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== Trading day time zones ==

== Trading day time zones ==

Each stock exchange has opening hours that are based on specific time zones. People can trade in these exchanges remotely using [[electronic trading]] platforms. For those trading in different parts of the world, there are unique trading days based on the hours associated with any given time zone. For example, NASDAQ is open 9:30–16:00 ET and anyone outside of the [[Eastern Time Zone]] will have a different trading day (for example, in Vancouver a trading day would run from 6:30–13:00). During the part of the year when North America is on standard time, it would be 17:30–24:00 in Moscow, and in Shanghai it would be 22:30–5:00.<ref>{{Cite web|url=https://trader2b.com/nasdaq-stock-market-hours/|title=NASDAQ Stock Market Hours – Remote Prop Trading|last=|first=|date=|website=trader2b.com|language=en-US|archive-url=|archive-date=|access-date=2017-04-13}}</ref> Remote traders should find their trading hours based on the stock exchange’s hours and time zone.

Each stock exchange has opening hours that are based on specific time zones. People can trade in these exchanges remotely using [[electronic trading]]. For those trading in different parts of the world, there are unique trading days based on the hours associated with any given time zone. For example, NASDAQ is open 9:30–16:00 ET and anyone outside of the [[Eastern Time Zone]] will have a different trading day (for example, in Vancouver a trading day would run from 6:30–13:00). During the part of the year when North America is on standard time, it would be 17:30–24:00 in Moscow, and in Shanghai it would be 22:30–5:00.<ref>{{Cite web|url=https://trader2b.com/nasdaq-stock-market-hours/|title=NASDAQ Stock Market Hours – Remote Prop Trading|last=|first=|date=|website=trader2b.com|language=en-US|archive-url=|archive-date=|access-date=2017-04-13}}</ref> Remote traders should find their trading hours based on the stock exchange’s hours and time zone.

== See also ==

== See also ==


Latest revision as of 01:40, 18 October 2024

Time span that a stock exchange is open

In business, the trading day or regular trading hours (RTH) is the time span that a stock exchange is open, as opposed to electronic or extended trading hours (ETH). For example, the New York Stock Exchange is, as of 2020, open from 9:30 AM Eastern Time to 4:00 PM Eastern Time. Trading days are usually Monday through Friday. When a trading day ends, all trading ends and is frozen in time until the next trading day begins. There are several special circumstances which would lead to a shortened trading day, or no trading day at all, such as on holidays or on days when a state funeral of a head of state is scheduled to take place.

The NYSE and NASDAQ average about 252 trading days a year. This is from 365.25 (days on average per year) * 5/7 (proportion work days per week) – 6 (weekday holidays) – 4*5/7 (fixed date holidays) = 252.03 ≈ 252.

The holidays where the stock exchange is closed are New Year’s Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day; there are also some holidays where trading is permitted, including Columbus Day, Veterans Day, and New Year’s Eve. If Juneteenth, Independence Day, Christmas Day and New Year’s Day fall on a weekend, the public holiday is observed on the following Monday instead, meaning that some years have fewer trading days than others.[1]

Up to three trading days (July 3, the day after Thanksgiving, and Christmas Eve) are shortened, i.e. the exchanges are open from 9:30AM–1:00PM, depending on where they fall in the calendar year (if July 3 or Christmas Eve fall on a weekend, the shortened day is simply skipped).

Juneteenth was added as a national holiday and market holiday on June 17, 2021.[2]

Trading day time zones

[edit]

Each stock exchange has opening hours that are based on specific time zones. People can trade in these exchanges remotely using electronic trading platforms. For those trading in different parts of the world, there are unique trading days based on the hours associated with any given time zone. For example, NASDAQ is open 9:30–16:00 ET and anyone outside of the Eastern Time Zone will have a different trading day (for example, in Vancouver a trading day would run from 6:30–13:00). During the part of the year when North America is on standard time, it would be 17:30–24:00 in Moscow, and in Shanghai it would be 22:30–5:00.[3] Remote traders should find their trading hours based on the stock exchange’s hours and time zone.

Trading day: Difference between revisions

33.1 The Yukawa Particle and the Heisenberg Uncertainty Principle Revisited – College Physics

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33.1 The Yukawa Particle and the Heisenberg Uncertainty Principle Revisited – College Physics

Summary

  • Define Yukawa particle.
  • State the Heisenberg uncertainty principle.
  • Describe pion.
  • Estimate the mass of a pion.
  • Explain meson.

Particle physics as we know it today began with the ideas of Hideki Yukawa in 1935. Physicists had long been concerned with how forces are transmitted, finding the concept of fields, such as electric and magnetic fields to be very useful. A field surrounds an object and carries the force exerted by the object through space. Yukawa was interested in the strong nuclear force in particular and found an ingenious way to explain its short range. His idea is a blend of particles, forces, relativity, and quantum mechanics that is applicable to all forces. Yukawa proposed that force is transmitted by the exchange of particles (called carrier particles). The field consists of these carrier particles.

33.1 The Yukawa Particle and the Heisenberg Uncertainty Principle Revisited – College Physics
Figure 1. The strong nuclear force is transmitted between a proton and neutron by the creation and exchange of a pion. The pion is created through a temporary violation of conservation of mass-energy and travels from the proton to the neutron and is recaptured. It is not directly observable and is called a virtual particle. Note that the proton and neutron change identity in the process. The range of the force is limited by the fact that the pion can only exist for the short time allowed by the Heisenberg uncertainty principle. Yukawa used the finite range of the strong nuclear force to estimate the mass of the pion; the shorter the range, the larger the mass of the carrier particle.

