The perfect storm. Debt-busted Governors having to negotiate with Wall Street bankers, resulting in “austerity” cuts to programs and higher taxes. Allowing politicians like Liz Warren who rail against EEEEEEEVIL Wall Street Bankers to find even more of an audience.
Yikes, those PR bonds are part of a lot of “tax-free” portfolios.
How bad does the mismanagement have to be for a territory smaller than Connecticut to get $72 BILLION in debt?
[“If not, we will be in a death spiral.”]
Welcome to the party, pal.
Democrat Party Vote buyin’ costs MONEY...
They never said it was THEIR money they were using.
Actually, the USA belongs to Wall St.
Bad news for Wall Street
Puerto Rico doesn’t “belong” to Wall Street. It belongs to all the special interests and government hand out constituencies who demanded more and more spending beyond the tax revenue that was coming in. It still belongs to these constituencies.
Wall Street will already be working on a bailout for whatever financial firms are involved. Too big to fail, don’t you know.
Just print more money!
Puerto Rico has been running a Ponzi Scheme. They promise high rates of return for investing with them. They can’t balance their budget, so they have to offer more high rate investment to pay the earlier investors.
We need to start looking at the early investors in these Ponzi Schemes. They are probably Shills being used to entice others into the Ponzi Scheme.
I’m sorry, but we are going to have to start hanging thieves. There are too many of them and they aren’t afraid of jail.
This is a government run Ponzi Scheme. It used to be the government employees would swipe some of whatever they were dealing with.
Now, they’re running government-run Ponzi Schemes.