Such an amazing idea, tbh. I can’t believe they hadn’t thought of this before. If we could get all 225 Million adults in the US to chip in $25 each, it’d buy up and clear $112,500,000,000 worth of personal debt. Insanity.

howtosharpenpencils:

This is a long post but it’s about something pretty interesting so I hope you’ll indulge …

Like many folks, Occupy Wall Street has been some doing good work in the aftermath of Hurricane Sandy, helping people on the ground.

Now OWS is launching the ROLLING JUBILEE, a program that has been in development for months. OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it — traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)

This is a simple, powerful way to help folks in need — to free them from heavy debt loads so they can focus on being productive, happy and healthy. As you can see from our test run, the return on investment approaches 30:1. That’s a crazy bargain!

Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program LIVE and NATIONWIDE, buying debt in communities that have been struggling during the recession.

We’re kicking things off with a show called THE PEOPLE’S BAILOUT at Le Poisson Rouge on Thursday, November 15. It will also stream online, like a good ol’-fashioned telethon!

Friends, the line-up is insane. Performers include:

– JEFF MANGUM (Neutral Milk Hotel)

– JANEANE GAROFALO

– GUY PICCIOTTO (Fugazi)

– LIZZ WINSTEAD

– HARI KONDABOLU

– TUNDE ADEBIMPE and KYP MALONE (TV on the Radio)

– members of DAS RACIST

and other great talents including a group of radical nuns! I’ll be playing the role of JERRY LEWIS, emceeing in my tuxedo from MEN’S WEARHOUSE.

This will be a joyful, positive night about people banding together and subverting a predatory financial system in order to help each other. BOOM! That’s a movie pitch right there, goddamn why am I not a Hollywood mogul?!

Anyway, HERE IS THE INFORMATION about THE PEOPLE’S BAILOUT:

– The LIVE SHOW is at Le Poisson Rouge on THURSDAY 11/15, 8 – 11 PM. Tickets are $25 (each ticket buys $500 of distressed debt).

– The LIVE STREAM will be at http://rollingjubilee.org (you’ll be able to donate online)

– Here’s the FACEBOOK PAGE

– The HASHTAG is #peoplesbailout

HOW YOU CAN HELP:

– Spread the word! Share this info with your friends, family, and followers
– Donate money via http://rollingjubilee.org

$25 abolishes an estimated $500 worth of debt
$50 abolishes an estimated $1000 worth of debt
$100 abolishes an estimated $2000 worth of debt
$250 abolishes an estimated $5000 worth of debt

– Host a live-stream party! Get together with folks in your town and watch the show online and donate money and maybe even drink a beer if you’re feeling crazy.

– If you are Jerry Seinfeld or Bill Cosby: Call me about doing a set at the live show! We’ll fit you in.

Okay, that was a really long tumblr post. I feel very vulnerable right now. Thanks for reading.

Bye!
—David Rees