1 00:00:00,640 --> 00:00:05,480 Speaker 1: Attention celebrity listeners, I hope pick out your attention. Hey everyone, 2 00:00:05,519 --> 00:00:07,920 Speaker 1: this is Chuck And as some of you have heard, 3 00:00:07,960 --> 00:00:10,440 Speaker 1: I have announced that I have a new solo podcast 4 00:00:10,480 --> 00:00:15,120 Speaker 1: coming out in November called Movie Crush. UH. The show 5 00:00:15,160 --> 00:00:18,520 Speaker 1: where I interview your favorite people about their favorite movie. 6 00:00:19,120 --> 00:00:20,960 Speaker 1: And that's along and short of it's really cool. I've 7 00:00:21,000 --> 00:00:24,120 Speaker 1: had a bunch of guests in the studio uh and 8 00:00:24,360 --> 00:00:27,280 Speaker 1: just had a nice chat about movie fandom in general 9 00:00:27,280 --> 00:00:29,720 Speaker 1: and what their favorite movie is and why. And I 10 00:00:29,760 --> 00:00:35,519 Speaker 1: need more guests. So if you are a stealthy celebrity listener, 11 00:00:35,880 --> 00:00:39,120 Speaker 1: if you're an actor, or a writer or a producer, 12 00:00:40,200 --> 00:00:44,120 Speaker 1: uh director, if you're a musician, if you are a 13 00:00:44,120 --> 00:00:47,400 Speaker 1: book author. I've had all kinds of people in the studio, 14 00:00:47,440 --> 00:00:50,120 Speaker 1: and that's kind of the point, is to hear from 15 00:00:50,120 --> 00:00:52,519 Speaker 1: from neat folks of all walks of life. If you 16 00:00:52,560 --> 00:00:54,960 Speaker 1: were out there and you want to be on Movie Crush, 17 00:00:55,400 --> 00:00:58,520 Speaker 1: I would love, love, love to have you. Um. If 18 00:00:58,520 --> 00:01:00,400 Speaker 1: you're in Atlanta or going through it Anna with a 19 00:01:00,400 --> 00:01:03,120 Speaker 1: movie project, that's great. If not, we had partner studios 20 00:01:03,120 --> 00:01:05,320 Speaker 1: in l A and New York, UH, and we can 21 00:01:05,360 --> 00:01:07,720 Speaker 1: work it out. If you live in uh a fly 22 00:01:07,800 --> 00:01:11,120 Speaker 1: over state even let's say so, hit me up to 23 00:01:11,200 --> 00:01:15,160 Speaker 1: send me an email to movie Crush at how stuff 24 00:01:15,360 --> 00:01:19,160 Speaker 1: works dot com and put in the subject line movie 25 00:01:19,160 --> 00:01:23,880 Speaker 1: Crush guest, and I'll know it's you and I appreciate it. 26 00:01:23,880 --> 00:01:27,240 Speaker 1: It's a lot of fun, trust me and um, here's 27 00:01:27,240 --> 00:01:33,080 Speaker 1: two recording podcast together. Thanks. Welcome to Stuff you Should 28 00:01:33,120 --> 00:01:42,319 Speaker 1: Know from house stuff Works dot com. Hey, and welcome 29 00:01:42,360 --> 00:01:46,240 Speaker 1: to the podcast. I'm Josh Clark, and there's Charles W. Bryant. 30 00:01:46,280 --> 00:01:50,040 Speaker 1: There's Jerry over there, and this is stuff you should know. 31 00:01:52,200 --> 00:01:55,320 Speaker 1: Come on aboard the Rolling Jubilee guests, not to be 32 00:01:55,400 --> 00:01:58,880 Speaker 1: confused with the Jamboree, which is what the boy Scouts do. Yeah, 33 00:01:59,040 --> 00:02:01,400 Speaker 1: Rolling Jubilee sounds hope one, and for a lot of 34 00:02:01,400 --> 00:02:04,880 Speaker 1: people it is. Yeah, unless you're like a Wall Street 35 00:02:04,920 --> 00:02:08,359 Speaker 1: shark who hates seeing lower income people get out from 36 00:02:08,440 --> 00:02:13,120 Speaker 1: under debt miraculously. It's a great time for everybody. I 37 00:02:13,639 --> 00:02:17,160 Speaker 1: honestly didn't know much about this thing, so I didn't either. Yeah, 38 00:02:17,280 --> 00:02:19,400 Speaker 1: I actually I saw I Um, I saw it in 39 00:02:19,440 --> 00:02:23,520 Speaker 1: the sidebar while I was looking for an article to do. Um, 40 00:02:23,560 --> 00:02:25,400 Speaker 1: and I was like, I have no idea what that is, 41 00:02:25,440 --> 00:02:26,800 Speaker 1: So let me check it out, and it was just 42 00:02:26,840 --> 00:02:31,720 Speaker 1: one of those hidden gems, if you will. Should we 43 00:02:31,760 --> 00:02:35,040 Speaker 1: talk Let's talk about debt, baby, Yeah, And I want 44 00:02:35,080 --> 00:02:38,400 Speaker 1: to say, like this is largely about the rolling jubilee, 45 00:02:38,639 --> 00:02:42,080 Speaker 1: but we're gonna scratch the surface of the consumer debt 46 00:02:42,919 --> 00:02:46,960 Speaker 1: secondary market. I would love to do one on just 47 00:02:47,080 --> 00:02:51,120 Speaker 1: debt and debt collection and just this this the the 48 00:02:51,200 --> 00:02:54,640 Speaker 1: whole industry and the I guess, the whole massive ball 49 00:02:54,720 --> 00:02:57,960 Speaker 1: of wax on the business of debt. Yeah, and like 50 00:02:58,280 --> 00:03:01,040 Speaker 1: you know, how in what case is it's actually good 51 00:03:01,080 --> 00:03:03,200 Speaker 1: to have? And like how it kind of powers the 52 00:03:03,240 --> 00:03:06,720 Speaker 1: economy all that stuff. Did we ever do one on bankruptcy? No? 53 00:03:07,360 --> 00:03:08,799 Speaker 1: All right, well we should put one of those in 54 00:03:08,840 --> 00:03:10,839 Speaker 1: there too. Yeah. We got a lot to do, lest 55 00:03:10,880 --> 00:03:13,160 Speaker 1: we have a lot left to do, more work to 56 00:03:13,200 --> 00:03:16,520 Speaker 1: be done, all right, So let's in this case we're 57 00:03:16,560 --> 00:03:20,800 Speaker 1: talking about consumer debt. AH in the United States, it 58 00:03:20,919 --> 00:03:28,120 Speaker 1: is a um an astounding number and problem. Is that 59 00:03:28,160 --> 00:03:32,480 Speaker 1: fair to say? I would say that's yes, I think 60 00:03:32,520 --> 00:03:36,880 Speaker 1: that might even be an understatement. Although so as of 61 00:03:37,080 --> 00:03:39,280 Speaker 1: this when this article was written, which appears to be 62 00:03:39,320 --> 00:03:41,720 Speaker 1: about December of two thousand twelve, it was a bigger 63 00:03:41,760 --> 00:03:45,280 Speaker 1: problem than that. It is now from what I'm seeing. Uh, 64 00:03:45,320 --> 00:03:50,640 Speaker 1: well I have an higher number now than then. Okay, 65 00:03:50,680 --> 00:03:54,840 Speaker 1: go ahead. Well the number I see, well, the original 66 00:03:54,960 --> 00:03:57,400 Speaker 1: number from two thousand twelve was eleven point four four 67 00:03:57,480 --> 00:04:01,720 Speaker 1: trillion trill trillion. Number I got today was twelve point 68 00:04:01,760 --> 00:04:05,400 Speaker 1: seven three trillion. I saw twelve point two nine trillion, 69 00:04:06,480 --> 00:04:08,839 Speaker 1: which is still I mean, that's years. Is almost a 70 00:04:08,880 --> 00:04:12,080 Speaker 1: trillion dollars more in four years. I'm sure those are. 71 00:04:12,520 --> 00:04:16,280 Speaker 1: So that's two thousands seventeen numbers. Yeah, okay, well that 72 00:04:16,279 --> 00:04:18,640 Speaker 1: would explain. Mine was Q two of two thousand sixteen. 73 00:04:19,520 --> 00:04:23,760 Speaker 1: So it's the distant past, a trillion dollar increase in 74 00:04:23,880 --> 00:04:29,440 Speaker 1: five years. That's all of the household debt, credit cards, mortgages, 75 00:04:29,920 --> 00:04:34,440 Speaker 1: UM car loans, uh old, medical bills, all that student 76 00:04:34,520 --> 00:04:36,040 Speaker 1: loans a big part of it. Yeah, that's a big 77 00:04:36,080 --> 00:04:41,239 Speaker 1: one too, that all households have in the United States. Right. Yes, 78 00:04:41,560 --> 00:04:44,240 Speaker 1: as of two thousand fifteen, I'm hats off to you, man, 79 00:04:44,279 --> 00:04:47,680 Speaker 1: I could not find two thousand seventeen numbers. Yeah. So 80 00:04:47,760 --> 00:04:50,480 Speaker 1: here's the thing, debt. If you talk to someone who 81 00:04:50,480 --> 00:04:53,479 Speaker 1: knows finance, they will say, like, that is not the 82 00:04:53,480 --> 00:04:55,760 Speaker 1: worst thing in the world. It's not like being in debt. 83 00:04:56,240 --> 00:04:58,240 Speaker 1: It's got to be the right kind of debt, Like 84 00:04:58,279 --> 00:05:01,200 Speaker 1: owing a ton of money to high interest credit cards 85 00:05:01,760 --> 00:05:06,600 Speaker 1: is not good by any measure. Um, Emily and I 86 00:05:06,680 --> 00:05:09,080 Speaker 1: got smart when we Uh, I think I've told the 87 00:05:09,120 --> 00:05:11,799 Speaker 1: story when we bought our house, we had a bunch 88 00:05:11,800 --> 00:05:16,520 Speaker 1: of stupid credit card debt and this was she's twelve 89 00:05:16,920 --> 00:05:19,840 Speaker 1: or so years ago. And what we did, because they 90 00:05:19,839 --> 00:05:23,640 Speaker 1: were given away money back then foolishly uh. And this 91 00:05:23,680 --> 00:05:25,240 Speaker 1: could have bought us in the butt, I guess if 92 00:05:25,240 --> 00:05:27,400 Speaker 1: we hadn't have, you know, gotten jobs and been able 93 00:05:27,400 --> 00:05:30,479 Speaker 1: to afford payments. But we rolled all that credit card 94 00:05:30,480 --> 00:05:34,480 Speaker 1: debt into our homeland. So we literally paid off every 95 00:05:34,520 --> 00:05:37,960 Speaker 1: cent of it and told each other We're never gonna 96 00:05:38,000 --> 00:05:42,119 Speaker 1: go into credit card debt again. And since that day, 97 00:05:42,200 --> 00:05:46,080 Speaker 1: and it was tough, we have never not paid off 98 00:05:46,680 --> 00:05:49,360 Speaker 1: a credit card in full at the end of every month. Yeah. 99 00:05:49,640 --> 00:05:52,159 Speaker 1: We we um almost always pay them off too. And 100 00:05:52,200 --> 00:05:55,960 Speaker 1: it's like just just the best feeling to be able 101 00:05:56,000 --> 00:05:58,279 Speaker 1: to look