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Message
Is Puerto Rico using the hurricane to apply pressure on congress to bail them out?
Posted on 10/5/17 at 8:09 am
Posted on 10/5/17 at 8:09 am
quote:
Puerto Rico Is Running Out of Money
Link to Bloomberg Article
Puerto Rico faces a government shutdown on Oct. 31, including halting its hurricane recovery, if Congress doesn’t provide billions in emergency funds, said Treasury Secretary Raul Maldonado.
The U.S. commonwealth’s bankrupt government is burning through the $1.6 billion it had on hand before Hurricane Maria ravaged the island, destroying decayed infrastructure and killing 34 people. With widespread damage to telecommunications systems and the electricity grid, Maldonado doesn’t expect to begin collecting sales tax for at least another month, he said Wednesday.
quote:
While attention has focused on the commonwealth’s staggering $74 billion debt, Puerto Rico faces a more immediate crisis in the wake of the storm. It’s running short of money for fuel, salaries of recovery workers and food aid. Meanwhile, only 8.6 percent of customers have electricity, mobile-phone service is sharply curtailed and many mountainous rural areas remain inaccessible.
12
Posted on 10/5/17 at 8:09 am to goofball
They'd be stupid not to IMO.
Posted on 10/5/17 at 8:10 am to SirWinston
$74 billion in debt. Kind of astounding.
Posted on 10/5/17 at 8:10 am to goofball
quote:
$74 billion in debt. Kind of astounding
Sounds like 1 U.S. hour
Posted on 10/5/17 at 8:10 am to goofball
Why dont they just go directly to China? Skip the middle man. We dont have that money.
Posted on 10/5/17 at 8:11 am to goofball
Of course they are. They've been crying for forgiveness of the debt they incurred for years.
Posted on 10/5/17 at 8:28 am to goofball
quote:No way. /sarcasm
Is Puerto Rico using the hurricane to apply pressure on congress to bail them out?
Posted on 10/5/17 at 8:30 am to goofball
quote:
using the hurricane to apply pressure on congress
Ab so fricking lute ly.....
Posted on 10/5/17 at 8:32 am to goofball
Feds provide disaster relief just like for any other Americans.
But they shouldn't provide stupid relief.
But they shouldn't provide stupid relief.
Posted on 10/5/17 at 8:32 am to goofball
What do these commonwealths bring to the table again?
Posted on 10/5/17 at 8:33 am to goofball
The should just file chapter 11...
Posted on 10/5/17 at 8:35 am to goofball
quote:
President Trump on Tuesday raised the prospect of wiping out hurricane-ravaged Puerto Rico's crushing debt load.
"They owe a lot of money to your friends on Wall Street. We will have to wipe that out," Trump told Fox News' Geraldo Rivera in an interview in San Juan, the Puerto Rican capital.
quote:
"I don't know if it's Goldman Sachs, but whoever it is, you can wave goodbye to that," Trump said in the interview, which aired late Tuesday. "The debt was massive on the island."
LINK
Posted on 10/5/17 at 8:39 am to roadGator
quote:
Why dont they just go directly to China? Skip the middle man. We dont have that money.
We should just trade them to China for a large pizza and a six pack.
Posted on 10/5/17 at 8:40 am to MoarKilometers
quote:
The should just file chapter 11...
For some reason unknown to anyone, Puerto Rico is the only state or territory not allowed to file chapter 9.
This was shoved into a bill in the 80's by Strom Thurman and nobody can figure out why he did it.
Posted on 10/5/17 at 8:43 am to SirWinston
quote:
They'd be stupid not to IMO.
This.
I've got zero pity for those that bought Puerto Rico bonds in the last 10+ years. The bond buyers knew PR was in crappy shape and thought the US laws on PR declaring bankruptcy would save them. The law is one thing, math is another.
Never count on government rules and regs to guarantee a business venture...
Posted on 10/5/17 at 8:43 am to LSU Patrick
quote:
What do these commonwealths bring to the table again?
They offer junk bond status to the likes of Mitt Romney and Bain Capital to make 12%+ on their dollar after they get bailed out by tax paying Americans.
And you don't even get the courtesy of a reach a round.
Posted on 10/5/17 at 8:45 am to goofball
Of course they are. On balance, the hurricane was the best thing that could've happened to PR.
Not much is being reported about the condition of the infrastructure before the storms nor how taxpayer money has been used (or not) over the years to shore up and harden the infrastructure from the inevitable occurrence of catastrophic weather.
Just where has all of the money gone?
Not much is being reported about the condition of the infrastructure before the storms nor how taxpayer money has been used (or not) over the years to shore up and harden the infrastructure from the inevitable occurrence of catastrophic weather.
Just where has all of the money gone?
Posted on 10/5/17 at 8:47 am to wallowinit
Into government salaries and welfare benefits for the island as far as I can tell.
Posted on 10/5/17 at 8:53 am to magildachunks
quote:
For some reason unknown to anyone, Puerto Rico is the only state or territory not allowed to file chapter 9.
This was shoved into a bill in the 80's by Strom Thurman and nobody can figure out why he did it
It was tongue-in-cheek about trump, but I'll be damned if i didn't just learn something i had no idea about as a result
Posted on 10/5/17 at 8:55 am to goofball
quote:
Is Puerto Rico using the hurricane to apply pressure on congress to bail them out?
Puerto Rico is hoping this is the "perfect storm" to clean up their shite hole island, can't say I blame them.
This post was edited on 10/5/17 at 10:53 am
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