Occupy Wall Street Wants To Bailout The People - Spokane, North Idaho News & Weather KHQ.com

Occupy Wall Street Wants To Bailout The People

Posted: Updated:

HUFFINGTON POST - Occupy Wall Street movement supporters were outraged by the bank bailout. Now they want to start a bailout that people can actually get behind.

Dubbed the Rolling Jubilee, Occupiers have created a program to buy distressed consumer debt and then erase it. That will "liberate debtors at random through a campaign of mutual support, good will, and collective refusal," the Jubilee's website said.

To get started, the movement is on a fundraising mission, with a goal of $50,000. That's enough to purchase about $1 million in distressed consumer debt, the group said. The group is hosting a live music variety benefit show in New York City on Thursday, and will use social media to gather donations.

Can it really work? So far there doesn't seem to be much standing in the way, except the generosity of donors who will back the idea.

"I don't see a legal problem with somebody buying debt and canceling it. If it's out there, it can be purchased," said Alan White, a law professor with expertise in consumer bankruptcy at City University of New York law school. "I do think it's a completely original idea."

According to a Tumblr post from one of the organizers, the group has already done a test, buying $14,000 worth of bad debt for $500 and successfully discharging it.

But before you get too excited about a life without $80,000 in loans you can't repay, the movement is quick to caution that it has no way of buying a specific person's debt.

This article is from The Huffington Post, to read more CLICK HERE

  • Most Popular StoriesMost Popular StoriesMore>>

  • INCREDIBLE drone video shows fire destruction over Pateros/Brewster

    INCREDIBLE drone video shows fire destruction over Pateros/Brewster

    Tuesday, July 22 2014 9:51 AM EDT2014-07-22 13:51:52 GMT
    KHQ.COM - Chelan HD Productions has given us permission to show this incredible video they shot with a drone surveying the damage done from the Carlton Complex Fire in the areas of Brewster and Pateros. This video is truly jaw dropping and really shows the level of destruction from the fire.>>
    KHQ.COM - Chelan HD Productions has given us permission to show this incredible video they shot with a drone surveying the damage done from the Carlton Complex Fire in the areas of Brewster and Pateros. This video is truly jaw dropping and really shows the level of destruction from the fire.>>
  • 10 Cheapest Houses For Sale In Spokane

    10 Cheapest Houses For Sale In Spokane

    Wednesday, November 27 2013 2:35 AM EST2013-11-27 07:35:08 GMT
    Whether you are in the market for an affordable place to live or are in the business of flipping houses, here are the 10 cheapest homes for sale in Spokane according to AllSpokaneHomes.com.>>
    SPOKANE, Wash. - Whether you are in the market for an affordable place to live or are in the business of flipping houses, here are the 10 cheapest homes for sale in Spokane according to AllSpokaneHomes.com. Yes, they all need some work and some need a lot more than others, but when your mortgage payment is around the $200/month range there's at least something to stay positive about.>>
  • Dozens of buildings burned in Washington wildfire

    Dozens of buildings burned in Washington wildfire

    Friday, July 18 2014 6:08 PM EDT2014-07-18 22:08:11 GMT
    KHQ.COM - The wind-driven fire in north central Washington destroyed as many as 100 buildings - most of them homes - according to Okanogan County Sheriff Frank Rogers. Rogers gave that update Friday morning in his update on the status of the Carlton Complex Fire burning around the communities of Pateros, Twisp and Brewster.>>
    KHQ.COM - The wind-driven fire in north central Washington destroyed as many as 100 buildings - most of them homes - according to Okanogan County Sheriff Frank Rogers. Rogers gave that update Friday morning in his update on the status of the Carlton Complex Fire burning around the communities of Pateros, Twisp and Brewster.>>