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If you like the Greek debt crisis, you'll love the Puerto Rico meltdown
American Thinker ^ | 06/29/2015 | Rick Moran

Posted on 06/29/2015 6:43:57 AM PDT by SeekAndFind

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1 posted on 06/29/2015 6:43:57 AM PDT by SeekAndFind
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To: SeekAndFind

$72 billion? Some folks became very wealthy.


2 posted on 06/29/2015 6:51:05 AM PDT by boycott
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To: SeekAndFind

—This is not politics, this is math,” Garcia is quoted as saying in the Times.—

Too bad we don’t have that attitude in DC.


3 posted on 06/29/2015 6:52:24 AM PDT by Paulie (America without Christianity is like a Chemistry book without the periodic table.)
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To: boycott

RE: $72 billion? Some folks became very wealthy.

Bill Gates could save Puerto Rico and still remain a billionaire. I’m waiting for some Democrat to suggest that...


4 posted on 06/29/2015 6:52:49 AM PDT by SeekAndFind
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To: SeekAndFind

$72 billion? How the hell did they run up that much debt? Neither Puerto Rico nor any of the 50 states or DC should have ANY of their debt paid for by the federal government (i.e., the other states). And the federal government should guarantee NO state’s debt.


5 posted on 06/29/2015 7:00:21 AM PDT by House Atreides (CRUZ or lose!)
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To: SeekAndFind

The dominos are staring to fall quickly.


6 posted on 06/29/2015 7:07:22 AM PDT by Texas resident (The democrat party is the CPUSA)
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To: SeekAndFind
PUERTO RICO: 'There is no US precedent for anything of this scale or scope'
7 posted on 06/29/2015 7:09:17 AM PDT by blam (Jeff Sessions For President)
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To: Kartographer

For your perusal...


8 posted on 06/29/2015 7:11:30 AM PDT by Old Sarge (Its the Sixties all over again, but with crappy music...)
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To: SeekAndFind

“Puerto Rico’s bonds were popular with U.S. mutual funds because they were tax-free, but hedge funds and distressed-debt buyers have been stepping in to buy up the debt as the island’s economy worsened and its credit rating drop”

This means as their credit rating dropped, they had to pay a higher interest rate on their tax free bonds to attract investors. So, if they declare bankruptcy, they do not have to pay the bond holders. Now, let me ask you, based on what we have been reading about PR for the last few years, would you buy their bonds? Heck no. If some of these bonds were sold twenty years ago, maybe.


9 posted on 06/29/2015 7:11:35 AM PDT by woodbutcher1963
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To: SeekAndFind

So their debt is 72 billion with an annual budget of only 10 billion?
Nice job!


10 posted on 06/29/2015 7:17:39 AM PDT by Kozak (Walker / Cruz 2016 or Cruz/ Walker 2016 Either one is good...)
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To: SeekAndFind
Puerto Rico's constitution dictates that the debt has to be paid before any other financial obligation is met.

If he goes by the constitution, then that means that the debt gets paid, and the welfare payments don't get paid.

This means the constitution is more likely to go.

11 posted on 06/29/2015 7:21:31 AM PDT by PapaBear3625 (You don't notice it's a police state until the police come fokquote>r you.)
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To: SeekAndFind

There are people who spend the whole day thinking about money.

Some do it as a job.

Some do it as a lifestyle.

Puerto Rico has been running a state government Ponzi Scheme.

If you got in on their bonds early, you probably made some good money.

If you get in late, well, not so good.


12 posted on 06/29/2015 7:21:59 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: blueunicorn6

I think that we should start to take a closer look at the early investors in Ponzi Schemes.

Yes, the person taking in the money is a shirthead, but maybe some of those early investors are in on the con. Maybe they are Shills leading people into the con.

Forget economic education for our children.

What they need is training in how to spot Con Jobs.


13 posted on 06/29/2015 7:27:31 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: SeekAndFind

Wait too you get a load of the bailout of California or Illinois.


14 posted on 06/29/2015 7:32:11 AM PDT by Buckeye McFrog
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To: Texas resident

The house of cards is getting ready to fall.


15 posted on 06/29/2015 7:32:12 AM PDT by lostboy61 (Lock and Load and stand your ground!.)
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To: SeekAndFind

Peter Schiff recently moved his financial company to PR if I’m not mistaken. Not sure if it was only in legal terms or actually physically moved there.

Taxes were the motivator.

Not criticizing; Mr. Schiff is no slouch in the investment world. His record and his bank account will attest to that.

Just wondering if this came as a surprise (doubtful) to him and if he’ll stay in PR.


16 posted on 06/29/2015 7:36:24 AM PDT by Paulie (America without Christianity is like a Chemistry book without the periodic table.)
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To: lostboy61; Texas resident

That’s what concerns me, too.


17 posted on 06/29/2015 7:40:29 AM PDT by SaveFerris (Be a blessing to a stranger today for some have entertained angels unaware)
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To: SeekAndFind

The most amazing fact here is that anyone would loan PR $72bil.


18 posted on 06/29/2015 8:01:02 AM PDT by Mariner (War Criminal #18 - Be The Leaderless Resistance)
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To: Mariner

RE: The most amazing fact here is that anyone would loan PR $72bil.

Triple Tax free, high yield in an age of negligible interest rates?

Temptation is too big to resist... (until it’s too late ).


19 posted on 06/29/2015 8:02:51 AM PDT by SeekAndFind
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To: SeekAndFind

Once Puerto Rico is bailed out by the federal treasury, Illinois, California, New Jersey, Maryland, Michigan, and Massachusetts are standing in line.

The public pension chickens are coming home to roost.


20 posted on 06/29/2015 8:11:01 AM PDT by Soul of the South (Yesterday is gone. Today will be what we make of it.)
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