Fundamentals of Interactive Journalism

This past Thursday afternoon I headed downtown to take pictures of a protest of the Wall Street bailout for a class assignment. I arrived early and found a couple of guys offering fliers to passersby near the bull sculpture at Bowling Green. They told me they’d learned about the event online and didn’t know exactly who had organized it. As I waited for the action to begin, I watched tourists taking photos of their friends standing next to the bull’s hindquarters or groping its legendary testicles.

Eventually protesters, journalists and onlookers began gathering at the site. The crowd of demonstrators included Socialists, members of Code Pink and other anti-war groups, and individual New Yorkers angered by the proposed government rescue of financial institutions. Spectators looked on curiously as cops advised people to stay out of the street.

Chants erupted spontaneously, such as, “We are pissed! Bail out this!” One man repeatedly yelled, “Don’t believe Bush’s lies! Don’t believe Paulson’s lies! Don’t believe Bernanke’s lies!” After about 40 minutes of chanting, mingling, drum-pounding and sign-waving at the terminus of Broadway, the protesters began to march toward Wall Street. For the most part they stayed on the sidewalk and the police didn’t hassle them. As they walked, many chanted “No deal for Wall Street, new deal for Main Street!”

I spoke with a woman who was walking from work to the subway in the midst of the crowd. Diane K., as she asked to be identified, empathized with the cause. “This is one protest I agree with, and I’m a conservative,” she said. “I’ve had it.”

Zelig Stern of the Socialist Party of New York City

Several protesters linked the economic crisis with the war in Iraq. John MacDougall, a member of a group called Peace Action and a veteran of the Korean War, said he was concerned that most Americans seem unaware of the economic consequences of the war. “I get worried about where the country’s going,” he said.

When the group arrived at the intersection of Wall Street and Broad Street, moving up the steps of Federal Hall and filling up the street between that building and the New York Stock Exchange, many yelled “No bailout!” repeatedly.

Protester Bobby Rodriguez, American flag in hand, criticized the federal government for its handling of the economy and other issues. “I think our founding fathers are turning over in their graves, and no one’s even reading the Constitution,” he said.

As the protesters held their signs aloft and chanted various slogans, a few Wall Street workers rushed to nearby subway entrances, some looking distinctly uncomfortable, others amused. One twenty-something guy in a suit yelled “Get a fucking job,” though this sentiment was drowned out by whatever the crowd was chanting at that moment.

Shane Miller, who works for a boutique trading firm, remarked that the stock exchange had already closed for the day before the protest arrived there. “They’re doing something for nothing,” he said. “They need to go to Congress — that’s where the bill is being worked on.”

A member of Billionaires for Bush who identified himself as “Rob DaPore” sipped what appeared to be champagne and responded to the protesters’ chants of “You broke it, you bought it!” with “We broke it, you bought it.”

Until I watched Rachel Maddow’s post-debate analysis show Friday night, I assumed that the protesters represented a small sliver of American public opinion. As a relatively cynical guy, I’ve come to see the population of this country as overwhelmingly apathetic even in the face of developments that affect their lives profoundly. However, I learned that the sentiments voiced by these street marchers actually reflected a wave of solid opposition to the plan among average Americans.

Now that Congressional leaders have apparently reached a deal, it remains to be seen whether this action will revive the financial services industry and the economy as a whole. If economic conditions worsen, Americans who view this deal as a handout to wealthy Wall Street institutions at the expense of taxpayers may not look too kindly on politicians who supported it.

UPDATE: The bailout bill did not pass on Monday. Some Republicans blamed partisanship, and Barney Frank ridiculed them. What I’ve heard from conservatives over the past week, including those who cried foul at Pelosi’s speech, is unbelievable. They don’t want to admit that their anti-regulatory ideology directly caused this crisis. Instead, some are blaming minorities.