Posted on 07/01/2016 8:34:12 AM PDT by Nachum
Today President Obama signed the PROMESA (Puerto Rico Bailout) bill created by representative Paul Ryan, and with it the immediate suspension of the Fifth Amendment which was supported by a Senate vote yesterday.
The Fifth Amendment protects U.S. Citizens from federal seizure of property without compensation.
It applies in this instance to Puerto Rico via the general obligation bonds (property) purchased by municipal bond holders (investing citizens), which were supposed to be repaid, and which congress has now determined can be frozen.
In addition, PROMESA suspends legal redress, by blocking bond holders (property owners) from suing the debtor (PR) to recover their property. In essence the Fifth Amendment is suspended, and the rights of those whose property has been confiscated to use the courts has been preemptively denied.
(Excerpt) Read more at theconservativetreehouse.com ...
ping
Bond holders stiffed again by Obama and Congress. Has such a familiar ring to it.
Didn’t something similar happen when 0bama “saved” GM? “Preferred” bondholders lost their investment?
Can’t even say what I would really like to about Paul Ryan, as it would probably get me banned or possibly even arrested.
That’s what I recall.
Ryan is one of THEM. A Democrat enabler.
So state and city bond holders now have more risk of loss and will demand higher interest rates. The rating agencies should immediately down grade all non-federal bonds.
Pretty much the same thing happened in OK and KS(?) where cops can take your stuff just because they think you may have committed a crime.
after all this, i’d bet there’s something in PR that the PTB are looking to possess.
could be oil rights off the coast.
The Uni-Party strikes again.
What will it take for Americans to finally say, “ENOUGH!”
How about: "I wish Paul Ryan were dead". It's not illegal to wish.
A) Bondholders demanded a premium on interest due to the risk of default.
B) PR defaulted; by implicit contract (the higher rate demanded) which priced in the risk inherit in the bonds, the bondholders are entitled to exactly nothing.
Since bondholders are getting US taxpayer money (a party which had nothing to do with the contract between bondholders and the territory of Puerto Rico), I am far more enraged over the complicit embezzlement of public funds to give to private parties.
That the embezzlement comes with a effective ‘take it or leave it’ style clause that says you can't sue over it - well, tough cookies. My suggestion is take your stolen money and run, as I'd far prefer that they get tar and feathers for their theft.
They got away with it in the auto “bailout” so why not Reince, lather, and repeat? The GOPe had no objections at the time.
I'm with ya but who needs to be scolded are his dumb-arse constituents who vote the a-hole back in.
A lot of us cant, an it’s not just About Ryan. They are doing as much damage as they can before Trump takes office.
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