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Keyword: puertorico

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  • USCG confirms: SS El Faro has sunk. 33 lives may be lost, still searching

    10/05/2015 7:16:02 AM PDT · by cll · 88 replies
    Various ^ | 10/05/15
    <p>USCG confirms SS El faro has sunk. 1 body and one damaged life boat found among large debris field. details forthcoming.</p>
  • A major maritime disaster is underway in the Atlantic and it is subject to a media blackout?

    10/04/2015 6:33:03 AM PDT · by cll · 146 replies
    10/04/2015 | cll
    An 800 ft. cargo vessel sailing from Jacksonville to San Juan in the vicinity of a major hurricane with 33 crew on board loses power, starts listing, sends a distress signal and goes missing now for four days. Drudge has a link to the story just as a side of other hurricane stories. The story goes largely ignored by the mainstream media. Even Free Republic has taken it down from Breaking and Front Page news. That's 33 souls, 28 of which are Americans, possibly lost at sea or struggling to survive. A major U.S. Coast Guard search and rescue effort...

    10/03/2015 5:58:29 PM PDT · by cll · 38 replies
    AP ^ | 10/03/2015 | Ben Fox & Danica Coto
    NASSAU, Bahamas (AP) -- The U.S. Coast Guard has located a life ring from a cargo ship that lost power and communications during Hurricane Joaquin and is now the subject of an intense search in the southeastern Bahamas. Coast Guard Chief Petty Officer Ryan Doss says the life ring was 120 miles northeast of Crooked Island. That's about 70 miles northeast of the last known position of the El Faro before it lost contact with authorities with 33 people on board. Doss says the crew of a C-130 airplane spotted the life ring Saturday and a helicopter crew confirmed it...
  • Jacksonville cargo ship missing in hurricane Coast Guard in Miami searching for ship with 33 crew

    MIAMI - Coast Guard search and rescue crews are searching for a container ship with 33 crew members that sailed out of Jacksonville and was reported to be caught in Hurricane Joaquin, near Crooked Island, Bahamas. The El Faro, a 735-foot ro-ro cargo ship, was en route to San Juan, Puerto Rico, from Jacksonville. About 7:30 a.m. Thursday, watchstanders at the Coast Guard Atlantic Area command center in Portsmouth, Virginia, received an Inmarsat satellite notification stating the El Faro was beset by Hurricane Joaquin, had lost propulsion and had a 15-degree list. The crew reported the ship had previously taken...
  • Jacksonville Cargo Ship Missing in Hurricane

    10/02/2015 9:50:14 AM PDT · by cll · 14 replies
    News4Jax ^ | 10/02/2015 | Kumasi Aaron
    Coast Guard search and rescue crews are searching for a container ship with 33 crew members that sailed out of Jacksonville and was reported to be caught in Hurricane Joaquin, near Crooked Island, Bahamas. The El Faro, a 735-foot ro-ro cargo ship, sailed out of Jacksonville Tuesday en route to San Juan, Puerto Rico. Tim Nolan, president of TOTE Maritime Puerto Rico, said that when the ship sailed, the crew was monitoring what was then Tropical Storm Joaquin. He said TOTE lost all communication with the El Faro as of 7:20 a.m. Thursday. "There are a number of possible reasons...
  • Dem Rep: Challenge Pope on Abortion, Gays, But Not Illegals, Income Redistribution

    09/23/2015 6:34:16 PM PDT · by governsleastgovernsbest · 12 replies
    NewsBusters ^ | Mark Finkelstein
    To quote the Church Lady: isn't that conv-e-e-e-e-nient? On Chris Hayes' MSNBC show tonight, Dem congressman Luis Gutierrez claimed that while he was "challenged" by the Catholic church's teachings on abortion and gay rights and found them "difficult" [but not difficult enough to change his standard liberal positions], no one can really argue the Pope's positions on illegal immigration and income inequality. View the video here.
  • Russia Wants Texas and Puerto Rico to Secede

    09/24/2015 8:08:48 PM PDT · by 2ndDivisionVet · 22 replies
    The Daily Beast ^ | September 24, 2015 | Casey Michel
    A sham conference held in Moscow this week was all about getting Western regions to break away.It’s an open secret that the current Kremlin coterie has an obsession with “sovereignty.” Moscow may push the oddest version of sovereignty in the international arena. Not only was the country the progenitor of the notion of “sovereign democracy”—the ability to entrench autocracy, disguised as democracy, without foreign interference or pushback—but Moscow’s also lobbed recognitions of sovereignty far more frequently than any of its nearest competitors. Are you a Georgian seaside region tired of Tbilisi’s demands? Are you a forested stretch of eastern Moldova,...
  • Once-thriving Puerto Rico mountain town finds itself at economic abyss amid population flight

