You're at the jubilee, or you're all alone
This is potentially really cool.
Now OWS is launching the ROLLING JUBILEE, a program that has been in development for months. OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you're a debt broker, once you own someone's debt you can do whatever you want with it -- traditionally, you hound debtors to their grave trying to collect. We're playing a different game. A MORE AWESOME GAME.)
There's some concern that the banks who actually own the debt packages won't sell due to the moral hazard (not punishing people who defaulted) but let them explain to the press why they won't let Occupy Wall Street crowdfund debt payments at market rates.
There's also some concern that you're actually giving money to the odious people that created these bad debt packages, and there's concern that poor people who just happen to not be in debt aren't getting an equal bail out, but no solution is perfect and i think this could be a really worthwhile effort.
By fnord12 | November 9, 2012, 4:16 PM | Liberal Outrage
Reference from SuperMegaMonkeyI mentioned this a while back, and we did donate a little money to it, and now it seems that with about $600,000 in donations they've abolished $14.7 million worth of debt for 2,693 individuals. That seems pretty cool to... Read More: Jubilee Success