The debt-buying industry
7/6/16 11:44![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
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talkpoliticsJohn Oliver made a splash the other night, when he brought up the problem with the debt-buying industry, namely that it allows hospitals to sue thousands of patients for having the impudence to be both sick and poor. He shined the light on the illegal tactics that debt collectors often use to get paid for debts they often cannot prove anyone owes.
So the goofy Briton decided to stir things up a bit by demonstrating how ridiculously easy it is to set up a debt buying company (he called it CARP, and for a good reason), after which he bought the debt of 9000+ people, plus all their contacts, thus obtaining the legal right to harass them into paying their last dimes to him. But instead of doing what that sleazy industry so much enjoys doing (watch the segment and you will see for yourself), he decided to forgive all that debt - on public, on his show. And that practically became the largest giveaway in the history of television:
John Oliver Curses Out Oprah, Gives Away $15M
Now imagine for a moment if a good number of American billionaires do something similar. John (well, HBO anyway) bought $15 million in debt for $60,000. If even a handful of multi-billionaires buy huge quantities of debt for pennies on the dollar and then just forgive them like John just did, wouldn't that be the best example of the gods of the free market actually doing what's right once, for a change? It would practically cost them nothing to do that, and they could help thousands upon thousands of people. But does that happen? Not likely - although I am always prepared to leave the door ajar for a massive surprise. I for sure have not heard any such thing. Now imagine if Donald Trump did something like this on a regular basis instead of filing lawsuits for any sort of nonsense, maybe people would like him a lot more?
So the goofy Briton decided to stir things up a bit by demonstrating how ridiculously easy it is to set up a debt buying company (he called it CARP, and for a good reason), after which he bought the debt of 9000+ people, plus all their contacts, thus obtaining the legal right to harass them into paying their last dimes to him. But instead of doing what that sleazy industry so much enjoys doing (watch the segment and you will see for yourself), he decided to forgive all that debt - on public, on his show. And that practically became the largest giveaway in the history of television:
John Oliver Curses Out Oprah, Gives Away $15M
Now imagine for a moment if a good number of American billionaires do something similar. John (well, HBO anyway) bought $15 million in debt for $60,000. If even a handful of multi-billionaires buy huge quantities of debt for pennies on the dollar and then just forgive them like John just did, wouldn't that be the best example of the gods of the free market actually doing what's right once, for a change? It would practically cost them nothing to do that, and they could help thousands upon thousands of people. But does that happen? Not likely - although I am always prepared to leave the door ajar for a massive surprise. I for sure have not heard any such thing. Now imagine if Donald Trump did something like this on a regular basis instead of filing lawsuits for any sort of nonsense, maybe people would like him a lot more?
