Rolling Jubilee Offshoot Of Occupy Wall Street To Offer Debtors $1 Million BailoutQuicklink submitted by Mari Eliza Permalink
|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.
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