    09/21/2015 8:04:37 AM PDT · by george76 · 44 replies
    ap ^ | September 18, 2015
    LARES, Puerto Rico – Ismael Rodriguez looked out on a nearly empty plaza from the clothing store he opened in 1960, now hemmed in by padlocked businesses in this mountain town in northwestern Puerto Rico... experiencing the deepest malaise of just about any community on this island in the depths of an economic crisis. "I have seen the destruction of a town," Rodriguez, 67, said as he gestured toward the plaza. "Look at all the shuttered stores." Lares has become emblematic of the economic stagnation that is overwhelming Puerto Rico, and those who live here believe it is a warning...
  • Puerto Rican voters prized by Democrats, Republicans

    09/04/2015 6:06:42 AM PDT · by cll · 11 replies
    AP via The Wichita Eagle ^ | 09/04/2015 | Sergio Bustos
    MIAMI — Residents of Puerto Rico are U.S. citizens but can't vote for president. Yet Republican Marco Rubio and Democrat Hillary Rodham Clinton are campaigning there, following two other 2016 White House hopefuls. Why the journey? Despite its crimped political clout, Puerto Rico is seen as one path to presidential victory. Five million Puerto Ricans live on the U.S. mainland, including nearly 1 million in the key swing state of Florida, and they care about what happens back on the island. Rubio is coming Friday for a fundraiser in San Juan and a rally in Santurce. Clinton plans an event...
  • Puerto Rico Plays Chicken With Its Creditors

    08/26/2015 12:11:48 PM PDT · by Lorianne · 4 replies
    Wall Street Journal ^ | 23 August 2015 | Mary Anastasia O’Grady
    Failure to negotiate in good faith could cost the island the help it seeks from Washington. ___ On Sept. 1 the state-owned Puerto Rico Electric Power Authority (Prepa) faces a deadline for restructuring more than $8 billion in debt. If it can’t come to an agreement with creditors, a previous forbearance agreement will expire and the company will face default. In that event, bondholders could be expected to go to court to begin the process of receivership, as the bond contracts stipulate. This high-stakes negotiation comes when Puerto Rico is asking Congress to give its municipalities and public agencies access...
  • Revelation: Fred DuVal Helped the Clintons Give Clemency to Convicted FALN Terrorists!

    09/15/2014 12:33:07 PM PDT · by connell · 7 replies
    Western Free Press ^ | Sept 15, 2014 | Joe Connor
    Of all the malfeasant scandals the Clintons have committed, from lying under oath, to Whitewater to the Marc Rich pardon, little compares to the politically craven 1999 clemencies to 16 unrepentant terrorists of the Puerto Rican terrorist group FALN (Armed Forces for National Liberation). Fred DuVal was the co-chair of President Clinton’s White House Interagency Group of Puerto Rico, one of the groups that actively promoted clemency for terrorists. frauncestavernbombingFrom 1974 to 1983, the FALN waged a merciless, bloody war against the United States, attacking civilians mainly in Chicago and New York. On January 24, 1975, the FALN’s most deadly...
  • Puerto Rico’s Bankruptcy is a Preview of Things to Come Stateside

    08/19/2015 11:13:44 AM PDT · by Kaslin · 8 replies ^ | August 19, 2015 | Jesse Hathaway
    The U.S. territory of Puerto Rico owes more than $70 billion—about $19,729.43 per resident—in debt to creditors and investors. First to note the territory’s fiscal problems were the credit rating agencies, which downgraded the territory’s bond status to “speculative,” the first of three steps along the junk-bond path to loan default. Over the summer, about a year and a half after insiders warned of the territory’s looming problems, Gov. García Padilla (PPD) announced, “[T]he debt is not payable.” “My administration is doing everything not to default,” Garcia Padilla said in an interview with The New York Times. “But we have...
  • Puerto Rico's 'death spiral' can be traced back to one mistake

