Occupy Wall Street to buy & forgive distressed consumer debt!

[Sara S]

What a plan...
posted here: https://www.democraticunderground.com/10021773369

OWS to Buy, Forgive Distressed Consumer Debt

Posted at Discourse.net on November 8, 2012 by Michael Froomkin

This is very cool: — Occupy Wall Street plans to buy distressed consumer debt for pennies on the dollar … and then forgive it.

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.)

This is a simple, powerful way to help folks in need — to free them from heavy debt loads so they can focus on being productive, happy and healthy. As you can see from our test run, the return on investment approaches 30:1. That’s a crazy bargain!

Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program LIVE and NATIONWIDE, buying debt in communities that have been struggling during the recession.

read: https://www.discourse.net/2012/11/ow...consumer-debt/

https://howtosharpenpencils.tumblr.c...eoples-bailout

[News Radio Tony]

A representative from Rolling Jubilee Strike Debt will be on-air with us, live, at 8:18a.m. this morning on KSRO 1350AM and streaming live at ksro.com. A podcast will be available later in the morning.

Thanks!
News Radio Tony

[Barry]

A representative from Rolling Jubilee Strike Debt will be on-air with us, live, at 8:18a.m. this morning on KSRO 1350AM and streaming live at ksro.com. A podcast will be available later in the morning.

Thanks!
News Radio Tony

Good Job, Tony , though a little more notice would have been helpful!

For those who don't know, Rolling Jubilee is one of the coolest functional ideas to have come out of the Occupy Movement!

It's actually an biblical idea!

"This fiftieth year is sacred—it is a time of freedom and of celebration when everyone will receive back their original property, and slaves will return home to their families. "
—Leviticus 25:10

This is from their home page at https://rollingjubilee.org/

[News Radio Tony]

Delinquent Debt Purchased and Erased by Occupy Wall Street Splinter Group

Podcast now available. Aaron Smith is interviewed on Strike Debt's Rolling Jubilee program. This is probably my favorite Occupy related interview, Mr. Smith is very informative on the program and clearly knows what he's talking about. You can click on the headline or this LINK.

Thanks!
-News Radio Tony

[News Radio Tony]

Occupy Wall Street Activists Beat Debt Collectors at Their Own Game


KSRO's Michelle Marques got an update on Strike Debt's Rolling Jubilee, you can click on the headline above to go to the archive/podcast (yes, it's downloadable or you can use the player). Or HERE

I'm a bit annoyed with the cable news outfits, they haven't covered this at all, that I've seen. I can't help but suspect that if it were some Tea Party group, it would be getting major news outlet coverage. Are Occupy and its splinter groups only "newsworthy" when there are riot police beating on them?

This seems very news worthy and yet a Google search shows very little coverage and virtually none by major networks and cable news. Sad. Where's that liberal/pro-OccupyWallStreet bias I keep hearing about?