General Discussion

sabrina 1

(62,325 posts)

30. Got any idea where a student might be able to get a deal like that? I KNOW that some of the wives

Thu Sep 4, 2014, 12:29 PM

Sep 2014

of the bailed out Wall St criminals managed to accomplish it, with some our bail out money, which we did not agree to btw, but Strike Debt is not about those lucky, obscenely wealthy one percenters.

Strike Debt is about the draconian Student Loan system whereby, unlike the scenario you envisioned, ordinary Americans who would like to get an education are, under the current system, put in place by the very people who CAN get one of this million dollar loans you spoke of, forced into LIFELONG debt.

Strike Debt, during OWS, which was a movement to bring attention to these horrendous disparities, came up with a way to show how student debt could be dealt with.

They buy up millions of dollars worth of student debt for pennies on the dollar and then, unlike Wall St Corporate Predators, they do not try to extract even more from the student, they forgive the loan.

It is intended to demonstrate who this can be handled as it is a huge problem and growing.

Iow, it blows apart the notion that debt should be viewed only as a commodity to be profited from for the rest of the student's life.

Still want to know where to get a multi-million dollar loan at a 5% interest rate.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

92 replies

= new reply since forum marked as read

Highlight:

Strike Debt! You are not a loan. [View all] Scuba Sep 2014 OP

"We want an economy in which our debts are to our friends, families, and communities badtoworse Sep 2014 #1

"... they say there is no need to pay back the loan ..." Can't find that part, can you point it out? Scuba Sep 2014 #6

"Strike Debt holds that we owe the financial institutions nothing" badtoworse Sep 2014 #7

Yeah, but where's the part about not paying back existing loans that you mentioned? Scuba Sep 2014 #8

If you held that a debt was illegitimate and that you owed the lender nothing,... badtoworse Sep 2014 #10

You gloss over the life necessities part. morningfog Sep 2014 #12

So you borrow money not expecting to have to pay it back? badtoworse Sep 2014 #13

You borrow money out of necessity. morningfog Sep 2014 #14

You didn't address the pay it back part. badtoworse Sep 2014 #15

I did, you ignored it. morningfog Sep 2014 #25

I guess I missed that, but let's be clear. badtoworse Sep 2014 #39

Meh. Fuck the lender. morningfog Sep 2014 #47

What an erudite response. Pretty much what I was expecting badtoworse Sep 2014 #49

Forgive me if I don't lose sleep over big bank's losses due to their morningfog Sep 2014 #51

Pretty much sums up your point in the argument taught_me_patience Sep 2014 #50

I'm crushed. morningfog Sep 2014 #52

Wow joeglow3 Sep 2014 #72

I'm devastated. morningfog Sep 2014 #73

Keep saying that joeglow3 Sep 2014 #74

You're sorely mistaken if you think joeglow's opinion morningfog Sep 2014 #83

Stating facts is not a personal attack joeglow3 Sep 2014 #88

But still, you're making shit up to suit yourself. The article does NOT state what you said it did. Scuba Sep 2014 #16

So how do you interpret "we owe the financial institutions nothing"? badtoworse Sep 2014 #17

Still looking for the "... they say there is no need to pay back the loan ...". Scuba Sep 2014 #18

Strike Debt, which came out of OWS btw, DOES pay off the debt. What they do is sabrina 1 Sep 2014 #20

That's fine if they do that. badtoworse Sep 2014 #22

I believe they are talking about the practice of Financial Corporations buying up debt sabrina 1 Sep 2014 #24

Whatever, but their positions are still laughable. badtoworse Sep 2014 #21

They've managed to wipe out 5 million in debts Generic Other Sep 2014 #40

See Post 39. I'm fine with them doing that. badtoworse Sep 2014 #45

After causing near economic collapse and being bailed out by the government Generic Other Sep 2014 #57

It's the banks fault is an easy cop out for everything that's gone wrong since 2008. badtoworse Sep 2014 #61

It still puts you behind and means postponing retirement Generic Other Sep 2014 #63

If the.. sendero Sep 2014 #79

So how do you connect that to jobs being offshored? badtoworse Sep 2014 #80

Because you are okay with usury. We get it. Live and Learn Sep 2014 #75

Do you even know what usury is? badtoworse Sep 2014 #78

Funniest article I have read in a long time yeoman6987 Sep 2014 #2

Try being indebted to Sallie Mae. smirkymonkey Sep 2014 #3

That sucks. delta17 Sep 2014 #4

Strike Debt does not say you don't have to pay off debt. They buy up debt as Corps do, sabrina 1 Sep 2014 #23

