Occupy Wall Street, 10 years later

CNBC Television

20 Sept 202103:38

Summary

TLDROccupy Wall Street, a movement sparked by economic inequality and corporate greed, began in 2011 with a tweet and grew into a global phenomenon. Despite lasting only 59 days, its impact was profound, influencing left-wing activism and political figures like Elizabeth Warren and Bernie Sanders. Critics saw it as a fringe group, but it inspired movements like the George Floyd protests and the Sunrise Movement, advocating for change. Ten years later, the movement's legacy is still felt, with recent events like the GameStop stock surge showing its spirit alive.

Takeaways

🗓️ Occupy Wall Street began on September 17, 2011, in Zuccotti Park, Lower Manhattan, as a response to the financial crisis and income inequality.
🚨 The movement started with a single tweet and quickly grew, with hundreds of protesters rallying against Wall Street and the financial system.
🌐 The protests spread globally, reaching 82 countries, and lasted for 59 days in New York City.
🔥 The experience in the park was described as electric, with a sense of unity and a common enemy in the financial sector.
🤔 Critics argued that the movement lacked clear demands, which led to its eventual decline and failure to achieve its goals.
📉 Despite its end, Occupy Wall Street is credited with influencing a new wave of left-wing activism in America.
🌟 The movement is said to have inspired politicians like Elizabeth Warren, Bernie Sanders, and Alexandria Ocasio-Cortez, as well as social movements like the George Floyd protests and the Sunrise Movement.
💼 Ten years later, Wall Street has continued to grow, adding over a million jobs since 2011, while income inequality has widened.
📈 The pandemic has exacerbated the divide between the rich and the poor, but the Occupy spirit is seen as a catalyst for change and social justice.
💸 The movement's legacy also includes the rise of retail investing and the GameStop short squeeze, where individual investors challenged hedge funds.

Q & A

What event is the transcript referring to when it mentions 'Occupy Wall Street'?
-The transcript refers to the 'Occupy Wall Street' movement that began on September 17, 2011, which was a protest against economic inequality and the influence of corporations on government.
How long did the Occupy Wall Street movement last at Zuccotti Park?
-The Occupy Wall Street movement lasted for 59 days at Zuccotti Park in Lower Manhattan.
What were the conditions that contributed to the rise of the Occupy movement in 2011?
-The rise of the Occupy movement was influenced by the financial crisis, anti-government protests across the Arab world, a ravaged economy marked by bailouts, and the widespread use of technology like the iPhone.
How did the Occupy Wall Street movement spread geographically?
-The Occupy Wall Street movement spread to 82 countries in 2011, indicating its global reach and influence.
What was the general perception of the Occupy Wall Street movement by critics?
-Critics viewed the movement as lacking clear demands and saw the participants as a fringe group, often telling them to 'go home, get a job, and take a shower.'
What was the outcome of the Occupy Wall Street movement in terms of its original goals?
-The movement failed to dismantle the system it aimed to change, and ten years later, the financial industry has continued to grow, with income inequality widening.
How has the Occupy Wall Street movement been credited with influencing subsequent activism in the United States?
-The Occupy spirit is credited with inspiring a new wave of left-wing activism, including the success of politicians like Elizabeth Warren and Bernie Sanders, as well as social movements like the George Floyd protests, the Women's March, March for Our Lives, and the Sunrise Movement.
What is the connection between the Occupy Wall Street movement and the 'Wall Street Bets' phenomenon?
-The Occupy Wall Street movement morphed into 'Wall Street Bets' where individual traders banded together to challenge hedge funds, exemplified by the GameStop and AMC stock events.
What was the impact of the pandemic on income inequality as mentioned in the transcript?
-The pandemic is said to have exacerbated the divide of income inequality, further highlighting the economic disparities that the Occupy Wall Street movement aimed to address.
How did the Occupy Wall Street movement affect the perception of Wall Street and activism?
-The movement showed that people can rebel when they've had enough and gave them the courage to do so, viewing each other as powerful allies in a movement capable of moving the needle.

Outlines

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🚨 Occupy Wall Street: A Decade of Activism

The Occupy Wall Street movement, initiated by a group of activists targeting the wealthiest one percent, began ten years ago in Zuccotti Park, Lower Manhattan. The movement, which lasted 59 days, was a response to the financial crisis and was marked by protests against Wall Street. Despite its lack of clear demands and eventual decline, Occupy Wall Street is credited with influencing a wave of left-wing activism in America, including the rise of politicians like Elizabeth Warren and Bernie Sanders, as well as social movements such as the George Floyd protests, the Women's March, and the Sunrise Movement advocating for climate change. The movement also inspired the recent Wall Street Bets phenomenon, where individual traders challenged hedge funds, highlighting a continued spirit of resistance against financial institutions.

