Posted on 10/03/2017 7:30:31 PM PDT by 2ndDivisionVet
In an interview with Fox News, President Donald Trump said that Puerto Rico's debt will have to wiped out.
"They owe a lot of money to your friends on Wall Street and we're going to have to wipe that out. You're going to say goodbye to that, I don't know if it's Goldman Sachs but whoever it is you can wave goodbye to that," Trump said on Tuesday in an interview with Fox News, according to a Reuters report.
Trump visited the island on Tuesday, two weeks after Maria destroyed Puerto Rico's entire infrastructure system, leaving nearly 3.5 million residents without power, and tens of thousands without clean water.
The official death toll more than doubled to 34, a spokesman for Governor Ricardo Rosello said on Tuesday, Reuters reported.
Even before the storm brought Puerto Rico to a near standstill, the government there already struggled with an economy in shambles and a default on billions of dollars of public debt.
Today, the U.S. territory has nearly $70 billion in debt, an unemployment rate 2.5 times the U.S. average, a 45 percent poverty rate, nearly insolvent pension systems and a chronically underfunded Medicaid insurance program for the poor.....
(Excerpt) Read more at cnbc.com ...
Then cut them loose. Independence.
Is there any legal mechanism to completely cut ties with them?
The politicians responsible for that debt should be prosecuted to the fullest extent of the law, including massive fines and prison time. That’s the only way it will stop.
I don’t want a bailout for a dependency at the expense of citizen taxpayers, especially after they were spending like drunken sailors for years because of tax breaks we gave their bonds.
“Puerto Rico’s debt will have to wiped out.”
A subtle message to China, maybe.
The is an old Chinese saying. ‘In the end, all debts are paid. If not by the debtor, then by the creditor.’
yeah... wipe their debt ... so they can start the whole process of failing again!
WTH! unless they CHANGE they will be in the SAME situation not long from now!
SOCIALISM ALWAYS FAILS.
It will be a “package”, aka a crap sandwich, to pay off Wall Street using taxpayer dollars.
I seriously doubt Goldman Sucks is holding PR bonds .... those were long ago foisted upon GS Muppets.
When did Trump rejoin the democrats?
Then they better put an oversight team in place to ensure this doesn’t happen again.
Yeah, and then PR can get a secured credit card and start over. Illinois bond holders will be watching closely. Heck there may not be any Illinois bond holders- at any price- after PR declares bankruptcy.
Give them back to Spain.
Yup, there has to be a positive for doing that. No more money to them forever. Won’t be stupid shmucks to lose more money.
Personally I think hes wrong for wanting to do it.
Trump has bragged about using bankruptcy MULTIPLE TIMES to have clean slate. Smart guy, if you are not dependent on your creditors beyond the initial funding.
“Today, the U.S. territory has nearly $70 billion in debt, an unemployment rate 2.5 times the U.S. average, a 45 percent poverty rate, nearly insolvent pension systems and a chronically underfunded Medicaid insurance program for the poor.....”
There’s that debt thingy again....
L
So, I guess it will be like the GM bailout. Remember that the preferred bond holders, who should have been paid FIRST in any bankruptcy, were shafted by the Obama administration.
Now, it appears Goldman Sachs, or other groups, will be forced to eat the debt. If so, the “rule of law” is extinct in the US.
Where did I say that we should wipe their debt? I didn’t. I’m just advocating for prosecuting those responsible for accumulating that debt in the first place. I’m sure many corruption charges could be found if anyone bothered to look into those PR politicians.
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.