Puerto Rico is Broke/ Debts Are Not Payable
Sure looks like another financial crisis is coming! It's going to be the big one!
serf
http://www.nytimes.com/2015/06/29/business/dealbook/puerto-ricos-governor-says-islands-debts-are-not-payable.html?_r=0
A broad restructuring by Puerto Rico sets the stage for an unprecedented test of the United States municipal bond market, which cities and states rely on to pay for their most basic needs, like road construction and public hospitals.
There is no U.S. precedent for anything of this scale or scope," according to the report, one of whose writers was Anne O. Krueger, a former chief economist at the World Bank and currently a research professor at the School of Advanced International Studies at Johns Hopkins Universit
serf
http://www.nytimes.com/2015/06/29/business/dealbook/puerto-ricos-governor-says-islands-debts-are-not-payable.html?_r=0
A broad restructuring by Puerto Rico sets the stage for an unprecedented test of the United States municipal bond market, which cities and states rely on to pay for their most basic needs, like road construction and public hospitals.
There is no U.S. precedent for anything of this scale or scope," according to the report, one of whose writers was Anne O. Krueger, a former chief economist at the World Bank and currently a research professor at the School of Advanced International Studies at Johns Hopkins Universit
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A line from the article states,
"Residents began leaving for the mainland in droves, and Puerto Rico's credit was downgraded to junk, making borrowing extremely expensive."
Anyone care to guess which mainland they are coming to in droves now that Puerto Rico is pretty much toast?
Be interesting to see who ponies up with bailout money first.
Will it be the Obama administration with their usual shuck and jive or will the major bond holders work to bail them out at the expense of all the American people with Puerto Rico's worthless paper in their IRA/ retirement account that some "Financial Advisor" invested for them.0 -
Debt serviced by even more debt eventually fails. 0 -
quote:Originally posted by miles
A line from the article states,
"Residents began leaving for the mainland in droves, and Puerto Rico's credit was downgraded to junk, making borrowing extremely expensive."
Anyone care to guess which mainland they are coming to in droves now that Puerto Rico is pretty much toast?
They are American Citizens, miles. What mainland would you suggest they come to?0 -
and they get disability payments because they only can speak spanish.....so that should continue on the mainland with an increase in $$$ to help them survive here 0 -
$164 billion in debt created by their crappy govt who is now trying to lay it all on the American taxpayer...better call your congresscritter and squeal a little...about 50,000 a year have left there for the good ol USA for the last 4 years .....our welfare rolls have got to swell with demorat voters in a tidal wave.. 0 -
quote:Originally posted by Don McManus
quote:Originally posted by miles
A line from the article states,
"Residents began leaving for the mainland in droves, and Puerto Rico's credit was downgraded to junk, making borrowing extremely expensive."
Anyone care to guess which mainland they are coming to in droves now that Puerto Rico is pretty much toast?
They are American Citizens, miles. What mainland would you suggest they come to?
We have to agree to disagree on this.
Care to show me which star on the flag represents Puerto Rico.
Puerto Rico has a NON VOTING observer in the U.S.House of Representatives.All he gets to do is watch.
As far as having a Senator, sorry, doesn't exist.
The Jones Act of 1917 gave Puerto Ricans Special Immigrant Status at best.
They can't vote in Federal elections.
You move to Puerto Rico and stay for over a year and you lose your rights to vote in Federal Elections.
Puerto Ricans are at best three-fifths citizens with limited rights that all Americans citizens possess.Unless they have the same rights as you and I, how are they citizens.
They have free travel rights to the States but, a citizen that does not make.
Many more differences if you care to check out this link.
http://www.latinorebels.com/2014/03/03/puerto-ricans-us-citizenship-just-special-immigrant-status/0 -
do i smell an executive order in the wings 0 -
quote:Originally posted by miles
quote:Originally posted by Don McManus
quote:Originally posted by miles
A line from the article states,
"Residents began leaving for the mainland in droves, and Puerto Rico's credit was downgraded to junk, making borrowing extremely expensive."
Anyone care to guess which mainland they are coming to in droves now that Puerto Rico is pretty much toast?
They are American Citizens, miles. What mainland would you suggest they come to?
We have to agree to disagree on this.
Care to show me which star on the flag represents Puerto Rico.
Puerto Rico has a NON VOTING observer in the U.S.House of Representatives.All he gets to do is watch.
As far as having a Senator, sorry, doesn't exist.
The Jones Act of 1917 gave Puerto Ricans Special Immigrant Status at best.
They can't vote in Federal elections.
You move to Puerto Rico and stay for over a year and you lose your rights to vote in Federal Elections.
Puerto Ricans are at best three-fifths citizens with limited rights that all Americans citizens possess.Unless they have the same rights as you and I, how are they citizens.
They have free travel rights to the States but, a citizen that does not make.
Many more differences if you care to check out this link.
http://www.latinorebels.com/2014/03/03/puerto-ricans-us-citizenship-just-special-immigrant-status/
They are full US citizens but by living in PR they have limits on voting in some elections. As soon as they hit the mainland, Hawaii or Alaska they can vote in all elections they are US citizens just like you and me. Same for Samoa and Guam residents.0 -
quote:Originally posted by bpost
quote:Originally posted by miles
quote:Originally posted by Don McManus
quote:Originally posted by miles
A line from the article states,
"Residents began leaving for the mainland in droves, and Puerto Rico's credit was downgraded to junk, making borrowing extremely expensive."
Anyone care to guess which mainland they are coming to in droves now that Puerto Rico is pretty much toast?
They are American Citizens, miles. What mainland would you suggest they come to?
We have to agree to disagree on this.
Care to show me which star on the flag represents Puerto Rico.
Puerto Rico has a NON VOTING observer in the U.S.House of Representatives.All he gets to do is watch.
As far as having a Senator, sorry, doesn't exist.
The Jones Act of 1917 gave Puerto Ricans Special Immigrant Status at best.
They can't vote in Federal elections.
You move to Puerto Rico and stay for over a year and you lose your rights to vote in Federal Elections.
Puerto Ricans are at best three-fifths citizens with limited rights that all Americans citizens possess.Unless they have the same rights as you and I, how are they citizens.
They have free travel rights to the States but, a citizen that does not make.
Many more differences if you care to check out this link.
http://www.latinorebels.com/2014/03/03/puerto-ricans-us-citizenship-just-special-immigrant-status/
They are full US citizens but by living in PR they have limits on voting in some elections. As soon as they hit the mainland, Hawaii or Alaska they can vote in all elections they are US citizens just like you and me. Same for Samoa and Guam residents.
Yep your right but you failed to mention it's A Tax Haven for the wealthy and Corporations!! In other words a way to dodge US Taxes!
Ironic they are broke with the US taxpayer bailing them out!! Not really now is it! Just put your money in their banks and beat the tax dummy![:o)]
serf0 -
Hard to feel sorry for the numbnuts that loaned them the money.
No bailouts. Maybe then they will stop loaning money that can't be paid back. That's the way it's supposed to work.0
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