Specifically for the strong nuclear force, Yukawa proposed that a previously unknown particle, now called a pion, is exchanged between nucleons, transmitting the force between them. Figure 1 illustrates how a pion would carry a force between a proton and a neutron. The pion has mass and can only be created by violating the conservation of mass-energy. This is allowed by the Heisenberg uncertainty principle if it occurs for a sufficiently short period of time. As discussed in Chapter 29.7 Probability: The Heisenberg Uncertainty Principle the Heisenberg uncertainty principle relates the uncertainties [latex]{\Delta E}[/latex] in energy and [latex]{\Delta t}[/latex] in time by

[latex]{\Delta E \Delta t \ge \frac{h}{4 \pi}},[/latex]

where [latex]{h}[/latex] is Planck’s constant. Therefore, conservation of mass-energy can be violated by an amount [latex]{\Delta E}[/latex] for a time [latex]{\Delta t \approx \frac{h}{4 \pi}}[/latex] in which time no process can detect the violation. This allows the temporary creation of a particle of mass [latex]{m}[/latex], where [latex]{\Delta E = mc^2}[/latex]. The larger the mass and the greater the [latex]{\Delta E}[/latex], the shorter is the time it can exist. This means the range of the force is limited, because the particle can only travel a limited distance in a finite amount of time. In fact, the maximum distance is [latex]{d \approx c \Delta t}[/latex], where c is the speed of light. The pion must then be captured and, thus, cannot be directly observed because that would amount to a permanent violation of mass-energy conservation. Such particles (like the pion above) are called virtual particles, because they cannot be directly observed but their effects can be directly observed. Realizing all this, Yukawa used the information on the range of the strong nuclear force to estimate the mass of the pion, the particle that carries it. The steps of his reasoning are approximately retraced in the following worked example:

Example 1: Calculating the Mass of a Pion

Taking the range of the strong nuclear force to be about 1 fermi ([latex]{10^{-15} \;\text{m}}[/latex]), calculate the approximate mass of the pion carrying the force, assuming it moves at nearly the speed of light.

Strategy

The calculation is approximate because of the assumptions made about the range of the force and the speed of the pion, but also because a more accurate calculation would require the sophisticated mathematics of quantum mechanics. Here, we use the Heisenberg uncertainty principle in the simple form stated above, as developed in Chapter 29.7 Probability: The Heisenberg Uncertainty Principle. First, we must calculate the time [latex]{\Delta t}[/latex] that the pion exists, given that the distance it travels at nearly the speed of light is about 1 fermi. Then, the Heisenberg uncertainty principle can be solved for the energy [latex]{\Delta E}[/latex], and from that the mass of the pion can be determined. We will use the units of [latex]{\text{MeV/c}^2}[/latex] for mass, which are convenient since we are often considering converting mass to energy and vice versa.

Solution

The distance the pion travels is [latex]{d \approx c \Delta t}[/latex], and so the time during which it exists is approximately

[latex]\begin{array}{r @{{} \approx {}}l} {\Delta t} & {\frac{d}{c} = \frac{10^{-15} \;\text{m}}{3.0 \times 10^8 \;\text{m/s}}} \\[1em] & {3.3 \times 10^{-24} \;\text{s}}. \end{array}[/latex]

Now, solving the Heisenberg uncertainty principle for [latex]{\Delta E}[/latex] gives

[latex]{\Delta E \approx \frac{h}{4 \pi \Delta t} \approx \frac{6.63 \times 10^{-34} \;\text{J} \cdot \text{s}}{4 \pi 3.3 \times 10^{24} \;\text{s}}}.[/latex]

Solving this and converting the energy to MeV gives

[latex]{\Delta E \approx (1.6 \times 10^{11} \;\text{J}) \frac{1 \;\text{MeV}}{1.6 \times 10^{-13}} = 100 \;\text{MeV}}.[/latex]

Mass is related to energy by [latex]{\Delta E = mc^2}[/latex] , so that the mass of the pion is [latex]{m = \Delta E/c^2}[/latex], or

[latex]{m \approx 100 \;\text{MeV/c}^2}.[/latex]

Discussion

This is about 200 times the mass of an electron and about one-tenth the mass of a nucleon. No such particles were known at the time Yukawa made his bold proposal.

Yukawa’s proposal of particle exchange as the method of force transfer is intriguing. But how can we verify his proposal if we cannot observe the virtual pion directly? If sufficient energy is in a nucleus, it would be possible to free the pion—that is, to create its mass from external energy input. This can be accomplished by collisions of energetic particles with nuclei, but energies greater than 100 MeV are required to conserve both energy and momentum. In 1947, pions were observed in cosmic-ray experiments, which were designed to supply a small flux of high-energy protons that may collide with nuclei. Soon afterward, accelerators of sufficient energy were creating pions in the laboratory under controlled conditions. Three pions were discovered, two with charge and one neutral, and given the symbols [latex]{\pi ^+}[/latex] , [latex]{\pi ^-}[/latex] , and [latex]{\pi ^0}[/latex] respectively. The masses of [latex]{\pi ^+}[/latex] and [latex]{\pi ^-}[/latex] are identical at [latex]{139.6 \;\text{MeV/c}^2}[/latex] , whereas [latex]{\pi ^0}[/latex] has a mass of [latex]{135.0 \;\text{MeV/c}^2}[/latex]. These masses are close to the predicted value of [latex]{100 \;\text{MeV/c}^2}[/latex] and, since they are intermediate between electron and nucleon masses, the particles are given the name meson (now an entire class of particles, as we shall see in Chapter 33.4 Particles, Patterns, and Conservation Laws).

