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A Radical and Effective Solution to Abolishing Personal Debt


By bgamall4   Follow   Fri, 16 Nov 2012, 8:37am PST   1,121 views   15 comments
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http://www.iwentbankrupt.com/rolling-jubilee-a-radical-and-effective-solution-to-abolishing-personal-debt/ This is gaining some traction in the UK.

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bgamall4   Fri, 16 Nov 2012, 8:42am PST   Share   Quote   Permalink   Like   Dislike     Comment 1

Melmakian says

...which only means that the banksters will have the government kill it somehow, soon.

Just more bad PR for them. But you could be right.

APOCALYPSEFUCKisShostikovitch   Fri, 16 Nov 2012, 12:27pm PST   Share   Quote   Permalink   Like (4)   Dislike     Comment 2

So what about people who've worked hard and slept on a lot of floors to never ever be in debt?

If your way into the debt hole, really, you are free to step in front of a train or murder your banker. Underwriting profligacy is folly

mell   Fri, 16 Nov 2012, 2:03pm PST   Share   Quote   Permalink   Like   Dislike     Comment 3

Heard about it on NPR - it's sad that OWS has evolved into this shite. The bankstas actually will cheer it as the rolling jubilee is buying the debt (even if discounted) they will make out fine as they keep the crazy high volume at which they churn through loans and commissions, knowing somebody will buy their shit debt no matter how bad/fraudulent it is.

thunderlips11   Sun, 18 Nov 2012, 11:14pm PST   Share   Quote   Permalink   Like   Dislike     Comment 4

Great idea, buy debt going into collections for pennies on the dollar, and simply discharge it.

bgamall4   Mon, 19 Nov 2012, 2:20am PST   Share   Quote   Permalink   Like   Dislike     Comment 5

mell says

Heard about it on NPR - it's sad that OWS has evolved into this shite. The bankstas actually will cheer it as the rolling jubilee is buying the debt (even if discounted) they will make out fine as they keep the crazy high volume at which they churn through loans and commissions, knowing somebody will buy their shit debt no matter how bad/fraudulent it is.

You misinterpret this. The banks don't make that much selling debt for pennies on the dollar. This will allow people to discharge a huge amount of debt for pennies on the dollar.

mell   Mon, 19 Nov 2012, 3:30am PST   Share   Quote   Permalink   Like   Dislike     Comment 6

bgamall4 says

mell says

Heard about it on NPR - it's sad that OWS has evolved into this shite. The bankstas actually will cheer it as the rolling jubilee is buying the debt (even if discounted) they will make out fine as they keep the crazy high volume at which they churn through loans and commissions, knowing somebody will buy their shit debt no matter how bad/fraudulent it is.

You misinterpret this. The banks don't make that much selling debt for pennies on the dollar. This will allow people to discharge a huge amount of debt for pennies on the dollar.

The banks will extract as much as they can, then hand it off to collectors. Sure they may not recoupe as much as they hoped, but then they will get bailed out again when presenting their "unexpected staggering" losses and threaten the end of the world. And the people who took on the debt and got jubileed (bailed) out can happily move on to the next "cheap money" offer. Rinse and repeat. Don't buy it, but if that's the way they want to spend their raised money it's their business. I'd rather use it to buy stakes in small companies and administrations to fire fraudsters and yes-men BODs or to run ad campaigns against colluding bankstas and politicians, or sue them in court.

mell   Mon, 19 Nov 2012, 3:51am PST   Share   Quote   Permalink   Like   Dislike     Comment 7

bgamall4 says

You misinterpret this. The banks don't make that much selling debt for pennies on the dollar. This will allow people to discharge a huge amount of debt for pennies on the dollar.

