Occupy Wall Street has been back in the news over the last couple of weeks, primarily because of their outstanding efforts dealing with the aftermath of Hurricane Sandy on the East Coast and now in Haiti, with Occupy Haiti. But another way they're making headlines is with a new initiative called the Rolling Jubilee, an action that aims to buy distressed debt, like medical bills and student loans, in order to forgive it. Their team has consulted the IRS, attorneys and "moles in the debt-brokerage world" to find the best way to buy debt in communities that have been struggling during the recession. The idea is that these efforts will free people of their financial burdens.
They've done a test run, spending $500 which ended up buying $14,000 in distressed debt, essentially erasing what was owed. In order to maximize their efforts they're planning a telethon and variety show to benefit the 99% with heavy hitters like Janeane Garofalo, The Yes Men, Neutral Milk Hotel, Lee Ranaldo of Sonic Youth, Tunde Adebimpe of TV on the Radio and others taking the stage New York's Le Poisson Rouge on November 15.
The video below outlines the idea more clearly, and their website states:
Anniversaries help us remember something they may have otherwise forgotten—something significant happened almost exactly a year ago in New York, at Zuccotti Park. Our current show “Beyond Zuccotti Park,” at the Center for Architecture through September 22 marks the first anniversary of Occupy Wall Street.