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Wall Street. Occupied "territory?"

After simply ignoring it, the American media has, at last, cottoned on that there is a movement called "Occupy Wall Street".     It is resonating around the US.  

Naomi Klein on the "movement"....

"Many people have drawn parallels between Occupy Wall Street and the so-called anti-globalization protests that came to world attention in Seattle in 1999. That was the last time a global, youth-led, decentralized movement took direct aim at corporate power. And I am proud to have been part of what we called “the movement of movements.”

But there are important differences too. For instance, we chose summits as our targets: the World Trade Organization, the International Monetary Fund, the G8. Summits are transient by their nature, they only last a week. That made us transient too. We’d appear, grab world headlines, then disappear. And in the frenzy of hyper patriotism and militarism that followed the 9/11 attacks, it was easy to sweep us away completely, at least in North America.

Occupy Wall Street, on the other hand, has chosen a fixed target. And you have put no end date on your presence here. This is wise. Only when you stay put can you grow roots. This is crucial. It is a fact of the information age that too many movements spring up like beautiful flowers but quickly die off. It’s because they don’t have roots. And they don’t have long term plans for how they are going to sustain themselves. So when storms come, they get washed away."

Perhaps on a more sober level, Paul Krugman, Nobel prize winner for Economics, writing in The New York Times:

"When the Occupy Wall Street protests began three weeks ago, most news organizations were derisive if they deigned to mention the events at all. For example, nine days into the protests, National Public Radio had provided no coverage whatsoever.

It is, therefore, a testament to the passion of those involved that the protests not only continued but grew, eventually becoming too big to ignore. With unions and a growing number of Democrats now expressing at least qualified support for the protesters, Occupy Wall Street is starting to look like an important event that might even eventually be seen as a turning point.

What can we say about the protests? First things first: The protesters’ indictment of Wall Street as a destructive force, economically and politically, is completely right.

A weary cynicism, a belief that justice will never get served, has taken over much of our political debate — and, yes, I myself have sometimes succumbed. In the process, it has been easy to forget just how outrageous the story of our economic woes really is. So, in case you’ve forgotten, it was a play in three acts.

In the first act, bankers took advantage of deregulation to run wild (and pay themselves princely sums), inflating huge bubbles through reckless lending. In the second act, the bubbles burst — but bankers were bailed out by taxpayers, with remarkably few strings attached, even as ordinary workers continued to suffer the consequences of the bankers’ sins. And, in the third act, bankers showed their gratitude by turning on the people who had saved them, throwing their support — and the wealth they still possessed thanks to the bailouts — behind politicians who promised to keep their taxes low and dismantle the mild regulations erected in the aftermath of the crisis.

Given this history, how can you not applaud the protesters for finally taking a stand?

Now, it’s true that some of the protesters are oddly dressed or have silly-sounding slogans, which is inevitable given the open character of the events. But so what? I, at least, am a lot more offended by the sight of exquisitely tailored plutocrats, who owe their continued wealth to government guarantees, whining that President Obama has said mean things about them than I am by the sight of ragtag young people denouncing consumerism.

Bear in mind, too, that experience has made it painfully clear that men in suits not only don’t have any monopoly on wisdom, they have very little wisdom to offer. When talking heads on, say, CNBC mock the protesters as unserious, remember how many serious people assured us that there was no housing bubble, that Alan Greenspan was an oracle and that budget deficits would send interest rates soaring."


 


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