They’re young, they’re Republicans, and they’re crazy on Wall Street.
Members of New York’s Republican youth plan to attack Zuccotti Park in lower Manhattan to hold a “Re-Occupy Wall Street” rally to protest hedge fund actions and other financial institutions to undermine populist GameStop purchases fueled by Reddit this week.
“What we saw in recent days was absolutely despicable. A lot of people are upset, “group chairman Gavin Wax told The Post.” We have the elites and the substrates of everyone else who don’t get to sit at the big table and make big money. ”
GameStop, a dusty video game and electronics mall, saw shares rise more than 1,700 percent as day-to-day amateur traders poured cash to protest Wall Street short sellers seeking to profit from the company’s failure. . The move was initially organized by the Reddit WallStreetBets page.
As shares skyrocketed and hedge funds suffered billions in losses, various trading applications moved to prevent additional sales of the shares. One of them, with the proper name of RobinHood, has been the subject of a class action lawsuit.
“I think we need to process them. Many of these guys have to go to jail. Text messages and emails must be confiscated. It was coordinated. There must be repercussions, ”Wax said of the institutional effort to shut down amateur traders.
Wax’s GOP rally is ironically trying to regain some of the energy from the 2011 Occupy Wall Street protests, which saw most leftists turn the park into an almost homeless camp that rocked the city for months.
An hastily launched Eventbrite invitation summons YR members and fellow travelers to converge on the park at noon. “Bring signs and dress warm,” the invitation says.
But Wax said he wouldn’t spend a night like the old days.
“We have work to go on Monday,” he said. “It will be nice and tidy. We will take a bath. “