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OCCUPY WALL STREET PROJECT

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Hungry for Waffles

on 29 April 2012

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Transcript of OCCUPY WALL STREET PROJECT

by: Matthew Michaels Occupy Wall Street Movement Research Question? Why are people joining the world-wide Occupy Wall Street Movement and what are the different effects of the movement? What are the different protest tactics that demonstrators have tried? Thesis Statement Wall Street's actions caused the global financial crisis, the income inequality between the working-class and the rich-class, and the largely increased unemployment rate. Secondary sources Places that we receive information from. The sources shown are not my personal work, but actually other people's work/research. Bibliography These highlighted documents are my bibliography. World Book Advanced was my most reliable source, and most of my information came from there Cause #1 Causes of the Movement Wall Street banks targeted the working-class people by lending them money, and charging high fee and interest mortgage loans. Wall Street had also financed student loans and charged interest rates that can be as high as 18%.  A quarter of all millionaires now pay lower tax rates than millions of middle-class households. Some billionaires have a tax rate as low as 1%. This has enraged many of the middle- class citizens that have been paying much more on tax. Other Causes of the OWSM The Occupy Wall Street protests that began in New York City gained worldwide momentum, as hundreds of thousands of demonstrators in nine hundred cities protested corporate greed and wealth inequality. The U.S. unemployment rate has remained stubbornly above 9 percent; in the United Kingdom, unemployment has risen to above 8 percent; and in the euro-zone, it continues to hover around 10 percent. Global Effects of Movement Cause #2 Wall Street is now lobbying against the "Buffet Rule”. The Buffet Rule ensures that millionaires pay a higher percentage of their income in federal taxes than those who make less. Cause #3 Wall spent nearly $5 billion in political donations and lobbying over the past 15 years. The financial industry has spent $571 million on lobbying since the start of 2009 and $174 million on campaign donations. It was spending over $1 million a day to influence Congress, which would benefit the financial industry while exposing Americans to major new economic risks. Cause #4 In 2008, during a worldwide economic slowdown, a number of banks failed. Congress then passed a $700-billion bailout plan for the financial industry. Many people were mad that the firms would be bailed out in this manner by taxpayers. Many also criticized the government for doing little to improvement the financial system or help create jobs. Cause #5 Beliefs/Goals of Movement
What the protesters call the "1 percent"–are earning more money than ever, while average workers–the "other 99 percent"–are struggling to make a living wage.
Protests of the Movement Description of Movement It began in September 2011. Activists first launched the movement by gathering in a park near the Wall Street financial district in New York City. The movement soon spread to other U.S. cities, as well as to cities in other countries. Protest effort that aims to highlight economic inequality in the United States. Want the government to help create jobs and reduce income inequality. Want to lessen the influence of corporations on politics. Many protesters express anger at what they consider corporate greed. Argue that political and economic systems in the United States unfairly favor corporations and the wealthiest people. Prior to the start of the protests, the Canadian magazine Adbusters had proposed an “occupation” of Wall Street to address economic inequality and corporate influences on government. The protests began on Sept. 17, 2011. That day, hundreds of people gathered at Zuccotti Park in New York City’s financial district. Many of the protesters set up camp in the park. On October 1, police arrested large numbers of protesters during a march across the Brooklyn Bridge. The protests gained increased public attention following the mass arrests. Primary Research
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