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Occupy Wallstreet

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Submitted By candy212
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Enough is Enough
From California to China, all over the world people have joined the Occupy Wall Street movement. This movement started last year of September, 2011, and by the looks of things it doesn’t look like protesters will stop fighting for what they believe in. All across the globe, people are saying “enough is enough” as they unleash their frustration on the following issues: unemployment, health care coast, and corporate greed. According to the members of Occupy Wall Street, the reason why the world is suffering from these issues are because of the banks and the super rich.

More so than ever it is time for American to began to take more of an interest in the suffering economy that we live in. We must begin to investigate the true meaning of how our monetary and fiscal policy is supposed to work in our recessed economy. As expressed by the Occupy Wall Street protesters it is clear that greed has lead to our financial windfall. Leaving me to wonder do our elected officials really understand how our economics system works.

Like the Occupy Wall Street protesters the American people have a wide range of complaints, demands, and goals. The American people along with cries around the world are tired of "the collapsing environment, labor standards, housing policy, government corruption, World Bank lending practices, unemployment, and the increasing wealth disparity of a poverty stricken nation"(Occupied America) Different people have been affected by different aspects of the same system; they believe that these were symptoms of the same core problem in the world’s financial crisis. In the mean time, prompting a dominos effect around the world which consisted of a demographic pool of young protesters do to the rise of unemployment. Leaving us to wonder why stiffer regulations haven’t been imposed on Wall Street and in corporate America.

As we continue to monitor the Occupy on Wall Street protest it is certain that it will not end anytime soon. The American protestors continue to grow in numbers of anti-capitalist protesters around Wall Street to demonstrate their disgust against corporate greed. A majority of the demonstrators believe that Wall Street gluttony has played a key role in the disconcerting economy and financial deficit. Thus resulting in the typical banker and investor pockets remaining fat, while the American people continue to fight in the saturated economy. It is clear that the majorities thinks that Wall Street bankers are greedy, overpaid and dishonest, resulting in an increase poll numbers by the American people in the last two decades.

Over time, opinions about the financial woes of the U.S. have gotten worse; resulting in most citizens of the country saying they have "no trust at all in Wall Street to do what is best for the economy". When we think of government corruptions we have to take a closer look at our banking institutions. Let us not forget about the billion dollar bailout obtain by most banks and major corporation at the expense of the American taxpayers. Not to mention our brave college student who took on the banks with the online petition against new banking fees for the American people. These acts alone have caused me to pay more attention to our economic issues at hand. Where are the regulations that are supposed to be in place by or Board of Governors policy makers for the Federal Reserve?

It is clear “politics has influenced the Federal Reserve policy makers’ decision when allowing Bank of America is trying to shift its most dangerous assets debts onto its FDIC accounts” (Federal Reserve turns left). Only to leave you and me the taxpayers to bail them out again if they fail since we take on all the risk. At what point do the Federal Reserve, Wall Street and our elected official decide to get it right. “Why should the taxpayers rescue Bank of America, which got a $45 billion bailout during the financial crisis, had $1.04 trillion in deposits as of midyear, ranking it second among U.S. firms?”(Occupy Boston, Bailout) The cries of citizens from around the world only wish is for change from our world leaders to prompt economic stability, in hopes of elected officials to start doing their elected duties for serving and protecting the people.

Most Americans that are glued to the television, newspapers and social media would agree that Wall Street should be protested. Due to its resistance for needed regulations that would stabilize the U.S. economy. Therefore, hoping that the government and general banks will use our fiscal and monetary policy tools to steer our countries overall economic approach. For instance fiscal policy refers to our government's own financial credit balance. Whereas this money is spent by our government to be collected through tax income and other means against for continued operations of our government.

The monetary policy allows for the floating exchange system to adjust in which the currencies of trading countries can increase or decreases in value. The policy primary goal typically is to create stable prices and minimal unemployment. It is customarily used to try to contest unemployment during a recession by lowering of interest rates to entice businesses into growing. The policy makers of the Federal Reserve have the ability to influence the amount of money available to the U. S. economy, solely through the means to control unemployment, inflation, interest rates and earn national product. When the Reserve determine that it needs to facilitate a declining economy or rapidly rising interest rates, the Federal Reserve has three tools to utilize.

The Federal Reserve policy maker duties fall into four general areas when influencing the money supply and interest rates. Their primary focus is to influence the monetary and credit conditions in the economy in quest of utmost employment, firm prices, and reasonable long-term interest rates. When looking at our fiscal policy of taxation one has to wonder why American investors aren’t taxed abroad instead of only U.S. soil. Therefore, a requirement for the American people to truly get more involved in our political system since the second and third class citizens are the ones being put into poverty. As we continue to struggle during an economic crisis it is clear that our government is corrupted.

Protestors are anger and frustration over the unfairness that the economic upheaval has wrought. The average taxpayer who did not cause this world-wide economic collapse are paying with their health benefits, pensions, jobs, and their homes. “As the banks continue to limit restriction on borrowing and providing no relief to homeowners affected by job lost in hopes of maintain a piece of the American pie.”(Occupy America) Today, return to economic democracy is the demand of demonstrator’s movement that is spreading like a like wildfire across our nation and the world. The movement is in response to the class warfare that the top 1% based on Wall Street elite have been waging for decades against the 99% of Americans who are no longer able to reach for the dream or offer a better life to their children.

