Occupy Wall Street is this year's Tea Party
The protesters are organized, lucid and motivated in their search for a political process that doesn't exclude them.
By David Weidner, MarketWatch
The revolution just might be televised, after all.
More than two weeks after a band of young people began camping out in the shadow of the New York Stock Exchange, the movement to remake America's inequitable financial system is growing.
It's been called the Woodstock of Wall Street, but that's hardly an apt comparison. The gathering at Max Yasgur's farm 42 years ago was built on a generation looking for peace, love, some drugs and acid rock. The kids today are looking for real, tangible change of the capitalist sort. They're organized, lucid and motivated.
Post continues below:
Actually, they have more in common with the tea-party movement than the hippie dream, with one key difference: They're smart enough to recognize the nation's problems aren't simply about taxes and the deficit.
They want jobs. They want the generation in power to acknowledge them. They want political change. They want responsibility in a culture that abdicates it. They want a decent future of opportunity.
If that isn't American, then what is?
Another key difference between today's kids and their hippie forefathers: They're willing to gut it out.
Not only is Occupy Wall Street showing no signs of dying out, but it's getting stronger. On Sunday, a night of rain dampened the crowd at Zuccotti Park, but then the sun broke through, and they were back at it: challenging police, marching and drawing attention to their cause.
They're wired and ready. They're using YouTube and blogs. A newspaper, the Occupied Wall Street Journal, began publishing last week. They meet in the evenings in a "general assembly" to discuss tactics.
Bigger than it was 2 weeks ago
Moreover, there are signs the Left Coast wants to get into the action. On Sunday a group called Refund California announced a series of protests throughout Los Angeles. On Monday, a teach-in took place aimed at bringing awareness to how Wall Street has worsened California's budget problems.
On Tuesday, Refund California went to Orange County for a protest. On Wednesday, the group will target the home of a bank executive. And on Thursday a big bank in L.A. will be the next target. Protests in Chicago this weekend showed the message isn't lost in fly-over country.
This isn't just some anarchist or lefty agitating. Many of the protesters are furious with the Obama administration's kow-towing to Big Finance. They're critical of Federal Reserve policies. Refund California is aligned with 1,000 faith-based groups.
Protesters are admonished for displaying the U.S. flag incorrectly. These protests have been overwhelmingly peaceful. And, despite what you hear, there's been a lot of goodwill between the police and protesters. They're sharing coffee and doughnuts in the morning.
Meanwhile, another group, Occupy Los Angeles, is organizing its own protests. This movement, though small compared with the New York effort, is slowly gathering steam. Back East, Occupy Boston is gaining momentum. Protests in the financial center of Dewey Square took place Monday.
The persistence is paying off. The media are beginning to pay attention. Local papers in New York have been running more Occupy Wall Street stories. All of the major networks are covering the protests now.
There are many more reporters on the scene, and the coverage has moved from the police confrontations to what these thousands of protesters want.
The press seems confused. There were signs about Afghanistan, taxes, Wall Street greed, corporate responsibility and just about every pet cause out there. But what some decry as a lack of focus is really about them not getting it: This movement is about money. It's about wasting money. It's about greed for money guiding those in power. It's about the inequitable distribution of money.
Most of all, it's about process. In a "general assembly" meeting Saturday, Occupy Wall Street came up with its first official document. It is a powerful summation of grievances, not just of the young, but of many Americans: home foreclosures, workers rights, Internet privacy, health care and bailouts. Read the declaration of Occupy Wall Street .
"No true democracy is attainable when the process is determined by economic power," the declaration states. "We come to you at a time when corporations, which place profit over people, self-interest over justice, and oppression over equality, run our governments. We have peaceably assembled here, as is our right, to let these facts be known."
The protesters urge others to join them in public spaces everywhere.
Occupy Wall Street is a bigger and more important movement than it was two weeks ago. As the country faces a year in which many of its major political offices could potentially shift hands, there finally seems to be a movement that reflects frustration with a system beholden to big financial interests.
Still, there's much work to do. The movement needs to sharpen its message. It needs visible and well-spoken leadership and people to become active politically. Some have argued that the protesters need more concrete ideas, such as financial-transaction taxes or Wall Street reforms. Blanket anti-corporate statements aren't actionable.
