Scant Political Impact of Occupy Wall Street So Far
By David Caruso and Meghan Barr
NEW YORK -- Everywhere, it seems, people want to weigh in about the Occupy Wall Street protests around the country, from CEOs and politicians to your next-door neighbor. So far the talk has translated into little action.
Two months into the movement, with police dismantling the encampments one by one, city by city, few politicians or policymakers have publicly taken up the protesters' cause and done anything to address corporate excesses and economic inequality.
But some political observers say the demonstrators have changed the conversation in the U.S., and that is a big first step."They've shifted the center of gravity of the debate so that the whole question of wealth and privilege is now being discussed," said William Galston, a senior fellow at the Brookings Institution, the Washington political think tank. "In a democracy, what people are talking about matters." Georgia state Sen. Vincent Fort, a Democrat who was among those arrested when protesters were expelled from an Atlanta park last month, said he is not troubled by the absence of any major tangible change. "The Occupy movement is a relative baby. It's just a few months old," he said. "The most important thing it has done is to change the conversation in this country. You can't have any policy change, you can't have any legislative change, until the debate is changed." Examples of real, measurable Occupy-inspired change in the political sphere are hard to come by, though a band of millionaires did storm Capitol Hill on Wednesday to urge Congress to tax them more, claiming they are not paying their "fair share." In Rhode Island, Democratic Sen. Sheldon Whitehouse noted that Occupy activists encouraged customers to fight back recently against fees imposed by major banks -- a fight that ended with Bank of America and its competitors backing down. Whitehouse is trying to channel the anger that has bubbled up in the Occupymovement against big banks as he seeks support for a bill to crack down on credit card interest rates. Union leaders say the Occupy movement has also brought a spark of optimism and energy to organized labor after a summer of setbacks and assaults on their bargaining power.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV