenses

#OccupyAlbany Returns

Jul 14, 2014
WAMC composite photo by Dave Lucas

Local voices of the national Occupy movement came together over the weekend in Albany.

In October 2011, the anti-establishment, anti-corporate movement that began a month earlier on Wall Street reached New York State's seat of political power when an "Occupy" encampment sprung up in Lafayette Park, across the street from the state capitol.

    After the fall of Lehman Brothers, Joe Peta needed a new employer. He found a new job in New York City but lost that, too, when an ambulance mowed him down as he crossed the street on foot.

In search of a way to cheer himself up while he recuperated in a wheelchair, Peta started watching baseball again, as he had growing up. That's when inspiration hit: Why not apply his outstanding risk-analysis skills to improve on sabermetrics, the method made famous by Moneyball--and beat the only market in town, the Vegas betting line? Why not treat MLB like the S&P 500?

In his book, Trading Bases: A Story About Wall Street, Gambling, and Baseball (Not Necessarily in That Order), Peta shows how to subtract luck from a team's statistics to best predict how it will perform in the next game and over the whole season. His baseball "hedge fund" returned an astounding 41 percent in 2011-- with daily volatility similar to funds he used to trade for.

As New York State officials and legislators pore over Governor Andrew Cuomo’s proposed budget, State Comptroller Thomas DiNapoli today released his office’s estimate of Wall Street bonuses. He says the annual forecast is in line with state and New York City budget expectations.

Cash bonuses paid to New York City securities-industry employees are forecast to rise by 8 percent, to $20 billion, for last year, driven, in part, by bonuses deferred from prior years. That’s according to DiNapoli.

    In the grand tradition of the English Rock opera, a la Tommy, The Wall and The Lamb Lies Down on Broadway – there is a new rock opera for the 21st century: A Wall Street Odyssey.

Yossarian, (from Joseph Heller's seminal book, Catch 22) is reborn as a burned out stockbroker on a path of self-destruction, rebirth and transcendence. The show includes live music, costumes, narration and videos on a giant screen.

Songwriter Sean Bigler and wife Bonnie Lykes live in the Woodstock area of upstate NY formed Epigene in 2000 and are the creators of A Wall Street Odyssey. They bring their show to The Linda in Albany, NY on Saturday, February 23rd.

Stocks surge after Congress passes budget deal

Jan 2, 2013

NEW YORK (AP) — Stocks roared higher on Wall Street and around the world after Congress passed a last-minute budget deal to avert sweeping tax hikes and government spending cuts.

The Dow Jones industrial jumped 308 points to close at 13,412 Wednesday, the first trading day of the year. That's the biggest gain the Dow has had since December 2011.