[C19fan]

PR has a per-capita debt of over $23,000. That is almost the per-capita GDP of $28 K. There is no way PR can repay. When investing with sovereign the rules change all the time, just ask investors who bought bonds form various Latin American countries and Greece.

[blueyon]

Call Congress and say NO!!!!!!!!!!!!!!!!

[Extremely Extreme Extremist]

Here's what I would do if I was PR:

- Declare independence from the U.S.
- Partner with DR on creating a currency
- Implement a low, flat tax

[VanShuyten]

Just a practice run for California and Illinois.

[tennmountainman]

Another bail out?

Hell no.

Why should American tax payers pick up the tab?

Banks loaned PR knowing full well PR could not pay.

That is the banks problem, not America’s problem.

[immadashell]

The socialists in Puerto Rico ran out of other people’s money like they always do.

[blueunicorn6]

The government of Puerto Rico was running a Ponzi Scheme for years.

Throw all their politicians into prison, then we can talk about money.

[4yearlurker]

The mouse is roaring and the Eagle is sh!tting!

[PGalt]

From the article…

“The root cause of Puerto Rico’s debt crisis is an economy overburdened with regulation and an expansive public sector. In addition to high levels of government employment, the island also boast a rich welfare system. Welfare benefits in Puerto Rico actually exceed the median family income on the island.”

The root clause of Puerto Rico’s debt crisis is socialism, aka “legal plunder”

Legal Plunder Has Many Names

Now, legal plunder can be committed in an infinite number of ways. Thus we have an infinite number of plans for organizing it: tariffs, protection, benefits, subsidies, encouragements, progressive taxation, public schools, guaranteed jobs, guaranteed profits, minimum wages, a right to relief, a right to the tools of labor, free credit, and so on, and so on. All these plans as a whole — with their common aim of legal plunder — constitute socialism.

Above all, if you wish to be strong, begin by rooting out every particle of socialism that may have crept into your legislation. This will be no light task.

http://bastiat.org/en/the_law.html

Men combined to subvert our civil government, to plunder and murder us, can have no right to protection in their persons or properties among us; they have by their attempts upon our liberty, put themselves in a state of war with us, as Mr. Locke observes, and being the agressors, if they perish, the fault is their own.

To All Nations of Men - Boston 1773 Daniel Leonard 1740-1820

http://oll.libertyfund.org/titles/hyneman-american-political-writing-during-the-founding-era-1760-1805-vol-1

[bgill]

Yep, I called it.

[JustTheTruth]

It isn’t really bailing out PR, it is bailing out the idiots who over-lent to an uncreditworthy borrower. The lenders should eat the losses; nobody else....
The never ending stream of lies and BS...

[doldrumsforgop]

Ryan is insane.

We have no money to hand out for bailouts.

All we have is IOUs that will be on the back of our kids and grandkids.

He is a total waste as a Speaker.