    08/07/2015 9:27:38 AM PDT · by SeekAndFind · 6 replies
    Business Insider ^ | 08/07/2015 | Linette Lopez
    Puerto Rico is $72 billion in debt, and it will take a painful process to bring the island's finances back from the brink. It's a massive debt load for such a small territory, and the problem can really be traced to one issue — bad tax policy. After Puerto Rico let one tax break for manufacturers expire almost a decade ago, manufacturers started shutting down operations on the island. That caused a spike in unemployment. On top of that, business-friendly tax policies for some of the companies that remained allowed multinational giants to pay tax rates of little more than...
  • Drought worsens in Puerto Rico; government extends severe water restrictions

    08/06/2015 6:09:33 AM PDT · by cll · 13 replies
    Fox News ^ | 08/05/2015
    SAN JUAN, Puerto Rico – A deepening drought in Puerto Rico has forced the government to extend severe water rationing measures to more communities. A total of nearly 400,000 customers now receive water every third day as the U.S. territory's main reservoirs continue to shrink. Nearly 13 percent of Puerto Rico is under an extreme drought and another 39 percent under a severe one. The National Drought Mitigation Center said a total of 2.5 million people have been affected. The newest rationing measures went into effect Wednesday. The drought has forced some businesses to temporarily close as Puerto Rico struggles...
  • Puerto Rico just defaulted for the first time

    08/03/2015 5:27:56 PM PDT · by Enlightened1 · 23 replies
    CNN ^ | 08/03/15
    Puerto Rico just went into default for the first time in its history. The commonwealth paid a mere $628,000 toward a $58 million debt bill due Monday to creditors of its Public Finance Corporation. This will hurt the island's residents, not Wall Street. The debt is mostly owned by ordinary Puerto Ricans through credit unions. "This was a decision that reflects the serious concerns about the Commonwealth's liquidity in combination with the balance of obligations to our creditors and the equally important obligations to the people of Puerto Rico," Puerto Rico's Government Development Bank president Melba Acosta Febo said in...
  • Puerto Rico defaults on debt repayment in first for a US commonwealth

    08/03/2015 2:47:20 PM PDT · by SeekAndFind · 12 replies
    The Guardian ^ | 08/03/2015
    Puerto Rico missed its first debt repayment on Monday, the first time the troubled US commonwealth has failed to pay its bills. The island paid just $628,000 toward a $58m debt due to creditors of its Public Finance Corporation. While the default was expected, it is likely to worsen the financial situation for the island as it struggles with debts estimated at $72bn.
  • Puerto Rico defaults on $58M debt payment

    08/03/2015 2:41:51 PM PDT · by tcrlaf · 25 replies
    UPI ^ | 8-4-2015 | Danielle Haes
    Puerto Rico paid only $628,000 on a $58 million debt bill due Monday, putting the country into default for the first time. The country's Government Development Bank was supposed to make the full payment on its Public Finance Corporation debt service, but failed to do so. Moody's said it considers the lack of payment a default, CNBC reported. "Due to the lack of appropriated funds for this fiscal year the entirety of the PFC payment was not made today (the first business day after the Saturday deadline)," GDB President Melba Acosta-Febo said in a statement.
  • Opinion: Berrios Family Owes Us $529,000 ( Chicago )

    08/02/2015 9:09:44 AM PDT · by george76 · 11 replies
    5 NBC Chicago ^ | Jul 18, 2013 | Edward McClelland
    Cook County Assessor (and Democratic Central Committee Chairman) Joe Berrios just cost the taxpayers $529,000 – the settlements we’ll be paying to 11 county workers he fired so he could replace them with family members and political cronies. Berrios said he didn’t know the firings were impermissible because “I thought they were all at-will employees.” Considering that political hirings and firings have been illegal for 40 years, Berrios should have known better. Most likely, he doesn’t care. When questioned about his hiring practices, Berrios claims he’s not subject to county ethics rules that prohibit nepotism. Then he asks why his...
  • Puerto Rico: No money available to make $58M bond payment

    07/31/2015 8:03:22 PM PDT · by OddLane · 8 replies
    AP News ^ | July 31, 2015 | Danica Coto
    SAN JUAN, Puerto Rico (AP) — Puerto Rico's government said Friday it would not make a $58 million bond payment due on the weekend and warned that the general fund will run out of liquidity by November if no action is taken. Gubernatorial Chief of Staff Victor Suarez said at a news conference that the island's Public Finance Corporation could not meet the payment due Saturday. "We don't have the money," he said, adding that the government still hopes to reach an agreement with creditors on renegotiating its debts. Gov. Alejandro Garcia Padilla warned several weeks ago that the government...
  • Houston 'moneyman' ponies up $10 M for Cruz