at that stuff and be like, oh, wow, 102 00:05:58,320 --> 00:06:01,000 Speaker 1: I'm not like dying here. Well yeah, And to be 103 00:06:01,040 --> 00:06:02,960 Speaker 1: able to kind of give the finger to a credit 104 00:06:02,960 --> 00:06:06,320 Speaker 1: card company and say I'm using you for what you're 105 00:06:06,320 --> 00:06:08,880 Speaker 1: supposed to be used for, which is to pay for 106 00:06:08,920 --> 00:06:14,120 Speaker 1: things easier, but to not mortgage my life away with 107 00:06:14,240 --> 00:06:17,960 Speaker 1: ridiculous interest rates because I'm buying stuff I don't need 108 00:06:18,000 --> 00:06:21,000 Speaker 1: and can't pay for. And thanks, thanks for the sky 109 00:06:21,120 --> 00:06:25,960 Speaker 1: miles chumps. Yeah for real. All right, So that's bad debt. 110 00:06:25,960 --> 00:06:27,960 Speaker 1: They're all kinds of bad debt. But you know that's 111 00:06:28,000 --> 00:06:29,400 Speaker 1: not the worst thing in the world to have. What's 112 00:06:29,440 --> 00:06:33,760 Speaker 1: bad is delinquent to debt, right and yeah, so there is, 113 00:06:33,839 --> 00:06:36,600 Speaker 1: like you were saying, I think good debt to have 114 00:06:37,080 --> 00:06:41,560 Speaker 1: if you live in a consumer based economy, right, that 115 00:06:41,760 --> 00:06:44,280 Speaker 1: kind of makes makes the world go round. But yes, 116 00:06:44,440 --> 00:06:47,880 Speaker 1: delinquent debt is is across the board bad debt for 117 00:06:48,040 --> 00:06:51,720 Speaker 1: almost everybody involved. Yeah, and about ten of the debt 118 00:06:51,720 --> 00:06:54,280 Speaker 1: in the US is delinquent debt. See, this is where 119 00:06:54,320 --> 00:06:57,159 Speaker 1: I saw a major drop. Actually, okay, so is it 120 00:06:57,200 --> 00:07:01,040 Speaker 1: not that high anymore? No? Man like by half? Wow? Yeah, 121 00:07:01,120 --> 00:07:04,160 Speaker 1: as again I found Q two of two thousand and sixteen, 122 00:07:04,520 --> 00:07:06,560 Speaker 1: but it was in this article that was written in 123 00:07:06,560 --> 00:07:09,840 Speaker 1: two thousand twelves. Is one point oh six trillion is delinquent? 124 00:07:11,080 --> 00:07:13,040 Speaker 1: I saw in two thousand and sixteen. It was five 125 00:07:13,440 --> 00:07:16,240 Speaker 1: and eighty nine billion. Oh well, that's in the right direction. 126 00:07:16,280 --> 00:07:20,560 Speaker 1: And then about three quarters of that was um, super delinquent, 127 00:07:20,840 --> 00:07:23,120 Speaker 1: although I think they call it seriously delinquent, I like 128 00:07:23,200 --> 00:07:27,640 Speaker 1: super delinquent more or way delinquent or oh my god, 129 00:07:27,920 --> 00:07:32,640 Speaker 1: which means three months ninety days late or more. Probably 130 00:07:33,160 --> 00:07:36,400 Speaker 1: not in all cases, but probably delinquent to the point 131 00:07:36,440 --> 00:07:39,200 Speaker 1: where you're you're not going to pay it, right. But 132 00:07:39,360 --> 00:07:43,760 Speaker 1: but so there are in there the banks, as anyone 133 00:07:43,760 --> 00:07:47,360 Speaker 1: who's ever owed a bill longer than ninety days knows, 134 00:07:47,840 --> 00:07:52,360 Speaker 1: banks and lenders of any sort will just be like here, here, here, 135 00:07:52,400 --> 00:07:55,240 Speaker 1: collection agency, go take this and if you can get 136 00:07:55,320 --> 00:08:00,560 Speaker 1: something out of them, will split what you get right um, 137 00:08:00,600 --> 00:08:03,880 Speaker 1: And you're you're in the cycle because collection agencies that's 138 00:08:03,920 --> 00:08:08,120 Speaker 1: their business, right, lenders lend of money. Collection agencies try 139 00:08:08,200 --> 00:08:10,600 Speaker 1: to go get money that's owed right there like a 140 00:08:10,600 --> 00:08:15,400 Speaker 1: different ilk altogether. And there's actually different kinds of levels 141 00:08:15,440 --> 00:08:18,800 Speaker 1: of that, as we'll see. But you're you're in the machine, 142 00:08:18,920 --> 00:08:22,200 Speaker 1: and your life is going to be made unpleasant by 143 00:08:22,240 --> 00:08:24,880 Speaker 1: the people who are trying to collect on those bills. Right. 144 00:08:25,840 --> 00:08:28,840 Speaker 1: What the rolling jubilie, which we're talking about today, What 145 00:08:29,040 --> 00:08:34,760 Speaker 1: that does is they have entered the debt collection industry, 146 00:08:34,800 --> 00:08:38,920 Speaker 1: but rather than trying to collect on debt, they are 147 00:08:38,920 --> 00:08:44,400 Speaker 1: buying debt and forgiving it. Yeah, so here's what can happen. 148 00:08:44,960 --> 00:08:47,199 Speaker 1: Back up a second. Let's say you owe a ton 149 00:08:47,240 --> 00:08:51,920 Speaker 1: of money on a bad credit card and you have 150 00:08:52,000 --> 00:08:53,679 Speaker 1: been delinquent for a little while, and you call up 151 00:08:53,679 --> 00:08:55,439 Speaker 1: that credit card company and you say, you know what, 152 00:08:56,200 --> 00:08:58,520 Speaker 1: I want to pay this I spent this money, but 153 00:08:58,600 --> 00:09:01,640 Speaker 1: your interest rate is really bad, and can you work 154 00:09:01,679 --> 00:09:04,040 Speaker 1: with me on this interest rate and get it down 155 00:09:04,080 --> 00:09:06,199 Speaker 1: to a point. And they'll stop you right there and say, oh, 156 00:09:06,240 --> 00:09:09,760 Speaker 1: sir or ma'am, I'm sorry, but we don't own your 157 00:09:09,760 --> 00:09:12,800 Speaker 1: debt anymore. And you go huh. And you say no, no, 158 00:09:12,800 --> 00:09:15,560 Speaker 1: no, no no, no. We sold that debt to an investor 159 00:09:15,800 --> 00:09:19,560 Speaker 1: and you go huh. And if you don't know that 160 00:09:19,640 --> 00:09:22,360 Speaker 1: this is how this works, then well you didn't pay 161 00:09:22,400 --> 00:09:26,000 Speaker 1: attention during the mortgage crisis, because that's basically what that was, 162 00:09:26,120 --> 00:09:32,160 Speaker 1: bundling debt to an investor, bundling loans, um mortgages, bad 163 00:09:32,200 --> 00:09:35,480 Speaker 1: debt into securities that are then sold to those investors 164 00:09:35,520 --> 00:09:38,160 Speaker 1: who buy it really really cheap, with the idea that 165 00:09:38,200 --> 00:09:41,080 Speaker 1: they can then go out and collect on a portion 166 00:09:41,120 --> 00:09:44,440 Speaker 1: of that to make a big profit. And we'll like, 167 00:09:44,480 --> 00:09:46,760 Speaker 1: we'll get into the details a little a little more 168 00:09:46,800 --> 00:09:50,520 Speaker 1: in a minute, but the Jubilee itself the idea of 169 00:09:51,200 --> 00:09:54,400 Speaker 1: buying debt, entering that industry and buying debt, but rather 170 00:09:54,440 --> 00:09:56,360 Speaker 1: than trying to make a profit like you were saying, 171 00:09:56,679 --> 00:09:59,080 Speaker 1: but just to forgive that debt so that the people 172 00:09:59,080 --> 00:10:03,480 Speaker 1: who owe the money don't have that burden any longer. UM. 173 00:10:03,960 --> 00:10:06,240 Speaker 1: That is the whole point behind it. And if you're like, 174 00:10:06,280 --> 00:10:09,600 Speaker 1: wait a minute, wait a minute, this sounds like some 175 00:10:09,640 --> 00:10:13,240 Speaker 1: sort of plot out of maybe Occupy Wall Street, well 176 00:10:13,240 --> 00:10:18,600 Speaker 1: then you would be correct, because at Zukkati Park and 177 00:10:18,640 --> 00:10:21,920 Speaker 1: I think two thousand and eleven, the idea for doing 178 00:10:21,960 --> 00:10:24,959 Speaker 1: this was bandied about and there was a guy named 179 00:10:24,960 --> 00:10:28,000 Speaker 1: Thomas Gorker who was there at one of these conversations, 180 00:10:28,600 --> 00:10:32,280 Speaker 1: and he went on to found this thing called Strike Debt, 181 00:10:32,400 --> 00:10:36,080 Speaker 1: which is an offshoot organization from Occupy Wall Street and 182 00:10:36,160 --> 00:10:39,960 Speaker 1: Strike that has this project called Rolling Jubilee. UM. So 183 00:10:40,040 --> 00:10:45,440 Speaker 1: it's a direct outcropping of Occupy Wall Street. Yeah, this 184 00:10:45,520 --> 00:10:49,320 Speaker 1: is when UM Strike Debt was finally launched and the 185 00:10:49,320 --> 00:10:53,079 Speaker 1: whole deal with Occupy Wall Street was basically protesters getting 186 00:10:53,080 --> 00:10:56,640 Speaker 1: together and saying, well, you'll bail out banks to the 187 00:10:56,679 --> 00:11:00,640 Speaker 1: tune of billions and trillions of dollars. But the banks 188 00:11:00,679 --> 00:11:03,840 Speaker 1: don't then turn and turn say well, we're gonna forgive 189 00:11:03,880 --> 00:11:07,240 Speaker 1: consumer debt as well, since we were bailed out. They'll 190 00:11:07,240 --> 00:11:09,800 Speaker 1: bail out the big banks, but the consumer is still 191 00:11:10,559 --> 00:11:14,760 Speaker 1: uh in big trouble. And so the idea of of 192 00:11:15,120 --> 00:11:18,960 Speaker 1: the Rolling Jubilee and Project Strike debt was a bailout 193 00:11:19,040 --> 00:11:24,560 Speaker 1: of by Yeah, and there was there's one facet to that, 194 00:11:24,840 --> 00:11:28,920 Speaker 1: um lopsided bailout situation to that I think you left out, 195 00:11:28,920 --> 00:11:32,880 Speaker 1: which is the banks are getting the bailouts from the government, 196 00:11:33,000 --> 00:11:36,600 Speaker 1: but the government's getting that money from the taxpayers, and 197 00:11:36,760 --> 00:11:40,520 Speaker 1: very frequently those taxpayers who actually gave the money to 198 00:11:40,559 --> 00:11:42,760 Speaker 1: bail out the banks are