BREAKING NEWS - Occupy Wall Street (OWS) is an ongoing series of demonstrations beginning September 17, 2011, in New York City's Zuccotti Park in the Wall Street financial district. The Canadian activist group Adbusters initiated the protests which has since become a worldwide movement. The protests have focused on social and economic inequality, high unemployment, greed, as well as corruption, and the undue influence of corporations—particularly that of the financial services sector—on government. The protesters' slogan We are the 99% refers to the growing difference in wealth in the U.S. between the wealthiest 1% and the rest of the population.
Origin
In mid-2011, the Canadian-based Adbusters Foundation, best known for its advertisement-free anti-consumerist magazine Adbusters, proposed a peaceful occupation of Wall Street to protest corporate influence on democracy, a growing disparity in wealth, and the absence of legal repercussions behind the recent global financial crisis.[5] They sought to combine the symbolic location of the 2011 protests in Tahrir Square with the consensus decision making of the 2011 Spanish protests.[6] Adbusters' senior editor Micah White said they had suggested the protest via their email list and it "was spontaneously taken up by all the people of the world."[5] Adbusters' website said that from their "one simple demand—a presidential commission to separate money from politics" they would "start setting the agenda for a new America."[7] They promoted the protest with a poster featuring a dancer atop Wall Street's iconic Charging Bull.[8][9]
The internet group Anonymous encouraged its followers to take part in the protests, calling protesters to "flood lower Manhattan, set up tents, kitchens, peaceful barricades and occupy Wall Street."[10][11] Other groups began to join in the organization of the protest, including the U.S. Day of Rage and the NYC General Assembly, the governing body of the Occupy Wall Street group.[12]
Adbusters' Kalle Lasn, when asked why it took three years after the implosion of Lehman Brothers' for people to begin protesting, said that after the election of President Obama there was a feeling among the young that he would pass laws to regulate the banking system and "take these financial fraudsters and bring them to justice." However, as time passed, "the feeling that he's a bit of a gutless wonder slowly crept in" and they lost their hope that his election would result in change.[13]
The protest was begun at Zuccotti Park since it was private property and police could not legally force them to leave without being requested to do so by the property owner.[14] At a press conference held on the same day as the protests began, New York City mayor Michael Bloomberg explained, "People have a right to protest, and if they want to protest, we'll be happy to make sure they have locations to do it."
The phrase "The 99%" is a political slogan of "Occupy" protesters.[21] "We are the 99 Percent" was originaly launched as a Tumbler blog page in late August of 2011.[22][23] It refers to the vast concentration of wealth among the top 1% of income earners compared to the other 99 percent.[24]
The top 1 percent of income earners have more than doubled income over the last thirty years according to a CBO report.[25] The report was released just as concerns of the Occupy Wall Street movement were beginning to enter the national political debate.[26] According to the Congressional Budget Office, between 1979 and 2007 the incomes of the top 1% of Americans grew by an average of 275%. During the same time period, the 60% of Americans in the middle of the income scale saw their income rise by 40%. Since 1979 the average pre-tax income for the bottom 90% of households has decreased by $900, while that of the top 1% increased by over $700,000, as federal taxation became less progressive. From 1992-2007 the top 400 income earners in the U.S. saw their income increase 392% and their average tax rate reduced by 37%.[27] In 2009, the average income of the top 1% was $960,000 with a minimum income of $343,927.[28][29][30]
In 2007 the richest 1% of the American population owned 34.6% of the country's total wealth, and the next 19% owned 50.5%. Thus, the top 20% of Americans owned 85% of the country's wealth and the bottom 80% of the population owned 15%. Financial inequality (total net worth minus the value of one's home)[31] was greater than inequality in total wealth, with the top 1% of the population owning 42.7%, the next 19% of Americans owning 50.3%, and the bottom 80% owning 7%.[32] However, after the Great Recession which started in 2007, the share of total wealth owned by the top 1% of the population grew from 34.6% to 37.1%, and that owned by the top 20% of Americans grew from 85% to 87.
haha the OWS protests are going to be used to defeat Obama in 2012. Thank God...
ReachDeep1 3 months ago 6
Thanks For This! People Need to Know: Obama and Pelosi Support Riots!!!
KiniAlohaGuy 3 months ago 3