Some good news
Posted by Charles II on November 12, 2012
From Thom Hartmann, t/o:
The Occupy Movement is tackling the nation’s debt problem. Though the physical occupations have disappeared, the movement is busy helping Americans avoid foreclosure and providing disaster relief post-Hurricane Sandy. Now they’ve unveiled a new initiative they’re calling the “Rolling Jubilee.” The movement is raising money to buy debt from financial firms at pennies on the dollar. Then, rather than hounding struggling homeowners and students whose debt they just acquired, Occupy is completely forgiving it. As one organizer explained it, “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.” Since Wall Street got bailed out and Main Street got sold out, average Americans are drowning in enormous debt. Good on Occupy for doing something about it.
This is what community based organizing can do and, for those who have read this blog over the years, it’s essentially  what I said the government should do long before the mortgage crisis turned into a financial meltdown. If they had done, there would not have been a financial crisis.
Thank God for Occupy. They seem to be the only people with any sense.
1. My solution was actually to force the borrower to reduce the mortgage to the level that it was payable by having the pain shared equally between the bank, the borrower, and the government. What that amounts to is having the government buy the mortgage at a discount, then re-issue it at a lower rate, thereby canceling a portion of the debt. So what OWS did was even better, though I’m sure that the debt they purchased at 4 cents on the dollar was absolutely unpayable.
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