The pions, or [latex]{\pi}[/latex] -mesons as they are also called, have masses close to those predicted and feel the strong nuclear force. Another previously unknown particle, now called the muon, was discovered during cosmic-ray experiments in 1936 (one of its discoverers, Seth Neddermeyer, also originated the idea of implosion for plutonium bombs). Since the mass of a muon is around [latex]{10^6 \;\text{MeV/c}^2}[/latex] , at first it was thought to be the particle predicted by Yukawa. But it was soon realized that muons do not feel the strong nuclear force and could not be Yukawa’s particle. Their role was unknown, causing the respected physicist I. I. Rabi to comment, “Who ordered that?” This remains a valid question today. We have discovered hundreds of subatomic particles; the roles of some are only partially understood. But there are various patterns and relations to forces that have led to profound insights into nature’s secrets.

  • Yukawa’s idea of virtual particle exchange as the carrier of forces is crucial, with virtual particles being formed in temporary violation of the conservation of mass-energy as allowed by the Heisenberg uncertainty principle.

Problems & Exercises

1: A virtual particle having an approximate mass of [latex]{10^{14} \;\text{GeV/c}^2}[/latex] may be associated with the unification of the strong and electroweak forces. For what length of time could this virtual particle exist (in temporary violation of the conservation of mass-energy as allowed by the Heisenberg uncertainty principle)?

2: Calculate the mass in [latex]{\text{GeV/c}^2}[/latex] of a virtual carrier particle that has a range limited to [latex]{10^{-30}}[/latex] m by the Heisenberg uncertainty principle. Such a particle might be involved in the unification of the strong and electroweak forces.

3: Another component of the strong nuclear force is transmitted by the exchange of virtual K-mesons. Taking K-mesons to have an average mass of [latex]{495 \;\text{MeV/c}^2}[/latex] , what is the approximate range of this component of the strong force?

Glossary

pion
particle exchanged between nucleons, transmitting the force between them
virtual particles
particles which cannot be directly observed but their effects can be directly observed
meson
particle whose mass is intermediate between the electron and nucleon masses

Solutions

Problems & Exercises

1: [latex]{3 \times 10^{-39} \;\text{s}}[/latex]

3: [latex]{1.99 \times 10^{-16} \;\text{m} \; (0.2 \text{fm})}[/latex]

 

did a telescope in Ohio receive an extraterrestrial communication in 1977? – Physics World

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Sericosura mitrata: Difference between revisions

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Species of sea spider

Sericosura mitrata is a species of sea spider within the family Ammotheidae. The species is found near the Antarctic in the Southern Ocean, with the holotype of the species being found off Kemp Land at a depth of 219 meters. Other areas the species has been found includes the Atlantic near Namibia, and in the North Pacific at depths of 106 to 3500 meters.[1][2][3]

Trading day: Difference between revisions

Gold nanoparticles could improve radiotherapy of pancreatic cancer – Physics World

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User talk:2600:1009:B1A0:B61A:8167:73EF:AA7E:F6C: Difference between revisions

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User talk:2600:1009:B1A0:B61A:8167:73EF:AA7E:F6C: Difference between revisions Hello, I’m Jlwoodwa. I wanted to let you know that I reverted one of your recent contributions—specifically this edit to Smoke testing (software)—because it did not appear constructive. If you would like to experiment, please use the sandbox. If you have any questions, you can ask for assistance at the Teahouse or the Help desk. Thanks. jlwoodwa (talk) 01:22, 18 October 2024 (UTC)[reply]

Trading day: Difference between revisions

Wikipedia talk:Manual of Style/Television: Difference between revisions

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Wikipedia talk:Manual of Style/Television: Difference between revisions

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:[[MOS:TVPLOT]] does include this guidance. (“{{tq|Also avoid information that belongs in other sections, such as actors’ names.}}”) It is much less visible than the same sentiment in [[MOS:FILMPLOT]] though, and TVPLOT might benefit from emulating FILMPLOT’s placement and wording. [[User:Danbloch|Dan Bloch]] ([[User talk:Danbloch|talk]]) 00:45, 18 October 2024 (UTC)

:[[MOS:TVPLOT]] does include this guidance. (“{{tq|Also avoid information that belongs in other sections, such as actors’ names.}}”) It is much less visible than the same sentiment in [[MOS:FILMPLOT]] though, and TVPLOT might benefit from emulating FILMPLOT’s placement and wording. [[User:Danbloch|Dan Bloch]] ([[User talk:Danbloch|talk]]) 00:45, 18 October 2024 (UTC)

::Ahh, I see.

::I made the sentence more prominent, but not sure if it should stay exactly like I have it – change it if you feel it could be improved.

::Thanks! Have a good day!

