Who are the 1%

Besides the fact that "We are the 99%" is fairly vague, there are people invested in twisting the meaning (many of them are our elected officials). The most heinous example is the meme that 1% of citizens join the armed forces. It became obvious that the Occupy Movement isn't an anti-military movement when shortly after the meme came out a marine was nearly killed by Oakland PD.
Who are the 1% being protested against then? Technically it's the people making  $380,354 or more a year. But in practical terms 95% of that top percent are not the problem. The Occupy movement is a direct response to the Citizens United ruling, so it isn't the fact that people make too much money. The Occupy movement is against using big piles of money to manipulate the political system. Only .05% do this so "We are the 99%" is a misnomer.
If rich people stuck to buying yachts and creating jobs there wouldn't be any beef with them. Think about that image in your mind of an Occupier. Does s/he have a hacky sack and a drum? What would they do with more money? This is clearly not a jealousy thing.
Seriously though the people being protested against are the aggressors. They have taken more than their fair share and fix the game so no one else can play. And they are in defensible. Most of the people we are talking about are not job creators. They are speculators. It is not healthy for the economy to create incentives to be part of this group because their wealth is the most susceptible to bubbles.
The 1% was hardest hit by the recession because their wealth is mostly smoke and mirrors. Their investments are numbers games without substance. When the bottom fell out of the economy many of them were underwater like any other american. Banks have more private jets and yachts to repossess than they know what to do with.
And that is the cost to the 99%. When a rich person fails the bank doesn't even want to deal with their property. Either they have lawyers that keep the assets tied up or the ticket price is so high that the bank doesn't want to bother trying to find a buyer for the liquidation (because they're unwilling to sell it for the amount it's actually worth without hurting the value of neighboring properties). So the banks recoup their loss by going after the middle class or what little the lower class have.
It's class warfare because the 99% are tired of having the bad decisions of the .05% being taken out on them.