Strike Debt Announces Abolishment Of Student Debt On Occupy Anniversary

By: Thursday September 18, 2014 6:59 am

Strike Debt, an offshoot of the Occupy Wall Street movement, announced yesterday that it has abolished $4 million worth of student loan debt as part of its Rolling Jubilee program. The group was able to purchase the debt for around $100,000. The announcement came on September 17th, which is the anniversary of the beginning of [...]

Mother Dies In Jail Due To Debts

By: Thursday June 12, 2014 10:59 am

Being a poor person is the same as being a bad person right? Eileen DeNino, a 55 year old mother of seven died last weekend while serving a two day sentence for inability to pay fines she received for her children being truant from school. The cause of death remains unknown though DeNino was said to [...]

Record Student Debt Exacerbating Wealth Inequality

By: Friday March 28, 2014 10:49 am

As US student debt soars to the $1 trillion mark researchers are finding that the phenomenon is having long term deleterious effects on society. Namely the increases in student debt is widening the already massive wealth gap in America. The logic of the findings is hard to dispute – people paying out funds to service [...]

Did The US Already Default On Its Reputation?

By: Tuesday October 15, 2013 10:55 am

Raise your hand if you voted for a Representative who is currently endangering your money market fund. Then slap yourself with that hand. — Downtown Josh Brown (@ReformedBroker) October 15, 2013 Two days or so from now the US government will reportedly run out of extraordinary measures to pay debts and be in default. Some [...]

Elizabeth Warren Wants Students To Have Same Privileges As Wall Street

By: Friday May 10, 2013 10:22 am

As a recent study indicates that college and universities are giving financial aid to rich students at the expense of poor ones Senator Elizabeth Warren is offering a bill to bring student debt relief. Warren says students should get the same rates as Wall Street. Sen. Elizabeth Warren introduced her first standalone piece of legislation [...]

Colleges Pushing Poor Students Into Debt To Give Aid To Rich Ones

By: Thursday May 9, 2013 9:47 am

A report by the New America Foundation details the systematic undermining of the financial aid system by colleges and universities who are using financial aid to attract wealthy students rather than open doors for poorer ones, forcing poorer students to either not attend or take on high debt burdens. Undermining Pell presents a new analysis [...]

Obama Tells Democrats He Still Wants Grand Bargain

By: Friday February 8, 2013 6:32 am

Despite winning re-election on not cutting Social Security and Medicare and pushing back on plans for austerity President Obama still apparently wants those cuts. President Barack Obama said he wants to reach a “big deal” on the budget that will cut the nation’s deficit without slashing spending on education and research that is needed to [...]

Student Debt, Delinquencies Skyrocket

By: Wednesday November 28, 2012 10:00 am

The New York Fed released their household credit and debt report yesterday, and they show increases in student loan debt relative to other forms (mortgage, credit card, auto loan and others). To keep this in perspective, mortgage debt represents 71% of all debt, and student debt represents about 8-9%. So there’s still a wide gulf [...]

Greek Reaches Yet Another Debt Deal With Europe

By: Tuesday November 27, 2012 10:00 am

European Union finance ministers and the IMF reached another in a series of deals with Greece on long-term debt. The deal will lead to the release of another tranche of around 44 billion euros in bailout funds for the country to pay its debts to creditors, including government payroll and pensions. The deal aims to [...]

OWS’ Rolling Jubilee Seeks to Buy and Forgive Debt

By: Saturday November 10, 2012 9:24 am

The Occupy Wall Street movement has sustained many offshoots, including the high-level wonkery of Occupy the SEC and the direct-action foreclosure defense of Occupy Our Homes. Now another offshoot will attempt an innovative solution to the private debt crisis, which has been welling up in America for decades. This campaign began back in September with [...]

Total US Debt at a Six-Year Low

By: Wednesday October 10, 2012 7:05 am

When politicians and partisans talk about “the debt,” they are almost always talking about publicly held debt, the balance sheet of the US government. Yet overall debt includes a number of elements. You have state and local government debt, corporate debt, and individual private debt plays a role as well. Household balance sheets are just [...]

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