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Occupy Wall St protesters wipe $5m off America's debt

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posted on Nov, 17 2012 @ 08:37 PM
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Originally posted by adjensen
Bit of a misnomer in the title, as this action wiped $5m off of selected Americans' debt, not the country.

For those who don't understand how it works, when a debt is turned over to a collection agency, they pay next to nothing (pennies on the dollar) for it and make their money by hounding the debtor until they pay back more than what the collection agency paid for it (technically, they can collect 100% of the amount owed, but rarely do.)

So, by setting oneself up as a "collection agency", one can buy someone's significant debt for next to nothing, and then just cancel it -- the person owes nothing, and the black mark on their credit report eventually goes away, as it will no longer be recorded.

Who makes up the difference between what was borrowed and what was paid by the "collection agency"? The lender takes a loss, and eventually gets it back by overcharging the rest of us.

On one level, commendable, as it helps someone being smothered by debt, on another level reprehensible, as it just sticks you and I with the original defaulter's bills.
edit on 16-11-2012 by adjensen because: (no reason given)


Nobody is stuck with the bill. It's exactly the same as a bank selling it to a collector. All it means is a collector has one less debt to collect on.




posted on Nov, 17 2012 @ 08:39 PM
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reply to post by Gridrebel
 





Classes exist, because mathematically, they have to. I don't consider myself wealthy. Far from it. I get by week to week. But I get by. Someday, through hard work, the sun might shine on my ass for a change. If it doesn't, I'll still get by, because I understand that it is on me to make sure my family and I get by. As much as I dislike the current administration, it isn't their job (and part of the reason I dislike them is because of this) to scoot everyone along...
Ever heard of Jill Stein? She was also running for president, green piece I believe. Anyhow, she had made a comment about why are we baliing banks out when we should be baliing people out of school loans.

Whats funny is shes right. But republicans don't agree with bailing people out just business. I think things would have been different had she of won.



posted on Nov, 17 2012 @ 08:44 PM
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If you are buying distressed debt for a small fraction of its notional value I think that you will find that it has already been written-off by the original lender, hence the 95.5% discount on face-value. It can't be written off again for its face value - only its actual value (i.e what was paid for it).

The US is increasing its annual deficit by more than $1.3 TRILLION per year. Roughly that works out to $120 million per HOUR. This does not include the student loan debt, the unfunded medicare and medicaid liabilities and the looming social security deficits which make the combined debt and unfunded liabilities of the US government at more than $200 TRILLION.

This is a ridiculous publicity stunt with zero real value.



posted on Nov, 17 2012 @ 08:46 PM
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reply to post by adjensen
 





On one level, commendable, as it helps someone being smothered by debt, on another level reprehensible, as it just sticks you and I with the original defaulter's bills.


This is absolutely untrue! The banks create the money out of thin air based on the note that is signed. There is never any money loaned and we are not getting stuck with the defaulters bills. The banks are 100% responsible for this entire fraud. It has nothing to do with people defaulting.

People need to educate themselves on how loans really work! www.abovetopsecret.com...


edit on 17-11-2012 by hawkiye because: (no reason given)



posted on Nov, 17 2012 @ 08:50 PM
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Originally posted by MasonicFantom

This is a ridiculous publicity stunt with zero real value.


Why do you say that? This is real Americans helping real Americans randomly get out from under the thumb of bankster fraud.



posted on Nov, 17 2012 @ 09:25 PM
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reply to post by hawkiye
 


Alright, I can agree with you somewhat about the banksters fraud....so lets just say we are able to clean up that mess. What happens after that? What happens to those who don't meet their obligations?



posted on Nov, 17 2012 @ 09:42 PM
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It's possible that the US banks didn't exactly get bailed out. I realize this is slightly off-topic but I'm taking advantage of the subject to report that according to an unnamed Deutsche Bank whistleblower, what really happened back in 2008 was that the Chinese who had bought a large portion of the Mortgage Backed Securities realized they were fraudulently based and not properly recorded. The whistleblower maintained that the Chinese went to the US government, and demanded their money back or they were going to 'send their people over' to claim the properties they had invested in. This was apparently why Ben Bernanke and Hank Paulsen went to Congress and demanded money 'no questions asked' or 'there would be martial law'. The martial law part was what they figured would happen if the Chinese suddenly arrived en masse to claim their land...

I wonder what the American public would think if they knew the money didn't go to 'bail out the banks' so much as to cover their asses because of fraud on the grandest scale ever, and the remunerations went to foreign countries. Remember when Ben Bernanke was asked, 'where did the money go?' and he basically answered, "I dunno."

Here's the link for the whistleblower information, about half of the way down the article:

occupycorporatism.com...



posted on Nov, 17 2012 @ 10:51 PM
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They're more than welcome to my student loan debt.
I'll be paying them until I am dead.

Possibly beyond that.

- Lee



posted on Nov, 17 2012 @ 11:24 PM
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Originally posted by MidnightTide
reply to post by hawkiye
 


Alright, I can agree with you somewhat about the banksters fraud....so lets just say we are able to clean up that mess. What happens after that? What happens to those who don't meet their obligations?


There would be a lot less of that because banks would actually have to have the assets on hand to loan so they would be much more careful about how they risked their assets. Right now they risk nothing and defraud the borrower into believing he received a loan when he did not. Read the link I posted above and you will understand.

By the way this will not get cleaned up until it all collapses first. They are going to drive this bitch till the wheels fall off.

edit on 17-11-2012 by hawkiye because: (no reason given)



posted on Nov, 18 2012 @ 02:00 AM
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What occupy is doing is good. This selling to creditors is out of control. No matter how much occupy bails people out, more debt is always coming in. As far as school loans and medical bills go, they are way too high.

What I would love to see is a new federal law that states that only the original creditor can collect on the debt. They can not sell the debt to anyone else. They can reduce the debt for the consumer to what they would have sold for to a creditor, and get a tax break. Have a cap and a time limit on the interest that can be charged.

A lot of people who can't pay their bill would pay off their deliquent debt if it was reduced to pennies on the dollar. For those who still can't pay $50 after it was reduced say from $500, then that company better be willing to take $5.00 a month until it is paid off.



posted on Nov, 18 2012 @ 02:38 AM
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Originally posted by MidnightTide
reply to post by XPLodER
 

I might as well do the same, and then cry when I can't pay off my bills.


Someone is finally getting it. I have a friend who did whatever he wanted. spent money for bills on new electronics. Borrowed from everyone and his mother.. He would rent out rooms in his house and instead of paying his house he would just spend it on stupid crap he didn't make payments for three years and finally they kicked him it. He then lost his good job and just when it seemed his deeds were catching up with him.....

his gfs mother dies and leaves them a house and money.. he had a friend get him a government IT job for half his old pay but since he has a payed off house it pretty much evens out to what he had before.

he did this not giving a $%^#

I think those who are responsible are teh suckers because the responsible ones (like his gfs mother) are the ones that end up flipping the bill at the end of the day.

all you do is conserve conserve, not enjoy and hoard.. then you die and somone enjoys it for you

hahahaha
edit on 18-11-2012 by votan because: (no reason given)





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