The Wall Street Movement - Term Paper Example

The Wall Street Movement Introduction The enduring confidence of the American people has been one of this country’s defining traits. This confidencehad been fueled by the American dream, a philosophy which suggested that everyone in this country was afforded an equal chance at attaining success; one need only to work hard and persevere to achieve their dreams. However, recent events have challenged this romantic perception of the country, and many Americans now find themselves frightened, frustrated, and at a loss about what to do with their lives. The root of this disenchantment comes from a pervasive sense of inequality and lack of social mobility. Americans always believed that the core promise of opportunity would allow anyone committed to improving their station in life, would at least receive the chance to do so. It is a system which intertwines the representatives of our government with corporate interests, and in the process denies the ordinary man and women the opportunity to air their concerns. The economic crisis of 2008 perfectly illustrated this lopsided level of influence when the American government bailed out failed financial institutions to the tune of hundreds of billions of dollars, but provided little or no aid for struggling homeowners, who were the ones to suffer most from the housing crisis. This failure to protect the interests of the American people touched off the wall street occupy movement, which protested the gross abuse of trust by those who hold the reins of power in this country. At their core, this movement is protesting against the concentration of power in the hands of the few, but at their core they represent a serious challenge to the current political order, and they may very well change the way politics is conducted in America. Origin and Development of the Wall Street Movement The Occupy Wall Street movement’s origin can be traced back to the Canadian magazine called Adbusters. On July 13, 2011, taking note of the lack of accountability for the heads of the large financial institutions for their involvement in the recent global financial crisis, and the growing disparity in wealth between the rich and the poor, they called for a peaceful occupation of Wall Street. They sought to harness the energy that had manifested worldwide in the form of the Arab Spring and the anti-austerity protests in Europe, and channel it toward acknowledging, challenging, and reforming a deeply corrupt system at home (Chappell, 2011). By September of 2011 fledgling protests started to take shape in lower Manhattan, and videos of these demonstrations appeared on the internet. Initial videos showed videos pictures of protesters being harassed by police. One particularly shocking video showed a NY city police officer using pepper spray on a group of young ladies; this only served to engender support and sympathy for the nascent movement. The protests reached critical mass after a showdown with police on top of the Brooklyn Bridge on October 1st 2011. The widespread arrests conducted by the police served only to draw sympathy from the American public, and attracted the support of established Unions, such as Teamsters, Retail, Wholesale, and Department Store Union, AFL-CIO, and National Nurses United (Greenhouse, 2011). By late October protestors had gathered at the now famous Zuccotti Park, where their message and grievances were heard around the world. Strategy of the World Street Movement The central message of the Occupy movements is to decry the growing income disparity in the country, the lack of opportunity people have for social mobility, and the concentration of power in the hands of the wealthy, and their ability buy influence in government. The members of the occupy movement laid the blame squarely on the powerful financial institutions. They believed that these institutions had utilized their wealth to lobby the government for aid, and escape the natural consequences of their irresponsible behavior at the expense of the American people. The protestors called for a more equal distribution of income, financial reform, and a reduction of the influence of corporations on politics, and cleaning up of the corporate greed and failings of Wall Street (Radio Free Europe, 2012). The leaders of the Wall Street movement used a different strategy to get the attention from the population. The key observation of the Wall Street Movement is that it is a union of all participants without restrictions of ethnicity, religion, language, and race. “Used as methods, the activists have used wed technologies and social media like IRC, Facebook, Twitter, and Meetup to coordinate the events. Indymedia have been helping the movement with the communications, saying there have been conference calls on Skype with participants from up to 80 locations. Interactive live streams of events by independent journalists, such as Tim Pool have been used to augment mainstream media coverage. The progressive provider May First/People Link offered cost-free memberships for dozens of groups, including in Iran and Germany, to host websites, emails .and email list securely”(Voigt, 2011). Personal observation of the manner in which the Occupy Wall Street Protesters communicated showed that the protesters of the Occupy Movement have created their own diverse way to communicate with one another by using what seems to be a form of sign language/ hand signals, which have two forms, speaking and feeling. Some examples are to raise a hand, which means that the person want to address something, and also if one raises a hand with a clinched fist that will mean the person is opposing the statement or address. Protesters have the freedom to input regarding the progression of the movement, without discriminating due to background, language, ethnicity, and religion. Future of the Wall Street Movement The Wall Street movement has moved beyond the mere occupying of the Wall Street stage. It has brought to focus the issues of inequality and unemployment. These are issues that have been in the air for more than three decades. For the Wall Street Movement to enjoy continued success, it has to seek innovative means to keep these issues alive. One possible solution for this is for the Wall Street Movement to enter politics, and pressurize the Democratic Party on these issues, in a similar as the Tea Party applies pressure on the Republicans on conservative issues (Adler, 2012). Moving to proactive objectives for the Wall Street Movement, one of the most important points in this movement is the impact to urgently revise social and economic policies; like education reforms for students immigrates, unemployment rate and bank regulation polices, and reforms for private and