Many American reforms have made their mark on history through protests — women’s suffrage, the civil rights movement and the ongoing gay rights movement, to name a few. While the ones mentioned are all prime examples of valid movements, the current “Occupy Wall Street” efforts are far removed in legitimacy from their predecessors. It is time for the crusade against Wall Street to come to an end; protesters can either find a valid cause or go home and cease their disruption.
Protesters’ chants of “Wall Street, Wall Street, Occupy Wall Street” may seem catchy, yet those supporting the protest must educate themselves about the issues. The New York Occupy Wall Street demonstrations have proven to be chaotic; the protests are cause for hundreds of arrests and consequently the New York Police Department has increased officers on duty to contain the crowds during the protests.
Wall Street is a scapegoat for the problems protesters list on their signs. But the financial services industry aids our economic growth and is a major contributor to the community at large. For instance, in 2010 Morgan Stanley’s Low Income Housing Tax Credit Investments worked with partners to create 1,000 affordable housing units cross the country. Also in 2010, JPMorgan Chase and Company gave over $150 million to non-profit organizations in grants and sponsorships. Many other financial services firms spend a great deal of time and money to fund projects that will help the community.
In harsh economic times, financial services is one of the few industries that has not claimed a “hiring freeze.” The role of the financial services industry is invaluable; raising capital is key for companies, small and large, to carry out their service and mission. Companies are unable to fund projects without the help of Wall Street. As Americans, we have the freedom of assembly, but there is a fine line between using this to rally for a unified purpose and abusing this privilege by aimlessly parading down Broadway.
Occupy Wall Street is best described as a vaudeville show — entertainment comprised of parts that are not cohesive. The goal of Occupy Wall Street is unclear, despite its widespread growth in other cities around the globe. There is, however, a list of absurd demands listed on Occupy Wall Street’s official site. Some of these demands include “open border migration,” “guaranteed living wage income regardless of employment” and “immediate across the board debt forgiveness for all.” While this all sounds great in theory to the demonstrators, need I remind everyone that money does not grow on trees? The listed demands are opening doors for a multitude of problems.
Many of the issues addressed in Occupy Wall Street are irrelevant to the work of the bankers they target. One of the signs held up in protest stated, “I paid more in taxes than GE last year. I am the 99%.” For one, the fact that GE paid less in taxes than this individual seems like a matter pertinent to the IRS, not the major banks. Also, protesters are failing to acknowledge that we as a country are the 1 percent. Although we are not in the ideal financial situation as a country, we are still among the best in the world. The key to our country’s problems is not “class warfare” through protests, as stated by GOP presidential candidate Mitt Romney.
It is time that Occupy Wall Street vacate the premises. There are methods to having a voice in the conversation of our country’s politics, but the current disorder in the protests is not the way.