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!
'A Good Old-Fashioned Telethon'! Lol! Is Jerry Lewis available?
Their goal is $50,000 with which they believe they can buy up $1,000,000 worth of debt.
A Bailout For The People By The People
Because the Government only bails out Wall Street!
I love this project as it turns the 'Shock Doctrine' theory on its head. Rather than take advantage of people when they are down, it does the opposite.
Putting the OWS slogan We are unstoppable Another World is Possible into action!
We've lived by the kind of world envisioned by greedy opportunists who take advantage of people's suffering for too long. Most people, as we can see from the volunteers who turn out to help without asking for anything, during every disaster are not like them. Most people care about their fellow human beings. Another world IS possible because most people really are decent and compassionate.