Analysis of the Occupy Wall Street Protests - Research Paper Example

Occupy Wall Street Table of Contents Table of Contents 1 Introduction 1 Thesis Statement 2 Argument for Occupy Wall Street 3 Argument Against Occupy Wall Street 5 Conclusion 8 Works Cited 9 Introduction Occupy Wall Street is an ongoing movement in the USA to protest against the eroding influence of major banks and international organizations over the autonomous procedures. This protest is encouraged by the popular rebellion in Tunisia and Egypt. The main objective of this protest is to retaliate against certain rich persons who are virtually playing with the rules of business and causing an imbalanced international economic condition which will impact the future of next generation. The Wall Street has been chosen as a target for movement because the organizations located in the financial district contributed immensely in the financial recession of 2008. It has been proclaimed that the unsafe lending activities of banks which were insignificant had created the crisis (Stolarik, “Occupy Wall Street”). Thesis Statement The Occupy Wall Street movement has gained much popularity in the USA in recent times. The movement has several aspects which can be supported but has certain portions that are unscrupulous. In this paper an argument and counter argument against this movement has been developed. The objective is to make a clear understanding of the reasons behind the ongoing protests of Wall Street and to which extent the protest is ethical and correct. Argument for Occupy Wall Street The drive for Occupy Wall Street had stated in the middle of September 2011 and has become an international phenomenon. The aim for the Occupy Wall Street movement is to stabilize the political and financial structure. The majority of protestors is either jobless or depressed and requests for new type of management and control in Washington. The USA has the prospect to impact the way of new guidelines if the political leaders utterly concentrate on the outwitting request of Occupy Wall Street movement. It is actually for better equivalence in the financial system and political power can drive it to right path. It is being argued by the Wall Street protestors that, business organizations and political leaders have lost their stabilities and their actions diverted the country away from the basic beliefs of the government which are life, freedom, equivalence, and search for happiness (Love, “What Occupy Wall Street Demands of Our Leaders”). One of the major reasons for Occupy Wall Street is partiality. The protestors of Occupy Wall Street state to stand against greediness, commercial power, average social disparity and other differences between rich and poor people. It is a leaderless resistance movement with people from different race, culture, and political encouragements. One of the major arguments for the protestors is bailouts for banks. It helped to remunerate the superiors of banks who are repelling sensible economic restructurings. It is being said that the top executives of banks are paid 20 times more than average persons and this rate has increased gradually in recent years (Beales & Et. Al., “A Manifesto for Wall Street Protesters”). The major demands for Occupy Wall Street protestors are: Free college education Ethnic and gender equivalent rights Certain living wage revenue irrespective of employment and minimum 20 USD of hourly wage Exonerate all debt worldwide (Gross, “Occupy Wall Street: Ask for the Impossible”) The unethical lending practices of banks had already initiated disturbances in the economy in number of different ways. It has impacted on the education of students as several private banks and financial institutions had stopped to provide funding to them. There are several unpaid student loans and many of them are facing difficulties due to increase of default interest rates. The other reason for education problem is huge augmentation of expenses. The college tuition fees have become quite costly which is outstripping the price rises. Therefore, it becomes tough for the students to pay for college fees and it is putting a credit crisis on their families. The students are required to assist their families through securing additional occupation. The major outcry in Occupy Wall Street protest is “We are the 99%” i.e. 99% of people belong to average or low earning groups and 1% are those people who have massive earnings and capital. These 1% people are the main reason for economic turmoil and 99% people are remunerating the cost for their faults. In recent years, they (1%) have increased their earning rapidly. It has been observed that after financial crisis the wealth of richest people has increased while the wealth of average households’ has fallen significantly. This has resulted in huge income inequality and gap between the richer group and average income groups’ people (Jacobs, “Occupy Wall Street And The Rhetoric of Equality”). In November 2011, the students have started to boycott the loan debt refund. As a reaction of increasing expenses of education and to