I like the concept, but I’m not sure it accomplishes much. I know the Wall Street scum are responsible for destroying the world economy and the lives of millions of Americans. But there were also hundreds of thousands of slimy deadbeats in this country who lied and cheated to buy houses they couldn’t afford, drove luxury cars they had no right to be driving and ran up their credit cards living the good life. They deserve to be broke and destitute. I don’t know how Occupy can distinguish between those down on their luck and the deadbeats.
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 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.
David Rees, one of the organisers behind the project, writes on his blog: “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.
“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.”
“We bailed-out the banks and in return they turned their backs on us. We don’t owe them anything, we owe each other everything. It’s time for a bail-out of the people, by the people.”