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Historical background

Wolfe deliberately set out to make The Bonfire of the Vanities capture the essence of New York City in the 1980s. Wall Street in the 1980s was newly resurgent after almost the whole of the 1970s had been bad for stocks. The excesses of Wall Street were at the forefront of the popular imagination, captured in films like Oliver Stone's Wall Street and in non-fiction books like Liar's Poker, Den of Thieves and Barbarians at the Gate.

Beneath Wall Street's success, the city was a hot-bed of racial and cultural tension. Homelessness and crime in the city were growing. Several high-profile racial incidents polarized the city, particularly two black men who were murdered in white neighborhoods: Willie Turks, who was murdered in the Gravesend section of Brooklyn in 1982 and Michael Griffith in Howard Beach, Queens in 1986. In another episode that became a subject of much media attention, Bernhard Goetz became something of a folk-hero in the city for shooting a group of black men who tried to rob him in the subway.