the same ones that the 199 00:11:42,800 --> 00:11:46,440 Speaker 1: banks are turning the thumbscrews on. So they're basically saying, 200 00:11:46,559 --> 00:11:49,280 Speaker 1: thanks for the bailout money, give us the money you 201 00:11:49,320 --> 00:11:53,360 Speaker 1: actually owe us individually now. And Yeah, Occupy had a 202 00:11:53,400 --> 00:11:56,199 Speaker 1: big problem with that, and I think for good reason. Frankly, 203 00:11:56,240 --> 00:11:58,720 Speaker 1: if I can go on record for saying that, yeah, 204 00:11:58,800 --> 00:12:01,679 Speaker 1: so um, I agree the Rolling Jubilee as far as 205 00:12:01,679 --> 00:12:04,719 Speaker 1: structure goes, Uh, they have and we're not gonna get 206 00:12:04,720 --> 00:12:06,000 Speaker 1: too much in the weeds on this, but they have 207 00:12:06,000 --> 00:12:09,160 Speaker 1: a board of directors and then volunteers who are not 208 00:12:09,320 --> 00:12:14,040 Speaker 1: paid assent. Originally they had um brokers in while they're 209 00:12:14,040 --> 00:12:17,680 Speaker 1: still brokers and web developers who have been paid but 210 00:12:17,760 --> 00:12:21,240 Speaker 1: well well below market value. They're not completely donating their 211 00:12:21,240 --> 00:12:25,200 Speaker 1: time in all cases, but they're getting paid apendance for 212 00:12:25,280 --> 00:12:28,560 Speaker 1: this cause of what they normally would right like um 213 00:12:28,720 --> 00:12:33,880 Speaker 1: pre wrapped cooler sandwiches money, you know what I mean, 214 00:12:34,559 --> 00:12:38,000 Speaker 1: Like the kind not even like like a recognizable brand 215 00:12:38,640 --> 00:12:41,080 Speaker 1: of sandwich that you buy in like a Bow Dagger 216 00:12:41,240 --> 00:12:44,760 Speaker 1: convenience story, just you know, somebody's last name with like 217 00:12:44,800 --> 00:12:49,839 Speaker 1: a poorly drawn like logo next to it that's overprinted 218 00:12:49,880 --> 00:12:52,640 Speaker 1: so it's mudgy. You can't even really see what the 219 00:12:52,720 --> 00:12:54,760 Speaker 1: logo is supposed to be. That is the kind of 220 00:12:54,800 --> 00:12:57,400 Speaker 1: sandwiches these people are able to buy with the money 221 00:12:57,440 --> 00:12:59,719 Speaker 1: they're getting from the Rolling Jubilee. Yeah, where there is 222 00:12:59,760 --> 00:13:02,080 Speaker 1: no discernible difference between the meat and the bread. They've 223 00:13:02,160 --> 00:13:07,199 Speaker 1: just coalesced into one lumpy, moist unit. I know it 224 00:13:07,280 --> 00:13:09,679 Speaker 1: grows so many people out there with that word combination 225 00:13:10,320 --> 00:13:18,240 Speaker 1: moist Yeah, moist unit, moist lumpy units. That what I said, Um, 226 00:13:18,320 --> 00:13:22,120 Speaker 1: should we take a break so soon after moist lumpy unit. Yeah, 227 00:13:22,240 --> 00:13:23,640 Speaker 1: all right, let's do that, and we'll come back and 228 00:13:23,640 --> 00:13:49,640 Speaker 1: talk a little bit about the origins of the word jubilie. 229 00:13:52,360 --> 00:13:55,360 Speaker 1: All right, josh Uh, I kind of thought jubilie meant 230 00:13:55,400 --> 00:13:57,920 Speaker 1: jamboree because I'm a big dumb dump sometimes. Hey, I'm 231 00:13:58,000 --> 00:14:00,320 Speaker 1: right there with you. But it's not true. It actually 232 00:14:00,320 --> 00:14:05,160 Speaker 1: comes from the Bible, specifically the Book of Leviticus. Um. 233 00:14:05,200 --> 00:14:06,640 Speaker 1: I'm not sure which one I used to know all 234 00:14:06,679 --> 00:14:10,080 Speaker 1: those in order I could rattle them off. Genesis, a 235 00:14:10,080 --> 00:14:15,719 Speaker 1: third book of the Bible, I think, right, I know Genesis, Exodus, Leviticus, Germedy, 236 00:14:15,800 --> 00:14:20,240 Speaker 1: Joshua Judges Ruth first and seconds, Samuel Man the Book 237 00:14:20,280 --> 00:14:22,560 Speaker 1: of Ruth. Yeah, some of that stuff really just comes 238 00:14:22,640 --> 00:14:25,520 Speaker 1: right back into my my p brain. I didn't know that. 239 00:14:25,880 --> 00:14:30,880 Speaker 1: So anyway, in Lebticus and the Old Testament, um, jubilee 240 00:14:30,920 --> 00:14:33,840 Speaker 1: is actually an English variation of the Hebrew word joe 241 00:14:33,840 --> 00:14:36,960 Speaker 1: bell jo j o b e l, which means ram's horn. 242 00:14:37,080 --> 00:14:39,400 Speaker 1: And this is how you would you would blow in 243 00:14:39,440 --> 00:14:43,640 Speaker 1: this horna and announce the signal of the year of 244 00:14:43,680 --> 00:14:47,400 Speaker 1: the jubilee, right, which came I saw every forty nine years. 245 00:14:47,600 --> 00:14:52,120 Speaker 1: Apparently this article says every fifty years, roughly every half 246 00:14:52,120 --> 00:14:54,840 Speaker 1: of a century, let's just say, right. And so they 247 00:14:54,840 --> 00:14:57,920 Speaker 1: blow the rams horn and that was a big deal. 248 00:14:59,000 --> 00:15:03,320 Speaker 1: So a acording to Leviticus levig Kiss twenty five, I 249 00:15:03,360 --> 00:15:06,960 Speaker 1: guess which is uh some section the section or verse 250 00:15:07,080 --> 00:15:11,280 Speaker 1: or what chapter? Chapter A chapter? Okay, chapter verse okay? 251 00:15:11,320 --> 00:15:16,520 Speaker 1: So um. The chapter of Leviticus basically says, um, here's 252 00:15:16,560 --> 00:15:21,560 Speaker 1: how you do uh jubilee and everyone who is a 253 00:15:21,600 --> 00:15:25,720 Speaker 1: member of the House of Israel, all the Israelites, right, um, 254 00:15:25,840 --> 00:15:30,080 Speaker 1: are to have their debts forgiven. So if you are 255 00:15:30,280 --> 00:15:35,080 Speaker 1: an indentured servant, you were freed. Or if you said, 256 00:15:35,680 --> 00:15:38,400 Speaker 1: I'm a farmer, but I can't pay this debt, um, 257 00:15:38,440 --> 00:15:41,800 Speaker 1: I really I lost all my all my um. I 258 00:15:41,880 --> 00:15:44,920 Speaker 1: lost the farm on a bunch of magic beans. Because 259 00:15:44,960 --> 00:15:49,280 Speaker 1: this is you know them. For the common era, people 260 00:15:49,360 --> 00:15:52,560 Speaker 1: thought magic beans were a real thing. You would give 261 00:15:52,600 --> 00:15:55,680 Speaker 1: that person who who sold you the magic beans your 262 00:15:55,800 --> 00:16:00,320 Speaker 1: farm um as as collateral basically, and you would lose farm. 263 00:16:00,400 --> 00:16:03,680 Speaker 1: But during Jubilee year you could get that farm back. 264 00:16:03,760 --> 00:16:07,040 Speaker 1: You were given that farm back, restored your land, like 265 00:16:07,120 --> 00:16:10,360 Speaker 1: all debts were forgiven. Yeah, it's basically God saying I'm 266 00:16:10,400 --> 00:16:13,440 Speaker 1: a liberal hippie. Every fifty years, we're gonna wipe the 267 00:16:13,480 --> 00:16:17,080 Speaker 1: slate clean. Here's what we don't know for sure is 268 00:16:17,160 --> 00:16:20,480 Speaker 1: if this really happened, right, you can tell like the 269 00:16:20,920 --> 00:16:23,640 Speaker 1: Israelites were like, oh yeah, good idea. Yeah wait, that's 270 00:16:23,640 --> 00:16:26,160 Speaker 1: a great one. Nice idea, God, and then just we're 271 00:16:26,400 --> 00:16:28,560 Speaker 1: just kind of didn't bring it up again. Yeah, do 272 00:16:28,600 --> 00:16:31,440 Speaker 1: you think you noticed? Right? Uh? So we're not sure 273 00:16:31,440 --> 00:16:34,320 Speaker 1: if that actually happened, but there are records in history 274 00:16:35,080 --> 00:16:39,880 Speaker 1: of other cultures that did this sort of clean slate tradition, 275 00:16:40,520 --> 00:16:45,160 Speaker 1: uh that have records under Hammerabi and Babylonia, uh in 276 00:16:45,280 --> 00:16:49,880 Speaker 1: Egypt under Ptolemy, and even the Rosetta Stone has a 277 00:16:49,960 --> 00:16:55,600 Speaker 1: jubilee proclamation recorded from right, So it did happen. Which 278 00:16:55,960 --> 00:17:01,080 Speaker 1: think about this, Chuck, that is really heartening that like 279 00:17:01,280 --> 00:17:04,840 Speaker 1: pretty early on, I guess in the agrarian system, once 280 00:17:04,880 --> 00:17:07,440 Speaker 1: people settle down and all of a sudden you had 281 00:17:07,520 --> 00:17:15,000 Speaker 1: like surpluses and income inequality and economic strata. Um, you 282 00:17:15,000 --> 00:17:18,160 Speaker 1: you also had the idea that debts should be forgiven 283 00:17:18,200 --> 00:17:21,800 Speaker 1: to Like it was a natural outcropping of that because 284 00:17:21,800 --> 00:17:25,000 Speaker 1: they're they're that thing would that wouldn't exist prior to 285 00:17:25,080 --> 00:17:27,560 Speaker 1: those things, because if you're a hunter gatherer, you can't 286 00:17:27,600 --> 00:17:30,040 Speaker 1: go into debt. It's not possible. You're responsible for your 287 00:17:30,040 --> 00:17:33,800 Speaker 1: own you know, food gathering and all that. So the 288 00:17:33,840 --> 00:17:36,679 Speaker 1: idea that it just kind of naturally emerged out of it, 289 00:17:36,720 --> 00:17:39,480 Speaker 1: I find that heartening. It makes me. It gives me 290 00:17:39,560 --> 00:17:43,199 Speaker 1: faith in humanity again, or at least humanity from hundreds 291 00:17:43,240 --> 00:17:46,560 Speaker 1: and thousands of years ago. Right. Uh So the idea 292 00:17:46,600 --> 00:17:48,520 Speaker 1: with those jubilees, it was, like we said, once every 293 00:17:48,520 --> 00:17:51,520 Speaker 1: forty fifty years, the idea of a rolling jubilee. The 294 00:17:51,520 --> 00:17:54,359 Speaker 1: word rolling just means it's an ongoing thing. Uh, and 295 00:17:54,400 --> 00:17:58,159 Speaker 