JustUsBoys.com gay porn forum

logo

remove these banner ads by becoming a JUB Supporter.

Results 1 to 8 of 8

Thread: Rolling Jubilee

  1. #1
    panegyric JUB Admin Corny's Avatar
    Join Date
    Jun 2003
    Location
    Germany!
    Gender
    Male
    Orientation
    Gay
    Posts
    36,229
    Blog Entries
    12

    Code of Conduct

    Rolling Jubilee

    Interesting concept ..

    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.)
    http://howtosharpenpencils.tumblr.co...eoples-bailout
    Check out my very own Body Hair Lovers and Photography Groups!

  2. #2
    WTF????? refujiunderground's Avatar
    Join Date
    Nov 2011
    Gender
    Male
    Orientation
    Gay
    Status
    Single
    Posts
    10,119
    Blog Entries
    43

    Code of Conduct

    Re: Rolling Jubilee

    Quote Originally Posted by Corny View Post
    OWS is still around? last year they were in full swing. over the months since they started, they've been awfully quiet.
    one thing about the closet/you don't have to hurry/it will be bad tomorrow/so brother, don't you worry

  3. #3
    JUB Addict Essex Boy's Avatar
    Join Date
    Jul 2012
    Location
    Essex, England
    Gender
    Male
    Orientation
    Gay
    Status
    Single
    Posts
    1,048

    Code of Conduct

    Re: Rolling Jubilee

    I don't understand how they can buy $14,000 of debt for $500. The creditors are getting less than 4% of what they are owed so they might as well write it of in the first place, no?
    Accountancy isn't my subject. Can anyone explain?
    Last edited by Essex Boy; November 9th, 2012 at 12:47 PM.
    Words, words, words.

  4. #4
    panegyric JUB Admin Corny's Avatar
    Join Date
    Jun 2003
    Location
    Germany!
    Gender
    Male
    Orientation
    Gay
    Posts
    36,229
    Blog Entries
    12

    Code of Conduct

    Re: Rolling Jubilee

    ^ those are most likely debts from people who cannot ever pay them back and might total soon. you can quite often buy those debts as a debt broker, from people hoping at least to get *something* of their money. the debt broker than try to collect the debt, quite often with shady methods like people showing up at your door (or maybe your mother's ..) and threatening your family. this is one of the most loathsome business models out there. so .. now project jubilee enters the scene. they buy high debts for a relatively low sum .. and just "erase" the debt without bothering the people any further.
    Check out my very own Body Hair Lovers and Photography Groups!

  5. #5
    JUB Addict
    Join Date
    Mar 2009
    Location
    Amsterdam
    Gender
    Male
    Orientation
    Gay
    Status
    Widower
    Posts
    9,803

    Code of Conduct

    Re: Rolling Jubilee

    I'm sure somebody down the line has to pay for this one way or the other.
    Maybe it causes additional inflation?

    Haven't studied economics in school, but I can't imagine this not having any consequences.

  6. #6
    Hard-up1
    Guest

    Re: Rolling Jubilee

    No, the concept is straight up philanthropy. Some donors choose to hand $20 to vagrants on street corners, some to Save the Children, and others to the Humane Society. In this case, the Occupy Wall Street and allied causes view economic oppression as the force in society that needs mitigating. It is not really all that different from the temperance movement, the suffrage movement, or even the labor movement of the past century or so.

    In this model, the $500 is an example of a charitable donation, but managed so to benefit the widest possible number of people. I can speak from direct knowledge that big banks (credit card companies) do indeed buy and sell debt. I settled the accounts of a late relative before she died, and she had several such debts, so I became familiar with how the industry does this.

    If you think the mortgage industry has been unscrupulous with auto-signers and whatnot, you will be much more appalled at the loose practices of these loan sharks who operate in the periphery of the banking world. They often buy up debts with little more than a number in database -- no original paperwork with signatures, or anything like that which would support the right to collect. The 4% number is certainly credible with investment and lending rates at such low levels today.

    The weakness I can see in this plan to do good is the OWS could be targeted to buy debt that doesn't exist. I'd be curious to know how they verify the indebtedness purchased, how they notify said debtors of their forgiveness, and how that actually relieves economic hardship (meaning the family or individual forgiven actually stops incurring debt or uses the grace to live more wisely.)

    The name is a derivation of the Old Testament Mosaic law, which ordered Hebrews to forgive all debts every 50 years, including mortgaged land. In law, it was supposed to be returned in full after 50 years, regardless of the status of the debt. It was ignored over time, and people did not forgive debt and return land.
    Last edited by Hard-up1; November 10th, 2012 at 03:56 AM.

  7. #7
    JUB Addict
    Join Date
    Mar 2009
    Location
    Amsterdam
    Gender
    Male
    Orientation
    Gay
    Status
    Widower
    Posts
    9,803

    Code of Conduct

    Re: Rolling Jubilee

    Quote Originally Posted by Hard-up1 View Post
    No, the concept is straight up philanthropy.
    I'm sure the people who buy up this debt have honorable motives, but I just can't imagine there's not some drawback somewhere down the line.

  8. #8
    Rambunctiously Pugnacious JayHawk's Avatar
    Join Date
    Oct 2006
    Location
    River Quay - KC
    Gender
    Male
    Orientation
    Gay
    Status
    Single
    Posts
    24,238

    Code of Conduct

    Re: Rolling Jubilee

    The original owners of the debt get to write it off as a loss when they sell it as uncollected debt. So in the end just like always the taxpayer is footing the bill of the uncollected debt sold to debt brokers.
    Everyone can be great, because everyone can serve.
    ~ Martin Luther King, Jr.


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Terms of Service | Privacy Policy | About JustUsBoys.com | Site Map | RSS | Webmasters | Advertise | Link to JUB | Report A Bug on this Page

Visit our sister sites: Broke Straight Boys | CollegeDudes.com | CollegeBoyPhysicals.com | RocketTube
All models appearing on JustUsBoys.com were over 18 at the time of photography. The records for sexually explicit images required by U.S. 2257 are kept by the
individual producers of the images. The location of the records is available by clicking the Custodian of Records link at the bottom of each gallery page.
© 2012 JustUsBoys.com. The JustUsBoys.com name and logo are registered trademarks. Labeled with ICRA and RTA. Member of ASACP and The Free Speech Coalition.