Noble Dreams

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#1 Sat 10th Nov 2012 08:10 am

SW
Member
Registered: Thu 15th Jan 2009

The People's Bailout

http://howtosharpenpencils.tumblr.com/p … es-bailout


This is a long post but it’s about something pretty interesting so I hope you’ll indulge …

Like many folks, Occupy Wall Street has been some doing good work in the aftermath of Hurricane Sandy, helping people on the ground.

Now OWS is launching the ROLLING JUBILEE, a program that has been in development for months. 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. As you can see from our test run, the return on investment approaches 30:1. That’s a crazy bargain!

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’re kicking things off with a show called THE PEOPLE’S BAILOUT at Le Poisson Rouge on Thursday, November 15. It will also stream online, like a good ol’-fashioned telethon!

storstark


HOPE is the thing with feathers   
That perches in the soul,   
And sings the tune without the words,   
And never stops at all        Emily Dickinson

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#2 Mon 12th Nov 2012 08:44 pm

EerieElle
Eternally Evolving
From: here, now.
Registered: Mon 2nd Nov 2009

Re: The People's Bailout

Super cool!  Thanks for sharing.

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