Mindmap

Keywords

💡Occupy Wall Street

Occupy Wall Street was a protest movement that began on September 17, 2011, in Zuccotti Park, New York City. It was a response to economic inequality and corporate greed, with protesters demanding social and economic change. The movement lasted for 59 days and had a significant impact on public discourse, even though it did not achieve its immediate goals. In the script, it is mentioned as a movement that started with a single tweet and grew into a global phenomenon.

💡Zuccotti Park

Zuccotti Park, located in Lower Manhattan, was the epicenter of the Occupy Wall Street movement. It served as the primary gathering place for protesters who camped out for nearly two months. The park became a symbol of the movement's resistance against the financial institutions located nearby. The script refers to it as the place where 'hundreds of protesters took over' and where the 'experience in the park was electric.'

💡Financial District

The Financial District in Lower Manhattan is home to Wall Street and many of the world's largest financial institutions. It was a target for the Occupy Wall Street protesters who were critical of the financial industry's practices. The script mentions protesters marching to the financial district, indicating the movement's focus on the heart of the financial industry.

💡Economic Inequality

Economic inequality refers to the unequal distribution of income and wealth among individuals in a society. The Occupy Wall Street movement was largely driven by concerns over growing income disparities, particularly between the wealthiest 1% and the rest of the population. The script highlights this issue, noting that 'income inequality' has widened and that the pandemic has further exacerbated this divide.

💡Protest

A protest is a public expression of objection to a perceived injustice or grievance. The Occupy Wall Street movement involved numerous protests, including marches and encampments, as a means to voice dissatisfaction with economic policies and corporate influence. The script describes the protests as a 'perfect storm' for the movement, indicating their significance in mobilizing support.

💡Clashes

Clashes refer to the physical confrontations or conflicts that can occur during protests. The Occupy Wall Street movement experienced several clashes with law enforcement, reflecting the tension and resistance faced by the protesters. The script mentions 'clashes' as part of the movement's narrative, suggesting the intensity of the protests.

💡Anti-Government Protests

Anti-government protests are demonstrations against the actions or policies of a government. The Occupy Wall Street movement had elements of anti-government sentiment, as protesters criticized government bailouts of financial institutions and perceived corruption. The script connects the Occupy movement to broader anti-government protests happening around the world at the time.

💡Bailouts

Bailouts are financial rescues provided by governments to prevent the collapse of large financial institutions or businesses. The Occupy Wall Street protesters were critical of government bailouts of banks during the financial crisis, arguing that they were unjust and favored the wealthy. The script refers to 'bailouts instead of jail time' as a point of contention for the protesters.

💡Left-Wing Activism

Left-wing activism refers to political activism that supports social equality, workers' rights, and progressive policies. The Occupy Wall Street movement is credited with inspiring a new wave of left-wing activism in the United States. The script mentions how the 'Occupy spirit' launched the careers of politicians like Elizabeth Warren and Bernie Sanders, and influenced movements such as the Women's March and the Sunrise Movement.

💡Climate Change

Climate change is a long-term shift in global or regional climate patterns. The Sunrise Movement, mentioned in the script, is a youth-led political movement that advocates for action on climate change. It is an example of how the Occupy Wall Street movement's spirit of activism has continued in different forms, including environmental activism.

💡Wall Street Bets

Wall Street Bets is a Reddit community and an online forum where retail investors discuss stock and option trading. It gained prominence in early 2021 when members coordinated to buy shares of companies like GameStop and AMC, causing a short squeeze and significant financial losses for some hedge funds. The script mentions this phenomenon as a modern manifestation of the '99 percent' challenging Wall Street, similar in spirit to the Occupy Wall Street movement.

Highlights

Occupy Wall Street began in 2011, triggered by a tweet and marked by a strong anti-government sentiment.

The movement started on September 17th, with protesters gathering in Zuccotti Park and marching to the financial district.

The Occupy movement lasted 59 days and had ripple effects that stretched for years.

The movement was a response to the financial crisis, bailouts, and perceived injustices in the economy.

In 2011, it's estimated that a thousand protesters flooded the streets to rally against Wall Street.

The experience in Zuccotti Park was described as electric, with a sense of unity among protesters.

The Occupy protests spread to 82 countries, showing its global impact.

Critics argue that the movement fell flat due to a lack of clear demands.

Wall Street initially did not take the Occupy protesters seriously, viewing them as a fringe group.

The movement eventually fizzled out, failing to dismantle the financial system as it aimed to.

Ten years later, Wall Street has added more than a million jobs, and income inequality has widened.

The Occupy spirit is credited with inspiring a new wave of left-wing activism in America.

The movement is credited for the success of politicians like Elizabeth Warren, Bernie Sanders, and Alexandria Ocasio-Cortez.

Occupy is also said to have given rise to the George Floyd protests, the Women's March, and the Sunrise Movement.

The movement showed people how to rebel when they've had enough and to see each other as powerful allies.

Occupy Wall Street morphed into Wall Street Bets, where retail traders took on hedge funds in a new form of activism.

The metaphorical 99 percent won in the recent Wall Street Bets movement, showing a shift in power dynamics.