1: so therefore they named it rolling Jubilee, which just to 296 00:17:58,200 --> 00:18:00,879 Speaker 1: me still sounds like a party on a on a 297 00:18:00,920 --> 00:18:05,399 Speaker 1: farm with people selling uh whippets out of plastic bags 298 00:18:05,440 --> 00:18:10,160 Speaker 1: on exta. See, hence the rolling part. That's right. So um, 299 00:18:10,280 --> 00:18:12,560 Speaker 1: this is how it works. Right, You've got the rolling 300 00:18:12,640 --> 00:18:16,360 Speaker 1: Jubilee started. I think they started with a benefit concert 301 00:18:16,960 --> 00:18:19,320 Speaker 1: and they managed to raise like five grand like pretty 302 00:18:19,359 --> 00:18:24,119 Speaker 1: pretty quickly. Back in two thousand twelve. And what they 303 00:18:24,160 --> 00:18:27,600 Speaker 1: did was they looked around and they identified like how 304 00:18:27,640 --> 00:18:30,960 Speaker 1: this was happening. They knew that there were people who 305 00:18:31,000 --> 00:18:34,639 Speaker 1: were in debt, and that the people that they owed 306 00:18:34,680 --> 00:18:37,880 Speaker 1: the money to weren't even collecting any longer, that there 307 00:18:38,040 --> 00:18:43,960 Speaker 1: was that what had developed was a secondary consumer debt market. Right, 308 00:18:44,359 --> 00:18:46,000 Speaker 1: And you kind of went over a little. But I 309 00:18:46,000 --> 00:18:48,560 Speaker 1: think it bears like like fleshing out. Yeah. I mean 310 00:18:48,600 --> 00:18:50,280 Speaker 1: it's a little hard to wrap your head around if 311 00:18:50,280 --> 00:18:53,639 Speaker 1: you're not in this world. No, but I don't mean 312 00:18:53,640 --> 00:18:55,280 Speaker 1: if you live on a different planet. But in the 313 00:18:55,280 --> 00:18:58,919 Speaker 1: world of finance, if you're rolling on a farm, you 314 00:18:59,200 --> 00:19:02,240 Speaker 1: you may have time wrapping your head around this. But 315 00:19:02,240 --> 00:19:04,479 Speaker 1: but the the basis of it is this, Right, So 316 00:19:04,560 --> 00:19:07,320 Speaker 1: you go to a lender and you say, UM, lend 317 00:19:07,320 --> 00:19:12,760 Speaker 1: me some money. And if you fall behind on your payments, um, 318 00:19:12,800 --> 00:19:15,400 Speaker 1: after a certain amount of time, I think you would 319 00:19:15,440 --> 00:19:18,040 Speaker 1: you say three months. Well, it kind of varies, but 320 00:19:18,119 --> 00:19:21,440 Speaker 1: sure it could be you're in you have reached this level, 321 00:19:21,760 --> 00:19:27,480 Speaker 1: like a new level of delinquency, and banks say that's it, 322 00:19:27,880 --> 00:19:30,760 Speaker 1: You're done. We're we're not collecting from you anymore. You're 323 00:19:30,800 --> 00:19:33,639 Speaker 1: a loss and we're writing you off. And they do 324 00:19:33,760 --> 00:19:36,560 Speaker 1: this actually because back in the nineteen eighties up to 325 00:19:37,840 --> 00:19:40,560 Speaker 1: the savings and loan crisis, which were you know, the 326 00:19:40,600 --> 00:19:42,439 Speaker 1: savings and loan banks were the place you went to 327 00:19:42,440 --> 00:19:46,200 Speaker 1: go get a mortgage in America, and because they were 328 00:19:46,560 --> 00:19:50,640 Speaker 1: overregulated from the interest rates they could charge, the banks 329 00:19:50,880 --> 00:19:54,919 Speaker 1: started engaging in like risky investment behavior because in that 330 00:19:54,960 --> 00:19:58,520 Speaker 1: sense they were underregulated and they lost a bunch of money. Well, 331 00:19:58,520 --> 00:20:02,520 Speaker 1: one of the outcroppings of the savings and loan crisis 332 00:20:03,080 --> 00:20:07,040 Speaker 1: was that there were some really really shady accounting going on, 333 00:20:07,440 --> 00:20:09,240 Speaker 1: and it was actually one of the first one of 334 00:20:09,280 --> 00:20:12,680 Speaker 1: the early bailouts. It was like a hundred billion dollar bailout, 335 00:20:12,920 --> 00:20:16,600 Speaker 1: which was an astounding amount of money. You chump changed today, 336 00:20:16,840 --> 00:20:18,639 Speaker 1: sure it is, but at the time that was a 337 00:20:18,720 --> 00:20:21,800 Speaker 1: huge deal. So it's a taxpayer bailout of these banks 338 00:20:21,800 --> 00:20:24,199 Speaker 1: that had engaged in risky behavior and stopped me if 339 00:20:24,200 --> 00:20:27,600 Speaker 1: this is starting to sound familiar, but it was largely 340 00:20:27,640 --> 00:20:30,560 Speaker 1: because there was they were able to get away with it. 341 00:20:30,640 --> 00:20:33,119 Speaker 1: And the problem gets to be so big because the 342 00:20:33,160 --> 00:20:39,439 Speaker 1: accountants were keeping these bad assets on the books. So 343 00:20:39,600 --> 00:20:41,880 Speaker 1: debt to you is an asset to the bank. It's 344 00:20:41,880 --> 00:20:44,199 Speaker 1: something that they've got, they've got money they can collect 345 00:20:44,240 --> 00:20:47,760 Speaker 1: on from you, right, But these delinquent assets that they 346 00:20:47,800 --> 00:20:50,320 Speaker 1: had um were being kept on the books to make 347 00:20:50,359 --> 00:20:52,280 Speaker 1: it look like there was a lot that the banks 348 00:20:52,280 --> 00:20:56,000 Speaker 1: were a lot more flushed than they were. So after 349 00:20:56,040 --> 00:20:59,160 Speaker 1: the savings a loan crisis, the government stepped in and said, 350 00:20:59,200 --> 00:21:01,560 Speaker 1: you guys can't do that anymore. If you have a 351 00:21:01,640 --> 00:21:05,040 Speaker 1: delinquent account on your books after say ninety days, you 352 00:21:05,080 --> 00:21:07,480 Speaker 1: have to write it off. But whoa wa, Well, you're 353 00:21:07,480 --> 00:21:08,960 Speaker 1: the banks and we love you and we want you 354 00:21:09,000 --> 00:21:12,040 Speaker 1: to be happy and prosperous at all times, so we're 355 00:21:12,040 --> 00:21:15,159 Speaker 1: gonna give you a tax deduction for that too. And 356 00:21:15,200 --> 00:21:17,000 Speaker 1: they say, well, okay, what do we have to do 357 00:21:17,080 --> 00:21:19,359 Speaker 1: after we write it off? And the government says, do 358 00:21:19,440 --> 00:21:22,120 Speaker 1: whatever you want, sell it. We don't care, but you 359 00:21:22,119 --> 00:21:23,639 Speaker 1: have to write it off and you can take a 360 00:21:23,680 --> 00:21:26,560 Speaker 1: tax deduction. And then yeah, if you want to sell it, 361 00:21:26,640 --> 00:21:31,280 Speaker 1: do And that's where the secondary consumer debt market was born. Yeah. 362 00:21:31,359 --> 00:21:34,960 Speaker 1: And if you think that sounds like a pretty sweetheart deal, 363 00:21:35,040 --> 00:21:38,199 Speaker 1: it gets even better because sometimes when they bundle this 364 00:21:38,520 --> 00:21:40,879 Speaker 1: debt together and sell it to people who think they 365 00:21:40,880 --> 00:21:43,640 Speaker 1: can go out, earth firms usually who can go out 366 00:21:43,640 --> 00:21:46,240 Speaker 1: and make money by just recovering, like we said, just 367 00:21:46,320 --> 00:21:49,400 Speaker 1: a portion of the stuff of these debts. Uh. They 368 00:21:49,400 --> 00:21:52,639 Speaker 1: will then do the loan deal with that firm as 369 00:21:52,680 --> 00:21:58,200 Speaker 1: well and make an additional amount of money as a lender. Yeah, 370 00:21:58,240 --> 00:22:00,840 Speaker 1: they financed the purchase of that debt that they're selling 371 00:22:00,880 --> 00:22:04,800 Speaker 1: to the person. It's crazy, man, So weird how things 372 00:22:04,800 --> 00:22:07,440 Speaker 1: work in this country. And the weird is one way 373 00:22:07,480 --> 00:22:11,679 Speaker 1: to put it, for sure. And the um the you 374 00:22:11,720 --> 00:22:13,920 Speaker 1: said it, you said that they bundle this stuff right 375 00:22:13,920 --> 00:22:17,240 Speaker 1: like they did with mortgage backed securities. They bundled mortgages 376 00:22:17,280 --> 00:22:19,640 Speaker 1: together and then sliced them up and sold like basically 377 00:22:19,680 --> 00:22:22,240 Speaker 1: them as shares. Right, this is a little different, but 378 00:22:22,320 --> 00:22:25,560 Speaker 1: there's also bundling going on. But rather than just sell 379 00:22:25,800 --> 00:22:29,520 Speaker 1: each debt individually, the banks will take, say, you know, 380 00:22:29,720 --> 00:22:31,960 Speaker 1: all of the ones that they they're doing that day 381 00:22:32,080 --> 00:22:34,040 Speaker 1: or that week or that month or whatever that they've 382 00:22:34,040 --> 00:22:37,360 Speaker 1: written off, and they'll bundle it together into what's called 383 00:22:37,359 --> 00:22:41,639 Speaker 1: a portfolio, and then they'll sell that portfolio for pennies 384 00:22:41,720 --> 00:22:44,680 Speaker 1: on the dollar. Yeah, we're talking like it can be. 385 00:22:45,920 --> 00:22:49,120 Speaker 1: You can you can spend like one dollar to buy 386 00:22:49,600 --> 00:22:51,840 Speaker 1: thirty two up to thirty two dollars worth of debt. 387 00:22:51,920 --> 00:22:54,359 Speaker 1: Let's say, yeah, I think that's about as good as 388 00:22:54,359 --> 00:22:56,240 Speaker 1: you can get. That's the best I've seen. I've seen 389 00:22:56,280 --> 00:23:00,239 Speaker 1: anywhere from ten cents on the dollar to yeah one 390 00:23:00,359 --> 00:23:03,040 Speaker 1: a one to thirty two ratio. Yeah, which is I mean, 391 00:23:03,800 --> 00:23:07,639 Speaker 1: that's a great uh. On one hand's super cheap, but 392 00:23:07,680 --> 00:23:11,159 Speaker 1: it's very risky still, because what you're doing again is 393 00:23:11,200 --> 00:23:14,360 Speaker 1: