The Occupy Wall Street movement seems to be losing the social momentum it has grasped onto for so long. With the New York protesters evicted from Zuccotti Park, and L.A. and Philadelphia vacated as well, the media appears to be moving on. And so should the protesters.
There are a few things that bother me with the Occupy Wall Street movement.
First, the bankers are not the only ones to be held accountable for the current financial state of America. In 1999 the 106th controlled, Congress pased and then President Clinton signed the Gramm-Leach-Bliley Act. Even though the Congress was controlled by Republicans, the billed passed with bi-partisan support.
The Act allowed for less stringent credit and down payment requirements for working- and middle-class families when pursuing home purchases. [FactCheck.org] This allowed for families who would not normally be able to afford a mortgage the opportunity to own house.
Then in the mid 2000s, the Bush Administartion sought to control the housing marking through the Federal Housing Enterprise Regulatory Reform Act of 2005, but failed to gain support before the housing bubble was to large to handle. Also, the Act faced fierce competition from Democrats at the time, with Democratic Senate Banking Committee chairman Chris Dodd calling the Bush Administrations’ “ill-advised.” [FactCheck.org]
And blaming the bankers on Wall Street for holding the nations wealthiest accounts and assets is statistically wrong. The New York Times reported that in 2005 the majority of people who make up the 1 percent are not bankers or even working in the financial sector. [New York Times]
The 1 percent consists of 31 percent of managers and executives not in the financial sector. The next 15.7 percent consists of medical professionals. The majority of the 1 percent are not even in the financial sector. If the Occupy Wall Street protesters were honestly concerned about the wealth and political pull of the 1 percent, why are no hospitals or non-financial board rooms being occupied.
Until the protesters realize their irony involving the situation, they will not maintain or gain the support and media coverage they received so early on in their occupation.