Why Occupy Wall St by John Hinchcliff

WHY “OCCUPY WALL STREET”?          

Critics dismiss the “Occupy Wall Street” campaign as being “without focus”; “passionate but pointless”; “very vague”; “doomed to end with cold weather”; and “this unruly mob of ‘socialists’ and ‘dumb college kids’ could trigger dangerous unrest”.

Such comments may have validity but do not render the activity pointless.

Certainly, the focal point cannot be reduced to some neatly definitive, thirty-second, sound bite. Many concerns appear as different groups protest within hundreds of cities throughout the world.

But added together, their concerns present a sustained concern for a civilisation in deep trouble philosophically, spiritually, ethically, socially, politically, ecologically and economically.

Supporters include: wealthy businessman, George Soros; Republican presidential contender, Ron Paul; anti-communist Nobel Laureate, Lech Walesa; and House Democrat leader, Nancy Pelosi – all unable to be scorned as communists, hippies or jealous failures.

54% of Americans endorse this protest according to a recent Time magazine poll. In 5 days an Avaaz petition collected half a million signatures.

The concern about triggering a period of dangerous unrest is fair, especially for those Wall Street employees captured on camera drinking champagne on their balcony overlooking the protest. They could face uncomfortable questions, disruptions and boycotts.

And, unfortunately, although the protestors commit to non-violent action, unruly and alien elements could interfere causing unacceptable mayhem.

Perhaps, with the $202 trillion debt, massive unemployment, lost homes, and malaise, the campaign is too late to stop the USA slide into the tragic chaos of a deep Depression. Perhaps the better tactic is to prepare the family for an alternative lifestyle required after the collapse.

With industry using “off-peopling” technologies and corporations moving production lines to Asia, young protestors fear graduating from their expensive studies into the army of unemployed millions. Increasing food and health costs, home foreclosures, reducing teaching hours for children, pollution, expensive wars, and the huge financial drain of the military-industrial complex expand the forces threatening their future.

The Wall Street location emphasises anger with the finance industry.
By stimulating debt overload, by appealing to materialistic greed, by indulging in deceitful and sometimes fraudulent practices, and by ignoring democratic obligations and social justice, they accumulate enormous wealth and disproportionate political power. And they take America to the brink of collapse.

Ambitious and greedy financial experts have misused their clients’ money with guile and dubious accounting practices. Their arcane subterfuges, such as “credit default swaps”, convinced mortgage holders their nest eggs were safe. And to avoid paying taxes, corporations locate in “havens” like the Cayman Islands and Switzerland.

The inevitable collapse of finance companies, hedge funds, and banks have caused losses of $4 trillion in housing asset values alone. Savings of thousands of hardworking people disappeared.

A remarkable cabal of Libertarians and former employees of Goldman Sachs exert incredible influence over the White House, the Federal Reserve, the Treasury and the Congress. Corporations employ 30,000 lobbyists to buy politicians’ votes with campaign contributions.

Wealth in America is concentrating in fewer people, just as prior to the Great Depression. And leaders in the finance industry are pre-eminent, amassing wealth with huge salaries and massive bonuses even after:

* Being bailed-out with millions of taxpayer dollars;

*Almost wrecking the US economy with their dubious activities;

* Decimating the middle class;

* Avoiding taxation; and

* Bankrupting communities.

And more money is being printed to grow more debt.

An 8th October announcement presented a target symbolising protestors’ anger. The CEO of The Bank of America announced that 30,000 jobs were terminated because of losses incurred with reducing mortgages and shares dropping by 56%. However, Sallie Krawcheck, who had been in his top team for only two years, received a redundancy package of $6million.

This Bank is being investigated for employing robo-signers to ensure a specified number of foreclosures are processed monthly. Added to a decade of dubious activities by this bailed-out-as-being-too-big-to-fail corporation and we can see the anger of small business owners and their families on Main Street America, whose losses were not “socialized” by “crony capitalism”.

Many “gifts” are galling such as

*Lee Raymond’s $400 million bonus on retiring from Exxon Mobil,

*John Kanas’ $185 million bonus from one business transaction, and

*Autocratic CEO of Home Depot, Robert Nardelli’s $210 million severance package on being sacked after six years with a salary up to $38 million per annum – even though their  stock price had faltered.

And all-too-many professionals, fired unexpectedly, face “retirement” without employer-funded pensions.

We should understand the facts compelling this protest and determine the appropriate values and wisdom for a better future. American citizens valuing social justice, fiscal responsibility, and democratic government are appalled. Protesting against a system encouraging unrestrained greed and destroying the well being, trust and respect of the people seems to be an honourable commitment.

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For more on the Occupy movement go HERE

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