Today's economy

Meet OccupyBayStreet

By Kevin Press, BrighterLife.ca

Comments (8)

Image of Bay Street sign in Toronto Ontario during Occupy Bay Street spawned from Occupy Wall Street.What to make of Occupy Wall Street, the international anti-corporate protest that spread into Canadian cities over the weekend? What to make of a movement that simultaneously insists debt is slavery and government austerity is bad policy? What to make of young adults carrying signs that read “End the Fed,” who offer no alternative vision of governance?

I want to see coherence in all of this. I want to see a strong progressive voice in global politics, not because I agree with that perspective wholeheartedly but because I think that voice has grown weak and mostly reactionary in recent years. I think these protesters have the potential to rebalance political debate, and in that sense I want to pull for them.

But I can’t. Not until they get a good deal more specific, and constructive.

In the lead-up to Saturday’s launch of the Canadian protests, I spoke with Doug (a.k.a. Twitter’s OccupyBayStreet) to learn more about this movement. I asked him to tell me a bit about himself to start. He’s a U.S. citizen who has lived and worked in Toronto for six years. Inspired by Barack Obama’s presidential run four years ago, he now sees President Obama as just another establishment figure. “One of the reasons I’m inspired by this movement is that many of us around the world were taken by Obama’s campaign of hope and so forth,” Doug told me. “But he failed to cash in on that. So in a sense, I see this movement as this generation taking things into their own hands.”

Have you protested before?

Yes, I was involved somewhat with the G20 protests. I have, in smaller ways, marched against the Iraq War and things like that. I’m a Mennonite street pastor who works with homeless and poor folks in downtown Toronto. I think our generation has looked for, and been willing to try and use normal means as it were for making sure our voices are heard. But somehow [the establishment has] maintained control through all this. And that’s ultimately what the big message is: We are the 99% and we don’t want to be dominated by the 1% anymore. We’re working out ways to prevent the 1% from dictating everything that happens.

Who makes up the 1%?

The 1% most wealthy. They should have a voice in the process, everybody should. But it shouldn’t be as outsized as it is. Their control of resources shouldn’t be as outsized as it is. Their ability to control political parties, police forces, military policy and all the things that they have seized control of. They’re represented in a far outsized way than would be indicated by their actual numbers.

What’s your call to action for Canadians?

The medium is the message. The specific call is for people to come together and form these general assemblies. Any specific calls or demands will come out of those. I think the unique call is for people to come together and decide on a consensus model what the demands will be, what needs to change, what needs to be done differently.

That’s what I’m struggling with though. I don’t hear any clear message.

I think certain people are able to hear that clarity already. People like Alan Grayson. Some people can hear the message, in spite of the chaos, because they’re attuned to the issues already. The other thing I’d say is that this is how creativity works. A certain level of chaos during a founding moment is appropriate.

I don’t disagree with that. But the end goal can’t simply be expressing frustration. Right?

No. There is a danger of that. There’s always the danger that you’ll fail. Or alternatively, that you’ll succeed in a massive way like we did with Obama and that it will be co-opted by the old guard. I think there’s danger on both ends.

I submitted two interview requests to the group managing media relations for the Toronto protesters. No response, unfortunately.

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CanadianInvestor on

Great post, Kevin. Very revealing. Reminds me of the old saying, “if you keep your mouth shut, people wonder if you are a fool without anything to say and if you do open your mouth, you leave no doubt”. However, as vapid as these protests seem to be, there is some truth that I believe must be addressed (but it hasn’t yet) – the financial industry has become seriously warped (as evidenced by the growing share of financial markets and profits over other sectors) over the last 30 years or so. Reforms need to be made to the incentive systems and regulations to control bad behaviour of people in their jobs, starting with those at the top who set the tone. The toxic MBS was the bomb but it is only one of many things. We should ask ourselves, for instance, how the mutual fund industry in Canada can be re-jigged to give real value for money – e.g. by lowering fees, by providing real /useful advice, by investment management that targets the success of the clients first, not the managers. Don’t look for solutions amongst the protesters, look for them amongst honest experts, people like Keith Ambachtsheer, or David Swensen who know exactly how that system works and have thought deeply about how to make it better.

Kevin Press on

Thanks CanadianInvestor. A couple of opinions from me, personally: 1) I find it remarkable that the momentum behind financial regulatory reform post-2008 faded so quickly. As a general comment, I think regulators and industry leaders will have missed a tremendous opportunity to learn from their mistakes if the anti-regulation argument carries the day. 2) Having said that, I’d suggest it’s important not to paint the entire financial services industry with the same brush. There is such a wide range of players, and they serve so many very different markets. We need smart, specific regulation, based on what we’ve learned from all of this. Please watch for a post soon on a speech made today by the Nobel Prize winning economist Joseph Stiglitz. His comments on the Occupy movement have been refreshing.

Five best quotes of 2011 | BrighterLife.ca on

[...] the world were taken by Obama’s campaign of hope and so forth,” said Doug, a.k.a. Twitter’s OccupyBayStreet. “But he failed to cash in on that.” It’s not news that young liberals are disillusioned with [...]

Five best quotes of 2011 « Creative Savings on

[...] the world were taken by Obama’s campaign of hope and so forth,” said Doug, a.k.a. Twitter’s OccupyBayStreet. “But he failed to cash in on that.” It’s not news that young liberals are disillusioned with [...]

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