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Glum mood pervades Wall Street after fall
By The Associated Press
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Published: October 10, 2008
Associated Press
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NEW YORK — The extravagance of Wall Street is proudly on display at Bobby Van’s Steakhouse in lower Manhattan: The restaurant features J.P. Morgan’s original bank vault, the walls are lined with antique deposit boxes, the filet mignon costs $44.95, and the macaroni and cheese side dish is made with lobster.
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But on Thursday at 5 p.m., it was hard to find many people willing to extol Wall Street’s wonders. The Dow Jones industrial average had just tumbled nearly 700 points to its lowest point in five years, and the mood in the establishment was downright dejected.
Can it get worse?
Shell-shocked traders and bankers milled around empty beer bottles and mixed-drink glasses, looked back on another dreadful day and wondered how it could possibly get any worse.
The glum mood that pervaded Bobby Van’s was evident across the financial district.
At a bar down the street, a trader from the floor of the New York Stock Exchange — a man in a pinstriped suit who quoted John Maynard Keynes — talked of the virtues of patience in riding out this stock market maelstrom.
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