buying debt that you may or may not be able 394 00:23:14,359 --> 00:23:17,480 Speaker 1: to collect on right exactly. And so like the whole 395 00:23:17,520 --> 00:23:19,800 Speaker 1: industry is based on the idea that you'll be able 396 00:23:19,880 --> 00:23:25,159 Speaker 1: to collect some of the um debts that are in 397 00:23:25,200 --> 00:23:29,719 Speaker 1: this portfolio, and that you'll probably only be able to 398 00:23:29,720 --> 00:23:33,159 Speaker 1: to um collect on a portion of the debts that 399 00:23:33,200 --> 00:23:35,520 Speaker 1: you do collect on. So some out of the gate, 400 00:23:36,240 --> 00:23:38,719 Speaker 1: the people just aren't gonna pay you, no matter how 401 00:23:38,800 --> 00:23:41,119 Speaker 1: much you call them and harass them. They're just not 402 00:23:41,200 --> 00:23:44,159 Speaker 1: gonna pay that debt. And if it's small enough that 403 00:23:44,200 --> 00:23:46,480 Speaker 1: it doesn't make any sense to spend the money taking 404 00:23:46,520 --> 00:23:49,439 Speaker 1: them to court, there's just nothing you can do about that. 405 00:23:49,480 --> 00:23:52,760 Speaker 1: If they're like, I'm on year six of this, this 406 00:23:52,840 --> 00:23:54,879 Speaker 1: debt being reported on my credit, I'm not about to 407 00:23:54,920 --> 00:23:56,840 Speaker 1: pay now. Because once they make it a year seven, 408 00:23:57,160 --> 00:23:59,560 Speaker 1: you guys can't do anything about it any longer except 409 00:23:59,560 --> 00:24:03,399 Speaker 1: they call me. They're not gonna pay um, But there's 410 00:24:03,400 --> 00:24:06,840 Speaker 1: gonna be some in that portfolio where either the people 411 00:24:07,320 --> 00:24:10,080 Speaker 1: just want to pay to get you to stop calling it. 412 00:24:10,240 --> 00:24:13,320 Speaker 1: The debt is big enough that you could conceivably take 413 00:24:13,359 --> 00:24:16,440 Speaker 1: them to court or for other reasons. So there's gonna 414 00:24:16,480 --> 00:24:18,879 Speaker 1: be some in there that you can collect on. And 415 00:24:18,920 --> 00:24:21,680 Speaker 1: then when you do collect on those, you're gonna collect 416 00:24:22,040 --> 00:24:25,160 Speaker 1: less usually than the full face value of the debt. Right, Yeah, 417 00:24:25,240 --> 00:24:28,359 Speaker 1: they'll offer a deal. Let's say, like, hey, you're behind 418 00:24:28,359 --> 00:24:30,800 Speaker 1: on your debt, and what they're what they're usually doing 419 00:24:30,920 --> 00:24:34,480 Speaker 1: is trying to target people who, um, we're maybe in 420 00:24:34,480 --> 00:24:37,959 Speaker 1: financial trouble and are now pulling themselves out of financial trouble, 421 00:24:38,600 --> 00:24:41,320 Speaker 1: rather than going after the debt that they, like you said, 422 00:24:41,359 --> 00:24:44,400 Speaker 1: just probably you have no shot at getting. But now 423 00:24:44,440 --> 00:24:46,400 Speaker 1: hey you've got a job again. You're making a little dough. 424 00:24:47,000 --> 00:24:50,720 Speaker 1: Um pay us back like fifty and we'll call it square. 425 00:24:51,200 --> 00:24:54,120 Speaker 1: And the people think, uh, well, you know that sounds 426 00:24:54,119 --> 00:24:56,280 Speaker 1: like a good deal to me. Um, I'll just go 427 00:24:56,320 --> 00:24:59,960 Speaker 1: ahead and take that fifty percent deal, right, exactly. Sometimes 428 00:25:00,560 --> 00:25:03,560 Speaker 1: they apparently people are are like, wow, that was a 429 00:25:03,560 --> 00:25:06,399 Speaker 1: really generous thing you're doing here by offering me to 430 00:25:06,520 --> 00:25:10,439 Speaker 1: just to to absolve my debt for just half of it, 431 00:25:10,560 --> 00:25:13,920 Speaker 1: you know. But again, those people may have paid three 432 00:25:13,960 --> 00:25:16,560 Speaker 1: cents on the dollar for that debt, but you're about 433 00:25:16,560 --> 00:25:19,800 Speaker 1: to give them fifty cents on the dollar. So they're 434 00:25:19,840 --> 00:25:24,080 Speaker 1: making out like bandits. And again there's something slippery and 435 00:25:24,200 --> 00:25:27,960 Speaker 1: eel like and clammy about the fact that you're having 436 00:25:27,960 --> 00:25:30,600 Speaker 1: to deal with these people who you never even borrowed 437 00:25:30,640 --> 00:25:33,200 Speaker 1: the money from. You don't know, these people from Adam, 438 00:25:33,560 --> 00:25:37,679 Speaker 1: if you'll forgive the biblical thing, right um, and and 439 00:25:37,720 --> 00:25:41,080 Speaker 1: now like you're you're they're inspiring the sense of like 440 00:25:41,240 --> 00:25:45,240 Speaker 1: gratitude and you for just you know, charging you fort 441 00:25:45,720 --> 00:25:47,280 Speaker 1: of that debt that they had nothing to do with 442 00:25:47,320 --> 00:25:50,920 Speaker 1: originally they just bought on some secondary market. Yeah. And 443 00:25:50,960 --> 00:25:52,959 Speaker 1: I mean, the whole thing is slippery to me because 444 00:25:54,080 --> 00:25:59,120 Speaker 1: on one hand, like targeting poor people who maybe lost 445 00:25:59,119 --> 00:26:02,720 Speaker 1: their job due to circumstances beyond their control, it's not 446 00:26:02,760 --> 00:26:06,080 Speaker 1: going to help any It's not gonna help anyone to 447 00:26:06,160 --> 00:26:08,119 Speaker 1: keep them poor. It's not gonna help the nation or 448 00:26:08,160 --> 00:26:11,440 Speaker 1: the economy. But then there are also people who were 449 00:26:11,560 --> 00:26:15,120 Speaker 1: very irresponsible with their money and bought too much stuff 450 00:26:15,600 --> 00:26:17,560 Speaker 1: and said, you know what, I don't want to pay 451 00:26:17,560 --> 00:26:21,480 Speaker 1: for this. You'll file for bankruptcy or I'll just I'll 452 00:26:21,480 --> 00:26:23,520 Speaker 1: just I don't care about my credit rating any longer. 453 00:26:23,880 --> 00:26:27,320 Speaker 1: I'll just go ahead and not pay it. Sure. The 454 00:26:27,359 --> 00:26:31,760 Speaker 1: thing is, though, is for years and years now, the 455 00:26:32,080 --> 00:26:35,199 Speaker 1: second group of people that you you pointed out have 456 00:26:35,359 --> 00:26:40,760 Speaker 1: been used to excuse mistreatment of that first group. Correct, 457 00:26:40,880 --> 00:26:43,240 Speaker 1: you know what I'm saying, Like there's no real separation. 458 00:26:43,400 --> 00:26:46,359 Speaker 1: It's like, oh, they're both debtors, so they you know, 459 00:26:46,520 --> 00:26:49,679 Speaker 1: unfortunately they all deserve it. Yeah, and here's the deal 460 00:26:49,760 --> 00:26:52,280 Speaker 1: with the Rolling Jubilee. They will uh, like we said, 461 00:26:52,320 --> 00:26:55,160 Speaker 1: the whole idea is they will try and purchase these 462 00:26:55,160 --> 00:26:58,960 Speaker 1: debt packages just like these firms do. Um I think 463 00:26:58,960 --> 00:27:01,760 Speaker 1: they give an example of on the firms, like there's 464 00:27:01,800 --> 00:27:05,440 Speaker 1: one called Encore Capital Group and here's just one example. 465 00:27:05,960 --> 00:27:08,880 Speaker 1: Um I think inelve they spent forty seven million dollars 466 00:27:09,200 --> 00:27:11,440 Speaker 1: to buy one point one billion dollars worth of debt 467 00:27:12,440 --> 00:27:15,359 Speaker 1: uh to make a lot of money on and they 468 00:27:15,680 --> 00:27:17,320 Speaker 1: you know, their aim and what they did in that 469 00:27:17,359 --> 00:27:21,040 Speaker 1: case was recovered about three times what they invested through 470 00:27:21,280 --> 00:27:24,359 Speaker 1: these settlements with the debtors. So let's say they made 471 00:27:24,480 --> 00:27:26,520 Speaker 1: you know, three point two or you know, three and 472 00:27:26,520 --> 00:27:29,760 Speaker 1: half billion bucks off that forty seven million dollar investment. 473 00:27:29,840 --> 00:27:31,639 Speaker 1: Oh no, they would have made like a hundred and 474 00:27:31,640 --> 00:27:34,040 Speaker 1: fifty million. They just bought a billion dollars with the 475 00:27:34,119 --> 00:27:38,399 Speaker 1: debt Okay, okay, yeah, but that's still I mean, that's 476 00:27:38,400 --> 00:27:42,240 Speaker 1: substantial for one quarter. Yeah, for basically just saying hey, 477 00:27:42,359 --> 00:27:45,440 Speaker 1: we'll take over the harassing phone calls from here everybody. Yeah, 478 00:27:45,480 --> 00:27:47,399 Speaker 1: and this is you know, they basically like the banks 479 00:27:47,400 --> 00:27:49,440 Speaker 1: have given up on this because they don't have they 480 00:27:49,440 --> 00:27:52,840 Speaker 1: would have to spend way too much money. Two not 481 00:27:52,960 --> 00:27:56,640 Speaker 1: become bankers any longer, and to become bankers slash debt 482 00:27:56,720 --> 00:28:00,639 Speaker 1: collection agencies. So they've just give up on trying to 483 00:28:00,640 --> 00:28:02,960 Speaker 1: collect with these other people like, no, we do this, 484 00:28:02,960 --> 00:28:05,080 Speaker 1: this is what we do, so we'll take it exactly. 