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.
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.