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Indybay FeatureRelated Categories: San Francisco | Global Justice and Anti-Capitalism
A New Way Forward
Hundreds of protesters converged on the Federal Reserve Bank at 11am in solidarity with nationwide protests against the global financial crisis. Organized by A New Way Forward, this grassroots movement attracted a diverse crowd that made plenty of noise. This event was what will hopefully become a first step towards a series of national and international protests, culminating in the successful regulation of our nation's financial systems.
Demonstrators marched in front of the Federal Reserve Bank: a symbol of unaccountability and a lack of transparency which plagues our society. Protesters ranged from young anarchists to the Raging Grannies, with a variety of political affiliations represented. This is a bi-partisan, non-political issue and A New Way Forward aims to give a voice to the voiceless and a means to take down a corrupt system in which those with the money decide the fate of the masses.
The protest lasted for about an hour and fifteen minutes, when some decided to continue the fight and take it to Union Square and others lingered around the Federal Reserve, receiving honks from passing cars and tour busses.
America has seen successful financial regulation, stemming from the Glass-Steagall Act of 1933, commonly known as The Banking Act, which separated financial institutions based on their type of business - commercial versus investment. In 1999, when Glass-Steagall was repealed by Sen. Phil Gramm (R-Texas), large banks were able to merge the previously separate sectors of business to form the mass conglomerates which - in part - caused the financial crisis in which we find ourselves today. Lobbyists, with their powerful campaign contributions, encouraged our government to enact legislation which benefited the banks; causing people to be stripped of their voice, silenced by money. Without regulation, our people are at the mercy of CEOs and shareholders. Regulation and nationalization worked before. It can work again.