::[[User:JuxtaposedJacob|JuxtaposedJacob]] ([[User talk:JuxtaposedJacob|talk]]) &#124; 🙂 &#124; 01:21, 18 October 2024 (UTC)


Latest revision as of 01:21, 18 October 2024

MOS:TVAUDIENCE says “Do not include user ratings submitted to websites such as the Internet Movie Database, Metacritic, or Rotten Tomatoes (including its “Audience Says” feature), as they are vulnerable to vote stacking and demographic skew.” MOS:FILMAUDIENCE says approximately the same. I didn’t actually find anything called “Audience Says” on Rotten Tomatoes. Is that referring to what Rotten Tomatoes now calls its “Popcornmeter”, or is that referring to something else, such as individual comments submitted by members of the public? —⁠ ⁠BarrelProof (talk) 20:16, 4 September 2024 (UTC)[reply]

Here: “Audience Says” is a short blurb that summarizes what fans think of a movie, drawing on common points made in user reviews written for the title Gonnym (talk) 20:20, 4 September 2024 (UTC)[reply]

OK, but are they still using that feature? That links to a blog entry from more than 3 years ago, and I don’t see such blurbs for the well-known movies I checked on the site. Is it acceptable to use averaged audience scores such as the Rotten Tomatoes “Popcornmeter” or the Metacritic “User Score”? —⁠ ⁠BarrelProof (talk) 20:31, 4 September 2024 (UTC)[reply]
Copying my comment from your talk page. Generally, I don’t like to include the user-generated scores from anywhere – IMDB, Metacritic, RottenTomatoes in part because they are largely fed by either fans or haters of shows and are easily manipulated. If the only source for a user generated rating is IMDB/Metacritic/RT, I would 100% leave it out. If a secondary sources calls out the score and highlights something unusual about it, that’s worth a second glance to see if it should be included with the full context – show XYZ was review-bombed and the user rating on DEF went from 9.5 to 2.3 in a month. That’s notable and worth mentioning. Ravensfire (talk) 20:36, 4 September 2024 (UTC)[reply]

I think having this discussion is good just to get some definition here and use that to update the MOS. Ravensfire (talk) 20:37, 4 September 2024 (UTC)[reply]
If the “Audience Says” aspect of RT has been retired, then I see no issues with removing that parenthetical. Really, I try to avoid the use of parentheticals in general. I’m assuming that was originally added to the guideline because there were issues with editors adding that specifically. DonIago (talk) 12:48, 5 September 2024 (UTC)[reply]

It was presumably useful information at the time it was added. What would be useful now is to clarify whether the Rotten Tomatoes “Popcornmeter” and the Metacritic “User Score” are acceptable. I suggest they are not, and that the MOS should be clarified to say this. In fact I just discovered someone already added a mention of the Popcornmeter. I expanded it to also mention the Metacritic “User Score”. —⁠ ⁠BarrelProof (talk) 14:59, 5 September 2024 (UTC)[reply]

I appreciate that you are refreshing the documentation and adding clarification[1] that you feel is necessary but it seems redundant to me. I would suggest instead (or in addition) to point up to the higher level guidelines and principles of WP:UGC or WP:RS because audience scores are fundamentally unreliable and that is why they not allowed. — 109.79.167.27 (talk) 21:14, 5 September 2024 (UTC)[reply]

Thanks for those links. In my opinion, the statement at WP:UGC was not very clear about reported averages. I just added a clarification there. Which specific sentence(s) at WP:RS would apply to this type of polling result? —⁠ ⁠BarrelProof (talk) 21:25, 5 September 2024 (UTC)[reply]

As I noted on your Talk page the point is not about any specific mechanism for expressing user scores, the point is that such user voted or crowdsourced information is not the Wikipedia kind of reliable and should not be used. I didn’t decide the consensus I’ve just seen these same discussions before. I’m not claiming the documentation is well written or clear enough.
It might be helpful to note that as with every rule in Wikipedia there are always exceptions. Occasionally reliable WP:SECONDARY sources (e.g. Variety magazine) point out there has been a big discrepancy between audiences and critics then occasionally editors will use that source to mention that there has been a divergence of opinion, but even then it isn’t about the score (or average rating) specifically but it is about the audience response in general. e.g. The_Acolyte_(TV_series)#Audience_response — 109.79.167.27 (talk) 21:52, 5 September 2024 (UTC)[reply]

I have started a discussion about potentially changing the approach to determining the cast lists for this series at Talk:The Lord of the Rings: The Rings of Power#Approach to the cast lists. It does not follow the standard Main/Guest/Co-star crediting style so needs a different approach from MOS:TVCAST, and the release of the second season has raised questions about whether the current approach is adequate. Any regular television editors who have thoughts on the best way to determine cast lists for the series are welcome to contribute them at the discussion. Thanks all, adamstom97 (talk) 13:27, 7 September 2024 (UTC)[reply]

Seems like this sort of overhaul rewrite happens frequently when a show hits season 2 and things need to be reorganised by long term editors more familiar with the project TV guidelines. Maybe wait until the season is finished and the article settles down and no one is likely to mind? The fact that you asked at all somehow suggests you think it might be contentious but you’ve started a discussion already so if the change already seems uncontroversial then there would seem to be no need to wait. — 109.76.194.168 (talk) — Preceding undated comment added 23:08, 7 September 2024 (UTC)[reply]

I asked for other opinions because it is an unusual situation that doesn’t follow the standard process established at MOS:TVCAST. – adamstom97 (talk) 07:50, 8 September 2024 (UTC)[reply]

 You are invited to join the discussion at Wikipedia talk:Featured lists § FLs for television seasons. A discussion regarding whether season articles should go through the GA/FAC or FLC process. TheDoctorWho (talk) 21:45, 13 September 2024 (UTC)[reply]

 You are invited to join the discussion at Wikipedia talk:WikiProject Television § Released: Airing vs streaming. Editors are still needed to weigh in on this. This is affects the {{Series overview}} and {{Episode table}}. — YoungForever(talk) 13:28, 10 October 2024 (UTC)[reply]

Hello all,

Recently was comparing MOS:FILMPLOT and the TV MOS guidance on plot sections and noticed that, while the movie MOS provides guidance on whether or not to include actors’ names in the plot summary, this article does not. I don’t mind either way, but was just look for some clarity.

