#OccupyWallStreet: Searching for Hope in America

September 20, 2011
by Allison Kilkenny
Source: Common Dreams

Adbusters, the non-profit, anti-consumerist organization, made the first call for an occupation of Wall Street back in July when they posted an article on their website titled, “#OCCUPYWALLSTREET.” The rallying cry proposed a massive occupation of Wall Street – some 20,000 individuals – a “fusion of Tahrir with the acampadas of Spain.” The group declared: “It’s time for DEMOCRACY NOT CORPORATOCRACY."

Adbusters latched on to the idea of an American Tahrir, also adopting the concept of new media protest at the genesis of the movement, even opting to include Twitter’s now famous hashtag in its branding campaign.

Two months later, the protest came to fruition. A hallmark of leftist activism is the amalgam of diverse movements present at protests. Alexa O’Brien, a spokesperson for US Day of Rage, one of the groups participating in the protest, says they are focused on reinforcing the first amendment: the rights to peaceably assemble and to free speech on public sidewalks.

Other protesters carried signs in solidarity with Troy Davis, while another group, The Platypus Affiliated Society, explained it’s an educational group focused on problems and tasks inherited from the old Left. But all parties agreed that Wall Street, and particularly the class divide, are bad for America.

“Corporate greed is bankrupting America,” says Chris Priest, a representative from US Uncut. “Wall Street is the pinnacle of corporate greed that bankrupted the country, and is imposing severe cuts on the middle- and working-class. They’ve seen no consequence for the financial depression they caused.”

A protester named Larry says that he joined the movement to protest the pitiful conditions of workers, particularly black and Hispanic employees. He fears the budget cutbacks will disproportionately affect the poor majority. “Wall Street makes its money off of exploitation,” he says. “We’ve sacrificed enough. That’s how they’ve got their billions.”

Spurring a Tahrir or Spanish revolution was an incredibly lofty goal, and all told, about a thousand protesters made it down to Wall Street. It seems some element –some unseen ingredient—is missing from America’s climate to spur the great cultural revolution seen in the Arab world. Of course, everyone has a different diagnosis for why the anti-establishment mass protests haven’t hit America’s shores yet.

Austin Mackell, an independent journalist stationed in Egypt, explains that the Arab Spring was a mixture of urban youth and traditional industrial activism. “Many credit the general strike that took place in the last few days before Mubarak’s ouster as critical in amping up the pressure on him.” Basically, he explains, a country needs the newer, sexier image of a young revolution, but it also needs the basic tools of organized, older labor to keep things focused.

Mia Foster says she was curious to check out the Wall Street protest because she was present at the ongoing massive Spanish protests that began in May. RTVE, the Spanish public broadcasting company, estimates that between 6.5 and 8 million Spaniards have participated in the protests thus far. Often compared to the Arab Spring, the Spanish protests demanded radical changes in Spanish politics, and are being waged in response to high unemployment, welfare cuts, Capitalism, and what is perceived as a two-party political duopoly.

“It was organized through Facebook. Then the people decided to stay in [Puerta del Sol] square. We were inspired by the Arab Spring,” she says. “We want real democracy now. It’s a very radical demand. Eighty percent of the population supported the protests, even the right wing. We have worse labor conditions, we don’t have access to houses, and we have twenty percent unemployment.” Incredibly, 125 days later, the protests and occupations in Spain are ongoing.

Of course, Occupy Wall Street didn’t live up to the legacy of Tahrir or Spain. Mia glances around the square where a group of protesters have now gathered to do some yoga and half-heartedly smiles, “I am sure in Spain there are more people in solidarity with this action than are here.”

Matthew Prowless says he doesn’t mind the mixture of causes and affectations –what he calls “window-dressing”– for a far more serious cause. Unlike the majority of the college-aged activists, Matthew is a 40-year-old father of two who says he is attending the protest because he had no other recourse.

“My home has been seized, I’m unemployed, there’s no job prospects on the horizon. I have two children and I don’t see a future for them. This is the only way I see to effect change,” he says. “This isn’t a Progressive issue. This is an American issue. We’re here to take our country back from the corporations,” adding he fears for the future of the United States where corporations can now spend unlimited, anonymous dollars to elect the candidates of their choices.

