You're mistating intentions to build a strawman that is simply not true. The RH traders aren't looking to destroy the financial system or even capitalism they simply went after hedge funds that had oversold GME to 120%.
Look at GME's numbers. The company is worthless--well, worth what little you could get for its assets in a fire sale, so there is no way anyone could reasonably describe it as "oversold." It's a money loser with negative earnings and sharply falling revenue. It's book value is 5 a share, but that assumes no optimistic accounting.
Further, a coordinated conspiracy to brazenly manipulate the price of a stock is not only illegal, but in this case easily provable in court. This is a blatant pump-and-dump scam of a sort that has been prosecuted before, although most manipulated penny stocks (stocks selling for under $5) do not get pumped to the absurd level of $325 a share! Prosecution of leading participants should be a no-brainer unless the conspirators get political cover from their sympathizers in the White House. I mean, if regulators can't see the unlawfulness of a conspiracy this transparent, publicized, and well documented, what can they see? At least most stock manipulators try to hide their crimes.
Is there a political motive behind WallStreetBets? Listen to it's founder:
Rogozinski believes he moved with intentionality, knowing exactly what he was unleashing. “I saw this coming,” he says. “What’s being accomplished now is what Occupy Wall Street tried and failed to do....
Rogozinski was raised there in Mexico, then educated in America, studying economics and electrical engineering at the University of Illinois’ Urbana-Champaign campus. After graduating in 2005, he founded a startup that offered IT support before taking a job at the Inter-American Development Bank, a major source of funding for Latin America, in Washington, D.C.
Founder Of WallStreetBets Discusses Why The Group Unleashed Chaos On GameStop—And Why He’s (Really) Exiled From Reddit (forbes.com)
And from:
‘This is the way’: the Reddit traders who took on Wall Street’s elite | Financial Times (ft.com)
“The standard WallStreetBets user has a disdain for the rich,” he said. “If we could all be making money while also undoing a very rich person’s wealth, it’s even more empowering.”
Anti-capitalism:
The GameStop Revolt Exposed Capitalism (jacobinmag.com)
Over the last few months millions of ordinary people, armed with the cash distributed by America’s successive COVID-19 stimulus programs, developed a plan to bankrupt hedge funds that were shorting a set of stocks
Behind the GameStop stock frenzy - World Socialist Web Site (wsws.org)
The main point that needs refuting is the view,
often expressed by users on wallstreetbets, that by speculating on a worthless stock, and potentially forcing Wall Street firms to take losses,
they are somehow making a progressive protest against the capitalist system.
Short sellers: short selling keeps the market a little more honest than it otherwise would be by exposing and punishing badly run companies and sometimes criminal companies. GME was and is a perfectly legitimate short prospect, and those who seek to frustrate short sellers simply out of spite are protecting corporate incompetence and, in some cases, corruption and criminality. I think it is safe to say that, outside of hedge funds and other parties engaged in active trading, no one dislikes short selling more than the big corporate executives that so many redditors (reddit being, like other dominant internet platforms, a generally left leaning site with a habit of banning cultural conservatives) love to hate.