“This problem lies in the failure of government to standardize Wall Street and administer progressive taxation for the general welfare of the nation.”(What caused the gap) Rather than shrink government, we must join our voices as one, in order to stop our government from robbing our nation of its control and its future. “The worldwide capitalist crisis of the past few years has led to protests, rebellions, and even revolutions in a range of countries, poor and rich alike.”(Wall street jurnal) The form that political conflict has taken has been shaped by a number of factors, including the precise nature of the crisis that impacts ordinary people. In Wisconsin, due to budget cuts and attacks on the collective-bargaining rights of public employees led to protests earlier this year in a number of states. This sparked hundreds of thousands of protestors to consume the streets and occupy the state capital building in order to be heard by their elected officials in the office.

Although the social movement, began with an occupation of a small Manhattan’s financial district, but it has subsequently spread to hundreds of cities across the U.S. and has protests around the world. The movements achievements have far exceed the initial hopes of OWS activists. The interest group has been even more efficient at broadcasting the utter span of public anger with banks and corporations. The activist has also inspired discussion and debates across the U.S. about matters that have barely entered mainstream public dialogue in recent years.

Protestors believe that the authority and impunity of corporations, the tremendous disparity and unconscionable poverty in the United States, and the dishonesty of both major political parties clearly exists in our government. The movement that spread throughout the Middle East and Europe this year has one thing in common with many young unemployed protestors. The global unemployment rate may be worse in many of the countries that have experienced protests and civil unrest this year. While the unemployment rate for young people in the United States stood at “18.4% in 2010, thus well above the global median and an increase of nearly 8% from the rate in 2007 before the recession.”(Youth Unemployment) Likewise countries like Italy and Greece, which have experienced widespread protests, have seen their youth unemployment rates skyrocket to 27.8% and 32.9%.

In the Middle East, which was swept by uprisings, the unemployment rate for young people was 25.5% before the global financial crisis. According to the report, rampant unemployment among youth has been a contributing factor to protest movements around the world. When our government poll ratings are very low, it is as if there is no one to believe in anymore. It has managed to tap into a growing national frustration with the state of the American economy. And protesters are especially angry about our country’s increasing, outrageous income disparity.

At least 2.6 million Americans fell under the poverty line last year, the top 1 percent continued to control more than 40 percent of the country’s wealth. The income distribution in this country has gotten out of whack to a historically unprecedented extent and it has come with a very serious derangement of our political processes. “The majority of Americans are feeling very disgruntled about both the economic squeeze and their lack of political representation”(National Review). The U.S. is facing a structural crisis that goes beyond the bursting of the financial bubble. But for most of American society, and certainly for the majority of Americans who don’t have a bachelor’s degree, globalization has meant facing much lower-wage workers abroad and increasingly powerful competitive pressures.

Furthermore while this crucial dynamic is underway, American politics is going in almost the opposite direction. We have to work on rebuilding the infrastructure, strengthening the scientific base, having an energy system that moves to a sustainable renewable, low-carbon economy, improving educational outcome so that our kids have a future. While we recognize that in a global economy, we need some teamwork to make sure that we don’t end up with all our governments in fiscal crisis concurrently. Therefore, our elected officials must come together to choose the easy right over the easy wrong for the American people in our financial crisis. As our voice of protest continue to grow for positive change for the good of the people.

Reference:
1. Occupy Wall Street protests go global, Retrieved October 16, 2011.
2. Economic health of Europe is vital to the prosperity of U.S., Retrieved October 28, 2011.
3. Occupy Protesters Take Message to State Capitol, Retrieved October 30, 2011.
4. Rushkoff (2011, october 5). Thin occupy wall st. is a phase? you dnt get it. Retrieved from http://www.cnn.com/2011/10/05/opinion/rushkoff-occupy-wall-street/index.html

5. Sayeau Micheal. (2012, February 4). Occupied america. Retrieved from http://www.guardian.co.uk/books/2012/feb/05/occupy-wall-street-america-review

6. The Week. (2012). National Review, 64(3), 4-14.http://search.ebscohost.com/login.aspx?direct=true&db=a9h&AN=70942654&site=ehost-live

7. Learie Constantine - Wikipedia, the free encyclopedia. (n.d.). Retrieved from http://en.wikipedia.org/wiki/Learie_Constantine

8.Wall Street discontent high but Occupy Wall Street largely ... (n.d.). Retrieved from http://politicalticker.blogs.cnn.com/2011/10/24/wall-street-discontent-high-but-
occupy-wall-street-largely-unknown/

9.Youth Joblessness Plays Role in Protests - TheStreet. (n.d.). Retrieved from http://www.thestreet.com/story/11285003/1/youth-joblessness-plays-role-in-protes
ts.html

10. Youth Unemployment to Blame for Occupy Wall Street ... (n.d.). Retrieved from http://www.mainstreet.com/article/moneyinvesting/news/youth-unemployment-blame-o
ccupy-wall-street

11.What caused the wealth gap? - Occupy Wall Street - Salon.com. (n.d.). Retrieved from http://www.salon.com/2011/10/11/what_caused_the_wealth_gap/…...

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