Wall Street movement

This refers to the report “Frustration over widening rich-poor gap” (Oct. 17). The movement against corporate greed and budget cuts has the potential to grow in strength. We are reminded of what American political activist Mary Elizabeth Lease said in 1890 about the corporate domination of the American government: “Wall Street owns the country. It is no longer a government of the people, by the people and for the people, but a government of Wall Street, by Wall Street, and for Wall Street. The great common people of this country are slaves, and monopoly is the master … The people are at bay; let the bloodhounds of money who dogged us thus far beware.”

A.S. Farida,

Chennai

That the Occupy Wall Street movement is spreading like wildfire across the globe points to the grim reality that the world is facing as the result of globalisation. The short-term gains of greedy corporates have led to long-term losses (high unemployment, higher inequities, corruption, etc.). Governments too have become indifferent and are mute spectators.

K. Vinaya Kumar,

Secunderabad

That thousands of angry protesters thronged the main thoroughfare in Rome, Spain and elsewhere across the globe on Saturday reflects the growing rejection of neo-liberal policies pursued everywhere. The global financial crisis of 2008 and its evil consequences left the working people high and dry whereas the corporates enriched themselves with more bounty amassing the bulk of stimulus packages. Withdrawal of pension benefits, excessive budget cuts, loss of jobs and bankruptcy of insurance companies have played havoc with the lives of millions of innocent citizens. The sweeping success of the Occupy Wall Street movement and its over reaching echo have many a lesson for India too.

S.V. Venugopalan,

Chennai