How occupy Wall Street is impacting Main Street

| November 10, 2011

courtesy David Shankbone The Occupy Wall Street General Assembly in Washington Square Park for the first time on Saturday, October 8.

courtesy David Shankbone
The Occupy Wall Street General Assembly in Washington Square Park for the first time on Saturday, October 8.

What it is ain’t exactly clear.

I think it’s time we stop, children, what’s that sound

Everybody look what’s going down.

– Buffalo Springfield

The media attention about Occupy Wall Street is on how in some cities the movement is turning to violence and police actions to scare off the movement.

Wounded Marine and Iraq war veteran Scott Olsen was in critical condition after a police raid on Occupy Oakland.

The Occupy Wall Street protesters can take heart  knowing that their collective voice is making a difference.

The days of clamping down free speech with violence are over. The average citizen, using social media, has too many ways to communicate, organize and stand up to oppression.

I think it will be difficult for the Occupy movement to maintain its outdoor protests through the cold winter months but I expect the seeds of their protest to have an impact for years.

Already, they have had an immediate victory.

Like many, I was outraged a few weeks ago when Bank of America tried to impose a five-dollar-a-month fee for using its debit cards.

Although I wrote about it extensively, the ears of America were more in tune,  thanks to Occupy Wall Street. It was another example of Wall Street and Main Street not connecting.

After the outpouring of anger,  Bank of America and its  competitors decided not to impose a debit card fee.

Chalk this up as an Occupy Wall Street victory. Big banks have been sticking it to us for years, even after the 2008 Wall Street bailouts. This was one time where consumer outrage made a difference.

It may not be the last time.

I’ve been on a book tour promoting my new book, Wealth Without Wall Street, A Main Street Guide to Making Money.

My book’s audience are those looking to implement ideas in a post Occupy Wall Street era.

Although the goal of taking money away from Wall Street is the same as people who are protesting, most of my readers are the “silent majority”. They approve of the protest against Wall Street, even though they are not marching or gathering.

The Move Your Money movement has taken off since Occupy Wall Street started. People are taking away the power of Wall Street and giving more power to Main Street.

The Occupy Wall Street movement is giving voice to a wider group who are angry at what Wall Street has done to America.

I am sure the Occupy Wall Street supporters have to have days of discouragement, especially on days when they are being gassed, arrested and watching their colleagues be carted off to hospitals.

But as the debit card victory has shown, they are making a difference. They are voicing the anger of millions and that voice is having an impact on Wall Street.

And on Main Street.

Don McNay lives in Richmond, Ky., and is an award-winning financial columnist and Huffington Post Contributor. You can learn more about him at www.donmcnay.com.

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About the Author (Author Profile)

Don McNay
Don McNay, CLU, ChFC, MSFS, CSSC is the best sellling author of the book Wealth Without Wall Street: A Main Street Guide to Making Money.

McNay is an award winning financial columnist and Huffington Post Contributor.

He is the Chairman of the Board for the McNay Settlement Group (www.mcnay.com) which provides structured settlement consulting for injury victims, lottery winners, and the families of special needs children.

McNay founded Kentucky Guardianship Administrators LLC, which assists attorneys in as conservators and setting up guardianship’s. It is nationally recognized as an administrator of Qualified Settlement (468b) funds.

Don has appeared on the CBS Evening News with Katie Couric and over 100 radio and television programs.

McNay has Master’s Degrees from Vanderbilt and the American College and is in the Eastern Kentucky University Hall of Distinguished Alumni. Don is a Quarter Century member of the Million Dollar Round Table and has four professional designations in the financial services field.

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