Thanks so much! Have a great day!

JuxtaposedJacob (talk) | 🙂 | 19:17, 17 October 2024 (UTC)[reply]

MOS:TVPLOT does include this guidance. (“Also avoid information that belongs in other sections, such as actors’ names.“) It is much less visible than the same sentiment in MOS:FILMPLOT though, and TVPLOT might benefit from emulating FILMPLOT’s placement and wording. Dan Bloch (talk) 00:45, 18 October 2024 (UTC)[reply]

Ahh, I see.
I made the sentence more prominent, but not sure if it should stay exactly like I have it – change it if you feel it could be improved.
Thanks! Have a good day!
JuxtaposedJacob (talk) | 🙂 | 01:21, 18 October 2024 (UTC)[reply]

Trading day: Difference between revisions

LUX-ZEPLIN ‘digs deeper’ for dark-matter WIMPs – Physics World

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History of New York City (1946–1977): Difference between revisions

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History of New York City (1946–1977): Difference between revisions

 

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The [[New York City blackout of 1977]] struck on July 13 of that year and lasted for 25 hours, during which black and Hispanic neighborhoods fell prey to destruction and looting. Over 3,000 people were arrested, and the city’s already crowded prisons were so overburdened that some suggested reopening the recently condemned [[Manhattan Detention Complex]].<ref>James Goodman, ”Blackout” (2003)</ref>

The [[New York City blackout of 1977]] struck on July 13 of that year and lasted for 25 hours, during which black and Hispanic neighborhoods fell prey to destruction and looting. Over 3,000 people were arrested, and the city’s already crowded prisons were so overburdened that some suggested reopening the recently condemned [[Manhattan Detention Complex]].<ref>James Goodman, ”Blackout” (2003)</ref>

The financial crisis, high crime rates, and damage from the blackouts led to a widespread belief that New York City was in irreversible decline and beyond redemption. By the end of the 1970s, nearly a million people had left, a population loss that would not be recouped for another twenty years. To Jonathan Mahler, the chronicler of ”[[Ladies and Gentlemen, the Bronx Is Burning|The Bronx is Burning]]”, “The clinical term for it, ”fiscal crisis,” didn’t approach the raw reality. ”Spiritual crisis” was more like it.”<ref>Jonathan Mahler, ”The Bronx is Burning: 1977, Baseball, Politics, and the Battle for the Soul of a City” (2006) {{ISBN?}} {{page?|date=July 2024}}</ref>

The financial crisis, high crime rates, and damage from the blackouts led to a widespread belief that New York City was in irreversible decline and beyond redemption. By the end of the 1970s, nearly a million people had left, a population loss that would not be recouped for another twenty years. To Jonathan Mahler, the chronicler of ”[[Ladies and Gentlemen, the Bronx Is Burning|The Bronx is Burning]]”, “The clinical term for it, ”fiscal crisis,” didn’t approach the raw reality. ”Spiritual crisis” was more like it.”<ref>Jonathan Mahler, ”The Bronx is Burning: 1977, Baseball, Politics, and the Battle for the Soul of a City” (2006) {{ISBN?}} {{page?|date=July 2024}}</ref>

== See also ==

== See also ==

Immediately after World War II, New York City became known as one of the world’s greatest cities.[1] However, after peaking in population in 1950, the city began to feel the effects of suburbanization brought about by new housing communities such as Levittown, a downturn in industry and commerce as businesses left for places where it was cheaper and easier to operate, an increase in crime, and an upturn in its welfare burden, all of which reached a nadir in the city’s fiscal crisis of the 1970s, when it barely avoided defaulting on its obligations and declaring bankruptcy.

Postwar: Late 1940s through 1950s

[edit]

As many great cities lay in ruins after World War II, New York City assumed a new global prominence. It became the home of the United Nations headquarters, built 1947–1952; inherited the role from Paris as center of the art world with abstract expressionism; and became a rival to London in the international finance and art markets. Yet the population declined after 1950, with increasing suburbanization in the New York metropolitan area as pioneered in Levittown, New York.

Midtown Manhattan, fueled by postwar prosperity, was experiencing an unprecedented building boom that changed its very appearance. Glass-and-steel office towers in the new International Style began to replace the ziggurat-style towers (built in wedding-cake style) of the prewar era. Also rapidly changing was the eastern edge of the East Village close to FDR Drive. Many traditional apartment blocks were cleared and replaced with large-scale public housing projects. In Lower Manhattan, urban renewal began to take shape around 1960, led by David Rockefeller’s construction of the One Chase Manhattan Plaza building.