But for a generation accused of being lazy, unwilling to work and living under their parents' roofs for far too long, these kids have shown a hell of a lot of mettle so far. The odds are still long, but they've succeeded in the first step.
They've gotten our attention.
Related articles at MarkeWatchDon’t march against banks -- walk away from them
VIDEO ON MSN MONEY
I like it! I support the Tea Party with their anti-tax/wasteful government spending demands. Wasteful government spending isn't even up for debate. It is a given and needs to be reigned in.
I would equally welcome those that place demands to end crony capitialism, unabashed corporate greed and out right theft and corruption. CEO pay is just outrageous. Corporate tax credits to create jobs in china and india don't make sense for Americans. There is no free trade, the U.S. is at a competitive disadvantage given the regulation we face at home. I don't expect china to meet our EPA standards or labor laws, however government can level the playing field by taxing corporations an off-setting amount/tax for jobs american companies create in countries that don't have to meet the same standards (Unless the companies are creating jobs in a country where the product is sold exclusively to that country and not exported back to America.)
good post, buy it also highlights a shortfall of the TP - belief in a variety of myths from way too much hannity-watching ....
"Corporate tax credits to create jobs in china and india don't make sense for Americans."
there is no such credit in the tax code. greed for profits offered by lower taxes on profits leads these companies to put profits ahead of America. they are just like the Alien and The Terminator - no pain, no soul, no remorse, with only one purpose: to become the ultimate profit-generator at the expense of humanity.
your TP is powerless to stop this as they have all signed pledges not to raise taxes and therefore cannot penalize this activity or tax the trillions they have hoarded overseas. the TP has been corrupted by the very powers they went off to fight and now care mostly about preserving their spots at the lobbyist/campaign money feeding trough ...... sad ...
I’m sorry, but I still can’t find anything coherent, or reasonable about this OWS movement and it’s participants. Basically, I see a bunch of tech savvy young people, that are disappointed with their current lot in life, looking for a "magic wand" that will make them all “healthy, wealthy and wise”.
Well, me too, so “write if you get work” and let me know how you did it!
the TP has been corrupted by the very powers they went off to fight and now care mostly about preserving their spots at the lobbyist/campaign money feeding trough ...... sad ...I think this brings up an excellent point...one of the original complaints of the nascent Tea Party was the crony capitalism that was symbolized by the TBTF banks and their bailouts (which wouldn't have been an issue if they were regulated such that they weren't "TBTF"....cough...Glass-Steagall Act...cough). Anyway, early on in the movement they were co-opted by the very billionaires that benefit from this "crony capitalism", funding professional billboards, signage, training of local and regional (sometimes national) media personalities...all with a clear message: that "big government" and "government spending and regulations" are the obvious problem here.
Ironically, if the co-opted Tea Party actually gets this wish, the unregulated markets will be free to pilfer and plunder the rest of the wealth from the middle and lower classes, benefiting...wait for it...the billionaires that funded the co-opted Tea Party. And, with the government toothless from drastic austerity cuts, they won't be able to enforce what little laws they have left, creating a certifiable corporatocracy.
You're right, it really is sad. Perhaps they will realize this mistake and join the others to go after the real issues here?
If we really want to make changes that will not destroy the Capitalist system in our country:
1. Rescind Frank-Dodd and put both parties in jail. One for stealing million from Fannie Mae through his partner and the other for taking bribes on a house deal.
2. Rescind "Obama Health care" so companies will be able to hire the people protesting on Wall street and around the country and free up the money they have in profits for expansion.
3. Vote out President Obama and elect Herman Cain. Put someone in office that knows what to do for all the American people.
4. Put America back on the Gold Standard.
These four steps would be a good start.
By the way, have you noticed that spell check doesn't recognize the name Obama? Is MSNBC a closet racist organization?
So . . . these people are former owners of General Motors stock. And Enron. And Worldcom. And Countrywide. And Bank of America. And Lehman Brothers. And Bear Sterns.
What a bunch of losers. Unemployed. Bonehead broke busted investors.
Did they buy the Optionetics software on infomertical TV?
Let's go out there and show these people how to short stocks. I mean . . . really.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'