    07/31/2015 10:38:11 AM PDT · by 2ndDivisionVet · 5 replies
    The Houston Chronicle ^ | July 31, 2015 | Jennifer Reiley
    Toby Neugebauer, the son of a U.S. Texas congressman, donated almost a third of the funds raised by Super PACs supporting presidential hopeful U.S. Texas Sen. Ted Cruz, according to campaign finance reports filed Friday. Neugebauer, son of Lubbock Republican Randy Neugebauer, donated $10 million to "Keep the Promise II," one of four PACs for Cruz of the same name. Neugebauer is the co-founder of Quantum Energy Partners, a Houston-based private equity firm in the energy industry. According to Bloomberg, the firm has managed more than $7 billion in commitments since 1998. Neugebauer is heavily involved in the energy industry,...
  • Can anything save Puerto Rico from default? (30 cents on the dollar haircut)

    07/30/2015 4:08:08 PM PDT · by jimbo123 · 21 replies
    CBS News ^ | 7/30/15 | BRUCE KENNEDY
    While the ongoing economic drama in Greece is still dominating the financial news headlines, some analysts say Americans should be paying closer attention to a crisis that's unfolding in their own backyard, in Puerto Rico. The U.S. territory and self-governing commonwealth once had one of the most dynamic economies in the Caribbean, fueled in part by manufacturing investment from the American mainland and federal tax breaks. But the end of those tax breaks nearly a decade ago, along with fallout from the Great Recession, have crippled Puerto Rico's economy over the ensuing years. Puerto Rico is scheduled to make nearly...
  • UBS backs away from its Puerto Rico funds after downgrades

    07/28/2015 4:13:10 PM PDT · by jimbo123 · 10 replies
    Reuters ^ | 7/23/15 | SUZANNE BARLYN
    UBS AG is backing away from its own Puerto Rico bond funds, warning clients that they can no longer use them as collateral for certain loans after the island's financial troubles resulted in downgrades by major credit rating agencies. In a July 13 letter to clients, reviewed by Reuters, UBS’ Puerto Rico arm said it would contact investors to discuss alternatives. “The firm will also reduce to zero the collateral value assigned to all Puerto Rico closed-end funds shares,” UBS wrote to investors. Puerto Rico’s Governor Alejandro Garcia Padilla dropped a bombshell on holders of its $72 billion debt in...
  • Puerto Rico bond default deadline is Saturday

    07/28/2015 3:56:18 PM PDT · by jimbo123 · 6 replies
    CNBC ^ | 7/28/15 | Dawn Giel
    As yet another key debt payment date closes in on Puerto Rico, here's a primer on what you should know, and who it will affect the most ahead of the deadline. Q: If the Puerto Rico Public Finance Corporation (PFC) doesn't pay bondholders on Aug. 1, will it be considered a default? A: Yes. According to Moody's vice president and senior credit officer, Ted Hampton, if there is no payment made on Friday, it will be the first default of a U.S. state, or state-like entity, since Arkansas couldn't make its bond payments during the Great Depression in 1933. Q:...
  • Why Jeb Bush Declaring Support For Puerto Rico's Statehood Should Concern You

    07/28/2015 3:36:33 PM PDT · by jimbo123 · 39 replies
    Latina ^ | 7/28/15 | RAQUEL REICHARD
    Ay Dios! Speaking of the Holy One, Bush took a trip to my home church, Centro Internacional de la Familia, in East Orlando to make his big announcement. "My belief is that Puerto Ricans should have a right to self-determination ... I have long been a supporter of statehood," Bush said. "I believe that full citizenship and all the rights and responsibilities that go along with full citizenship is the proper place." Sounds nice, right? Except that, with deeper inspection, it’s really not. For starters, Bush went on to say that Puerto Rico needs to solve its economic woes, which...
  • Jeb Bush courts critical Puerto Rican voters in Central Florida

    07/27/2015 1:31:57 PM PDT · by jimbo123 · 36 replies
    Fox News Latino ^ | 7/27/15 | Elizabeth Llorente
    Presidential contender and former Florida Gov. Jeb Bush will be courting a critical group of voters Monday afternoon – the fast growing community of Latinos in Central Florida, an area where the Republican last campaigned in 2002. Hundreds of thousands of Latinos, mainly Puerto Ricans, have settled in Central Florida in the years since Bush last served as governor. They include many Puerto Ricans who have fled the island’s economic woes and diminishing opportunities.
  • Exodus from Puerto Rico could upend Florida vote in 2016 presidential race