OK, sounds like they are putting their money where their mouth is. delta17 Sep 2014 #28

Thanks Sabrina! smirkymonkey Sep 2014 #69

Sorry about that, smirkymonkey. There is a link in the OP which explains how Strike Debt operates. sabrina 1 Sep 2014 #71

Thanks sabrina 1! smirkymonkey Sep 2014 #91

+1 nt Live and Learn Sep 2014 #76

Thanks delta17! smirkymonkey Sep 2014 #68

Sallie Mae is vile beyond belief. Their practices should be illegal. n/t Laelth Sep 2014 #87

I wanna buy a copy, but I'm a little short on funds... Fla_Democrat Sep 2014 #5

Complete utter kakabull taught_me_patience Sep 2014 #9

The Very Concept of Leverage, Right? ProfessorGAC Sep 2014 #27

Got any idea where a student might be able to get a deal like that? I KNOW that some of the wives sabrina 1 Sep 2014 #30

The million dollar loan example was used as an illustration taught_me_patience Sep 2014 #43

'Can recover the cost of education in 20 years'. Wow! We have people now in their late fifties and sabrina 1 Sep 2014 #56

Every student saved should be working with them Generic Other Sep 2014 #44

I agree, thanks for reminding me, I don't remember if they have a way for an automatic sabrina 1 Sep 2014 #54

k&r for exposure. Laelth Sep 2014 #11

I can tell you what would happen in a jubilee; oligarchs or not. BKH70041 Sep 2014 #19

Oh, how pride goeth before the fall, lol. closeupready Sep 2014 #34

Then if jubille were to ever happen, you try it. BKH70041 Sep 2014 #42

Post removed Post removed Sep 2014 #46

You have been very fortunate. Laelth Sep 2014 #62

Sweeping generalizations should be avoided. WillowTree Sep 2014 #70

OK, so you're rich too. Bully for you. Laelth Sep 2014 #86

Ah.......generalizations AND assumptions. WillowTree Sep 2014 #89

The 1% and Wall Street have conditioned us well. randys1 Sep 2014 #26

Yes. You see that conditioning in most of the responses here, closeupready Sep 2014 #29

Can I borrow $500? Nuclear Unicorn Sep 2014 #32

How old are you? Do you have a credit history? Do you own or rent? closeupready Sep 2014 #38

Credit history?!? Pffft! That's sooo corporatist. Nuclear Unicorn Sep 2014 #48

Almost like they want the same exact info a bank wants to justify loans. NCTraveler Sep 2014 #55

Mindless followers of big banks. morningfog Sep 2014 #53

It is why I said it, and you can bet most who have problems with striking are people that didnt randys1 Sep 2014 #58

I'd pay $5 to go to Yellowstone regardless of who owned it, the government or a private owner. Nuclear Unicorn Sep 2014 #31

There's no reason for an 'entrance fee' to a NATIONAL park leftstreet Sep 2014 #33

Really? Are you absolutely sure about that? Nuclear Unicorn Sep 2014 #35

Yes n/t leftstreet Sep 2014 #37

Golly. Cuz I remember not being able to take my SIL to any national parks Nuclear Unicorn Sep 2014 #41

Well, since you were inconvenienced by the Teabaggers' Bullying Tsiyu Sep 2014 #92

Bulverism. Donald Ian Rankin Sep 2014 #59

DURec leftstreet Sep 2014 #36

In this system, education is a commodity like any other. lumberjack_jeff Sep 2014 #60

Most people hope that their children will make more money than a barista. Laelth Sep 2014 #64

Deal with the world as it is, not how you hope it is. lumberjack_jeff Sep 2014 #65

I hear that. Laelth Sep 2014 #66

If college defines success then; "Yay! you're a success!"... So, pay the man. lumberjack_jeff Sep 2014 #67

K&R NuttyFluffers Sep 2014 #77

Other than abortion or the death penalty... sendero Sep 2014 #81

My response to this thread might be off too. nilesobek Sep 2014 #82

I generally agree with you, but I have a question about student loan debt. badtoworse Sep 2014 #84

Probably.. sendero Sep 2014 #85

Unfortunately, you are a loan to some lenders. smirkymonkey Sep 2014 #90