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The Occupy Wall Street Movement: its significance and effectiveness - Research Paper Example

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The following paper concerns the Occupy Wall Street (OWS) movement. It is mentioned in the text that the OWS movement witnessed in recent months is one of the most important socio-political events to have taken place in the history of the United States of America. …
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The Occupy Wall Street Movement: its significance and effectiveness
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Download file to see previous pages The Occupy Wall Street movement is a crucial reality check for a nation that is on the brink of economic and social disintegration. The movement started because of the 2008 financial recession that many people blame on capitalistic greed that Wall Street promoted and expanded in the nation. OWS is protesting against the actions of Wall Street that produced unfair and unethical practices that damaged the stable economy of America. In “Why Occupy Wall Street? 10 Reasons Protestors Picked the Right Target,” McGhee discusses the reasons why OWS started. She argues that Wall Street directly caused the financial crisis: “Wall Street's insatiable appetite for mortgages that it could bundle into securities, making huge profits, helped fuel irresponsible lending.” OCW members believe that because of greediness in gaining large profits in the short run, financial loan systems and practices became unethical. Instead of using traditional checks and tools to guarantee that applicants have the financial ability to pay their loans, financial institutions allowed people to not only have multiple loans but permitted securities companies to bundle these financial products and achieve quick profits. Trading securities have no real impact on the lives of ordinary working Americans, and OWS shows how Wall Street is the only winner before the economic system of the U.S. fell into a recession. In addition, OWS is based on the argument that Wall Street prioritizes profits over sustainable development. ...
Instead of using traditional checks and tools to guarantee that applicants have the financial ability to pay their loans, financial institutions allowed people to not only have multiple loans, but permitted securities companies to bundle these financial products and achieve quick profits. Trading securities has no real impact on the lives of ordinary working Americans, and OWS shows how Wall Street is the only winner, before the economic system of the U.S. fell into a recession. In addition, OWS is based on the argument that Wall Street prioritizes profits over sustainable development. McGhee discusses this as the second reason of occupying Wall Street: This narrow focus on the bottom line has undermined American workers and the middle class by justifying any cost-cutting measures that can boost quarterly earnings, including foreign outsourcing, eliminating benefits, and busting unions. With Wall Street controlling the economy, no one is looking after the welfare of the middle-class, the working-class, and the poor anymore. Companies focus only on profits, at the expenses of both people and the environment. The economic and social reasons for the growth of the OWS are connected, particularly when the concern of poor positive outcomes of the free market economy are analyzed. Author Amy Dean’s journal article “Occupy Wall Street: A Protest against a Broken Economic Compact” (first published in Harvard International Review, 2012) studied the reasons for the mass movement. She interviewed OWS participants and supported her claims through statistics and poll findings. She argues that the root of the problem is “broken economic compact” (Dean 12). She states: “the ...Download file to see next pagesRead More
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