Research Essay on Occupy Wall St. - 3599 Words

Occupy Wall Street: The Solution to the Collapse of the Economy? In October of 2008 Congress, passed a $700 billion rescue bill to bail out, and possibly save, the doomed U.S. and global financial systems from collapsing. This decision was only a piece to the $1 trillion government plan to level off the stock market and unfreeze the credit which was needed after the collapses of the financial institutions of Lehman Brothers and Washington Mutual. The government also stepped in and federally took over such institutions as Fannie Mae and Freddie Mac, which together hold about $5.4 trillion in mortgage loans; 45 percent of the national total. The governmental firms were heavily burdened because of bad investments in subprime mortgages and†¦show more content†¦Government regulators could have added to the crisis as well. It is believed that the 1999 repeal of the Glass-Steagall Act, which split commercial banking from investment activities, could have caused the crisis. Other ex perts say that the 2000 Commodity Futures Modernization Act, which prohibited regulation of most swaps was afactor. Another decision under examination is the Securities and Exchange Commission (SEC) decision to loosen the capital rules for brokerage units of investment banks which freed billions of dollars for investments in mortgage backed securities, credit derivatives and others. (Billitteri) A lot of people don’t realize what is actually going on in the world or even our own country and never care to read the newspaper or listen to the 5 o’ clock news. There may be issues with the community or through businesses but when it comes down to it there are bigger problems like 1% of the U.S. population makes 20% of the wealth in our country. On July 13th, 2011 the company, Adbusters’ Magazine sent out a call for 90,000 with hashtags, from the website Twitter, of â€Å"#OccupyWallStreet† and a date of September 17th, 2011.The Occupy Wall Street movement was halfway through what is called a â€Å"revolutionary year† organized by cyber activists in the United States. Hactivists of the group â€Å"Anonymous† signed on, posting menacing videos and flooding social mediaShow MoreRelatedRethinking Work Ethic For The Age Of Convergence2191 Words   |  9 Pagesfuture study. For the purposes of this essay, it is enough to stipulate at the outse t that the work ethic is a â€Å"cultural norm that places a positive moral value on doing a good job and is based on a belief that work has intrinsic value for its own sake.† Unprecedented technological change and the globalization it facilitates present a significant challenge to our long-held beliefs about the Protestant work ethic. 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