Boxing Forum
  Bookmark Website  | Free Registration  | The Team
Boxing Champions |  Boxing Schedule |  Boxing Video  |  Boxing History   |  Pound For Pound  | Lounge  | The Wire |  Audio  | Arcade
Navigation
Go Back   Boxing Forum > Non Boxing Talk > Boxing Scene Lounge
Register Blogs Chat Arcade Groups Mark Forums Read
Reply
 
Thread Tools
#1
Old 11-12-2013, 04:10 PM
2501
upinurgirlsguts
 
Join Date: Oct 2007
Location: Brownsville, Tx
Age: 33
Posts: 20,238
Rep Power: 62 2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute
Points: 1,010,909,914.88
Bank: 3,976,543,199,711.32
Total Points: 3,977,554,109,626.21
keep fighting those huggers - mickey gomez "unlike floyd" was not a bad post for a marquez guy. lol beer on the pacnuthugger - Left Hook Tua Good poster. - Tek My Pounches you got jmm flaws down to the letter..... - Left Hook Tua I got my eye on you, sexy vato. - El Gallo Homo! 
You stay putting shit in proper perspective. - El Gallo Negro! Always right on the money homey - mangler Always keepin it real - mangler Cheers. I luv your threads homey - mangler Proper ownage of Floyd stans - WhoreUs 
cheers homey - MANGLER good poster - Mucus gangsta - Poor Lad 
Cultural Diversity - Hunger - Leukemia - Lupus - Melanoma - Racial Tolerance - Reflex Sympathetic Dystrophy Syndrome - Self Injury - Right Cross Ike 
Default Occupy Wall Street activists buy $15m of Americans' personal debt



A group of Occupy Wall Street activists has bought almost $15m of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit.

Rolling Jubilee, set up by Occupy's Strike Debt group following the street protests that swept the world in 2011, launched on 15 November 2012. The group purchases personal debt cheaply from banks before "abolishing" it, freeing individuals from their bills.

By purchasing the debt at knockdown prices the group has managed to free $14,734,569.87 of personal debt, mainly medical debt, spending only $400,000.

"We thought that the ratio would be about 20 to 1," said Andrew Ross, a member of Strike Debt and professor of social and cultural analysis at New York University. He said the team initially envisaged raising $50,000, which would have enabled it to buy $1m in debt.

"In fact we've been able to buy debt a lot more cheaply than that."

The group is able to buy debt so cheaply due to the nature of the "secondary debt market". If individuals consistently fail to pay bills from credit cards, loans, or medical insurance the bank or lender that issued the funds will eventually cut its losses by selling that debt to a third party. These sales occur for a fraction of the debt’s true values – typically for five cents on the dollar – and debt-buying companies then attempt to recoup the debt from the individual debtor and thus make a profit.

The Rolling Jubilee project was mostly conceived as a "public education project", Ross said.

"We're under no illusions that $15m is just a tiny drop in the secondary debt market. It doesn't make a dent in the amount of debt.

"Our purpose in doing this, aside from helping some people along the way – there's certainly many, many people who are very thankful that their debts are abolished – our primary purpose was to spread information about the workings of this secondary debt market."

The group has focussed on buying medical debt, and has acquired the $14.7m in three separate purchases, most recently spending $13.5m on medical debt owed by 2,693 people across 45 states and Puerto Rico, Rolling Jubilee said in a press release.

“No one should have to go into debt or bankruptcy because they get sick,” said Laura Hanna, an organiser with the group. Hanna said 62% of all personal bankruptcies have medical debt as a contributing factor.

Due to the nature of the debt market, the group is unable to specify whose debt it purchases, taking on the amounts before it discovers individuals’ identities. When Rolling Jubilee has bought the debt they send notes to their debtors “telling them they’re off the hook”, Ross said.

Ross, whose book, Creditocracy and the case for debt refusal, outlines the problems of the debt industry and calls for a “debtors’ movement” to resist credit, said the group had received letters from people whose debt they had lifted thanking them for the service. But the real victory was in spreading knowledge of the nature of the debt industry, he said.

"Very few people know how cheaply their debts have been bought by collectors. It changes the psychology of the debtor, knowing this.

“So when you get called up by the debt collector, and you're being asked to pay the full amount of your debt, you now know that the debt collector has bought your debt very, very cheaply. As cheaply as we bought it. And that gives you moral ammunition to have a different conversation with the debt collector."
Reply With Quote
2501 is offline
#2
Old 11-12-2013, 04:14 PM
AntonTheMeh
NSB, DKSAB....
 
