Originally posted here.
a guest post by Zach Schwartz-Weinstein
Zuccotti Park in the Lower Manhattan financial district has been occupied by a politically diverse group for the last three days, with participation of up to several thousand at a time. Protesters have renamed the space “Liberty Park,” to brand it as an American counterpoint to Cairo’s Tahrir (“Liberation”) Square, and it has played host to general assemblies of thousands of people, hundreds of whom have slept in the park for the last two nights.
They hope to begin a sustained occupation to, in the words of two of the authors of the original call to action, “escalate the possibility of a full-fledged global uprising against business as usual.”
Taking cues not only from the so-called Arab Spring revolts in Tunisia, Egypt, Yemen, Libya, Bahrain, Iran, and Syria, but also the Spanish indignados, and anti-cuts protestors in the UK, Greece, France, and Italy, as many as 5,000 protestors converged on Wall Street this past Saturday. A march Monday morning resulted in seven arrests.
That many of these protesters are or have been students should surprise few. Yet rather than dismiss their actions as youthful idealism, it’s important to understand the role students have played in the struggle against contemporary austerity politics.
Though the language of austerity measures is often promissory, gesturing towards an alternatingly apocalyptic future (which we must sacrifice now to avoid) or a bucolic future (which awaits us after austerity ‘rights the ship,’) many cuts have targeted youth, mortgaging that future or rendering it altogether absent.
The news last year that student debt has surpassed credit card debt as the largest source of consumer debt in the United States is a function of rising costs of attending higher education, cuts to state and federal financial aid, and the growth of for-profit private industry around the student loan bubble.
This summer’s debt-ceiling compromise included an end to subsidized loans for graduate students, and in a year, it will mean that graduate and professional students will have to pay back their undergraduate student loans while in grad school, a difficult proposition for many.
This occupation is not the first on U.S. soil in recent years, and it is unlikely to be the last.
Whether and how it can attract the levels of support and involvement that similar occupations have elsewhere is an open question, but even NY Mayor Michael Bloomberg sees in the present crisis the possibility of escalating student rebellions.
Washington Post photo gallery
International Business Times article (“several thousand protesters showed up in New York’s financial district”) photo gallery
Guardian op-ed (“The call to occupy Wall Street resonates around the world”)
DailyKos: Chris Bowers
Meanwhile, at 55 Wall Street, the building's occupants stand around and on the balconies drinking champagne and um, playing the fiddle.