As for activist yoga, Matthew laughs, saying he likes it. “I’m not here to change every aspect of the world. I’m just here to change the most important part of the world, and that’s elections. The yoga people bring attention to it, and they support our cause.”

Of course, it’s become a cliché to pine for an American Tahrir. Nowhere is it written that a revolution must follow a specific formula in order to be effective. Perhaps America’s revolution won’t happen with a bang as it did in the case of the Arab Spring. It might have already arrived in the form of a gradual drip that began in Wisconsin, and then Ohio, and will arrive tomorrow as a flood in 48 other states.
Copyright © 2011 The Nation

Jobs woes sink Wall Street

Sep 2, 2011
By Ryan Vlastelica | Reuters
Source: Yahoo News


NEW YORK (Reuters) - Stocks tumbled 2 percent on Friday after data showing zero jobs growth in August brought investors face-to-face with the prospect of another recession.

The declines left Wall Street lower for the sixth week out of seven as declining issues far outweighed winners on a light-volume day ahead of the long U.S. Labor Day holiday weekend.

Stocks had rebounded recently on expectations the Federal Reserve would introduce new stimulus to boost the sluggish economy. But the Labor Department's latest report underscores that action by the Fed alone cannot address the economy's deep problems.

"By itself the Fed can't restore confidence or create jobs, so any steps it might take won't be game-changing for the economic growth prospects," said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management in New York, where he oversees about $171 billion in client assets.

Bank shares were again among the day's biggest losers, with Bank of America Corp tumbling 8.3 percent to $7.25, making it the top decliner on the Dow, where all 30 components fell. JPMorgan Chase & Co fell 4.6 percent to $34.63 and the KBW banks index lost 4.5 percent.

A U.S. housing regulator filed a lawsuit against Bank of America Corp, JPMorgan Chase & Co, Goldman Sachs Group Inc and other big lenders over mortgage practices that led to losses at government-owned Fannie Mae and Freddie Mac.

There was no growth in nonfarm jobs in August as sagging consumer confidence discouraged already skittish businesses from hiring, keeping pressure on the Federal Reserve to provide more monetary stimulus to the economy.

U.S. President Barack Obama, in a speech set for Thursday, will unveil a jobs program he hopes will provide "meaningful" tax relief and help the nation's long-term unemployed, a top aide told Reuters Insider.

"The likelihood of more stimulus has increased dramatically as a result of this and some other recent data, but at this point it's unclear how much that will really help markets," said Derek Hoyt, chief investment officer at KDV Wealth Management in Minneapolis, Minnesota.

The Dow Jones industrial average was down 253.16 points, or 2.20 percent, at 11,240.41. The Standard & Poor's 500 Index was down 30.46 points, or 2.53 percent, at 1,173.96. The Nasdaq Composite Index was down 65.71 points, or 2.58 percent, at 2,480.33.

Friday marked the S&P's biggest drop in two weeks.

Despite the day's sharp decline, stocks were only modestly lower for the week, after a rally in the first three day of trading. For the week, the Dow fell 0.4 percent, the S&P lost 0.2 percent, and the Nasdaq was flat.

Losing stocks outnumbered winners by more than six-to-one on both the New York Stock Exchange and Nasdaq. The CBOE Volatility index, a gauge of investor fear, rose 5.9 percent.

Volume was light ahead of the holiday, with about 6.88 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's daily average of 8.47 billion.

Netflix Inc weighed on the Nasdaq, falling 8.6 percent to $213.11 after the collapse of its content distribution talks with pay-TV operator Starz Entertainment.

Energy shares dropped as U.S. crude futures fell 2.5 percent on concerns economic weakness could curb fuel demand. Chevron Corp dipped 2.1 percent to $96.41, while the PHLX Oil service sector index declined 3.3 percent.

As investors sought safer assets, gold prices climbed 3 percent. Newmont Mining was the S&P's top gainer, rising 3.2 percent to $64.47.



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