    07/27/2015 8:11:01 AM PDT · by C19fan · 43 replies
    Washington Post ^ | July 26, 2015 | Mary Jordan
    Puerto Rico’s economic crisis meant Jeffrey Rondon, 25, struggled to find even part-time work, so he recently joined the growing exodus from his Caribbean island to Florida. Now he holds a full-time restaurant job and something that could upend the 2016 presidential election — the right to vote in Florida, the biggest of all swing states. “It’s important to vote and be heard — it’s a privilege,” said Rondon, who is one of thousands of Puerto Ricans who have moved to Florida in the past year.
  • No, Puerto Rico Is Not Our Greece

    07/21/2015 5:08:46 AM PDT · by SeekAndFind · 6 replies
    RCM ^ | 07/21/2015 | Robert Samuelson
    We're told that Puerto Rico is our Greece, and sometimes it seems so. The U.S. territory (its residents have been American citizens since 1917) has a heap of economic problems. Gov. Alejandro Garcia Padilla recently told the New York Times that its $72 billion debt is "not payable." To buttress the point, he commissioned a study of the island's economy by Anne Krueger, a highly respected economist who was a top official of the International Monetary Fund. Her report makes for grim reading. Since 2005, Puerto Rico's economy has shrunk by about 10 percent. Its population is also declining, from...
  • Jeb Bush reaffirms his support for Puerto Rico to become 51st state

    07/18/2015 10:32:08 AM PDT · by ek_hornbeck · 84 replies
    Daily Mail ^ | 4/28/15 | Jill Reilly
    Jeb Bush reaffirmed the idea for Puerto Rico statehood on Tuesday during a visit to Puerto Rico, winning great applause. The former Florida governor and 2016 GOP presidential prospect delivered a speech on economic opportunities peppered with Spanish. He's fluent in the language, and often uses it in Florida, but it's rarely heard in Republican presidential campaign politics.
  • Puerto Rican congressman tells millions of Hispanics to become citizens

    07/16/2015 7:36:13 AM PDT · by BradtotheBone · 16 replies
    Daily Mail ^ | 15:06 EST, 15 July 2015 | David Martosko
    A Democratic congressman wants millions of people who hold U.S. green cards to become American citizens in order to send Donald Trump and other Republicans a message that they're 'mean and frankly, let’s be honest, racist.' Louis Gutierrez, who is the senior House Democrat from Illinois and a Puerto Rican immigrant, spoke on the House floor just after 10:00 Wednesday morning, delivering a message especially to more than 5 million Hispanic U.S. residens who are eligible for citizenship today. 'Every time you see Trump’s face on your TV, vow to learn a little more English or a few more history...
  • Schaeuble offered [U.S.] Greece for Puerto Rico

    07/09/2015 4:10:31 PM PDT · by cll · 11 replies
    Business Insider ^ | 7/09/2015 | Myles Udland
    Greece is scrambling to get a new bailout package with its European creditors. These negotiations are playing out both behind closed doors and in public. And on Thursday at an event in Frankfurt, German finance minister Wolfgang Schaeuble didn't exactly strike a particularly sincere tone when talking about Greece and the other major debt crisis going on right now, Puerto Rico. According to Bloomberg, Schaeuble said, "I offered my friend [US Treasury Secretary] Jack Lew these days that we could take Puerto Rico into the euro zone if the U.S. were willing to take Greece into the dollar union. He...
  • House GOP opposes bankruptcy protections for Puerto Rico

    07/08/2015 2:44:30 PM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Jul 8, 2015 5:32 PM EDT | Erica Werner
    Leading House Republicans declared their opposition Wednesday to allowing debt-ridden Puerto Rico access to Chapter 9 bankruptcy protections, raising new uncertainty about how the island can emerge from its financial crisis. A statement from House Judiciary Chairman Bob Goodlatte of Virginia said members of his committee share a concern that “to provide Puerto Rico’s municipalities access to chapter 9 of the Bankruptcy Code would not, by itself, solve Puerto Rico’s difficulties, which are associated with underlying, structural economic problems.” …
  • Jeb Bush and Hillary Clinton support bankruptcy rights for Puerto Rico

