Anti-Wall
Street protests have escalated with more arrests over the weekend. Protesters are
opposed to what they say is a government controlled by corporate money and the
growing income gap between the very wealthy and the rest of America.
Celebrities
including Oscar-winning actress Susan Sarandon and documentary filmmaker Michael
Moore have voiced support for the protests. The police department faces protester
accusations that it had acted improperly during the gatherings.
NYC Financial District
The seven largest firms of Wall Street, the financial district of New
York City, in the first decade of the 21st century were Bear Stearns, JPMorgan
Chase, Citigroup Incorporated, Goldman Sachs, Morgan Stanley, Merrill Lynch and
Lehman Brothers. Chicago Tribune
During the mortgage mess from 2007-2010, Corporate America or Wall
Street financing was blamed as one of the causes, although most commentators
blame an interplay of factors. The U.S. government with the Troubled Asset
Relief Program bailed out the banks and financial backers with billions of
dollars, but the bailout was often criticized as politically motivated, and was
criticized by journalists as well as the public. Huffington Post
As of 2007, the top 1% of households (the upper class) owned 34.6% of
all privately held wealth. The next 19% (the managerial, professional, and small
business stratum) had 50.5%, which means that just 20% of the people owned a
remarkable 85%. Only 15% of the wealth goes for the bottom 80% (wage and salary
workers). Who rules America?
The top one percent of households has 38.3% of all privately held
stock, 60.6% of financial securities, and 62.4% of business equity. Who rules
America?
'Occupy Wall Street'
The Occupy Wall Street demonstration started out on September 17 with
around a dozen college students spending days and nights in Zuccotti Park, a
private plaza off Broadway. It has grown sizably; however, both in New York City
and elsewhere as people across the country, from Boston to Los Angeles, display
their solidarity in similar protests. Huffington Post
On the past two Saturdays, the protests led to tense standoffs with
police. On Sept. 24, about 100 people were arrested in New York and the group
put out a video which showed some women being hit with pepper spray by a police
official. On Oct. 1, more than 700 people were arrested in the city as the group
attempted to cross the Brooklyn Bridge. Huffington
Post
The demonstrators protest against an unequal distribution of wealth
wherein one percent of the American population benefits from the capitalism
system, while the other ninety-nine percent is exploited. The protesters say
they are that ninety-nine percent. Dowser
"We are the 99 percent that will no longer
tolerate the greed and corruption of the 1 percent." That is the motto of Occupy
Wall Street, a "leaderless resistance movement" aiming to take back democracy in
a time of corporate control and increasing powerlessness of individual people to
affect change in government. Neon Tommy
The official Occupy Wall Street manifesto that was released a few
days ago outlines the main grievances held by the protesters: collusion between
government and corporation, lack of protection of individuals' rights, and much
(much!) more. Dowser
Obama and Wall Street
One year and a half ago, President Obama labeled many financial
industry executives as "fat cats" and criticized their bonuses. Time
According to the Federal Reserve, U.S. corporations held a record
$1.93 trillion in cash on their balance sheets in 2010. But they are not
investing to expand their companies, grow the real economy or create good
middle-class jobs. Corporate CEOs are literally hoarding their company's
cash-except when it comes to their own paychecks. AFL-CIO
In 2010, Standard & Poor's 500 Index company CEOs received, on
average, $11.4 million in total compensation- a 23 percent increase in one year.
Based on 299 companies' most recent pay data for 2010, their combined total CEO
pay of $3.4 billion could support 102,325 median workers' jobs. AFL-CIO
Attorney and political strategist Jack Burkman says "Without Wall
Street's initial support he [President Obama] doesn't have credibility ... No
doubt about it. Without Wall Street, Obama would not be in power today."
Huffington Post
A July 2011 study by the Center for Responsive Politics shows that
President Obama is relying more on Wall Street to fund his re-election this year
than he did in 2008. The report says that one-third of the money Obama's elite
fund-raising corps has raised on behalf of his re-election has come from the
financial sector. CNBC
ARA/SM/DB
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