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Occupy Wall Street: Too Abstract? Will it Last?

31 Oct

Plus Zombies, Bicycles, and Fat Cats

John McWhorter and Glenn Loury have an interesting discussion, mostly about Occupy Wall Street. McWhorter went down there the other day and noticed that it’s small.

Yes it is. Was there yesterday afternoon (Sunday 30 Oct) and it IS small. A whole city block, yes, but a small block. And crowded with tents. It’s large in the imagination, but physically small.

And jammed with people taking photos, shooting videos, and doing interviews. Which surely is the point, get in the media however possible.

orange_mesh2

The crowd, more diverse than some reports suggest, though it’s hard to tell the OWSers from the one-time visitors. Some folks, of course, visit time and again. I got an armband of orange mesh—just like the police use to corral people—from an older couple who were helping out. I also saw some seminary students offer a sympathetic ear as Pastors for Occupy Wall Street (something like that, I forget the exact banner they flew under). Yes, lots of young folks, but also middle aged and old. Women as well as men, and a child singer playing a pink guitar in one placer, a child drummer in another. Black white yellow, probably red too.

Will OWS Last?

But back to McWhorter and Loury. McWhorter thinks they’ll all disperse in a month or so when the weather gets really cold. Perhaps.

What McWhorter and Loury were wondering is whether or not THIS is the sort of thing that really stirs the passions so that the protest will last and last. And thus really get in people’s minds and under their skin.

Yes, the 1% vs. 99% message is clear enough, economic inequality. But you push beyond that, and what do you get? They feat that the enemy may be too abstract. Financial manipulation, derivatives, that’s a bit abstract. Cheating is not abstract, but is that cheating? How so?

I think they’ve got a point. How to bring the message home? Continue reading →

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Did You Hear the One About the Bankers? – NYTimes.com

30 Oct

Our financial industry has grown so large and rich it has corrupted our real institutions through political donations. As Senator Richard Durbin, an Illinois Democrat, bluntly said in a 2009 radio interview, despite having caused this crisis, these same financial firms “are still the most powerful lobby on Capitol Hill. And they, frankly, own the place.”

Our Congress today is a forum for legalized bribery. One consumer group using information from Opensecrets.org calculates that the financial services industry, including real estate, spent $2.3 billion on federal campaign contributions from 1990 to 2010, which was more than the health care, energy, defense, agriculture and transportation industries combined. Why are there 61 members on the House Committee on Financial Services? So many congressmen want to be in a position to sell votes to Wall Street.

via Did You Hear the One About the Bankers? – NYTimes.com.

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Wall Street Protesters Hit the Bull’s-Eye – NYTimes.com

29 Oct

From 1979 to 2006, the financial industry’s share in the nation’s corporate profits grew from a fifth to almost a third. By 2006, bankers and insurers were making 70 percent more, on average, than workers in the rest of the private sector. Then they set off one of the worst financial crises in living memory, and taxpayers bailed them out.

The protesters’ grievances may be aimed at Wall Street as a metaphor for broader economic forces. But there is nothing metaphorical about who is taking home the wealth. The protesters might even aim a bit higher: the real income growth is happening in the top 0.1 percent. There are lots of bankers there, too.

via Wall Street Protesters Hit the Bull’s-Eye – NYTimes.com.

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