Join Date: Sep 2007
Location: resident LOMO.
Posts: 21,333
Rep Power: 58 AntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond repute
Points: 2,176,311,296.97
Bank: 0.00
Total Points: 2,176,311,296.97
That RJJ clip... LMAOOOOO - sweet pea 50 Hard cold cash. - Hard Dick thx man.. - !! AI-Holmes!! Miller Time - !! AI-Holmes!! No Message - Old Coward 
solid posts mate - Alx. have a sneakers homie - Warrios or have a snickers lol - Warrios 
Arthritis - Child Abuse - Colon Cancer - Colorectal Cancer - Dystonia - Education - Free Speech - Interstitial Cystitis - ME/CFIDS - Reye's Syndrome - Save the Music - Teens Against Smoking - Victim's Rights - Water Quality - codey 
Default

looking forward to any replies from tea baggers.
Reply With Quote
AntonTheMeh is offline
#3
Old 11-12-2013, 04:20 PM
2501
upinurgirlsguts
 
Join Date: Oct 2007
Location: Brownsville, Tx
Age: 33
Posts: 20,238
Rep Power: 62 2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute2501 has a reputation beyond repute
Points: 1,010,909,914.88
Bank: 3,976,543,199,711.32
Total Points: 3,977,554,109,626.21
keep fighting those huggers - mickey gomez "unlike floyd" was not a bad post for a marquez guy. lol beer on the pacnuthugger - Left Hook Tua Good poster. - Tek My Pounches you got jmm flaws down to the letter..... - Left Hook Tua I got my eye on you, sexy vato. - El Gallo Homo! 
You stay putting shit in proper perspective. - El Gallo Negro! Always right on the money homey - mangler Always keepin it real - mangler Cheers. I luv your threads homey - mangler Proper ownage of Floyd stans - WhoreUs 
cheers homey - MANGLER good poster - Mucus gangsta - Poor Lad 
Cultural Diversity - Hunger - Leukemia - Lupus - Melanoma - Racial Tolerance - Reflex Sympathetic Dystrophy Syndrome - Self Injury - Right Cross Ike 
Default

Quote:
Originally Posted by AntonTheMeh View Post
looking forward to any replies from tea baggers.
"let the free market handle it."
Reply With Quote
2501 is offline
#4
Old 11-12-2013, 05:01 PM
Spray_resistant
Better than Bruce Lee
 
Join Date: Feb 2009
Location: A-town PA(homo thugville)
Age: 29
Posts: 26,606
Blog Entries: 2
Rep Power: 105 Spray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond reputeSpray_resistant has a reputation beyond repute
Points: 1,156,509,752.72
Bank: 9,727,970,717.38
Total Points: 10,884,480,470.10
No Message - Tha_Greatest No Message - Tha_Greatest No Message - Tha_Greatest No Message - Tha_Greatest No Message - Tha_Greatest 
No Message - Tha_Greatest No Message - Tha_Greatest No Message - Tha_Greatest No Message - Tha_Greatest No Message - Tha_Greatest 
for you and vanity to use - Hi-Dro Whoreville Appreciation Award - Jack Napier for a friend - xi! one of boxingscene's best posters - Freedom. Happy Holidays to you are your gorgeous missus. x x x - *Boss Lady* 
Happy New Year - Freedom. No Message - Tha_Greatest Blue parallelogram 4 u sir - Russian Crushin Merry Christmas and Happy New Year - Freedom. Happy holidays bro! - led* 
Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- 
Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- 
Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- 
Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- Breast Cancer - Birth Parents - -Kev- 
Send a message via AIM to Spray_resistant
Default

Pretty nice of them but when I read this it just gives me the notion that people are just trading imaginary currency back and forth adjusting how much it is worth when really it doesn't exist at all but admittedly I am no economist and don't know much about this sort of thing.
Reply With Quote
Spray_resistant is offline
#5
Old 11-12-2013, 05:17 PM
~AK49~
Liquor and Whores
 
