Don’t be fooled by the drum circles. Today’s protests have more in common with the anti-Hoover 1930s than the antiwar ’60s and ’70s BusinessWeek reports.
For all its social snootiness, Wall Street has suffered far more from the meddling of members of its own class than from intrusions by those outside it. It was Franklin D. Roosevelt, an aristocrat, who held the lords of finance responsible for the Great Depression—securing legislation to establish the Securities and Exchange Commission, asserting federal authority over the stock exchange, and appointing a wealthy stock trader, Joseph Kennedy Sr., to ride herd. Not much better, from Wall Street’s perspective, was FDR’s Cousin Teddy, who as President prosecuted trusts as illegal monopolies. Or Louis Brandeis, a Harvard-trained corporate attorney turned crusader against the concentration of wealth and power.
These men changed the system from within, as have the ablest regulators in recent times. Arthur Levitt Jr., a vigorous SEC chairman under President Bill Clinton, was first the president of Shearson Hayden Stone. (Levitt is a member of the board of Bloomberg L.P., owner of Bloomberg Businessweek.) Paul A. Volcker cut his teeth at Chase Manhattan before running the Federal Reserve and becoming the gruff animating voice behind the Volcker Rule, which bans commercial banks from engaging in proprietary trading. It’s hard to imagine any of these “opponents” of Wall Street mounting a barricade. They didn’t need to storm the castle to know where the secrets were hidden.
In its very amateurism, Occupy Wall Street represents something new. Although it’s attracted some celebrities and well-heeled supporters, participants come chiefly from outside Wall Street. Many are unemployed or poorly employed. These are not bankers or reform-minded professors; these are also-rans in the capitalist race, upset with the system itself. Their chief weapon is neither eloquence nor argument, but their physical presence… As critics have noted, the protesters are not in complete agreement with each other, but the overall message is reasonably coherent. They want more and better jobs, more equal distribution of income, less profit (or no profit) for banks….
Read more at http://www.businessweek.com/magazine/occupy-wall-street-its-not-a-hippie-thing-10272011.html?campaign_id=rss_topStories
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