485 00:28:05,160 --> 00:28:08,560 Speaker 1: And again they're required banks or lenders are required by 486 00:28:08,640 --> 00:28:12,680 Speaker 1: law to write off delinquent accounts after certain number of days, 487 00:28:12,720 --> 00:28:14,720 Speaker 1: So even if they wanted to keep collecting on it, 488 00:28:14,760 --> 00:28:17,440 Speaker 1: they can't. Yeah, that's right. So with the rolling jubilee 489 00:28:17,480 --> 00:28:19,959 Speaker 1: there and we'll talk about a little bit how they 490 00:28:20,000 --> 00:28:23,119 Speaker 1: do this. But they buy this debt forgive it, like 491 00:28:23,160 --> 00:28:26,440 Speaker 1: we said, But it's not like you can't if you're 492 00:28:26,480 --> 00:28:29,080 Speaker 1: someone who is in trouble, you can't contact the Rolling 493 00:28:29,119 --> 00:28:33,359 Speaker 1: Jubilee and say, please buy my debt because it's all 494 00:28:33,440 --> 00:28:37,560 Speaker 1: lumped together. Um. They do help people and families, but 495 00:28:37,800 --> 00:28:39,400 Speaker 1: a lot of times they don't even know who these 496 00:28:39,400 --> 00:28:42,040 Speaker 1: people are. Sometimes they do, and if they have their 497 00:28:42,040 --> 00:28:45,280 Speaker 1: personal information, they will then contact them and say You're 498 00:28:45,280 --> 00:28:49,200 Speaker 1: debt is forgiven. Um, but because it's a Rolling Jubilee, 499 00:28:49,680 --> 00:28:51,920 Speaker 1: what we would like you to do now is is 500 00:28:51,960 --> 00:28:54,360 Speaker 1: donate a little bit of money back to the cause 501 00:28:54,960 --> 00:28:57,440 Speaker 1: because you're debt is forgiven. And I'm not. I wonder 502 00:28:57,480 --> 00:29:01,880 Speaker 1: what they're numbers are for stuff like that. Extraordinarily low 503 00:29:02,240 --> 00:29:05,640 Speaker 1: for people donating then afterward. Yeah, so so not only 504 00:29:05,880 --> 00:29:09,240 Speaker 1: donating but like getting back in touch. Apparently, UM, I 505 00:29:09,480 --> 00:29:12,680 Speaker 1: read this interview with Thomas Gorky and they asked him 506 00:29:12,680 --> 00:29:14,880 Speaker 1: that very question, like you know, like how what kind 507 00:29:14,920 --> 00:29:17,320 Speaker 1: of response are you getting from people? And and so 508 00:29:17,360 --> 00:29:21,120 Speaker 1: they've got everybody's personal information, Um, they just don't have 509 00:29:21,200 --> 00:29:24,520 Speaker 1: it until they buy the portfolio, right, so they'll send 510 00:29:24,560 --> 00:29:27,680 Speaker 1: everyone in that portfolio a letter saying here's the amount 511 00:29:27,720 --> 00:29:29,600 Speaker 1: of debt that you no longer Oh we bought your 512 00:29:29,640 --> 00:29:33,720 Speaker 1: dead it's it's being abolished. And I think most people 513 00:29:33,760 --> 00:29:36,800 Speaker 1: are like, is this a scam? Are are you like 514 00:29:36,840 --> 00:29:39,160 Speaker 1: trying to get my Social Security numbers? And like that? 515 00:29:39,320 --> 00:29:42,400 Speaker 1: So they're just totally ignoring this letter and they say, no, 516 00:29:42,480 --> 00:29:46,720 Speaker 1: we're the rolling you believe do No, it doesn't because 517 00:29:46,720 --> 00:29:51,600 Speaker 1: they're like like the boy Scouts. But the but regardless 518 00:29:51,600 --> 00:29:54,120 Speaker 1: of whether those people get back in touch what, regardless 519 00:29:54,120 --> 00:29:57,120 Speaker 1: of whether they donate to the cause or not, they're 520 00:29:57,200 --> 00:30:01,120 Speaker 1: dead is still forgiven because the rolling you are strike 521 00:30:01,160 --> 00:30:04,360 Speaker 1: debt makes this point that this is not like they're 522 00:30:04,440 --> 00:30:07,720 Speaker 1: they're not. Their goal isn't to decide, well, who who 523 00:30:07,800 --> 00:30:11,800 Speaker 1: really do who who deserves this? They can't make that 524 00:30:11,880 --> 00:30:14,360 Speaker 1: judgment because when they buy a portfolio, they have no 525 00:30:14,480 --> 00:30:17,400 Speaker 1: idea who the individuals are in there. They just know 526 00:30:17,560 --> 00:30:21,640 Speaker 1: that these people um owe money, and that the likelihood, 527 00:30:21,840 --> 00:30:25,200 Speaker 1: since they're delinquent on their debt, that they either are 528 00:30:25,320 --> 00:30:29,640 Speaker 1: experiencing a time when they're down in their luck or 529 00:30:29,760 --> 00:30:31,520 Speaker 1: are getting out of a time when they're down in 530 00:30:31,560 --> 00:30:34,920 Speaker 1: their luck. That is enough that's that's good enough for 531 00:30:34,920 --> 00:30:38,840 Speaker 1: for Strike Debt to to justify buying their debt and 532 00:30:38,880 --> 00:30:41,800 Speaker 1: abolishing it. Well yeah, and not only that, but rolling 533 00:30:41,880 --> 00:30:44,880 Speaker 1: Jubilee and Strike Debt's goal isn't. They're not saying we're 534 00:30:44,920 --> 00:30:48,080 Speaker 1: gonna solve the consumer debt crisis, or even we're gonna 535 00:30:48,080 --> 00:30:50,160 Speaker 1: solve when we'll talk about student loans more in a minute, 536 00:30:50,160 --> 00:30:53,080 Speaker 1: but we're gonna solve the student loan problem. They're literally 537 00:30:53,120 --> 00:30:57,120 Speaker 1: just saying we're gonna solve a tiny fraction of this. 538 00:30:57,200 --> 00:31:00,160 Speaker 1: But what our real aim is is to raise awareness 539 00:31:00,360 --> 00:31:03,360 Speaker 1: because you just you can protest all you want, but 540 00:31:03,400 --> 00:31:06,480 Speaker 1: you simply can't ignore a real program like this right 541 00:31:06,560 --> 00:31:09,440 Speaker 1: exactly because it gets a lot of pressed too. You know. Sure, 542 00:31:09,800 --> 00:31:11,760 Speaker 1: So let's take one more break, Chuck, and then we'll 543 00:31:11,800 --> 00:31:40,560 Speaker 1: come back with more on this. Okay, we're back, We're back. 544 00:31:41,400 --> 00:31:45,440 Speaker 1: So um. Apparently, Chuck. Initially, they were really worried about 545 00:31:46,080 --> 00:31:47,880 Speaker 1: how they were going to be able to kind of 546 00:31:47,920 --> 00:31:51,080 Speaker 1: come into this industry because it was a pretty tight 547 00:31:51,160 --> 00:31:55,040 Speaker 1: knit industry. Yeah, like when a bank goes to sell debt, 548 00:31:55,160 --> 00:31:59,520 Speaker 1: it's not like they place a want ad and say, well, 549 00:31:59,560 --> 00:32:02,000 Speaker 1: who's out. They're like, they know who's out there. They 550 00:32:02,000 --> 00:32:06,440 Speaker 1: know who these firms are, and they have trusted which 551 00:32:06,480 --> 00:32:08,520 Speaker 1: is kind of a funny way to say it, working 552 00:32:08,560 --> 00:32:12,440 Speaker 1: relationships with these firms. Right, So they were thinking like, well, 553 00:32:12,480 --> 00:32:14,960 Speaker 1: we need to have people on the inside buying debt force. 554 00:32:15,000 --> 00:32:16,640 Speaker 1: It's the only way they're going to ever let us 555 00:32:16,680 --> 00:32:18,360 Speaker 1: do this. We have to we have to sneak around 556 00:32:18,440 --> 00:32:21,640 Speaker 1: and do it. The way this article puts it is, um, 557 00:32:21,680 --> 00:32:25,960 Speaker 1: they had sheep and wolves clothing, yes, buying debt for 558 00:32:26,120 --> 00:32:30,400 Speaker 1: them on behalf of this rolling jubilie. Right. So this again, 559 00:32:30,400 --> 00:32:33,000 Speaker 1: this article is written in two thousand twelve. Apparently that 560 00:32:33,120 --> 00:32:36,400 Speaker 1: did not pan out at all. So as they got 561 00:32:36,400 --> 00:32:40,560 Speaker 1: more into it, they almost became amazed at the willingness 562 00:32:40,600 --> 00:32:46,280 Speaker 1: of this uh secondary debt industry too to sell to 563 00:32:46,360 --> 00:32:48,360 Speaker 1: them knowing that they were going to abolish it or 564 00:32:48,480 --> 00:32:52,240 Speaker 1: not caring to find out whether they were abolishing or 565 00:32:52,280 --> 00:32:56,080 Speaker 1: who they were what they were doing, which means that, yeah, 566 00:32:56,120 --> 00:32:59,240 Speaker 1: this industry is so inscrupulous it doesn't even look out 567 00:32:59,280 --> 00:33:05,720 Speaker 1: for itself. Yeah, you know, so they they um, I 568 00:33:05,760 --> 00:33:08,360 Speaker 1: think as they got further into it too, and this 569 00:33:08,520 --> 00:33:11,200 Speaker 1: may have actually developed since two thousand twelve as well. 570 00:33:11,760 --> 00:33:15,720 Speaker 1: This is Um, this industry is is spread even more. 571 00:33:15,800 --> 00:33:18,320 Speaker 1: I think it's a little less tight knit than it 572 00:33:19,000 --> 00:33:21,880 Speaker 1: once was. There's a lot of brokers that are set 573 00:33:21,960 --> 00:33:23,960 Speaker 1: up where they're the ones that are dealing with the 574 00:33:24,000 --> 00:33:27,400 Speaker 1: banks and then turning around and selling it on behalf 575 00:33:27,600 --> 00:33:29,320 Speaker 1: of the banks and then taking a little cut of 576 00:33:29,360 --> 00:33:33,600 Speaker 1: whatever the portfolio goes for. Right. But then there's also 577 00:33:33,720 --> 00:33:36,200 Speaker 1: like websites that do the same thing. Just like you 578 00:33:36,200 --> 00:33:39,040 Speaker 1: have an online stock broker, there are websites where you 579 00:33:39,200 --> 00:33:42,120 Speaker 1: or I Chuck can put together a thousand dollars and 580 00:33:42,160 --> 00:33:44,720 Speaker 1: go buy a portfolio that was worth like ten to 581 00:33:44,800 --> 00:33:50,400 Speaker 1: thirty thousand dollars um. So if you want to really 582 00:33:50,440 --> 00:33:53,840 Speaker 1: stick it to your fellow man, um, go do that. 583 00:33:53,920 --> 00:33:56,720 Speaker 1: Go start doing that because it's something you can do online. 584 00:33:56,720 --> 00:34:00,720 Speaker 1: Now that is correct, alright, So will the work is 585 00:34:00,760 --> 00:34:04,120 Speaker 1: the big question? Uh. It certainly will work with awareness. 