The Facade of the NYSE—Dow Falls To October 2002 Low

Although the US flag hanging today across the facade of the New York Stock Exchange gives the building the added appearance of both strength and patriotism, if you look closely you can see there are dozens of wrinkles in Old Glory. No matter how tightly they try to wrap the flag across those noble columns, a shakiness, a quivering is still evident in its fabric on a day when the the Dow has dropped to its lowest point since October 2002. The Dow Jones industrial average fell 88 points, or 1.6%, according to early tallies, and finished at the low of the last bear market.

Despite the steady flow of tourists taking pictures in New York historic Financial District, there is a funereal gloom looming in the air, perhaps best represented by an aged, homeless man sitting in front of the building playing an incredibly sad version of "Glory, Glory, Hallelujah" on his tarnished silver flute, as respectful tourists take their digital photos and discuss the landmarks in the immediate vicinity in various languages.

If the U.S. government's stimulus package is to have a palpable effect on the global markets and the US economy, you certainly couldn't feel it at the NYSE today. President Obama did in fact say after the signing of the huge stimulus bill that immediate improvements should not be expected and that change will take place gradually over a period of months,if not years.

We just don't know if the old man playing that very sad song knows any other tunes to play in this chosen Wall Street location-- the song he chose on this grey day sounded like a delicate dirge.

Photography: Charles Harris
Photo Credit: NYC.com © All Rights Reserved 2009

Tags:   2002, dow, dow jones, new york stock exchange, nyse, president obamafinancial district, stimulus package, us flag, wall street

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Posted on 2/19/2009 ( Permanent Link )
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