In a built-out city, construction entails destruction. After the old Beaux Arts Pennsylvania Station was torn down, growing concern for preservation led to the 1965 Landmarks Preservation Commission Law. The city’s other great train station, Grand Central, was also threatened with demolition but was eventually saved. Meanwhile, New York City’s network of highways spread, destroying neighborhoods where African Americans lived under the guidance of the noted urban planner with exceeding biases against certain ethnicities Robert Moses, consequently increasing traffic congestion, traffic pollution, and ruining livelihoods of the people who once lived in vibrant neighborhoods.[2] However, the defeat in 1962 of Moses’ planned Lower Manhattan Expressway by community activists led by Jane Jacobs was an indication that Moses would no longer have the free hand in the destruction of livelihoods he had enjoyed in the past.

History of New York City (1946–1977): Difference between revisions
Pennsylvania Station in 1962, two years before it was torn down, an event which jump-started the historic preservation movement.

During the 1960s, a gradual economic and social decay set in. A symptom of the city’s waning competitiveness was the loss of both its longtime resident National League baseball teams to booming California; the Dodgers and the Giants both moved after the 1957 season. A sports void was partially filled with the formation of the Mets in 1962, who played their first two seasons at the Polo Grounds, the former home of the Giants, before moving to Shea Stadium in Queens in 1964.

The passage of the federal Immigration Act of 1965, which abolished national-origin quotas, set the stage for increased immigration from Asia, which became the basis for New York’s modern Asian American community.

On November 9, 1965, New York endured a widespread power blackout along with much of eastern North America. (The city’s ordeal became the subject of the 1968 film, Where Were You When the Lights Went Out?) The postwar population shift to the suburbs resulted in the decline of textile manufacturing and other traditional industries in New York, most of which also operated in extremely outdated facilities. With the arrival of container shipping, that industry shifted to New Jersey where there was more room for it. Blue-collar neighborhoods began to deteriorate and become centers of drugs and crime. Strip clubs and other adult businesses started filling Times Square in the late 1960s.

In 1966, the US Navy decommissioned the Brooklyn Navy Yard, ending a command going back to the early 19th century. It was sold to the city. The Yard continued as a site for shipbuilding for another eleven years.

A 1973 photo of New York City skyscrapers in smog

From November 23 to 26, 1966, New York City was covered by a major smog episode, filling the city’s air with damaging levels of several toxic pollutants. The smog was caused by a combination of factors, including the use of coal-burning power plants, the heavy traffic on the city’s roads, and the widespread use of wood-burning stoves and fireplaces. It was the third major smog in New York City, following events of similar scale in 1953 and 1963.

John Lindsay, a liberal Republican, was a highly visible and charismatic mayor from 1966 to 1973. The city was a national center of protest movements regarding civil rights for black citizens, opposition to the Vietnam War, and the newly emerging feminist and gay movements. There were jolting economic shocks as the postwar prosperity came to an end with many factories and entire industries shutting down. There was a population transition with hundreds of thousands of African-Americans and Puerto Ricans moving in, and an exodus of European-Americans to the suburbs. Labor unions, especially in teaching, transit, sanitation and construction, fractured over major strikes and internal racial tensions.[3]

The Transport Workers Union of America (TWU) led by Mike Quill shut down the city with a complete halt of subway and bus service on mayor John Lindsay’s first day of office. As New Yorkers endured the transit strike, Lindsay remarked, “I still think it’s a fun city,” and walked four miles (6 km) from his hotel room to City Hall in a gesture to show it.[4] Dick Schaap, then a columnist for the New York Herald Tribune, coined and popularized the sarcastic term in an article titled Fun City.[4][5] In the article, Schaap sardonically pointed out that it was not.[4][5]

Anderson Avenue garbage strike. A common scene throughout New York City in 1968 during a sanitation workers strike

The transit strike was the first of many labor struggles. In 1968 the teachers’ union (the United Federation of Teachers, or the UFT) went on strike over the firings of several teachers in a school in Ocean Hill and Brownsville.[6]

That same year, 1968, also saw a nine-day sanitation strike.[7][8] Quality of life in New York reached a nadir during this strike, as mounds of garbage caught fire, and strong winds whirled the filth through the streets.[9] With the schools shut down, the police engaged in a slowdown, firefighters threatening job actions, the city awash in garbage, and racial and religious tensions breaking to the surface, Lindsay later called the last six months of 1968 “the worst of my public life.”[10]

The Stonewall riots were a series of spontaneous, violent demonstrations against a police raid that took place in the early morning hours of June 28, 1969, at the Stonewall Inn, in the Greenwich Village neighborhood of New York City. They are frequently cited as the first instance in American history when people in the homosexual community fought back against a government-sponsored system that persecuted sexual minorities, and they have become the defining event that marked the start of the gay rights movement in the United States and around the world.

The World Trade Center, completed in 1973
Times Square in 1977

By 1970, the city gained notoriety for high rates of crime and other social disorders. A popular song by Cashman & West in the autumn of 1972, “American City Suite”, chronicled, in allegorical fashion, the decline in the city’s quality of life. The city’s subway system was regarded as unsafe due to crime and suffered frequent mechanical breakdowns. Prostitutes and pimps frequented Times Square, while Central Park became feared as the site of muggings and rapes. Homeless persons and drug dealers occupied boarded-up and abandoned buildings. The New York City Police Department was subject to investigation for widespread corruption, most famously in the 1971 testimony of whistle-blowing police officer Frank Serpico.[11] In June 1975 after the city announced budget cuts downsizing the police force, officers distributed a pamphlet titled “Fear City” to arriving visitors, warning them to stay away.[12]

The opening of the mammoth World Trade Center complex in 1972, however, was one of the few high points of the city’s history at that time. Conceived by David Rockefeller and built by the Port Authority of New York and New Jersey on the site of the Radio Row electronics district in Lower Manhattan, the Twin Towers displaced the Empire State Building in Midtown as the world’s tallest building; it was displaced in turn by Chicago’s Sears Tower in 1973.