Don't get me wrong, I can see the good intentions. But I think it's past that time and though I know not everybody would have been comfortable with civil disobedience and some necessary violence, I think that is the right course for the massive fraud not only in the US but also overseas. Take the cops in Spain for example, they were brutally beating austerity protestors for days, now they are marching in the streets with the protesters as their salaries and pensions get cut and show banners that ask for forgiveness that they haven't arrested the ones that are really mostly responsible for this, bankstas and politicians. I have no sympathy for them (empathy yes), they still can disobey and arrest some of the crony bankstas and politicians. Just do it already, a small coup d'etat is sometimes necessary. Now that would be a "radical and effective solution" everywhere! Oh, and arrest the realtors as well while they are at it and feed them to AF's family ;)

Quigley   Mon, 19 Nov 2012, 3:58am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 8

Here's a radical idea: let the banks and investors reap the rewards of their bad loans and poor risks. If they go BK, then big deal. Other banks will take up the slack. And they'll be more careful who they loan to next time.
Why do we need to pay so incredibly much for just a place to live?

thunderlips11   Mon, 19 Nov 2012, 4:25am PST   Share   Quote   Permalink   Like   Dislike     Comment 9

Quigley says

Here's a radical idea: let the banks and investors reap the rewards of their bad loans and poor risks. If they go BK, then big deal. Other banks will take up the slack. And they'll be more careful who they loan to next time.
Why do we need to pay so incredibly much for just a place to live?

Imagine that, Capitalism. Incautious Capitalists lose their Capital.

mell   Mon, 19 Nov 2012, 5:38am PST   Share   Quote   Permalink   Like   Dislike     Comment 10

thunderlips11 says

Quigley says

Here's a radical idea: let the banks and investors reap the rewards of their bad loans and poor risks. If they go BK, then big deal. Other banks will take up the slack. And they'll be more careful who they loan to next time.

Why do we need to pay so incredibly much for just a place to live?

Imagine that, Capitalism. Incautious Capitalists lose their Capital.

Yeah unfortunately it's only imagination so far and most likely will stay that way for now.

jvolstad   Mon, 19 Nov 2012, 7:05am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 11

So all the years I've saved my "nickels and dimes" mean nothing?

Bellingham Bill   Mon, 19 Nov 2012, 7:12am PST   Share   Quote   Permalink   Like   Dislike     Comment 12

jvolstad says

So all the years I've saved my "nickels and dimes" mean nothing?

yup!

http://research.stlouisfed.org/fred2/graph/?g=cY0

is annual increase in consumer debt, 2011 dollars and shows that the American people went nutso for debt starting in the late 1990s.

Those who got into the game early (1999-2003) made out like bandits, those who joined too late (2004-2008) get to walk away with BKs.

Bellingham Bill   Mon, 19 Nov 2012, 7:16am PST   Share   Quote   Permalink   Like   Dislike     Comment 13

>Why do we need to pay so incredibly much for just a place to live?

Because the supply of housing can never ever be increased to meet demand.

We all want 16,000' lots on a culdesac two blocks from the best elementary school in the state, with a nice view and stores not too far away too.

The only way we can allocate what housing supply we do have is via price. At every pricepoint -- from Pt Lobos in Carmel to the hovels of South Central LA -- we collectively bid up the price of housing to the point of unaffordability, since the greatest fool always wins the bid when a property comes on the market.

The only way to escape this is to not play the game -- homeschool your kids, telecommute, grow more of your own food, not join the ratrace that is the American consumerist suburban lifestyle.

thunderlips11   Mon, 19 Nov 2012, 7:27am PST   Share   Quote   Permalink   Like (1)   Dislike     Comment 14

It's amazing how much Minnesota looks like the Central Valley.

Where is that green grass for Dairy Cows, much less the 10,000 lakes?

"I'm going to Sacrame--- I mean, Mankato"

justme   Mon, 19 Nov 2012, 3:46pm PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 15

Bgamall4,

A Rolling Debt Jubilee is a bad joke. All it means is massive moral hazard, where those who borrowed the most will win the most by not paying back their debts.

I can't believe anyone is taking this seriously. Do you not understand that a debt jubilee also means that you will not get back the money you deposited at the bank? Did anyone think of that?

SOMEONE has to take the losses, and that is what all the bailout shenenigans since 2007-2008 are all about: Slowly shifting the losses over to the taxpayers and savers.

This jubilee idea is so bad that even Shostakovich could not bring himself to make a joke about it, and that should tell you something right there ( :) ).

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