Who Hijacked Our Country

Friday, November 16, 2012

Occupy Wall Street’s Newest Project: Steal This Debt

Occupy Wall Street has begat a debt relief program — the Rolling Jubilee.

(Here’s their website.)

As you probably know, collection agencies operate by purchasing a debt for pennies on the dollar; then they hound the debtor for payment of the full amount.

Rolling Jubilee starts off the same way:  they purchase a debt for pennies on the dollar.  Then, instead of trying to collect, they forgive — i.e. abolish — the debt.  As one of the comments at the linked article said, this is the exact opposite of vulture capitalism.

So far, Rolling Jubilee has raised $294,422 with which to purchase — and wipe out — $5,893,271 worth of debt.

There was a fundraising concert yesterday which sought to raise $50,000 in order to purchase and eliminate $1 million worth of medical debt.

Strike Debt is the organization behind the Rolling Jubilee project.  Needless to say, Strike Debt is keeping a low profile and is NOT naming the industry insiders who make their debt purchases possible.  Some powerful banking interests are not pleased with their new competition and would love to squish it.

Apparently these “invisible hand of the marketplace” conservatives are only happy when the “Free Market” is rigged in favor of the banking industry.

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Blogger S.W. Anderson said...

This is a really great development. I hope they enjoy tremendous success. Certainly, the banksters can afford to let a few million strapped consumers off the hook for pennies on the dollar.

But, wouldn't the ones to get PO'd be the collection agencies rather than the banks? I ask that because the banks presumably stood to only get partial repayment from the collection agencies anyway, whereas the collection agencies were the ones who stood to make a profit if they could collect.

November 16, 2012 at 2:01 PM  
Anonymous Jess said...

When the bankers find out who this is backing them they will not be happy. This just all by itself pleases me as a dono...oops as someone who has watched this grow.

November 16, 2012 at 2:59 PM  
Blogger jim marquis said...

It really is a great idea and I think it gives the Occupy movement an opportunity to create a better new image.

November 16, 2012 at 9:30 PM  
Blogger Tom Harper said...

SW: I tend to lump all these financial industries together. I assume there's a lot of cooperation and collusion between them. But you're right, it's the collection agencies, not the banks, that are in direct competition with this Strike Debt movement.

Jess: I hadn't heard of this until I saw the linked article two days ago. I hope it grows exponentially.

Jim: I agree, this is a much more effective tactic for the Occupy movement than camping out in city parks and getting arrested.

November 17, 2012 at 10:42 AM  

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