Fiscal crisis of 1975

[edit]

The 1970s were a low point in the city’s modern history, and one of the lowest moments came when the New York Daily News reported the President’s refusal to bail out the nation’s largest city; he later relented.

US economic stagnation in the 1970s hit New York City particularly hard, amplified by a large movement of middle-class residents to the suburbs, which drained the city of tax revenue.[13] In February 1975, New York City entered a serious fiscal crisis. Under mayor Abraham Beame, the city had run out of money to pay for normal operating expenses, was unable to borrow more, and faced the prospect of defaulting on its obligations and declaring bankruptcy. The city admitted an operating deficit of at least $600 million, contributing to a total city debt of more than $11 billion[14] and the city was unable to borrow money from the credit markets.[15] There were numerous reasons for the crisis, including overly optimistic forecasts of revenues, underfunding of pensions, use of capital allocations and reserves for operating costs, and poor budgetary and accounting practices. Another perspective given on this matter is that as the most capitalised city of the United States at that time, New York hosted an array of welfare and benefits for its people, including nineteen public hospitals, mass transit facilities and most importantly, New York City provided higher education for free with the municipal university system.[16] The city government was reluctant to confront municipal labor unions; an announced “hiring freeze” was followed by an increase in city payrolls of 13,000 people in one quarter, and an announced layoff of eight thousand workers resulted in only 436 employees leaving the city government.[17]

The first solution proposed was the Municipal Assistance Corporation, which tried to pool the city’s money and refinance its heavy debts. It was established on June 10, 1975, with Felix Rohatyn as chairman, and a board of nine prominent citizens, eight of whom were bankers. In the meanwhile, the crisis continued to worsen, with the admitted city deficit reaching $750 million; municipal bonds could be sold only at a significant loss to the underwriters.[17]

View of the World Trade Center under construction from Duane Street, Manhattan, 1970
Litter is flushed from 172nd Street in Manhattan using hydrants

The MAC insisted that the city make major reforms, including a wage freeze, a major layoff, a subway fare hike, and charging tuition at the City University of New York. The New York State Legislature supported the MAC by passing a law converting the city sales tax and stock transfer tax into state taxes, which when collected were then used as security for the MAC bonds. The State of New York also passed a state law that created an Emergency Financial Control Board to monitor the city’s finances, required the city to balance its budget within three years, and required the city to follow accepted accounting practices. But even with all of these measures, the value of the MAC bonds dropped in price, and the city struggled to find the money to pay its employees and stay in operation. The MAC sold off $10 billion in bonds.[18]

It failed to achieve results quickly and the state came up with a much more drastic solution: the Emergency Financial Control Board (EFCB). It was a state agency, and city officials had only two votes on the seven-member board. The EFCB took full control of the city’s budget. It made drastic cuts in municipal services and spending, cut city employment, froze salaries and raised bus and subway fares. The level of welfare spending was cut. Some hospitals were closed as were some branch libraries and fire stations. The labor unions helped out, by allocating much of their pension funds to the purchase of city bonds—putting the pensions at risk if bankruptcy took place.

A statement by Mayor Beame was drafted and ready to be released on October 17, 1975, if the teachers’ union did not invest $150 million from its pension funds in city securities. “I have been advised by the comptroller that the City of New York has insufficient cash on hand to meet debt obligations due today,” the statement said. “This constitutes the default that we have struggled to avoid.”[19] The Beame statement was never distributed because Albert Shanker, the teachers’ union president, finally furnished $150 million from the union’s pension fund to buy Municipal Assistance Corporation bonds. Two weeks later, President Gerald R. Ford angered New Yorkers by refusing to grant the city a bailout.[20]

Ford later signed the New York City Seasonal Financing Act of 1975,[21] a congressional bill that extended $2.3 billion worth of federal loans to the city for three years. In return, Congress ordered the city to increase charges for city services, to cancel a wage increase for city employees and to drastically reduce the number of people in its workforce.

Rohatyn and the MAC directors persuaded the banks to defer the maturity of the bonds they held and to accept less interest. They also persuaded the city and state employee pension funds to buy MAC bonds to pay off the city’s debts. The city government cut the number of its employees by 40,000, deferred the wage increases already agreed to in contracts and kept them below the level of inflation.[22][23][24][25] The loans were repaid with interest.[26][27]

Manhattan skyline around 1970

A fiscal conservative, Democrat Ed Koch, was elected as mayor in 1977. By 1977–78, New York City had eliminated its short-term debt. By 1985, the City no longer needed the support of the Municipal Assistance Corporation, and it voted itself out of existence.[17]

The New York City blackout of 1977 struck on July 13 of that year and lasted for 25 hours, during which black and Hispanic neighborhoods fell prey to destruction and looting. Over 3,000 people were arrested, and the city’s already crowded prisons were so overburdened that some suggested reopening the recently condemned Manhattan Detention Complex.[28]

