EXACTLY!
This is not about bailing out Puerto Rico or the people of Puerto Rico, any more than the earlier “bailout” of Mexico was bailing out those people, or the bailout of Greece was bailing out the Greeks...
This is, once again, the buildup to a bailout of the big BANKS and other foolish lenders who ignored the obvious growing risks but who wanted to earn higher interest rates on those bonds!
HELLO, WAKE UP PEOPLE!
Puerto Rico has already acknowledged that they can’t and won’t pay... the only question now is who will bear that loss on the debt? Those who foolishly lent to an over extended borrower, or the sucker tax payers whose representatives want Bank lobbyist $$$$? No surprise on who will win (the big banks) and who will lose (the taxpayer Muppets).
Precisely correct.
The people and government of PR will still be able to spend commensurate with their tax revenues.
They just won't be able to borrow.
So, now the question is: Who will be left holding the bag? The retirement funds/banks/bond funds etc. who KNEW PR could not pay...or the US Taxpayer.
Some of those bonds were at 11%. Not bad for a AAA rated bond.
Yeah, and some money needs to be expended looking for the kickback scheme that got those bonds rated above junk.
BINGO...
We have our winner!!
And once again The Pyramid pushes it’s mistakes and losses downstream for us to pay for...
The Financial side of their organization is really struggling under the massive load of bad and noncollectable debts floating around, it got out of control and some banks are gonna go bye bye very soon...
Turmoil at all levels, there is Divine Intervention at play ....
God Be Praised!
Let God Arise, and Let His Enemies be Scattered...
Amen
They are mostly drunk, drug addled or gambling addicts.
The 30 % work hard and are lovely people.
The former remind me of zero, the latter remind me of Americans.
Yep. And if you are a mere U.S. Citizen, try getting a loan from those same banks because they know you won't be bailed out.
We actually have a Michigan based bank doing big business in the Pittsburgh region because the big banks here won't refinance local borrowers but they will buy stuff like Puerto Rican bonds. I guess from the Michigan bank's point of view, Pittsburgh looks very attractive compared to Detroit.