Skip to comments.OWS buying and canceling debt
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.
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.
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.
As in, not getting into debt in the first place, or defaulting on it and hoping someone lets you off the hook?
Mmmm, because those are the only two things that happen.
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.
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.
Can't come up with a third? I gave the two.
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.
You should send your advice to the banks since they are the ones getting their debts cancelled by other peoples’ money.
Lets try another one.
Yes, it should be limited to those who can repay.
Or debt prison.
Honk if I paid your mortgage!
Of course, without credit, we don’t have an economy (as it currently operates.)
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
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.
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.
I think if they buy it, it’s up to them if they want to collect on it or not.
Imagine! A world without currency or consequences or bad weather! Would Reagan call this evil?
I understood your point, but it is still funny to imagine a debtor buying a huge bundle of debt just to retire his own.