The New York Young Republican Club (NYYRC) is staging a protest in Zuccotti Park in New York City to “re-occupy Wall Street” on Jan. 31.
The group intends to protest Wall Street’s efforts to crack down on amateur investors who threaten to bring hedge fund firms to their knees by raising the price of so-called “meme” stocks, like GameStop and AMC, which have skyrocketed exponentially over the past few days. As previously reported by Rebel News, GameStop’s stock remained below $5 per share until recent days, when it soared by over 8,000 per cent compared to just a few months ago.
In response to the volatility of the stock, the chat app Discord censored the server of the users responsible for driving up prices, blaming it on “white supremacists.” On Thursday, the financial investment app Robinhood blocked purchases of GameStop and other stocks, essentially forcing users to sell their shares, driving down the value of the stocks.
The one-way trades allow hedge funds invested in shorting GameStop and other stocks to recuperate their losses in a not-so-free market.
The NYYRC intends to “re-occupy” Wall Street because members are “sick of Wall Street bailouts on the taxpayer dime, while the little guy gets stomped.” Gavin Wax, the organizer of the protest, spoke with Rebel News to explain the group’s intent.
"First the government drives millions of Americans into destitution and unemployment by shutting down the economy and their businesses. Then when the average Joe Schmo wants to make a few bucks trading on the market, he is shut down because Wall Street ended up losing to anons from Reddit. Where are the regulators? Nowhere,” said Wax.
“We have a two-tiered system in this country,” he added. “The elites and everybody else. It has been on full display with the shutdown of trading on select stocks.”
“The New York Young Republicans will try to do a small part in bringing attention to this issue by re-occupying Zuccotti park, the site of the original Occupy Wall Street protests, in order to send a message to Corporate America that we will no longer bail you out or run cover for you as you silence and bankrupt us," said Wax.
Those intending to participate in the Re-Occupy Wall Street protest can sign up on Eventbrite.