Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

OWS buying and canceling debt
Rolling Jubilee ^ | Recently | n/a

Posted on 11/14/2012 5:55:12 AM PST by ksen

From the top of their website:

------------------------------------
A bailout of the people by the people

Rolling Jubilee is a Strike Debt project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. Together we can liberate debtors at random through a campaign of mutual support, good will, and collective refusal. Debt resistance is just the beginning. Join us as we imagine and create a new world based on the common good, not Wall Street profits.
-------------------------------------


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: buyingdebt; debt; ows
Navigation: use the links below to view more comments.
first 1-2021-4041-6061-67 next last
OWS does something!

I know people will have issues with the language used on that page but I like this idea and hope it gains steam.

As a society we really do need to rethink the idea of debt.

1 posted on 11/14/2012 5:55:14 AM PST by ksen
[ Post Reply | Private Reply | View Replies]

To: ksen

As long as it’s their money I have no problem with this at all.

Not much different than the stories about folks going to stores and paying off random people’s lay-away debts. Just a new sort of charity.

Frankly, I doubt they are gonna get much support from the liberal side. Libs would rather pass a law that makes debt simply “disappear.” Damn the consequences.


2 posted on 11/14/2012 6:00:55 AM PST by JoeDetweiler
[ Post Reply | Private Reply | To 1 | View Replies]

To: ksen
As a society we really do need to rethink the idea of debt.

As in, not getting into debt in the first place, or defaulting on it and hoping someone lets you off the hook?

3 posted on 11/14/2012 6:03:34 AM PST by 1rudeboy
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy

Mmmm, because those are the only two things that happen.


4 posted on 11/14/2012 6:05:38 AM PST by ksen
[ Post Reply | Private Reply | To 3 | View Replies]

To: ksen

Here’s the thing about forgiven debt: the IRS considers it income.

So the debtor needs to pay income tax on the forgiven amount.

So now these folks will have IRS problems.


5 posted on 11/14/2012 6:05:44 AM PST by Ted Grant
[ Post Reply | Private Reply | To 1 | View Replies]

To: ksen; cripplecreek
Don't worry, the Golden Dawn Party will be there to help you.

Just make sure you remember who helped you and who left you in the cold when time comes to support a Political Party.

Occupy Wall Street Helped me when no one else would! That is why I am voting for their Candidate.

6 posted on 11/14/2012 6:06:11 AM PST by KC_Lion (Build the America you want to live in at your address, and keep looking up.-Sarah Palin)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ksen
Mmmm, because those are the only two things that happen.

Can't come up with a third? I gave the two.

7 posted on 11/14/2012 6:07:26 AM PST by 1rudeboy
[ Post Reply | Private Reply | To 4 | View Replies]

To: JoeDetweiler

TBF Iceland made a law to make some household debt “disappear” during the financial crisis and it’s worked great for their country and economy.


8 posted on 11/14/2012 6:08:00 AM PST by ksen
[ Post Reply | Private Reply | To 2 | View Replies]

To: 1rudeboy

You should send your advice to the banks since they are the ones getting their debts cancelled by other peoples’ money.


9 posted on 11/14/2012 6:09:33 AM PST by ksen
[ Post Reply | Private Reply | To 7 | View Replies]

To: ksen; cripplecreek
Damn Picture disappeaed on me!

Lets try another one.


10 posted on 11/14/2012 6:10:06 AM PST by KC_Lion (Build the America you want to live in at your address, and keep looking up.-Sarah Palin)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ksen
As a society we really do need to rethink the idea of debt.

Yes, it should be limited to those who can repay.

Or debt prison.

Honk if I paid your mortgage!

11 posted on 11/14/2012 6:10:28 AM PST by DUMBGRUNT (The best is the enemy of the good!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ksen
How is this NOT a scam?

How can debt be made to just disappear?
12 posted on 11/14/2012 6:11:47 AM PST by The Louiswu (it's all downhilll from here!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ksen

Of course, without credit, we don’t have an economy (as it currently operates.)


13 posted on 11/14/2012 6:16:10 AM PST by IamConservative (The soul of my lifes journey is Liberty!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ksen

The debt is no longer on the books of the bank, if the bank sold it for pennies on the dollar. What is your Third Way? /snort


14 posted on 11/14/2012 6:17:27 AM PST by 1rudeboy
[ Post Reply | Private Reply | To 9 | View Replies]

To: The Louiswu
How can debt be made to just disappear?

Creditors sell "bad debt" to collections agencies for pennies on the dollar. The creditor gets something, and no longer cares what happens to the debt. It's no longer their problem. The collections agency is essentially gambling; it's betting that it can collect more on the debt than it paid for it. That's apparently a good bet; collections agencies continue to exist.

The OWSers are apparently buying debt for pennies on the dollar (same as the collections agencies) but then "forgving" the debt instead of attempting to collect (some of) it.

15 posted on 11/14/2012 6:17:55 AM PST by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: ksen

If creditors were willing to sell debt for pennies on the dollar then why wouldn’t the debtors just buy and retire it? If the debt is secured, then there’s no way they would do this. If it’s unsecured it’s possible.


16 posted on 11/14/2012 6:18:10 AM PST by circlecity
[ Post Reply | Private Reply | To 1 | View Replies]

To: The Louiswu

I think if they buy it, it’s up to them if they want to collect on it or not.


17 posted on 11/14/2012 6:19:44 AM PST by Nickname
[ Post Reply | Private Reply | To 12 | View Replies]

To: ksen

Imagine! A world without currency or consequences or bad weather! Would Reagan call this evil?


18 posted on 11/14/2012 6:20:40 AM PST by conservativeimage.com (Civil War II)
[ Post Reply | Private Reply | To 1 | View Replies]

To: circlecity

I understood your point, but it is still funny to imagine a debtor buying a huge bundle of debt just to retire his own.


19 posted on 11/14/2012 6:20:40 AM PST by 1rudeboy
[ Post Reply | Private Reply | To 16 | View Replies]

To: ArrogantBustard
So I can run up a mountain of debt, pay it off for pennies on the dollar and the Rolling Jubilee just refuses to pay it off. I get a bunch of sweet swag for almost nothing?!

Is that how this works?
20 posted on 11/14/2012 6:22:25 AM PST by The Louiswu (it's all downhilll from here!!!)
[ Post Reply | Private Reply | To 15 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-6061-67 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson