Monday, November 14, 2011

Occupiers Promoting EDU Debtors Union - Debtors Insurrection Imminent?

This union is based upon the labor union model. Check out what Monica Johnson had to say about the idea behind it.

Mass default would be much like a strike, and used as a last resort. This is being discussed widely, and I'm pleased to hear that. As Johnson says in the interview, "it's a strategy of refusal."

This is precisely why a debt jubilee is necessary. The system has been rigged against us, and it's time to act collectively. A strike sounds reasonable to me. What do you think? Do you think a debtors insurrection makes sense?

9 comments:

Linnea M. Palmer Paton said...

The Obama administration has made some effort to reduce the burden of federal loans. While it's a step in the right direction, it doesn't help students with private loans and doesn't address the bigger issue of higher education affordability. See http://www.npr.org/2011/10/26/141734190/obama-unveils-new-student-loan-rules

Still, it's encouraging to see people having conversations about what is right, what constitutes usury, and what means people have to resist economic exploitation.

Linnea M. Palmer Paton said...

The Obama administration has made some effort to reduce the burden of federal loans. While it's a step in the right direction, it doesn't help students with private loans and doesn't address the bigger issue of higher education affordability. See http://www.npr.org/2011/10/26/141734190/obama-unveils-new-student-loan-rules

Still, it's encouraging to see people having conversations about what is right, what constitutes usury, and what means people have to resist economic exploitation.

Cryn Johannsen said...

Thanks for your comments, Linnea. I wrote an article about Obama's relief plan. It's simply not enough - that's what you also stated.

http://loop21.com/politics/obamas-new-student-loan-relief-good-start

dmcrane1944 said...

Pres.Obama is totally hamstrung in what he can get done without taking it through Congress. He can do very limited things with Presidential signature alone, so he is doing what he can, where he can.

Cryn Johannsen said...

@dmcrane1944 you have a point. BUT he admitted that he lost a lot of political capital when the House was taken over by Republicans. That was ridiculous.

JDpainterguy said...

Wow

Anonymous said...

Cryn:

Here is the problem with this idea:

1. The prisoner's dilemma...how can I trust that others will default when I do? In other words, in order for this to work, a bunch of people who I don't know are going to join forces with me and strategically default en masse. This is a huge risk when you consider the consequences of defaulting on a student loan.

2. Some of us have been paying on our loans for years. The thought of giving any of this money back in late fees, capitalized interest, or collection fees is not feasible. Some of us have passed the point of no return.


I am all for solutions but this one seems a little far-fetched because it requires the cooperation of so many people all at one over an extended period of time.

mbl said...

This is a great idea. We need a union!

I'm reading about the Great Depression. According to what I'm reading, Americans were unsympathetic w/those who were struggling until they began losing their jobs and struggling themselves. Then by the 1930s, Americans became overwhelmingly sympathetic w/the poor in general. Songs like "Brother, Can You Spare a Dime" became popular because the average American felt an affinity for the unemployed, as they were just one paycheck or one layoff away from becoming debtors, beggars, or homeless themselves.

dmcrane1944 said...

I think that if we get a strongly progressive Democrat and Independent House and a filibuster-proof Senate you will see good legislative changes to the rules on Student Loans. At the very least to make it possible to wipe out by bankruptcy or rewrite at 0% interest or with some forgiveness of debt written in.

I am not sure how your Debt Insurrection will go, but if you do it you will have to have lots of people on your side. It will require the kind of participation of the "move your money to credit unions" thing or the Keystone XL movement protest but surrounding Congress instead of the White House.

I'm 68 and didn't have to take out a loan to go to college in my day. I think the cost of a college degree today is just horrendous and unreasonable. I think the Govt needs to make loans forgiveable with a certain amount of military service or civil, social service to country.