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View Diary: The Interesting Economics of Rolling Jubilee (92 comments)

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  •  Two points about that article (13+ / 0-)

    1) I think he's right--the goal isn't to buy all the debt.  That's silly.  That's where the third bolded section in my diary comes into play--I think that's where the end game goes to.  

    2)  His advocacy for bankruptcy is ludacris.  Certainly no lawyer would recommend that someone with consumer debt file bankruptcy--talk about a hit to your credit score.  And bankruptcy lawyers are not cheap and come on a retainer.  

    Bankruptcy law is extremely complicated in the post-2005 world by all sorts of things--for instance you can no longer keep your home unless you can make the bankruptcy monthly payment.

    Also any consumer lawyer worth his salt can--for a fraction of the price of a bankruptcy attorney---defend any collection suit successfully.

    •  The credit scores are already toast (2+ / 0-)

      If the owners of the debt are selling it for 5 cents on the dollar, these are debts the owners believe are uncollectible. They have tried to collect and have reported the lack of payments to the credit reporting agencies. A bankruptcy to wipe out the debt would ultimately improve the credit rating of the debtor. I assume that reporting the debt as satisfied would improve a credit score immediately if that is the only delinquent debt the creditor has. If the debtor has many other delinquent accounts, getting one cleared won't make a difference in the credit score.

      •  Don't think so. (2+ / 0-)
        Recommended by:
        G2geek, caul

        The collector is the one who is typically credit reporting them and the credit report is where the credit score comes from.

        No collector, no credit reporting, no reflection in credit score.

        "To recognize error, to cut losses, to alter course, is the most repugnant option in government." Historian Barbara Tuchman

        by Publius2008 on Thu Nov 15, 2012 at 09:52:26 PM PST

        [ Parent ]

        •  The original lender can report (0+ / 0-)

          Before the debt is charged off and sold to collectors it has already become delinquent.  I'm fairly certain that the lender would be reporting the delinquency regardless of the eventual selling off of the account to a collector.

          "You must be the change you wish to see in the world." -Gandhi

          by Triscula on Fri Nov 16, 2012 at 06:02:30 AM PST

          [ Parent ]

    •  we need to get progressive churches into this. (11+ / 0-)

      Seriously: this is so overwhelmingly obviously the kind of compassion & generosity that progressive religion is all about.  

      Getting the churches involved would put the Religious Left back on the map like nothing since Martin Luther King's civil rights demonstrations, and would expand the scope of Rolling Jubilee enormously.

      We got the future back.

      by G2geek on Fri Nov 16, 2012 at 01:55:17 AM PST

      [ Parent ]

    •  but i differ with your third bolded part. (4+ / 0-)

      I think RJ will win on the level of culture war.

      The emotional power of RJ is just enormous.  Giving, forgiving, generosity, compassion, the joy of being liberated from financial terror, the joy of liberating others: these things are as powerful historically as the sight of those black students sitting at the segregated lunch counter while a mob of jeering racists spat on them and threw food at them.  

      This is absolutely revolutionary at an emotional level, a visceral level, and a spiritual level, all wrapped up in one.  

      There is no stopping it.  And the vampires will not just put themselves to shame for opposing it: they will make themselves the targets of scorn and anger and even overt hatred for doing so.  

      If progressive churches pick this up, and spread it as far as it can spread, and then the financial vampires try to pass laws against this, there will be mass actions, civil disobedience on a scale not seen in decades.

      In the end it will move votes and change election outcomes.  And then it will lead to real reforms, written into the law.  

      This truly has revolutionary potential in the full but nonviolent sense of the word.  

      We got the future back.

      by G2geek on Fri Nov 16, 2012 at 02:03:33 AM PST

      [ Parent ]

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