Occupy Wall Street: What Consumers Are Angry About. Ilyce discussed this topic along with other questions from callers, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show October 16, 2011 on WSB Radio.
As the Occupy Wall Street movement marks its sixth official week, many who have not followed the genesis of the protest are wondering what consumers are angry about. No less a conservative publication than the Wall Street Journal has begun to grudgingly admire the protestors’ determination and success in making their collective voice heard.
But what has the ad hoc residents of New York‘s Zuccotti Park so willing to risk arrest, law enforcement intervention and cold, rainy fall conditions?
We could trace the evolution of the Occupy Wall Street movement to the TARP (Troubled Asset Relief Program) initiated by then-President George Bush in late 2008. The program has been more commonly known as the “bank bailout” by detractors and resentment over the rush to provide financial support to institutions guilty of behaving badly has only grown as the economy stalls. Consistently high unemployment, the bottoming out of the housing market and an advanced credit crisis has left many Americans wondering when the calvary is ever coming for them.
But to understand the movement more thoroughly, we must also look across the globe, particularly at this year’s Arab Spring, which roundly demonstrated the masses ability to foment change in places like Egypt, Libya and Syria.
“We are the 99 percent” seems to be the unifying rallying cry, as resentment builds toward the 1 percent of the population that seems to control everything from politics to wealth while the middle class suffers.
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