The financial crisis, high crime rates, and damage from the blackouts led to a widespread belief that New York City was in irreversible decline and beyond redemption. By the end of the 1970s, nearly a million people had left, a population loss that would not be recouped for another twenty years. To Jonathan Mahler, the chronicler of The Bronx is Burning, “The clinical term for it, fiscal crisis, didn’t approach the raw reality. Spiritual crisis was more like it.”[29]

  1. ^ “New York After WWII | American Experience | PBS”. www.pbs.org. Retrieved June 8, 2024.
  2. ^ https://www.npr.org/transcripts/887386869 [bare URL]
  3. ^ Joseph P. Viteritti, ed., Summer in the City: John Lindsay, New York, and the American Dream (2014)
  4. ^ a b c The Fun City, New York Herald Tribune, January 7, 1966, p. 13:
  5. ^ a b Daniel B. Schneider, F.Y.I., NY Times, January 3, 1999
  6. ^ Damon Stetson A Most Unusual Strike; Bread-and-Butter Issues Transcended By Educational and Racial Concerns, NY Times, September 14, 1968
  7. ^ Themis Chronopoulos, “The Lindsay Administration and the Sanitation Crisis of New York City, 1966–1973,” Journal of Urban History (2014) 40 pp: 1138–1154, doi:10.1177/0096144214533081
  8. ^ Stetson, Damon (February 11, 1968). “Garbage Strike is Ended on Rockefeller’s Terms; Men Back on Job”. New York Times. p. 1. Retrieved May 19, 2009.
  9. ^ Perlmutter, Emanuel (February 5, 1968). “Shots are Fired in Refuse Strike; Filth Litters City; Shotgun Blasts Shatter 2 Panes at Home of Foreman Who Continues to Work Mayor Tours Streets Mounting Garbage Is ‘Very Serious,’ Lindsay Says – Pact Talks Due Today Garbage Piles Up in Streets as Strike Grows ‘Very Serious’“. New York Times. p. 1. Retrieved May 19, 2009.
  10. ^ McFadden, Robert D (December 21, 2000). “John V. Lindsay, Mayor and Maverick, Dies at 79”. New York Times. Retrieved May 19, 2009.
  11. ^ Roberta Ann Johnson, “Whistleblowing and the Police.” Rutgers Journal of Law and Urban Policy 3 (2006) pp: 74+. online
  12. ^ ‘Welcome to Fear City’ – the inside story of New York’s civil war, 40 years on”. TheGuardian.com. May 18, 2015.
  13. ^ Edward M. Gramlich, “The New York City Fiscal Crisis: What Happened and What is to be Done?” American Economic Review (1976) 66#2 pp. 415–429 in JSTOR
  14. ^ Lucia Capodilupo (April 2002). “Municipal Assistance for the City of New York (MAC)”. William and Anita Newman Library and Baruch College, City University of New York. Archived from the original on June 12, 2010. Retrieved January 20, 2011.
  15. ^ Adam Lisberg (September 27, 2008). “Municipal Assistance Corp., New York’s 1975 savior, says ‘see ya’“. Daily News. New York. Retrieved January 20, 2011.
  16. ^ Phillips-Fein, Kim (April 16, 2013). “The Legacy of the 1970s Fiscal Crisis”. The Nation. ISSN 0027-8378. Retrieved July 31, 2021.
  17. ^ a b c Roger Dunstan (March 1, 1995). “Overview of New York City’s Fiscal Crisis” (PDF). California Research Bureau, California State Library. Archived from the original (PDF) on January 25, 2011. Retrieved January 20, 2011.
  18. ^ “Municipal Assistance Corp., New York’s 1975 savior, says ‘see ya’“. New York Daily News. September 27, 2008.
  19. ^ Roberts, Sam (December 31, 2006). “When the City’s Bankruptcy Was Just a Few Words Away”. The New York Times.
  20. ^ Jon Shelton, “Dropping Dead: Teachers, the New York City Fiscal Crisis, and Austerity” in Shelton, Teacher Strike! Public Education and the Making of a New American Political Order (U of Illinois Press, 2017) pp 114–142.
  21. ^ Pub. L.Tooltip Public Law (United States) 94–143, H.R. 10481, 89 Stat. 797, enacted December 5, 1975
  22. ^ Peter D. McClelland and Alan L. Magdovitz, Crisis in the Making: The Political Economy of New York State since 1945 (2000) pp. 335, 337
  23. ^ Charles R. Morris, The Cost of Good Intentions: New York City and the Liberal Experiment (1980) p. 233
  24. ^ For legal and technical details see Gayle Gutekunst-Roth, “New York – A City in Crisis: Fiscal Emergency Legislation and the Constitutional Attacks.” Fordham Urban Law Journal 6 (1977): 65. online
  25. ^ Donna E. Shalala, and Carol Bellamy. “State Saves a City: The New York Case, A.” Duke Law Journal (1976): 1119+ online.
  26. ^ Charles J. Orlebeke, “Saving New York: The Ford Administration and the New York City Fiscal Crisis,” in Alexej Ugrinsky and Bernard J. Firestone eds. Gerald R. Ford and the Politics of Post-Watergate America – Vol. 2 (1993) pp 359–385 online
  27. ^ Russell, Mary (December 10, 1975). “Ford Signs Bill To Aid N.Y.C.”. The Washington Post. p. B9. ProQuest 146357089.
  28. ^ James Goodman, Blackout (2003)
  29. ^ Jonathan Mahler, The Bronx is Burning: 1977, Baseball, Politics, and the Battle for the Soul of a City (2006) [ISBN missing] [page needed]
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