United States: The Rebellion of the "99 Percent"
Published in La Nación
(Chile) on 7 October 2011
by Raúl Sohr (link to original)
The protests began in New York on Sept. 17 and have now extended to 150 cities. The Occupy Wall Street movement has drawn a vast network of activists and people who have simply had enough of what they consider to be a system that favors the top 1 percent of the population. To underline the legitimacy of their demands, they claim to be expressing the views of the “99 percent” who do not receive their slice that they deserve of the country’s immense wealth. They point out that the households of the wealthiest 1 percent have an annual income of $27 million. The 1 percent spends $3.2 million annually; the wealthiest 10 percent takes in $164,000 each year, while the average 90 percent of the population lives on $31,244 annually.
Not a Single Day Behind Bars
The American protesters’ complaints go well beyond the realm of income. They find it distressing that the banking sector triggered the 2008 financial crisis using operations that bordered on illegality as leverage — which, in the United States, led many banks to lend much more than the law allowed. The U.S. and the rest of the world are suffering the consequences of those deceptions. Many Americans, and now Chileans as well, have seen their pensions greatly reduced since insurance and pension companies keep their resources in investment funds that have now lost a significant portion of their value. None of the financiers responsible for the debacle have spent a single day behind bars. On the contrary, executives from banks and financial institutions have still managed to come away with massive bonuses. That’s the reason that the protesters from the so-called “99 percent” are crying out against Wall Street, the heart of the financial district on New York’s island of Manhattan. Add to this an unemployment rate topping 9 percent and the low expectation of finding work.
On a political level, there are those who estimate that the 1 percent not only has a disproportionate amount of wealth, but also holds the reins in government. Particularly stinging was the recent Supreme Court decision ending any restrictions on what corporations and individuals could contribute to political campaigns. This move, as in the rest of the world, is the green light for big businesses to give huge advantages to their preferred candidates through their respective lobbyists.
“The protesters are giving voice to a more broad-based frustration about how our financial system works,” said President Barack Obama, as he endorsed the protests in a roundabout way. Joe Biden, the vice president, endorsed this opinion, adding, “The American people do not think the system is fair or on the level.” We’ll see if the protest movement is just the latest passing trend or if it is something that will grow in importance for the country’s political future.
Not a Single Day Behind Bars
The American protesters’ complaints go well beyond the realm of income. They find it distressing that the banking sector triggered the 2008 financial crisis using operations that bordered on illegality as leverage — which, in the United States, led many banks to lend much more than the law allowed. The U.S. and the rest of the world are suffering the consequences of those deceptions. Many Americans, and now Chileans as well, have seen their pensions greatly reduced since insurance and pension companies keep their resources in investment funds that have now lost a significant portion of their value. None of the financiers responsible for the debacle have spent a single day behind bars. On the contrary, executives from banks and financial institutions have still managed to come away with massive bonuses. That’s the reason that the protesters from the so-called “99 percent” are crying out against Wall Street, the heart of the financial district on New York’s island of Manhattan. Add to this an unemployment rate topping 9 percent and the low expectation of finding work.
On a political level, there are those who estimate that the 1 percent not only has a disproportionate amount of wealth, but also holds the reins in government. Particularly stinging was the recent Supreme Court decision ending any restrictions on what corporations and individuals could contribute to political campaigns. This move, as in the rest of the world, is the green light for big businesses to give huge advantages to their preferred candidates through their respective lobbyists.
“The protesters are giving voice to a more broad-based frustration about how our financial system works,” said President Barack Obama, as he endorsed the protests in a roundabout way. Joe Biden, the vice president, endorsed this opinion, adding, “The American people do not think the system is fair or on the level.” We’ll see if the protest movement is just the latest passing trend or if it is something that will grow in importance for the country’s political future.