[NRx]

At the risk of getting flamed (I know Ryan is one the bette noirs on FR) I am going to reserve judgement until I get a chance to read the details of this. The Puerto Rican debt crisis is serious and if they go tits up it could send shock waves through the government bond market and might push the country back into recession. It’s an incredibly complicated situation. I am curious as to what they are actually proposing. It’s pretty clear that PR just doesn’t have enough money to cover their debt. Bankruptcy would seem to me to be the reasonable solution, but again this could have dangerous effects and it would require amending the US Bankruptcy Code.

[Lurker]

It’s not complicated at all.

L

[GilGil]

At the risk of getting flamed (I know Ryan is one the bette noirs on FR) I am going to reserve judgement until I get a chance to read the details of this. The Puerto Rican debt crisis is serious and if they go tits up it could send shock waves through the government bond market and might push the country back into recession. It’s an incredibly complicated situation. I am curious as to what they are actually proposing. It’s pretty clear that PR just doesn’t have enough money to cover their debt. Bankruptcy would seem to me to be the reasonable solution, but again this could have dangerous effects and it would require amending the US Bankruptcy Code.
________________________________

If this deal goes through every state that is on the edge will line up and demand their own bailout.

And you can be 100% sure that if Obama is for this, it is really, really bad.

This deal needs to be killed.

[Osage Orange]

Back into recession?

When did we get out?

And according to who?

[Thud]

I agree that amendment of the Bankruptcy Code to allow Puerto Rico to deal with this mess in Bankruptcy Court like any state is the reasonable solution. Any less would pretty much force Puerto Rico to apply for statehood, and the Democrats would put that through the Senate as soon as they get their next majority there.

IMO it is also preferable, for good policy reasons, to give Puerto Rico the same options as any state.

[Shadowstrike]

Not flaming you, but let me ask you this...

WHY is it the responsibility of the taxpayers to help PR? They get Social Security, their Roads are federally funded, they get to VOTE (and I'd stop that crap quick) yet time and time again they refuse to become a State.

I do NOT want anymore of my hard earned money going to them I don't CARE that PR is bad off, they did it to themselves and have REFUSED to do anything different to change things ( Kinda like Obama wannabees).
I'm sick of bailing out people, and foreign cities and countries, when our OWN United States is circling the bowl!

PR made their mess, now let them pay for it, or NOT pay for it, let them collapse, then figure out how to remake their Country, and not get in the same mess again.

[major-pelham]

I assume it is complicated but simple too. PR needs to make deal with its creditors not the taxpayers of other jurisdictions. We can NOT set a precedent where the sane people of NH and WY pay for the insane decisions of PR CA and IL. We already overpay for their delirium, to make their citizens not responisible for their lunacy can not stand.

[VanShuyten]

What everybody here needs to do is look through their retirement bond funds for PR bonds, which will be worth zero pretty soon.