Posted on 05/01/2017 6:16:28 AM PDT by C19fan
Puerto Rico is set to file the largest public sector bankruptcy in history after vulture capitalist hedge funds that bought big pieces of the island’s $73 billion in defaulted debt for pennies-on the-dollar refused to take $24 billion haircut.
(Excerpt) Read more at breitbart.com ...
Chicago & Los Angeles are next!
They’ve earned their independence.
Socialism works everytime....
What is with puerto ricans being so irresponsible?
Guess who gets to pay for this?
You and me.
A huge percentage of the population is on point welfare. Every business that set up on the island is drained of blood to feed the takers
Do not bail them out. Do not! California will be next
The heck should we the taxpayers pay for a welfare country started by the Liberals. From the Article:
One key reason Puerto Rico’s economy has imploded was that the Popular Democratic Party-controlled legislature made Spanish the official language in 1991 for all schools and government use. Partly as a result, 86 percent of the island does not speak English in the home and almost a third of the residents are on welfare. Poor language skills have prevented the reaction of call centers and other U.S. service businesses to Puerto Rico.
Like Hillary says, we can’t bail out every mismanaged undercapitalized entity
And NYS and IL right after....
“Vulture capitalists”? No spin there.
“Guess who gets to pay for this?
You and me.”
You’re jumping the gun. This is the logical next step in the negotiations between the creditors and the Puerto Rican authorities. There’s a LOT of incorrect facts out there . . . the equivalent of fake news . . .
The General Obligation debt has been trading at a discount for years now due to the probability of this hair cut in the face value of the bonds. But a number of other PR bonds, like specific revenue bonds, are holding up at Par just fine.
Don’t be fooled into thinking this is ALL general obligation debt, it isn’t. Not by a long shot.
The government unions need to suffer the most. Cut their pension by 90%.
For years and years they kept giving themselves huge raises and benefits at the expense of the tax paying public.
Now it’s time they paid the price for their theft. Let them starve.
There you go posting facts again. Now let's get back to "The Sky Is Falling" 🤣🤣🤣
If you're interested, go to talkstreamlive.com and click on Agenda21Radio and then click on the Red State Talk Radio link or go to redstatetalkradio.com and click on the upper player (the one that doesn't say "Encore").
Fun fact: RedStateTalkRadio is owned by former "Dilbert" cartoonist Scott Adams who has his own radio show.
“Vulture Capitalists”? They bought the debt for pennies on the dollar and hoped to collect by reselling it or maybe even having the government make good on it.
They might be idiots but they are not, “Vultures”.
You borrow money, promising to pay it back... Then after taking someone elses money, and promising to pay it back, you decide to get a judge to say you can keep it...with no actual penalty..
In my world, I call that theft, dishonesty and downright dirtbag behavior.
Did they ever plan on paying it back? If not, that’s criminal fraud. Jail them...confiscate their property, sell off their assets and make damned sure they can never borrow money again.
I don’t care if some hedge fund ends up owning the whole place and tosses the people into the sea... That’s called paying your debts. It’s what honorable people do.
I have suffered under debt, and I paid off every dime, interest included. That taught me to never get into debt again.
Folks are borrowing for vacations (writ large the entire island of PR) then defaulting....If you can’t afford fillet mignon, you eat beans.....That’s reality.
I have always figured that bonds were a form of secured debt..ie, give me my money or get out of my building...
Then after Obama screwed over the GM bondholders, I realized that nothing is secure, so long as a government is empowered to intervene..
Wasn't aware he quit/retired/died.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.