Within our collective consciousness, Wall Street lives in two psychic latitudes. One is temperate and signifies capitalist probity and caution, conservative financial orthodoxy, sound practice, rule-bound conventional morality and profound respect for the established order of things. The other is tropical and calls up a defiant set of instincts: to gamble recklessly, to break rules, to undermine all fixed and stable values, to revel in irreverence--in a word, to live by luck, not work. Though it would be wrong to label the latter "anti-capitalist," this cultural splitting nevertheless has been deeply formative. When the Jeffersonians excoriated the evils of Wall Street, they did so in defense of the moral and political virtues of productive labor. However hypocritical it may seem for a slave-owning elite to prate on about the work ethic, it set in motion a long-lived tradition, picked up initially by Jacksonian Democrats and later by Populists, labor radicals, middle-class Progressive-era reformers and New Dealers. Most of these movements and social classes (with some exceptions at the socialist margins of the labor movement) were themselves committed to the elementary forms of the capitalist marketplace. They believed, however, that they could tell the difference between genuine investment on the one hand, and parasitic gambling on the other and rested their critique of Wall Street on that essential, if ambiguous, distinction.