    07/07/2015 1:57:54 PM PDT · by jimbo123 · 21 replies
    CNN ^ | 7/7/15 | Heather Long
    Puerto Rico has two very powerful allies in its debt drama: Jeb Bush and Hillary Clinton. Both 2016 presidential candidates support giving Puerto Rico the same legal bankruptcy rights that states have. Puerto Rico's governor has been lobbying hard for the change to help deal with the commonwealth's $73 billion debt. There's a bill in Congress to give Puerto Rico what it wants, but it has no co-sponsors. That's why Bush and Clinton's backing could be key. "I think that Puerto Rico ought to be treated as other states are treated as it relates to restructuring," Bush said during a...
  • Economic hardships in Puerto Rico spur a mass exodus to the U.S. mainland

    07/07/2015 6:17:26 AM PDT · by Kartographer · 26 replies ^ | 7/6/15 | NANCY SAN MARTIN
    “It’s hard to quit and start over but I have no choice,” said Puente, who was born in Bayamón. “My kids are worried and ask many questions but they understand. We don’t even have money to go to the movies. The cost of living is too high. “The government gives money to the people who don’t work, to those doing drugs, living on welfare,” she said. “I’m not willing to do that anymore.” The new sales tax — now surpassing that of any U.S. state — is just one of many measures underway to help resolve a financial crisis that...
  • Puerto Rico Shows Greece Needs €50 Billion A Year: And Would Still Fail Even Then

    07/06/2015 12:21:37 AM PDT · by bob_denard · 4 replies
    Forbes ^ | 7/05/2015 | Tim Worstall
    It’s true, as Paul Krugman says, that Greece and Puerto Rico are not in exactly the same position. PR is bust to some extent, yes, but it’s not in the middle of a catastrophe, as Greece is. However, there is also a similarity in their situations, one that’s extremely instructive. They’re both suffering from being in a monetary policy zone, a currency zone, that isn’t really suitable for their circumstances. One of the two is in a fiscal policy union as well as that monetary union, the other is not. And it’s long been agreed that if you’re to have...
  • ‘Dinner With Hillary’ Contest Changes Fine Print To Not Exclude Illegals

    07/05/2015 8:28:36 PM PDT · by E. Pluribus Unum · 29 replies
    World Net Daily ^ | July 5, 2015 | Patrick Howley
    The Hillary Clinton campaign’s “Dinner With Hillary” contest has slightly different fine print than past Clinton campaign contests. The rules have been altered so as not to explicitly exclude illegal immigrants from entering.As The Daily Caller reported, the Clinton campaign’s “Meet Hillary” contest, which closed for entries June 5, prohibited DREAMers from entering or winning prizes.“Promotion open only to U.S. citizens, or lawful permanent U.S. residents who are legal residents of the 50 states, DC or Puerto Rico and 18 or older (or age of majority under applicable law),” according to that contest’s fine print.But the new “Dinner With Hillary”...
  • Why The Puerto Rico Debt Crisis Is Such A Huge Threat To The U.S. Financial System

    07/05/2015 3:52:11 PM PDT · by SeekAndFind · 54 replies
    TEC ^ | 07/03/2015 | Michael Snyder
    The debt crisis in Puerto Rico could potentially cost financial institutions in the United States tens of billions of dollars in losses. This week, Puerto Rico Governor Alejandro Garcia Padilla publicly announced that Puerto Rico’s 73 billion dollar debt is “not payable,” and a special adviser that was recently appointed to help straighten out the island’s finances said that it is “insolvent” and will totally run out of cash very shortly. At this point, Puerto Rico’s debt is approximately 15 times larger than the per capita median debt of the 50 U.S. states. Yes, the Greek debt crisis is larger,...
  • Will Puerto Rico Cause An Inadvertent “Black Swan” Derivatives Melt-Down?

    07/05/2015 11:55:20 AM PDT · by Lorianne · 24 replies
    IRD ^ | 30 June 2015 | ?
    I really had not been paying much attention to the Puerto Rico debt situation. After all, $72 billion in debt that might go bad – big deal. The Fed can print up $72 billion in credit lines with the push of a button. But a friend of mine happened to mention to me today (Monday) that MBIA’s stock was down over 23% and Assured Guaranty’s stock was down over 13%. That woke me up. Companies like MBI and AMBAC underwrite credit “enhancement” guarantees on these massive cesspools of debt – and the associated derivatives that are “wrapped around” the debt...
  • Progressive Paradise Lost

