Does this address the underlying cause(s) for the financial crisis happening in the first place?
While I don’t wish to tie the hands of state governments, local municipalities or territories such as Puerto Rico, I am really loathe to allow those companies who bought/sold the bonds with such conditions and rates that they’re nothing better than payday loans. It is beyond evident these practices need proper regulating. I am all for a fair return on investment, but loan shark behavior should be outlawed once and for all.
I am really loathe to allow those companies who bought/sold the bonds with such conditions and rates that they’re nothing better than payday loans
What are you referring to? These are municipal bonds, sold at auction, same as other munis. The reason the bonds sell cheaply (high yield) is because the market’s decided they’re high risk. Greed for the high yield, while ignoring the risk, is the only reason bond buyers would lose money on PR debt.