Occupy Wall Street Campaign is a protest movement which was initiated by the Canadian group Adbusters. The movement began on 17th September, 2011 in Zucotti Park in New York. The protests were to counter high unemployment, economic & social inequality, corruption and undue political influence in financial services sector.
The movement used the slogan “We are the 99%” refer to the growing economic inequality between the richest 1% and the rest of the US population. This protest initiated similar movements across the world namely Occupy Wall Street in England, Occupy Wall Street in France, Occupy Wall Street in Frankfurt. It spread to around 100 cities in US and over 1500 cities globally.
Through this movement, the citizens are fighting against the corruption imposed by the banks and the MNCs and the role of Wall Street which led to the collapse of the market causing the greatest recessions in 100 years after the 1929 market crash. The target was Wall Street due to its risky lending to mortgage-backed securities.
These securities with time lost their value or worth and led to the 2008 crisis. According to the protesters, the Wall Street misused the credit default swap market and failed to acknowledge the instability and unpredictability in the market. Hence, the parties at guilt need to be produced in court.
The Wall Street Campaign gave birth to a movement worldwide. There was another movement “Day of Action” exactly two months after the “Occupy Wall Street” movement. The protesters tried to delay the opening of New York stock Exchange in order to show their frustrations towards the growing unemployment by lucrative offers to immigrants and the rising income gap between the 1% richer and the rest of the population.
Moreover, the protesters believe that these wealthy classes have corrupted the nation’s economic and political system at the expense of normal class people who need education, jobs and desire other benefits like health insurance, etc.
The movement was just a beginning and is sure to spark a movement which is much stronger and effective and unifies the world together.