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:
As thousands took to the streets last fall for the Occupy Wall Street protests, a few methods of communication became synonymous with the movement. The human microphone was first, and then came The Illuminator, a theatrical light projection that served as the 99 percent's roving Batmobile, shining messages of hope and resistance.
It’s a new year, and there’s a new, more aggressive Barack Obama in the White House.
Last year’s theme in Washington was straightforward: The president proposes and the Senate disposes. Whether legislation to create jobs, grand budget bargains to cut spending and raise taxes, or nominations for officials to do the work of government, Republican senators ensured that passing any important (and many unimportant) issues required a super-majority they would in turn deny.