protest against dangerous derision of profitable organizations, the mortgagors were covenanted to stop reimbursing the loan amount. It has been observed that the college tuition fees have become twice in few years and the current educational system attempts to collect maximum money from the students rather than state incomes. The objectives are to reorganize the higher education, free education in public universities, zero interest loans for students, more transparency in public as well as private colleges and complete clemency of all remaining student loan debts (Koenig, “Occupy Wall Street's Latest Plan: Refuse to Repay Student Loan Debt”). Argument Against Occupy Wall Street There are many counter arguments for the movements of Occupy Wall Street. It is being argued that the protest should concentrate on educational inequality rather than income inequality. Occupy Wall Street proclaims against banks that they have reserved bailouts from taxpayers and had provided excessive remunerations to the superiors, but this would not occur if the government knocks down against more bailouts. Occupy Wall Street protestors articulate that they are extremely worried regarding extensive dishonesty of economic system but the actual heart and soul of economic system is the Federal Reserve and not the banks but they have not critiqued much about the Federal Reserve. Occupy Wall Street protestors are quite irritated against big multinational organizations because they constantly outsource the labor which result in pay cut and loss of employment, whereas the current government is very aggressive to intensify the “free trade” strategies which can cause loss of millions of employments and they have ignored this vital fact (Rotherham, “Forget Wall Street. Go Occupy Your Local School District”). The people of Occupy Wall Street movement also have not uttered about those financial organizations that are good and engage in fair business, and it will be much better if they understand that consuming additional money is not essentially immoral, but it is the way banks and other organizations pursue for it. Occupy Wall Street says about 99% and 1%, but it is unethical to believe that having more money is wicked. The other criticism of Occupy Wall Street protestors is that they proclaim that the top earning people regulate an enormously uneven portion of the wealth of the US and use the power to make more money. But the point is not about rich people and dissimilarity, rather the problem is that the core capitalism is collapsing and government has enormous debt problem which prohibits any large scale policies. Assisting the 99% to provide free education, better living wage, and other financial advantages necessitate huge money which means to fight against the budget. Therefore, the previous debt needs to be balanced first which is possible through reducing expenditures from health benefits and increase in tax rate (Barro, “An Argument Against Taking Occupy Wall Street Seriously”). Conclusion Occupy Wall Street has generated enormous attention in the USA along with the whole world. It is becoming a long-term protest against the current economic system. Though the protestors have demanded the reformation in the educational and economic system, reality is that the existing system is not bad but certain people are taking advantage of the loopholes in the system. The Occupy Wall Street protests are the outcome of great income inequality and higher educational expenses. But the major problem in Wall Street protest has been the lack of unified message. People from diverse culture have protested for many causes and it weaken the real motive of the protest. The Occupy Wall Street has occurred as a result of depraved business practices of banks and other big organizations but the protest should also focus on the Senate and Parliament as they have not taken appropriate measures in time and made the crisis happen. Finally, it can be said that the protests of Occupy Wall Street can be supported as organizations should also care about the people and welfare of the economy at large, and they can aim to develop a fair financial system where everyone can get benefit of it. Works Cited Beales, Richard. & Et. Al. “A Manifesto for Wall Street Protesters”. December 15, 2011. The New York Times Company, 2011. Barro, Josh. “An Argument Against Taking Occupy Wall Street Seriously”. December 15, 2011. National Review Online, 2011. Gross, Scott. “Occupy Wall Street: Ask for the Impossible”. December 15, 2011. Forbes, 2011. Jacobs, Deborah L. “Occupy Wall Street And The Rhetoric of Equality”. December 15, 2011. Forbes, 2011. Koenig, Brian. “Occupy Wall Street's Latest Plan: Refuse to Repay Student Loan Debt”. December 15, 2011. The New American Magazine, 2011. Love, Alaina. “What Occupy Wall Street Demands of Our Leaders”. December 15, 2011. The Washington Post, 2011. Rotherham, Andrew J. “Forget Wall Street. Go Occupy Your Local School District”. December 15, 2011. Time Ideas, 2011. Stolarik, Robert. “Occupy Wall Street”. December 15, 2011. The New York Times Company, 2011. Read More