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View Full Version : Okay, the Occupiers Get Points For This One



DragonStryk72
11-11-2012, 08:43 AM
Occupy Wall Street campaigners buy-up debt to abolish it A group of campaigners linked to the Occupy Wall Street movement is buying-up distressed loans for pennies in the pound and cancelling them to "liberate debtors at random". The Rolling Jubilee (http://rollingjubilee.org/) project is seeking donations to help it buy-up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off.



Individuals or companies can buy distressed debt from lenders at knock-down prices if it the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge.



As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They are now looking to expand their experiment nationwide and are asking people to donate money to the cause.



http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9666748/Occupy-Wall-Street-campaigners-buy-up-debt-to-abolish-it.html

Okay, now this is the way you help the lower class. No yelling or screaming, no blaming this guy or that. You just get some folks together, and start helping using the existing system. There's nothing really stopping anyone from doing this, and they should rightly be lauded for thinking outside the box on this count.

There are a lot of ways in which I think the Occupiers are wrong-headed in their approach to the issue of income disparity, but this works. Oddly, it helps prove that you don't need the government to make things right, you can do it yourself quicker, better, and more targeted yourself.

revelarts
11-11-2012, 08:55 AM
this is outstanding.
best idea i've seen in a long time.
Probably the best way to take care of it. Private charity.

Outstanding.
I hope the gov't or banks don't make it illegal or harder for them to follow thru.
Which happened when some banks found out people were using a system to pay down 30 yr debt in 9 or 10yrs. they closed some doors. the banks were losing to much interest long term apparently.

There's a church locally that had a similar program for all it's memebers they sytimatically canceled the medical, credit card and mortgage debt of almost all of it members, using each others funding support. Many of them were not in dire straits just your typical in debt working lower middle to high middle class person. Part of the program was financial education and contracts to stay out of debt.

community can beat the game rigged by the banks to keep people in debt. Ur Sorry, the system set up so that banks can make money.

taft2012
11-11-2012, 09:00 AM
Agreed!

Let them do their little school project and learn about the abject failure that is collectivism on their own.

Best of all; it won't cost anyone with a lick of sense a single penny.

DragonStryk72
11-11-2012, 09:20 AM
Agreed!

Let them do their little school project and learn about the abject failure that is collectivism on their own.

Best of all; it won't cost anyone with a lick of sense a single penny.

Um, that isn't collectivism, Taft. That's a personal choice to help others. Insulting them for it only assures that they go back to the loud screaming.

We don't have to tear into them even when they're doing something that is actually good.

Dilloduck
11-11-2012, 10:23 AM
Beats the hell outta buying debt, disguising it and then pawning it off on some boob who gets bailed out by taxpayers.