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ORIGINAL: DesideriScuri

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ORIGINAL: JVoV
We bailed Wall Street out. I'm OK with calling in a favor for Puerto Rico.

We shouldn't have bailed out Wall Street. Don't think we should bail out Puerto Rico. We shouldn't "bail out" anyone, as a Federal Government action.

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ORIGINAL: Musicmystery
...
Investors piled into Puerto Rican bonds over the last decade, enabling the island's unsustainable spending-spree along the way. They kept buying Puerto Rican debt even as the island fell into an 11-year recession that deepened the debt crisis. High unemployment forced hundreds of thousands of residents to flee the island, further eroding the tax base.
These risks forced Puerto Rico to pay high rates that lured bond investors searching for healthy returns in a world of historically-low interest rates. Another bonus: Puerto Rico's debt is "triple tax-exempt." That means owners of the bonds don't face federal, state or local taxes on the interest they earn.

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ORIGINAL: WhoreMods

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ORIGINAL: DesideriScuri

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ORIGINAL: JVoV
We bailed Wall Street out. I'm OK with calling in a favor for Puerto Rico.

We shouldn't have bailed out Wall Street. Don't think we should bail out Puerto Rico. We shouldn't "bail out" anyone, as a Federal Government action.

Does that mean you people will be returning the huge bailout "loan" the bank of England provided Bush with when he broke the global economy back in '08, then?
[;)]

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ORIGINAL: DesideriScuri

quote:

ORIGINAL: Musicmystery
...
Investors piled into Puerto Rican bonds over the last decade, enabling the island's unsustainable spending-spree along the way. They kept buying Puerto Rican debt even as the island fell into an 11-year recession that deepened the debt crisis. High unemployment forced hundreds of thousands of residents to flee the island, further eroding the tax base.
These risks forced Puerto Rico to pay high rates that lured bond investors searching for healthy returns in a world of historically-low interest rates. Another bonus: Puerto Rico's debt is "triple tax-exempt." That means owners of the bonds don't face federal, state or local taxes on the interest they earn.

Soooo, Puerto Rico made a bunch of bad decisions, which resulted in their being way over their head in debt. And, we're going to have to just let that debt disappear? Where do I sign up for that program?!?

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ORIGINAL: BlackSinMaster

I am certain President Trump is not a mass of lying contradictions. Indeed if he ever ran up 1 cent of debt I would imagine he paid it off, and very quickly at that, as he strikes me as a leader who leads by example and is above reproach.

The demolition work has been carried out by Mother Nature. So do they want to rebuild with a proper infrastructure with the aid of the Private Sector, or should Trump just take advantage of the demolition work, declare the island bankrupt, and build some nice condos.

78 billion is it? Is but a drop in the vast ocean and that can easily be absorbed.
Why isn’t Puerto Rico a state anyway?

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ORIGINAL: Lucylastic
oh sheesh
The difference between the banks, car manufacturers, is that people arent without homes, power, food and drinking water.

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ORIGINAL: tamaka

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ORIGINAL: DesideriScuri
Soooo, Puerto Rico made a bunch of bad decisions, which resulted in their being way over their head in debt. And, we're going to have to just let that debt disappear? Where do I sign up for that program?!?

File for bankruptcy.

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ORIGINAL: DesideriScuri

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ORIGINAL: tamaka

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ORIGINAL: DesideriScuri
Soooo, Puerto Rico made a bunch of bad decisions, which resulted in their being way over their head in debt. And, we're going to have to just let that debt disappear? Where do I sign up for that program?!?

File for bankruptcy.

That's not the program.

Bankruptcy should be the very last option, when nothing else is possible, imo.

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ORIGINAL: tamaka

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ORIGINAL: DesideriScuri

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ORIGINAL: tamaka

quote:

ORIGINAL: DesideriScuri
Soooo, Puerto Rico made a bunch of bad decisions, which resulted in their being way over their head in debt. And, we're going to have to just let that debt disappear? Where do I sign up for that program?!?

File for bankruptcy.

That's not the program.
Bankruptcy should be the very last option, when nothing else is possible, imo.

So what do you think PR should do to pay off their debt and rebuild? Do you think it is possible there is a way for them to do both?

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I'm willing to bet there has been other countries that have either given aid, or offered to.

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ORIGINAL: ThatDizzyChick

See, when it became clear that there was going to be a whole string of hurricanes running up the same basic path (i.e. weeks before the one hit PR), Canada loaded up a supply ship and a couple other ships and sent them south, so they were right there on hand once the weather cleared.
If we could get our shit together in time to sail there from Halifax, why the fuck couldn't the US get their shit together to have an equivelent force close at hand, seeing as they only had to sail like 1/4 the distance at most?
I'll tell you why. Because the people of Puerto Rico are brown and vote Democrat, unlike the white Republican voters of Texas and Florida.

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ORIGINAL: DesideriScuri

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ORIGINAL: tamaka

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ORIGINAL: DesideriScuri

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ORIGINAL: tamaka

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ORIGINAL: DesideriScuri
Soooo, Puerto Rico made a bunch of bad decisions, which resulted in their being way over their head in debt. And, we're going to have to just let that debt disappear? Where do I sign up for that program?!?

File for bankruptcy.

That's not the program.
Bankruptcy should be the very last option, when nothing else is possible, imo.

So what do you think PR should do to pay off their debt and rebuild? Do you think it is possible there is a way for them to do both?

Maybe you haven't heard, aid is on the way, and some is already there. Congress passed legislation for $1B in aid to Puerto Rico in September.

I'm willing to bet there has been other countries that have either given aid, or offered to. And, how much private charitable giving do you think has been raised for relief in PR? Mark Cuban and Pitbull offered use of their private jets to get aid there.

Why should Puerto Rico get it's debts dissolved? Why should the Federal Government pay off PR's debts (or force PR's creditors to waive the debts)?

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ORIGINAL: tamaka

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ORIGINAL: ThatDizzyChick

See, when it became clear that there was going to be a whole string of hurricanes running up the same basic path (i.e. weeks before the one hit PR), Canada loaded up a supply ship and a couple other ships and sent them south, so they were right there on hand once the weather cleared.
If we could get our shit together in time to sail there from Halifax, why the fuck couldn't the US get their shit together to have an equivelent force close at hand, seeing as they only had to sail like 1/4 the distance at most?
I'll tell you why. Because the people of Puerto Rico are brown and vote Democrat, unlike the white Republican voters of Texas and Florida.

And what is their culture like? Any more details besides color of skin and political association? I mean, what aspects of their culture created such a debt-ridden society?

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ORIGINAL: bounty44

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ORIGINAL: tamaka

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ORIGINAL: JVoV
We bailed Wall Street out. I'm OK with calling in a favor for Puerto Rico.

Except 2/3 of it is citizen-owned mutual funds... not Wall Street

on the whole I cant speak to who holds the debt, but I own some thousands of dollars in a particular municipal bond that is invested in Puerto rico. so im always a little hacked off when I read about their seemingly continual self inflicted financial woes.