Join Date: Jul 2009
Location: Seattle
Posts: 3,507
Rep Power: 26 ~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute
Points: 2,017,020,465.43
Bank: 157,872,954,385,068.50
Total Points: 157,874,971,405,533.94
good discussion man. - chiguy91 great game thanks for payment :beerchug: - jose830 Great thread - E.P.T. unicorn land :lol1: - -jose- 
Arthritis - Child Abuse - Colon Cancer - Colorectal Cancer - Dystonia - Education - Free Speech - Interstitial Cystitis - ME/CFIDS - Reye's Syndrome - Save the Music - Teens Against Smoking - Victim's Rights - Water Quality - codey 
Default

Quote:
Originally Posted by AntonTheMeh View Post
looking forward to any replies from tea baggers.
What's the point of this comment?
Reply With Quote
~AK49~ is offline
#6
Old 11-12-2013, 05:30 PM
AntonTheMeh
NSB, DKSAB....
 
Join Date: Sep 2007
Location: resident LOMO.
Posts: 21,333
Rep Power: 58 AntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond reputeAntonTheMeh has a reputation beyond repute
Points: 2,176,311,296.97
Bank: 0.00
Total Points: 2,176,311,296.97
That RJJ clip... LMAOOOOO - sweet pea 50 Hard cold cash. - Hard Dick thx man.. - !! AI-Holmes!! Miller Time - !! AI-Holmes!! No Message - Old Coward 
solid posts mate - Alx. have a sneakers homie - Warrios or have a snickers lol - Warrios 
Arthritis - Child Abuse - Colon Cancer - Colorectal Cancer - Dystonia - Education - Free Speech - Interstitial Cystitis - ME/CFIDS - Reye's Syndrome - Save the Music - Teens Against Smoking - Victim's Rights - Water Quality - codey 
Default

Quote:
Originally Posted by ~AK49~ View Post
What's the point of this comment?
you tell me since you seem pretty defensive about it.
Reply With Quote
AntonTheMeh is offline
#7
Old 11-12-2013, 05:37 PM
One_Capitalist
Mr. Potter
 
Join Date: Apr 2008
Location: Industrial Drive
Posts: 1,568
Rep Power: 11 One_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond repute
Points: 2,000,149,856,155.83
Bank: 0.00
Total Points: 2,000,149,856,155.83
I'm also counting down the days :fing02: - jose830 Thanks - Enayze 
World Trade Center Victims and Heroes - Fireworks Safety - -jose- 
Default

Quote:
Originally Posted by 2501 View Post
"let the free market handle it."
I'd say that the Free Market has handled it assuming that this group is a privately funded non-profit and not getting a govt subsidy to do this. That's what a voluntarism is all about in a Free Market.
Reply With Quote
One_Capitalist is offline
#8
Old 11-12-2013, 06:12 PM
~AK49~
Liquor and Whores
 
Join Date: Jul 2009
Location: Seattle
Posts: 3,507
Rep Power: 26 ~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute~AK49~ has a reputation beyond repute
Points: 2,017,020,465.43
Bank: 157,872,954,385,068.50
Total Points: 157,874,971,405,533.94
good discussion man. - chiguy91 great game thanks for payment :beerchug: - jose830 Great thread - E.P.T. unicorn land :lol1: - -jose- 
Arthritis - Child Abuse - Colon Cancer - Colorectal Cancer - Dystonia - Education - Free Speech - Interstitial Cystitis - ME/CFIDS - Reye's Syndrome - Save the Music - Teens Against Smoking - Victim's Rights - Water Quality - codey 
Default

Quote:
Originally Posted by AntonTheMeh View Post
you tell me since you seem pretty defensive about it.
Just curious is all
Reply With Quote
~AK49~ is offline
#9
Old 11-12-2013, 07:31 PM
One_Capitalist
Mr. Potter
 
Join Date: Apr 2008
Location: Industrial Drive
Posts: 1,568
Rep Power: 11 One_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond reputeOne_Capitalist has a reputation beyond repute
Points: 2,000,149,856,155.83
Bank: 0.00
Total Points: 2,000,149,856,155.83
I'm also counting down the days :fing02: - jose830 Thanks - Enayze 
World Trade Center Victims and Heroes - Fireworks Safety - -jose- 
Default

Quote:
Originally Posted by ~AK49~ View Post
Just curious is all
When this guy thinks 'Tea baggers'...he is probably thinking of your stereotypical pitch fork waving, Obama devil sign kind of guy with a beer belly. The truth is that most Tea Party types are educated, self-employed and/or own small businesses. The vast majority of them aren't over educated and rather went to trade school and acquired the kind of skills where they can work for themselves or someone else.