business property. One example of the necessity of new policies for banks and loan lenders is my personal experience with my property located in one of the low income community in Brooklyn, NY. I brought my home in 2003. A new two family house with thirty years fixed mortgage rate, comfortable and well maintained; the America dream for medium class family immigrant; fighting to survive paying mortgage loan on time, every month for five years. In 2008 I received a letter from the bank that the mortgage rate will increase due to property taxes increase, and bank property adjustment analysis was that the mortgage will increase in a 30%. However, property value was decreased due to the crisis to the financial system on Wall Street. Thousands of people defaulted on their mortgages causing a ripple effect across the US; This resulted in foreclosures, economic turmoil, slowing growth, widespread financial problems, and insurance and bank problems leading to bailouts. Thanks to new policies and regulations like bailouts for banks and mortgage lenders, most of these families could afford to continue to have the American dreams. Social Workers and the Occupy Wall Street Movement In the opinion of social workers, economic conditions have only worsened over the past three years that has only made the significant challenges faced by the economically challenged class even more overwhelming. The common realities that present themselves for action by the Occupy Wall Street Movement are the following. USA is experiencing the highest poverty levels since 1993, as nearly 46.2 million individuals or 15%% of the population live below the poverty line. In comparison to 2000, this is a rise of almost 11%. The poverty rate in New York is 20% and unemployment across the USA over 9%. The unemployment rate is likely to rise, if the number of people who have given up seeking jobs is added. The impact of joblessness is large, as it has economic and mental impacts that include stress and depression. A budget was passed by the New York lawmakers, with $10 billion cuts that affect the low income families in larger proportions than anyone else. An example of this is the $2.85 billion cuts in Medicaid. The proposals to raise revenues through higher taxes on the wealthy have not succeeded. Social work as a profession is impaired through the cutback on social work jobs, which will have a negative impact on the social services available to the economically weaker classes, suffering in the current economic scenario. The current outlook for social services is bleak, in the light of political focus on cutting back of social services availability (Schacter, 2011). Social workers are giving a voice to the poor, needy, disabled, elderly, and minority groups. However, with too many budget cut and new policies in social welfare against the most needing communities, there is a barrier for social workers to provide guidance for those who need it. Social work profession is dedicated to pushing social justice. Even though it is not explicitly expressed there are many common grounds between the Occupy Wall Street movement and social workers, through working for the rights and needs of the socially underprivileged classes. The Occupy Wall Street movement presents a possible opportunity for social workers to be more proactive in expressing professional needs, and the needs of the people they serve. Yet, this will be possible only if the Occupy Wall Street Movement keeps in mind a social agenda in their activities, and not merely focus on financial inequity (NASW-NYC, 2011). My Recommendation My recommendation is for the movement is to continue fighting for social justice; equality, and new opportunity for those who need it. For the future generation to know that this is a country of opportunities, begin by removing registration of race, religion, sexual preference, and language. I believe that the movement has to take a new direction and focus on news laws for immigrants, especially for those who would be the future of the United States of America. For a country started by immigrants; the DREAM Act is a necessity for students that cry for social justice. The Dream Act paves the way for legal status for students graduating from high school to attend college or enter military service. There are few colleges that follow a proactive policy of barring illegal immigrants from applying. Yet, the thousands of undocumented students need to find their way through a virtual minefield to succeed in applying. Federal student support provisions like Pell grants and direct Stanford loans are not available to these students. Conclusion Maria is 13 years old, and came to United States of America at the age of two from Philippines; she is high school student without legal documents, who’s is in eleventh grade and will be graduating from high school in the summer of 2013. What will be of Maria’s future after graduation from high school? Will she have an opportunity for her to grow academically? Maria is one of the many millions of students without any chance of going to college or an opportunity of living a modest lifestyle. This is the future of our country, unless we the American people put the Dream Act into effect. This is an urgent matter; this is the future generation of the Untied States of America. It is urgent for us to continue to fight for social justice and equality for all. Literary References Adler, M. (2012). With So Many Voices, Will Occupy Still be Heard? Retrieved February 29, 2012, from, NPR Web Site: http://www.npr.org/2011/12/27/144316491/is-the-occupy-movement-too-big-to-succeed. Greenhouse, S. (2011). Organized Labor’s Early Flirtation with Occupy Wall Street Starting to get Serious. Retrieved February 26, 2012, from, The New York Times Web Site: http://www.nytimes.com/2011/11/09/business/occupy-movement-inspires-unions-to-embrace-bold-tactics.html?pagewanted=all. NASW-NYC. (2011). 10 Things Social Workers Have in Common With The Occupy Wall Street Protests. Retrieved February 26, 2012 from Web Site: http://naswnyc.wordpress.com/2011/10/11/10-things-social-workers-have-in-common-with-the-occupy-wall-street-protests/. Radio Free Europe. (2012). Interview: What Does the Occupy Wall Street Movement Want? Retrieved February 29, 2012 from Web Site: http://www.rferl.org/content/what_does_the_occupy_wall_street_movement_want/24356295.html. Schacter, R. (2011). 10 Things Social Workers Have in Common With The Occupy Wall Street Protests. Retrieved February 26, 2012 from, NASW Web Site: http://www.naswvt.org/OccupyWallStreet.pdf. Voigt, K. (2011). Beyond Wall Street: Occupy Protests to go Global. Retrieved February 29, 2012 from Web Site: http://edition.cnn.com/2011/10/07/business/wall-street-protest-global/index.html. Read More