586 00:34:04,160 --> 00:34:08,560 Speaker 1: But as far as we're all numbers go, as of today, um, 587 00:34:08,600 --> 00:34:13,400 Speaker 1: which is what October was it? Fourth fifth fourth October 588 00:34:13,480 --> 00:34:17,480 Speaker 1: four seventeen, they have raised uh seven hundred, one thousand, 589 00:34:17,560 --> 00:34:21,080 Speaker 1: three hundred seventeen dollars, which this is a few hours ago, 590 00:34:21,160 --> 00:34:23,400 Speaker 1: so it's more than that probably by now and they 591 00:34:23,480 --> 00:34:28,480 Speaker 1: have forgiven about thirty two million dollars total to date, which, 592 00:34:28,680 --> 00:34:32,480 Speaker 1: like we said, is a not even a fraction what's 593 00:34:32,520 --> 00:34:38,560 Speaker 1: below a fraction of infantismal amount? An infantismal amount. Did 594 00:34:38,600 --> 00:34:41,239 Speaker 1: I say infantismizable? I think it just made up a word, 595 00:34:41,920 --> 00:34:45,040 Speaker 1: but it kind of works. It's so infantismal it's invisible, 596 00:34:45,160 --> 00:34:48,040 Speaker 1: that's right. Uh, it's such a small amount that it 597 00:34:48,400 --> 00:34:51,040 Speaker 1: makes no dint in the problem really, except to those 598 00:34:51,080 --> 00:34:53,520 Speaker 1: individuals and families who are like, well this really worked 599 00:34:53,520 --> 00:34:56,200 Speaker 1: out for me. But U thirty two million bucks is 600 00:34:56,280 --> 00:35:01,040 Speaker 1: raising awareness, which is a good thing. Yeah, oh yeah, yeah. Again, 601 00:35:01,160 --> 00:35:04,160 Speaker 1: Like there was a huge thing in two thousand twelve 602 00:35:04,239 --> 00:35:06,800 Speaker 1: when they first announced it. It was everywhere, right, everybody 603 00:35:06,880 --> 00:35:09,600 Speaker 1: was talking about it. Uh. They got another bump in 604 00:35:09,760 --> 00:35:12,800 Speaker 1: two thousand fourteen. I can't remember what happened, um, but 605 00:35:12,920 --> 00:35:17,600 Speaker 1: then I think either this year or last year, they 606 00:35:17,760 --> 00:35:20,359 Speaker 1: made the rounds with media again by buying debt from 607 00:35:20,520 --> 00:35:25,200 Speaker 1: UM something called Corinthian Colleges, which is a for profit 608 00:35:25,360 --> 00:35:31,840 Speaker 1: college UM like company corporation. Yeah that and Thomas Gorky 609 00:35:32,000 --> 00:35:34,400 Speaker 1: called them. He said that they were quote the worst 610 00:35:34,440 --> 00:35:38,200 Speaker 1: of the worst, and they have just tons of lawsuits 611 00:35:38,239 --> 00:35:45,040 Speaker 1: against them, um for UM just all manner of activities. Uh. 612 00:35:45,200 --> 00:35:49,200 Speaker 1: And the Rolling JUBILEEUE got something like like three and 613 00:35:49,239 --> 00:35:51,719 Speaker 1: a half million dollars worth of debt from them, and 614 00:35:51,760 --> 00:35:54,880 Speaker 1: this would be student loan debt, yes, um. And the 615 00:35:55,000 --> 00:35:57,080 Speaker 1: reason that they were able to do student loan days 616 00:35:57,120 --> 00:35:59,640 Speaker 1: because these this is a for profit college. So this 617 00:35:59,719 --> 00:36:03,440 Speaker 1: would have been federal student debt, yeah, like of student 618 00:36:03,520 --> 00:36:07,360 Speaker 1: loans or from the federal government. And they, uh, the 619 00:36:07,400 --> 00:36:11,880 Speaker 1: federal government does not sell their debt. No, so if 620 00:36:11,960 --> 00:36:15,360 Speaker 1: you have a student loan, you're through the federal government, 621 00:36:15,440 --> 00:36:17,560 Speaker 1: like the Rolling Jubilee is never going to be able 622 00:36:17,600 --> 00:36:20,640 Speaker 1: to help you, at least not directly like that. But 623 00:36:20,760 --> 00:36:24,120 Speaker 1: that also raises one of the like long standing criticisms 624 00:36:24,160 --> 00:36:28,080 Speaker 1: against this idea. If you are against the entire like 625 00:36:28,239 --> 00:36:34,960 Speaker 1: predatory lending idea of UM, the banking industry and the 626 00:36:35,080 --> 00:36:38,000 Speaker 1: secondary market, that the whole thing, this whole ikey mess, Right, 627 00:36:38,840 --> 00:36:42,840 Speaker 1: you're gonna criticize UM. Strike debt for contributing to it. 628 00:36:42,920 --> 00:36:46,359 Speaker 1: They're they're throwing money into it, even though they're even 629 00:36:46,400 --> 00:36:50,200 Speaker 1: though they're like abolishing debt, they're still giving money for it. Right, 630 00:36:51,000 --> 00:36:53,440 Speaker 1: And so strike this whole thing is like, hey man, 631 00:36:53,960 --> 00:36:58,400 Speaker 1: the level that we're operating on is so small that 632 00:36:58,600 --> 00:37:02,319 Speaker 1: we couldn't possibly affect the market. Yeah, like in their 633 00:37:02,480 --> 00:37:05,880 Speaker 1: in their wildest dreams, they could uh affect the markets 634 00:37:05,880 --> 00:37:08,480 Speaker 1: such where they could drive up the price and really 635 00:37:08,560 --> 00:37:11,520 Speaker 1: compete as a as a as a top dog in 636 00:37:11,560 --> 00:37:14,759 Speaker 1: the industry and maybe even drive some of those other 637 00:37:14,840 --> 00:37:18,040 Speaker 1: firms out of business, and like that will never ever happen. No, 638 00:37:18,320 --> 00:37:20,640 Speaker 1: And they also point out that like banks have to 639 00:37:20,719 --> 00:37:22,880 Speaker 1: sell this stuff anyway, or they have to get rid 640 00:37:22,920 --> 00:37:25,799 Speaker 1: of it anyway. UM, by law, they have to write 641 00:37:25,840 --> 00:37:27,800 Speaker 1: it off. So this this debt was going to be 642 00:37:28,680 --> 00:37:31,840 Speaker 1: it was going to be sold one way or another. 643 00:37:32,320 --> 00:37:35,040 Speaker 1: And they also try to buy debt at that really 644 00:37:35,200 --> 00:37:40,239 Speaker 1: lucrative stage, lucrative for the debt collectors, where you you 645 00:37:40,440 --> 00:37:44,879 Speaker 1: have been more than ninety days delinquent for about a year, 646 00:37:45,400 --> 00:37:47,600 Speaker 1: so you probably went through that rough patch like you 647 00:37:47,680 --> 00:37:51,440 Speaker 1: were talking about, Chuck, But now you the likelihood that 648 00:37:51,600 --> 00:37:53,600 Speaker 1: maybe you've got a job again and you're starting to 649 00:37:53,719 --> 00:37:56,960 Speaker 1: like get your debt under control and are therefore amenable 650 00:37:57,080 --> 00:38:02,440 Speaker 1: to UM an offer of just paying off UM. That's 651 00:38:02,520 --> 00:38:04,759 Speaker 1: the kind of debt they're trying to buy because that's 652 00:38:04,840 --> 00:38:07,000 Speaker 1: the Those are the people who are most vulnerable to 653 00:38:07,600 --> 00:38:10,839 Speaker 1: this kind of um this industry, right, So they're saying, 654 00:38:11,200 --> 00:38:13,960 Speaker 1: all this is gonna happen anyway, and we're not affecting 655 00:38:14,080 --> 00:38:17,279 Speaker 1: the the the debt that people are are paying, and 656 00:38:17,360 --> 00:38:19,799 Speaker 1: we're not really helping the banking industry anymore than they 657 00:38:19,800 --> 00:38:22,759 Speaker 1: would have been helped anyway. The thing that sticks to 658 00:38:22,880 --> 00:38:25,360 Speaker 1: me though, is and I couldn't find this. Did you 659 00:38:25,440 --> 00:38:30,400 Speaker 1: see if they bought that debt from Corinthian Colleges directly? Oh? 660 00:38:30,480 --> 00:38:33,640 Speaker 1: I don't know, because if so, then they were they 661 00:38:33,719 --> 00:38:37,439 Speaker 1: were paying money to Corinthian Colleges UM. And I could 662 00:38:37,440 --> 00:38:41,400 Speaker 1: see that that criticism just being there because Corinthian College 663 00:38:42,200 --> 00:38:46,440 Speaker 1: UM or any for profit university UH isn't required to 664 00:38:46,520 --> 00:38:50,080 Speaker 1: write off bad debts, so they wouldn't be forced to 665 00:38:50,160 --> 00:38:53,239 Speaker 1: do that if they bought from them. They also work 666 00:38:53,320 --> 00:38:56,839 Speaker 1: with a lender. That's just a guess. I don't know. Yeah, 667 00:38:56,840 --> 00:38:58,680 Speaker 1: I don't want to speak to that. Well. I saw that. 668 00:38:59,040 --> 00:39:03,360 Speaker 1: I saw this one that basically was teaching individual investors 669 00:39:03,400 --> 00:39:05,520 Speaker 1: how to go get into this, and one of the 670 00:39:05,600 --> 00:39:08,360 Speaker 1: things they suggested was go hang out at small claims 671 00:39:08,440 --> 00:39:11,279 Speaker 1: court and when you when a company comes in and 672 00:39:11,360 --> 00:39:14,600 Speaker 1: they're taking some debt or to court to collect um 673 00:39:14,760 --> 00:39:17,399 Speaker 1: on a debt. Just go up to them after court 674 00:39:17,440 --> 00:39:19,839 Speaker 1: and be like, hey, let me handle this. Just sell 675 00:39:19,920 --> 00:39:22,239 Speaker 1: me all your debts, bundle them together, and I'll buy 676 00:39:22,320 --> 00:39:26,640 Speaker 1: it from you. So people do go directly to companies 677 00:39:26,800 --> 00:39:30,680 Speaker 1: that have have like bad debts on their books. Um, 678 00:39:30,960 --> 00:39:33,200 Speaker 1: so it's possible they did go to Corinthian College. I 679 00:39:33,320 --> 00:39:36,280 Speaker 1: didn't see that one one way or the other. Very interesting. 