For the past few weeks, protesters have been gathering in larger and larger numbers along the sidewalks of Wall Street. It’s about time.
For far too long, Americans have been sitting on the sidelines just waiting and hoping for things to get better. Citizens sat on their couches, tightening their fists in anger as they watched the news reports about the tanking economy, the rising unemployment, and the greed and corruption in Wall Street that drove us into this situation and walked off, scot-free, avoiding any of the ramifications of their decisions. There’s no way the country should let them get away with it.
To date, over 700 peaceful protesters have been arrested for making a stand against economic corruption.
But their point has been made, and as the protesters gather support, people across the country are banding together to send politicians and the wealthy who pay for their policies one message: we won’t tolerate it any longer.
The sentiment has sparked solidarity protests in major cities everywhere in the US, with Chicago, Los Angeles and even Houston joining in. These efforts show that Americans are still willing to take a stand for their beliefs, and that the vast majority of Americans are tired of the blatant robbery and inequalities that the wealthiest individuals of the US have left behind for us to suffer.
It’s tough to believe that the nation still operates as a democracy when the laws and policies that our politicians have instated done nothing to help its citizens, and do everything to benefit the corporations. When elections no longer serve the people, the only way we can ensure our voices are heard is through protest.
As Thomas Jefferson said, “the issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” The country has shifted in a direction that undermines the principles on which it was built upon, and it needs to be brought back. The Occupy Wall Street protests are a necessary and important step in the democratic process to make sure that America is still a country by the people, for the people.
This news should have been the top news since 3 weeks ago. I've watched the news everyday. I only found out online yesterday. I can't believe this is not the top news today!
Welcome to corporate media where the most important information is that information which distracts you from the information you REALLY need to know about! Check out Indy Media outlets on the web…
Occupy Houston! This Thursday!
Occupy Houston! This Thursday!
Where do we go to protest against all the people who took out mortgages they couldn't afford?
Start by protesting the mortgage companies who gave them the loans and said, "sign here." it's okay. Don't blame the victim.
So, if a person puts more on a credit card than they can afford, they're a victim? And if a person takes out a note on a car they can't afford, they're a victim? How does someone buying something they can't afford make them a victim?
Yes, the banks were stupid to underwrite the mortgages that led to this mess. But the people taking out mortgages they couldn't afford are equally to blame. It takes two to tango.
And, as to the argument that many people didn't understand what they were signing; I don't have any sympathy. Don't make the biggest financial decision of your life unless you understand what the terms are. And if you are dumb enough to sign anyway, you get what you get.
So mortgage lenders weren't competent enough to gauge that these people were incapable of sustaining their deals? And nevermind your condescending attitude toward people with poor financial literacy. Not everyone has the benefit of graduating from Bauer, you know. Some time in communities with poor financial literacy would be eye opening to you, and banks haven't been the most elucidating when it comes to these details.
And just how many mortgage defaults are caused by unemployment or divorce? Studies show this is a serious variable in understanding this. Make no mistake: neither side is right to say it's a black and white issue — but reform of the financial industry is seriously needed in cleaning up this mess.
Isn't it rather classist and condesending to say, "they didn't know any better, they're not educated"? "They didn't know any better" is how you excuse the actions of a toddler, not an adult. I respect the agency of my fellow citizens. That means I don't allow them to plead ignorance and be absolved from taking responsibility for their mistakes. That's why I believe those who over borrowed are to blame, right along with the banks.
Yes, divorce, layoff, and medical issues are all factors in foreclosure. But those are unfortunate events where no one, bank or borrower, did anything wrong. In those instances, the borrower and the banks lose. That's how its suppose to work.
Lastly, I never said the banks didn't bear a significant portion of the responsibility for creating this this mess. And yes, I agree that reform is needed. They are still "too big to fail", Glass Steagall should be brought back, and a multitude of other things should be done. But that's a protest for Washington DC, not Wall St.
"Isn't it rather classist and condesending to say, "they didn't know any better, they're not educated"?"
No. Individuals of lower socio-economic status have less access to quality education and conventional financial services than moderate and high-income earners. This is well documented, and there exist a number of organizations seeking to remedy this. These communities, because of education, historical mistrust, cultural phenomena and other variables, tend to have a lesser financial literacy than their higher-paid peers.
What you had was a confluence of factor that allowed this to happen, and of course there were irresponsible borrowers along the way. To categorize it as an evenly split responsibility when banks were essentially incentivized to give subprime loans, in many cases to people with lower financial literacy and stability, is an unsatisfactory explanation.
"But that's a protest for Washington DC, not Wall St."
The gist of the protest being these two entities are essentially in bed together and inseparable.
"The gist of the protest being these two entities are essentially in bed together and inseparable." Fair enough on that point. I'll concede that one.
But with respect to the financial literacy issue: You are certainly correct regarding educational, historical, and cultural issues. But absolving them of responsibility for their actions can only lead to 2 possible scenarios. 1 – we go back to economic redlining, where banks refuse to do business in certain areas (often racially motivated) or 2 – we create 2 classes of citizens. The financially literate can have every option open to them, while the lower class are treated like children and only have a few safe options available to them (as determined by the educated elites). Neither of those sound too appealing.
The third option is for legitimate lending institutions to more fairly and aggressively advertise their services, undercut non-conventional and unfair lending institutions, and increase financial literacy as a whole in our society through increased education and public outreach.
yea, adults shouldnt be responsible for their own behavior.
Where do we go to protest against all the people who took out mortgages they couldn't afford?
Most bank workers in NYC struggle to make ends meet making 40-50k a year. They worked hard to earn their degrees and their positions. Why protest that?
Also, the protestors have no specific goal. When you protest 10 things at once, your message becomes unclear and unimportant.
This is interesting in that Michael Bloomberg has made the same arguement with the same figure: http://thinkprogress.org/economy/2011/09/30/33303…
Actually, the median salary for stockbrokers is approximately $88,000 a year. But that is besides the point. The demonstrators are not targeting the individuals who work on Wall Street, they are targeting the financial institutions and practices they represent.
I think the "We are the 99%" slogan is really important, the issue is not what sector you work in, but that such a small group of people control the most important institutions without any input from the people.
Thanks for writing about this in the Daily Cougar! These protests started 17 days ago. Only when a video of police brutalizing female bystanders went viral did mainstream media think of this as newsworthy. Hope you keep up with this story.
It also shows that, when it comes to the freedom of speech, and the right to assembly, there is never any shortage of constabulary ready to help abuse protesters. And when it comes to freedom of the press there is an equal multitude of media corporations ready to scrub newsworthy events in favor of their an inherently bias newsy junk. Gotta love' dat Bill-o-rights.
Occupy Houston!!! It's time for us to stand up with them!
http://www.facebook.com/OccupyHouston
Houston is massive. What're you going to occupy, City Hall? Why not the power stations?
Also: http://occupyhouston.org/
Bernanke comments on the protests: