Occupied Wall Street: A first-hand analysis

21 October 2011, 18:00 PM

Fredrick Misleh

Photo: AFP

ON 17 September 2011, the United States witnessed something unprecedented in its history: citizens pitched their tents in Zuccotti Park (or Liberty Plaza, depending on what you ask) just off of Wall Street in New York City. The people began protesting corporate greed, wealth inequality, and corporate lobbyist influence on the U.S. government. Their starting date is no coincidence: the 17th of September is the day the U.S. Constitution was signed in 1787. Since that date, the non-violent protests have been met by tear gas and pepper spray by the New York Police. This has prompted U.S. Marines on leave to don their dress blues and form barricades shielding the protesters from the police. The protests have also spread all over the U.S., as well as to Canada. Who are the protesters? According to them, "we are the 99 percent." According to politicians, the protesters are either "dangerous," or "the Tea Party of the Left." By demographics, they are the middle-class of American society. They are students, teachers, white-collar and blue-collar workers, stay-at-home mothers and fathers, pastors, rabbis, doctors, lawyers, and union laborers. The protesters feel no one is listening to them. They feel all the pressures of increased taxes, increased gas and food prices, increased tuition rates, and increased everything else. What factors prompted the protests? There are several. Political intransigence in Washington and a deepening economic crisis, spurred even deeper down the hole by the crisis in Greece and the European Union, have caused the vast majority of Americans to feel dissatisfied with their government, especially since the U.S.'s AAA credit score rating was downgraded 67 days ago. As of late, a full 82 percent of Americans are dissatisfied with Congress. This is reflective of the fact that Congress just last week passed another temporary spending bill to avoid a government shutdown. It seems as if the Legislative branch cannot function and this is frustrating to those who voted its members into office. Then there is also the issue of lobbyist influence in Washington politics. When a politician whom was elected by the people to represent the people begins to represent a special interest group (resources, businesses, other countries, etc.), then said politician is failing to meet the expectations of the people. Take said politician and apply the example to every politician in Washington, and you have one of the main causes of the protests. Next you have the New York Stock Exchange and the speculation involved in the trading business. For example: in May 2011, a silver trader sold most of his share of silver stocks in the N.Y.S.E. This caused other traders invested in silver to sell all of their stocks on speculation that the price per ounce of silver was about to fall and they wanted to "make a buck while they still could." Lo and behold! The price per ounce of silver fell dramatically, much to my personal chagrin. This fall, however, was not due to the discovery of more silver, thus more supply. It was rather a reaction by speculative traders to the actions of one man who simply wanted to invest elsewhere. This speculation, coupled with the tremors and shockwaves from the Greek debt crisis and the European bailout debate have caused uncertainty and thus collapse within the world economy has caused a massive recession within the U.S. This recession has caused high unemployment rates and home foreclosures among the American people. When Barack Obama took office as President of the U.S. in 2009, he had promised during his campaign, "unemployment will not go above 8 percent." The Unemployment rate is currently 9.1 percent. As of August 2011, one of every 570 housing units received foreclosure notices. You also have increasing tuition fees for college students. With increased tuition fees, you also have increasing book costs. Once these students graduate, these students have massive student loan debt and no prospects for a job, due to high unemployment caused by the recession. Students are fed up with these high fees; teachers are fed up with salary and budget cuts. The price of gas has also frustrated many people. In April 2011, the average price per gallon of gasoline in my hometown of San Diego reached an average of $4.13. I distinctly remember paying $4.30 per gallon at one point. This has led to an increase in the prices of foodstuffs. These increases have further strained the American people, especially those already on a tight budget. These issues and statistics translate into frustration with anyone and everyone affiliated with the U.S. government, the N.Y.S.E., and the education system. Hard times harden people, and the people's opinions and resolve has hardened against the political and economic establishment. The bailouts haven't worked. The increased government spending has only exacerbated our debt, rather than reduced it. The American people are tired of dealing with this and they are forcing the establishment to take heed of the real powers that be: the American people themselves. By protesting in the most public of places throughout the country, the American people have made sure Occupied Wall Street can no longer ignore their voices. The writer is a FAIR BD editor and a student of Foreign Affairs at the California State University in San Marcos, U.S.A.