The Rolling Jubilee Debt cancellation program

[dogboy]

I really like this idea: http://www.youtube.com/watch?v=1Qs9w1XlJKE

A bailout of the people by the people

Rolling Jubilee is a Strike Debt project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. Together we can liberate debtors at random through a campaign of mutual support, good will, and collective refusal. Debt resistance is just the beginning.

To date, we have raised $153,776 to abolish $3,080,344 of debt

[Chunkford]

Crowdsourcing debt management.

Love it!

[dogboy]

The idea of paying pennies on the dollar would have to be the gold standard of philanthropy.  I should have thought that one up:)

[dogboy]

Yeah, I like this quite a bit...

[dogboy]

I decided to volunteer, and donate some useless technology to their cause:)

#redcrosseatyourheartout

[Brad]

The problem is that forgiven debt is taxable, per the IRS.

[dogboy]

The tax for forgiving debt is infinitely less than the full amount at 20%+ interest forever.

[dogboy]

http://www.youtube.com/watch?v=VOGrd32zQRU&feature=em-uploademail

Published on Nov 16, 2012 by RTAmerica
On Thursday night, the Occupy Wall Street movement raised thousands of dollars to help bailout the people of America. The telethon which is being proclaimed a success due to the $300 thousand that was raised will be able to buy $6 million of debt. Aron Smith, organizer for Strike Debt, joins us to break down the telethon and explain where that money will go first.