    07/04/2015 10:07:58 AM PDT · by Tolerance Sucks Rocks · 20 replies
    The Daily Signal ^ | July 1, 2015 | Salim Furth
    It’s a progressive paradise.Public employees get 30 vacation days a year. Anyone who works over eight hours in a day gets paid time-and-a-half. Employees have strong rights.The minimum wage is high: 77 percent of the median wage.Environmental regulations are settled beyond the pressure of local economic interests. The forests and mountains are pristine destinations for ecotourism.Energy costs are kept high, pushing consumption down to a level deemed “socially beneficial”. Utilities have strong public backing and provide jobs to thousands.Union jobs in shipping are protected from outsourcing to cut-rate foreign competitors.The social safety net is buoyant and provides a solid working-class standard...
  • Why anyone who compares Puerto Rico to Greece is wrong

    07/04/2015 6:36:17 AM PDT · by SeekAndFind · 16 replies
    Washington Post ^ | 07/04/2015 | By Matt O'Brien
    Its economy has been shrinking for years, its debts have been piling up for even longer, and its government has finally admitted that even brutal tax hikes and spending cuts wouldn't be enough for it to pay back everything it owes. I'm talking, of course, about Puerto Rico. Its governor, Alejandro García Padilla, admitted to the New York Times on Sunday that the island is going to have restructure its $72 billion in debt that is "not payable." Now, if it sounds like you've been hearing some variation of this story for years now, it's because you have—just about Greece....
  • The Greeks Invented Mathematics, and Now It’s Bankrupting Them

    07/02/2015 7:39:59 AM PDT · by SeekAndFind · 24 replies
    National Review ^ | 07/02/2015 | Kevin Williamson
    In the short term, the world runs on words; in the long term, the world runs on numbers. It is as though the Muses came to an agreement: In the here and now, mankind is subject to rhetoric, but mathematics gets the final say. In Athens, in San Juan, in Detroit, in Sacramento, in Springfield, and, soon enough, in Washington, Mathematics is arousing herself from her torpor, and she is cranky as hell. The long term is here. Greece has defaulted on its sovereign debt, and its banks have been shut down. Television viewers accustomed to watching a few odd...
  • ‘This Is An Insult’: Ann Coulter and Geraldo Rivera Clash Over Illegal Immigration and Crime [VIDEO]

    07/01/2015 7:53:49 PM PDT · by SeekAndFind · 34 replies
    The Blaze ^ | 07/01/2015 | Billy Hallowell
    Ann Coulter and Geraldo Rivera clashed on Tuesday night over illegal immigration and Republican presidential candidate Donald Trump’s controversial claim that Mexico is ”sending people that have lots of problems” to America. “When Mexico sends its people, they’re not sending their best,” Trump said when announcing his candidacy. “They’re sending people that have lots of problems, and they’re bringing those problems with us. They’re bringing drugs. They’re bringing crime. They’re rapists. And some, I assume, are good people.” Coulter, who takes a hard line on illegal immigration, didn’t defend Trump directly but said she believes the government should be using...
  • How will the National Socialist Left’s excuse the failure of socialism in Greece?

    07/01/2015 2:37:24 PM PDT · by Voice of Reason1 · 38 replies
    It’s axiomatic that when a socialist regime hits the skids, the left will generally try to claim that such regime is ‘right wing’ somehow. Such claims can and will be completely irrational on their face, but for the national socialist Left it’s all about talking points and a simplistic ( but ‘superior’) mentality that favors headlines and shallow thought on the subject And before you complain that I dare use the word ‘national’ next to the word ‘socialist’ I would ask that you please explain in detail (with documentation) Just how in Hades’ the word national modifies the meaning of...
  • Obama urges Congress to pass law letting Puerto Rico declare bankruptcy, time to let Illinois...

    07/01/2015 11:02:05 AM PDT · by re_tail20 · 28 replies
    Illinois Policy Institute ^ | June 30, 205 | Mike Shedlock
    Puerto Rico is bankrupt. The key problem is that while municipalities can declare bankruptcy, states and territories cannot. President Barack Obama recognizes the problem. “No federal bailout for Puerto Rico” is the White House’s position. Instead, he urges Congress to pass a bill allowing Puerto Rico to declare bankruptcy. The Associated Press gives details: “The White House threw cold water Monday on the notion of bailing out Puerto Rico from its financial crisis, instead urging Congress to consider changing the law so the island can declare bankruptcy. “On the heels of a dismal economic report, Puerto Rico’s governor has warned...
  • Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis

