The glorious life of a writer consists largely of working
jobs that will let you keep a roof over your head without driving you to
suicide. For the past 12 years, minus a year of unemployment after being laid
off, I have worked as a financial journalist.
It was in this capacity that I had the chance to visit the
floor of the New York Stock Exchange to witness the ceremonial opening bell.
I’m not normally ever in a position to go to the stock exchange—I don’t write
about stocks and the publication I write for is small and obscure for anyone
not involved in the junk bond or leveraged loan markets.
Journalists often have the attitude that they comprise such
a special estate of American life that they are entitle to access and
privileges that other people aren’t, and really that’s a lot of bullshit. The
journalists doing the most important work are NOT the ones you see with fancy
credentials dangling from their necks. The best journalists are the ones out on
the street or ferreted away in a filing room digging through old or obscure
documents for the cold hard unfashionable facts. If you’re a journalist and
government officials and captains of industry consider you a friend, you’re
doing it wrong.
Nonetheless, I jumped at the chance to visit the stock
exchange floor on the flimsy pretext that presented itself. It’s a beautiful
piece of architecture and a place off-limits to most people. The New York Stock
Exchange used to allow tourists to visit and see the trading floor from a
glassed in balcony (glassed in after Abbie Hoffman and a group of hippies threw
dollar bills from the visitor’s gallery). All tourist visits ended after
the Sept. 11 attacks.
I wish I could tell you I went on a Hunter S. Thompson-esque
journey through smoky backrooms where cocky
stockbrokers snorted giant lines of cocaine and made billion-dollar deals while
I warded off angry pimps with a .357 Magnum, but it was nothing like that.
After waiting at a security checkpoint, two young NYU
students/public relations interns escorted me to another security checkpoint
where I went through a metal detector and got a visitor’s pass. Some very
friendly security guards held the pocket knife that I forgot to leave at the
office and gave it back to me when I left.
The interns escorted me to the floor of the stock exchange
and over to where the opening bell is rung. The balcony where the guests of
honor ring the opening bell is smaller and lower to the ground that you expect
after seeing it on television for years. It’s an interesting place where modern
technology has been shoe-horned into a beautiful marble hall that was built for
simpler, more elegant times.
The floor of the New York Stock Exchange does not erupt into
a frenzied bedlam at the start of opening bell. Very little exchanging actually
takes place on the floor of the New York Stock Exchange anymore. Most trading
is done electronically. The NYSE’s rival NASDAQ stock exchange is completely
electronic and their official exchange location is a TV studio in Times Square
where they have their opening and closing bell ceremonies along with the
ubiquitous big flashy screens.
I forgot to turn in my visitor’s pass when I left, so at
least I have a souvenir.
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