Demanding More from Wall Street

I am no expert on Economics, Sociology, or History, but I am an American citizen (albeit one who is often treated as a second class citizen), and I do think that I, as well as every other American citizen, have an obligation to voice my opinion on the state of affairs in my country no matter how small or misdirected it may be. I just hope that it isn't as misdirected as the many other voices out there. I think it's actually pretty great how many people are fed up with the way things are in America, because really, no one, not even all the billionaires, are happy with the economy, unemployment rate, or the way the government is handling these issues. And it's great that we finally, collectively realize it. Cue Occupy Wall Street Protests. However, it's pretty scary how we as average American citizens cannot pinpoint how to fix the issue. In a way, Egypt had it easier. "Overthrow the Government!" would have been a decent and specific enough demand. It seems like everyone's got a general idea (indeed, a nebulous and rage-fueled idea: not a good mix). This is a start, but what I and many other observers have been puzzling our heads about is what exactly we are fighting for. We want to end huge wealth inequalities, we want banks to stop playing and profiting with our hard-earned money, but how does a protest about that turn into positive change for society?

It's really not ordinary peoples' fault at all that they converge on the richest street in the world angry and ready for change, but without a clear cut demand, because the financial mess we are in isn't clear cut itself. The U.S. went into recession for many reasons. (On a side note, apparently we are heading into another recession? I confess that I double dip as much as the next guy, but frankly this kind of dip makes me lose my appetite faster than Lehman Bros. declared bankruptcy). What little my 22 year old brain has soaked in about the financial crisis from NPR talk shows and CNN news clips throughout the last four years has left me with the impression that many times as experts were trying to analyze the crisis, they were often pretty confused themselves and were definitely not getting the complete story. Indeed, much of how we got into this mess happened behind closed doors, both private and public sector doors. What average citizens see is their homes being foreclosed, their jobs taken away, their savings dry up. And so we come to Wall Street with these demands that do not get to the heart of the problem, because the problems we see (the lost job, the outrageous mortgage payments) are only the effects of the real problems!

I am glad I came across Nicholas D. Kristof's multimedia article on his take of the Wall Street Protests. He has trotted the world covering revolution after revolution in the Middle East and Africa. I trust he knows a thing or two about successful uprisings, although to compare the Cairo uprising to Wall Street protests would be a bit of a leap. I think it is much easier to attack a government rather than a multitude of multibillion dollar corporations. The guns and tanks of a totalitarian regime are easy to see and fight against, and while closed door deals may not have physical, destructive fire power, they are more insidious in that they are just as destructive but are harder to stop. But to continue with Kristof's article, after interviewing protesters about their grievances, his conclusion is that the protesters do indeed need some concrete demand that will effect action. The four demands he recommends are to 1) Institute a Financial Transaction Tax 2) Eliminate Carried Interest Loopholes 3) Eliminate Tax Breaks for Capital Gains and 4) Increase Financial Regulations, because in his own words "we are currently privatizing profit and socializing risk." Hear, hear! One sees that these demands are specific, targeted, and clear-cut. Now imagine these entreaties on protest signs across America: "What about my break? Tax Capital Gains now!" or "If you tax me, tax my bank!" or "Loopholes are just plain loopy."

We are a country built on grand ideals, but specific laws must be put in place to uphold these ideals. It is wonderful to see a full-fledged protest that is built upon the ideas of democracy, equality, and liberty. Further, everyone who was so quick to criticize these protesters as a bunch of disorganized hippies should be eating their words. At least these citizens are trying to do something, and even if this specific protest never gets beyond an expression of deep, roiling anger, it will mark a passage in U.S. history that should make every billionaire wary (I'm talking to you Koch Bros.). The average citizen may not currently be able to articulate their demands fully, but they now have an awareness of inequity in this country that is never going to go away.