    07/01/2015 7:36:28 AM PDT · by Enlightened1 · 43 replies
    End of the Amercian Dream ^ | 06/30/15 | Michael Snyder
    Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece. On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“. And apparently Obama is not too concerned about the debt crisis in Puerto Rico either. In fact, the Obama administration has already completely ruled out any sort of federal bailout for the island. Barack Obama is assuring us that everything is going to be just fine and that we are not headed for another global financial crisis....
  • Puerto Rico's Financial Crisis Is U.S.' Crisis, Too

    07/01/2015 6:33:34 AM PDT · by SeekAndFind · 14 replies
    IBD ^ | 07/01/2015
    With the financial world transfixed by Greece's debt-driven meltdown, Puerto Rico announces it can't pay its $73 billion in debt. Once again, we're learning that welfare statism is no replacement for fiscal responsibility. Compared to Greece's $353 billion in debt, Puerto Rico's $73 billion doesn't sound so big. On a per capita basis, it's about a third less. But appearances deceive. Puerto Rico is in deep, owing actually much more than that amount. We learned this after a report on Monday, co-authored by former International Monetary Fund No. 2 Anne Krueger, revealed the island's finances are a shambles. The devastating...
  • Puerto Rico's Crushing Debt Is Unpayable – And The Fallout Will Hit Florida

    06/30/2015 12:36:02 PM PDT · by Kartographer · 32 replies
    WLRN ^ | 6/30/15 | Tim Padgett
    As WLRN has reported this year, the U.S. commonwealth of Puerto Rico is staggering under $73 billion in debt. The Caribbean island’s governor is giving a speech this afternoon to announce it’s unpayable. And that could have a significant economic impact here in South Florida. How bad is Puerto Rico’s financial crisis? Its debt load equals three-fourths of its entire economy. Governor Alejandro García Padilla has conceded that Puerto Rico can no longer make payments on a debt that massive. Annual trade between Florida and Puerto Rico is about $2 billion. Bankruptcy attorney Charles Tatelbaum of the Fort Lauderdale law...
  • Greek PM proposes a union with San Juan: New nation to be called "Puerto Greco"

    06/30/2015 8:01:37 AM PDT · by ken5050 · 11 replies
    one man's opinion...
    In a surprising last minute effort to solve his country's overwhelming financial crisis, Greek PM Tsipris proposed that his nation merge with US protectorate Puerto Rico. Tsipris said this would immediately solve Greece's financial problems, as Obama will no doubt soon move to bail out Puerto Rico, and Greece would, as part of the new nation, be included.
  • Puerto Rico’s governor on need to postpone debt payments for years: ‘It’s about math’

    06/29/2015 4:16:46 PM PDT · by mojito · 18 replies
    WaPo ^ | 6/29/2015 | Michael A. Fletcher
    The governor of Puerto Rico said in a televised address Monday that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States. “This is not about politics,” said Puerto Rico’s governor, Alejandro Garcia Padilla. “It’s about math.” “The first step is to revive economic growth...We will never get out of this vicious cycle,” said Garcia Padilla. “But we need to do more—much more—to return to riches and to become more competitive and have an...
  • Jeb Bush Supports Chapter 9 for Puerto Rico

    06/29/2015 1:40:36 PM PDT · by jimbo123 · 15 replies
    Newsmax ^ | 6/29/15 | Courtney Coren
    Former Florida Gov. Jeb Bush has said that he supports Puerto Rico filing for bankruptcy in the face of the massive debt the Caribbean island is facing. When Bush visited Puerto Rico, which is a U.S. territory, on a campaign stop in April, he told a crowd that the public agencies in Puerto Rico should be able to seek bankruptcy under Chapter 9, according to the Puerto Rico Report.
  • It's Not Politics, It's Math

    06/29/2015 11:19:04 AM PDT · by SatinDoll · 15 replies
    The Market-Ticker ^ | June 29, 2015 | Karl Denninger
    No, really? (smiley face) “The debt is not payable,” Mr. García Padilla said. “There is no other option. I would love to have an easier option. This is not politics, this is math.” Well I'll be damned. On the other side of the table, of course, are hedge funds that bought the debt when Puerto Rico got in trouble at a deep discount and expect 100 cents on the dollar. They're not inclined to bargain, and will now (of course) look to the government to hand them a gun to use on Padilla. Unfortunately that doesn't change the math either....