OWS and us.

Working in Bucharest the past few days and by far the most common question asked by expats, Americans and non-Americans alike, was "what's up with Occupy Wall Street."  What they wanted to know was whether this is the beginning of an "American Spring," fueled by the kind of rage now sweeping the Middle East, or if OWS has more in common with recent street violence in England.  

It is always dangerous to analyze movements mid-stream, when long-term impacts and ultimate results are impossible to know, but there are forces at work in OWS that are worth mentioning.  One is the way the movement sprang from social media with little to nothing in the way of formal structure.  This is new, or rather, almost new.  It is how the Arab Spring got started and almost a perfect large-scale replica of the viral shirtless dancing guy YouTube video on how movements spread and grow.  

What is clear is how OWS exposes yet another generation's generation gap, this time in terms of using social media to spread ideas.  As Iconowatch pointed out, most conventional (television and radio) media have struggled to grasp what is going on with unfortunate results.  An essential business skill, not taught in most B-schools, is about using social media like a digital native.

But, more to the point, what OWS shows is that unhappiness with the degree of wealth inequality in the United States is growing.  And, in particular, it shows a new generation's unhappiness with its suddenly limited prospects--and this phenomenon really is new for the US.  When I sent the chart below (Planet Money via Matt Yglesias) to my son, due to graduate from university in June, he responded:

"Explains why when passing by the campers out by city hall [in Philadelphia, where he lives] or looking at photos in NYC right now, everyone seems to be under 30. To people my age, it's the end of the world."

And that's the scary part: he's right.