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Damn Dirty Hippies

09 Nov

They’re damned, and they’re dirty,… that’s what we’re told.

But they seem to keep trying to help random peoiple.

And that’s why republicans hate ’em.

It’s a small thing,… buit I don’t think that anyone who gets some help will think of it as small.

Occupy Wall Street Launches ‘Rolling Jubilee’ To Buy Up And Forgive Debt

By Pat Garofalo on Nov 9, 2012 at 1:15 pm

Members of Occupy Wall Street — various branches of which have recently been saving families from foreclosure and aiding victims of Hurricane Sandy — have launched a new initiative. Coined the “Rolling Jubilee,” Occupiers are raising money to buy distressed debt from financial firms.

But while purchasers of debt usually hound debtors in order to make a return on their investment, Occupy plans to simply abolish the debt for the lucky individuals whose accounts they grab. As explained on the Rolling Jubilee website:

We buy debt for pennies on the dollar, but instead of collecting it, we abolish it. We cannot buy specific individuals’ debt – instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.

Organizer David Rees explained further:

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.

Average student debt currently stands at more than $26,000. Nationally, nearly 25 percent of homeowners are underwater, meaning they owe more on their mortgage than their home is currently worth.

 

 

 

 

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Posted by on November 9, 2012 in Economy, Health, Politics

 

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