680 00:39:36,800 --> 00:39:38,839 Speaker 1: And then there was one other thing that was kind 681 00:39:38,840 --> 00:39:42,200 Speaker 1: of an early concern that apparently didn't pan out, and 682 00:39:42,320 --> 00:39:45,880 Speaker 1: that was that whether or not the government could consider 683 00:39:46,480 --> 00:39:51,600 Speaker 1: this debt abolishment as income for the person who owed 684 00:39:51,680 --> 00:39:56,920 Speaker 1: the debt and would therefore oh taxes on it. And 685 00:39:57,080 --> 00:40:01,280 Speaker 1: so apparently occupied Walster your strike debt with some lawyers, 686 00:40:01,640 --> 00:40:05,960 Speaker 1: and um, the lawyers said it is our professional opinion 687 00:40:06,080 --> 00:40:09,160 Speaker 1: that this would not qualify as income, and so they 688 00:40:09,360 --> 00:40:11,960 Speaker 1: these people should not owe any tax burden. And so far, 689 00:40:12,280 --> 00:40:14,600 Speaker 1: no one's, no one's had, no one's gotten a tax 690 00:40:14,680 --> 00:40:18,680 Speaker 1: bill for their tax being abolished by strike debt. It's 691 00:40:18,680 --> 00:40:24,320 Speaker 1: so convoluted, it's a little complied. Do you got anything else? No, 692 00:40:24,480 --> 00:40:27,960 Speaker 1: I think that's it. Man, Uh, let's see. If you 693 00:40:28,040 --> 00:40:31,040 Speaker 1: want to know more about the Rolling Jubilee, good, check 694 00:40:31,080 --> 00:40:33,239 Speaker 1: out this article on how stuff works. It's a good one. 695 00:40:33,400 --> 00:40:37,759 Speaker 1: Grab your ban Joe yep and um, since uh, keep 696 00:40:37,800 --> 00:40:40,239 Speaker 1: an ear out eventually for like just a larger debt 697 00:40:41,160 --> 00:40:44,719 Speaker 1: episode because it is interesting and weird. Um and since 698 00:40:44,760 --> 00:40:53,680 Speaker 1: I said weird, it's time for chuck administrative details beautiful. 699 00:40:53,960 --> 00:40:56,040 Speaker 1: This is part two where we thank people for their 700 00:40:56,080 --> 00:40:59,080 Speaker 1: lovely gifts and the kindnesses that they bestow upon us. 701 00:40:59,320 --> 00:41:01,640 Speaker 1: All right, I'm going start with Emily Winfield. She sent 702 00:41:02,320 --> 00:41:06,080 Speaker 1: a well, she sent me a reformed Bedwetters Society patch. 703 00:41:06,960 --> 00:41:10,000 Speaker 1: I'm on record as a late bed wetter and I've 704 00:41:10,000 --> 00:41:14,120 Speaker 1: always championed people not being ashamed of that. So apparently 705 00:41:14,160 --> 00:41:16,239 Speaker 1: Emily was and they she made a patch. It's really cool. 706 00:41:16,560 --> 00:41:20,200 Speaker 1: That's amazing. I gotta see that. Why I didn't see it? Uh, 707 00:41:20,360 --> 00:41:24,200 Speaker 1: let's see. Jackson Harder send us a Jigsaw puzzle postcard. 708 00:41:24,239 --> 00:41:28,680 Speaker 1: I appreciate that, Thanks Jackson. David Velasquez and Samantha Penna 709 00:41:29,440 --> 00:41:36,280 Speaker 1: sent another wedding invite. Oh yeah, muzzle top. Nick Sokol 710 00:41:36,560 --> 00:41:38,880 Speaker 1: sent us a bunch of great stuff from Korea. Thank you, 711 00:41:39,080 --> 00:41:42,480 Speaker 1: very much for that. Jonathan Beale sent us handmade copper 712 00:41:42,560 --> 00:41:46,440 Speaker 1: flasks from his company. Uh. Sara Toto dot com s 713 00:41:46,480 --> 00:41:49,279 Speaker 1: E R t O d O stuff. You should drink 714 00:41:49,600 --> 00:41:54,440 Speaker 1: copper flasks. They are to be beautiful. Terry M has 715 00:41:54,480 --> 00:41:57,319 Speaker 1: a daughter named Chuck, who wrote us a very kind 716 00:41:57,440 --> 00:42:00,239 Speaker 1: thank you note about the HIV episode in we want 717 00:42:00,280 --> 00:42:03,480 Speaker 1: to say, Terry, we hope your friend's partner is doing well. Absolutely. 718 00:42:04,040 --> 00:42:07,320 Speaker 1: Chris Wecht of Carlton Brewery in New Jersey, well, he 719 00:42:07,400 --> 00:42:11,799 Speaker 1: sent us beer. Thank you. Ryan and Chloe sent us 720 00:42:11,840 --> 00:42:17,640 Speaker 1: a Montreal postcard. Thank you. Caroline Cross, she was very 721 00:42:17,719 --> 00:42:21,040 Speaker 1: moved by the M the MS episode because her mom 722 00:42:21,160 --> 00:42:25,280 Speaker 1: had MS, so she sent some sponge candy from Buffalo, 723 00:42:25,360 --> 00:42:28,959 Speaker 1: New York to make me feel better about my friend Billy. Nice. 724 00:42:29,080 --> 00:42:32,399 Speaker 1: That was very sweet, it was Uh. Connor g sent 725 00:42:32,520 --> 00:42:35,439 Speaker 1: us some candy, sent us some smarties and a nice letter. 726 00:42:35,560 --> 00:42:41,160 Speaker 1: Thanks Connor Te. Sarah van dong or Bean Dange d 727 00:42:41,280 --> 00:42:43,600 Speaker 1: O n g E send us her book I Love 728 00:42:43,840 --> 00:42:47,960 Speaker 1: Love Walla Walla. It's her book about loving Walla Walla, Washington. 729 00:42:49,160 --> 00:42:52,960 Speaker 1: Alexander Peppe, thanks for the thank you note, uh, and 730 00:42:53,440 --> 00:42:56,360 Speaker 1: you're welcome for helping you kick your diet coke habit. 731 00:42:56,880 --> 00:43:00,719 Speaker 1: That's right. Julia Decaman sent us uh, well, sent some 732 00:43:00,840 --> 00:43:04,719 Speaker 1: hand painted pictures for me. It was pictures of my 733 00:43:04,840 --> 00:43:08,120 Speaker 1: dear departed dogs, Buckley and Lauran. Uh. For you, she 734 00:43:08,239 --> 00:43:11,719 Speaker 1: sent you one Charleston Hospitality, which was a painting of 735 00:43:11,760 --> 00:43:15,719 Speaker 1: the Belmont and Queen Street grocery. And for Jerry sent 736 00:43:15,840 --> 00:43:18,799 Speaker 1: her one of a pink Peoni and uh, you can 737 00:43:18,840 --> 00:43:23,680 Speaker 1: go to buy b y j Deckman dot com uh 738 00:43:23,880 --> 00:43:25,719 Speaker 1: to check out her work. And since then we have 739 00:43:25,840 --> 00:43:29,960 Speaker 1: paid her. She's so sad. Paid her for portraits of 740 00:43:30,080 --> 00:43:33,320 Speaker 1: Lauren and we're about to commission another one for the Wizard. 741 00:43:33,920 --> 00:43:36,880 Speaker 1: So the core for will be represented by Julie Duckman's 742 00:43:36,960 --> 00:43:41,120 Speaker 1: art in our household Caroline. And I'm not even gonna 743 00:43:41,120 --> 00:43:43,320 Speaker 1: attempt your last name, Caroline. I'm just gonna spell it 744 00:43:43,960 --> 00:43:48,640 Speaker 1: s w I s z c Z. That's swizzle stick. 745 00:43:49,239 --> 00:43:51,879 Speaker 1: Put that together with a dot com and it will 746 00:43:51,920 --> 00:43:54,920 Speaker 1: take you to her site which has They're awesome zene 747 00:43:55,480 --> 00:44:01,359 Speaker 1: featuring us called the dread appropriately enough, Jordan Pearson from 748 00:44:01,480 --> 00:44:05,520 Speaker 1: Canada sen as some Canadian chips lace ketchup an old 749 00:44:05,640 --> 00:44:09,760 Speaker 1: Dutch ketchup chips sALS gluten is what it says because 750 00:44:09,800 --> 00:44:12,920 Speaker 1: it's French Canada. Uh. And also Jordan had the nicest 751 00:44:12,920 --> 00:44:15,839 Speaker 1: handwriting I think I've ever seen. Yeah, oh yeah, thanks 752 00:44:15,880 --> 00:44:19,080 Speaker 1: a lot for that. Nice handwriting these days is that'll 753 00:44:19,120 --> 00:44:22,880 Speaker 1: take you far in the past, um, let's see. And 754 00:44:22,960 --> 00:44:25,839 Speaker 1: then Katherine from Vello Drome sent us some CDs. Thanks 755 00:44:25,880 --> 00:44:28,320 Speaker 1: a lot for that. Captain Matthew Grubs and us his 756 00:44:28,400 --> 00:44:31,800 Speaker 1: first children's book called Tommy P. Tinker and the super 757 00:44:31,840 --> 00:44:36,279 Speaker 1: Duper Rare Bottle cap nice. And then we want to 758 00:44:36,360 --> 00:44:40,560 Speaker 1: thank Max from chirps Chips who sent us some chirps chips. 759 00:44:40,640 --> 00:44:46,160 Speaker 1: Remember in our our crickets episode Crickets um well eating 760 00:44:46,200 --> 00:44:50,320 Speaker 1: crickets basically, um, we mentioned chirps and they heard it 761 00:44:50,440 --> 00:44:52,480 Speaker 1: and they said, here, guys, try this. Did you try 762 00:44:52,520 --> 00:44:54,120 Speaker 1: hi yet? I have yet to try it. I think 763 00:44:54,160 --> 00:44:56,719 Speaker 1: we should try it like on Facebook Live or something 764 00:44:56,960 --> 00:44:59,839 Speaker 1: like that. That's a good idea, you know. Uh ja 765 00:45:00,400 --> 00:45:03,759 Speaker 1: more And that is with one oh send us his 766 00:45:03,840 --> 00:45:07,759 Speaker 1: hot sauce. Spank you very much is the name of 767 00:45:07,800 --> 00:45:10,239 Speaker 1: the hot sauce. I'm not just being cheeky, n And 768 00:45:10,320 --> 00:45:12,760 Speaker 1: then that's that's all I've got written down. You got anymore? 769 00:45:12,880 --> 00:45:14,839 Speaker 1: I just got one more Matthew for Minnesota, Sin. It's 770 00:45:14,840 --> 00:45:19,480 Speaker 1: his joke book, Uh, the River of Wahaha. Great. I 771 00:45:19,560 --> 00:45:22,680 Speaker 1: love a good joke book. Great. Well, thanks everybody for 772 00:45:22,800 --> 00:45:25,440 Speaker 1: sending us stuff, and if you want to send us stuff, 773 00:45:25,480 --> 00:45:28,279 Speaker 1: we always are grateful for it. Um You can get 774 00:45:28,320 --> 00:45:31,160 Speaker 1: in touch with us via Twitter. I'm at josh um 775 00:45:31,280 --> 00:45:34,640 Speaker 1: Clark and the official handle is s y s K podcast. 776 00:45:35,200 --> 00:45:37,879 Speaker 1: You can join us on Facebook dot com slash stuff 777 00:45:37,920 --> 00:45:40,719 Speaker 1: you Should Know or slash Charles W. Chuck Bryant. You 778 00:45:40,760 --> 00:45:43,120 Speaker 1: can send us all an email to Stuff Podcast at 779 00:45:43,160 --> 00:45:45,719 Speaker 1: how stuff Works dot com and has always joined us 780 00:45:45,719 --> 00:45:47,960 Speaker 1: at our home on the web, Stuff you should Know 781 00:45:48,120 --> 00:45:55,279 Speaker 1: dot com for more on this and thousands of other 782 00:45:55,400 --> 00:45:57,399 Speaker 1: topics because it how stuff Works dot com