Bailout ‘Of the People, By the People’ Exposes Bankers’ Greed | Common Dreams

The Occupy offshoot, Strike Debt, will hold a telethon and variety show called “The People’s Bailout” in New York on Nov. 15 to raise money for the cause. For pennies on the dollar ($32 for every $1), individuals or companies can buy distressed debt—including student loans and outstanding medical bills—from lenders if the borrower is either behind their payments or in default. Whereas traditional debt collectors then hound the debtor to pay up, the Rolling Jubilee is bunking the system by erasing the debt and, therefore, liberating the debtor.

via Bailout ‘Of the People, By the People’ Exposes Bankers’ Greed | Common Dreams.