On the other hand, Occupy people are college snobs with no real world, hands on experience....indoctrinated by leftist academia. They like to look down on 'Tea Baggers' with their Liberal Arts degrees but what's funny is that they will most likely end up serving those Tea bagger's some fries with ketchup or loot one of their stores during one of their riots.

Conclusion....in general, Tea Baggers = people who directly grow the economy, hands-on, while Occupy Wall Street = people just talking about the economy.

Last edited by One_Capitalist; 11-12-2013 at 07:40 PM..
Reply With Quote
One_Capitalist is offline
#10
Old 11-12-2013, 09:41 PM
jaded
Undisputed Champion
 
Join Date: Mar 2011
Posts: 2,936
Rep Power: 17 jaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond reputejaded has a reputation beyond repute
Points: 14,456,187.23
Bank: 26,523,793,670,532.74
Total Points: 26,523,808,126,719.98
Thanks for the warning - MeiXiang loving the sig - Alx. gift - Daniel Alpha Happy new year bro! - led* 
Mourning - Anti-Gang - Melanoma - codey Mourning - Anti-Gang - Melanoma - Daniel Alpha 
Default

Quote:
Originally Posted by 2501 View Post


A group of Occupy Wall Street activists has bought almost $15m of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit.

Rolling Jubilee, set up by Occupy's Strike Debt group following the street protests that swept the world in 2011, launched on 15 November 2012. The group purchases personal debt cheaply from banks before "abolishing" it, freeing individuals from their bills.

By purchasing the debt at knockdown prices the group has managed to free $14,734,569.87 of personal debt, mainly medical debt, spending only $400,000.

"We thought that the ratio would be about 20 to 1," said Andrew Ross, a member of Strike Debt and professor of social and cultural analysis at New York University. He said the team initially envisaged raising $50,000, which would have enabled it to buy $1m in debt.

"In fact we've been able to buy debt a lot more cheaply than that."

The group is able to buy debt so cheaply due to the nature of the "secondary debt market". If individuals consistently fail to pay bills from credit cards, loans, or medical insurance the bank or lender that issued the funds will eventually cut its losses by selling that debt to a third party. These sales occur for a fraction of the debt’s true values – typically for five cents on the dollar – and debt-buying companies then attempt to recoup the debt from the individual debtor and thus make a profit.

The Rolling Jubilee project was mostly conceived as a "public education project", Ross said.

"We're under no illusions that $15m is just a tiny drop in the secondary debt market. It doesn't make a dent in the amount of debt.

"Our purpose in doing this, aside from helping some people along the way – there's certainly many, many people who are very thankful that their debts are abolished – our primary purpose was to spread information about the workings of this secondary debt market."

The group has focussed on buying medical debt, and has acquired the $14.7m in three separate purchases, most recently spending $13.5m on medical debt owed by 2,693 people across 45 states and Puerto Rico, Rolling Jubilee said in a press release.

“No one should have to go into debt or bankruptcy because they get sick,” said Laura Hanna, an organiser with the group. Hanna said 62% of all personal bankruptcies have medical debt as a contributing factor.

Due to the nature of the debt market, the group is unable to specify whose debt it purchases, taking on the amounts before it discovers individuals’ identities. When Rolling Jubilee has bought the debt they send notes to their debtors “telling them they’re off the hook”, Ross said.

Ross, whose book, Creditocracy and the case for debt refusal, outlines the problems of the debt industry and calls for a “debtors’ movement” to resist credit, said the group had received letters from people whose debt they had lifted thanking them for the service. But the real victory was in spreading knowledge of the nature of the debt industry, he said.

"Very few people know how cheaply their debts have been bought by collectors. It changes the psychology of the debtor, knowing this.

“So when you get called up by the debt collector, and you're being asked to pay the full amount of your debt, you now know that the debt collector has bought your debt very, very cheaply. As cheaply as we bought it. And that gives you moral ammunition to have a different conversation with the debt collector."
Awesome...
Reply With Quote
jaded is online now
Reply

Bookmarks

Tags
$15m, activists, americans', debt, occupy, personal, street, wall

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

Fight Videos - Privacy Policy - Submit News - Feedback - Site Map - Advertise with Us

Copyright © 2003-2013 BoxingScene LLC All rights reserved.

All times are GMT -4. The time now is 04:12 AM.
Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.