Discussion: WH Budget Director: Trump Didn't Really Mean To Say We Would Erase PR's Debt

I know Puerto Rico would like to be their own country.

I remember doing graduate field work in Moose Factory, Canada (a Cree First Nation community) with students from Puerto Rico in 2012. The Puerto Ricans and First Nation members really hit it off as they both live in occupied territories and have less rights than other Canadian or American Citizens. It was very educational.

1 Like

Knowing nothing about Puerto Rican bonds I feel totally qualified to comment. If they were poor quality promising a high rate of return shouldn’t investors understand the huge risk of default when they buy them and not be shocked when default occurs?

3 Likes

They must have gotten the news …

There’s been a rush on 'bump sticks ’ by Wall Street creditors –

Secretary of Treasury Steve Mnuchin was the CEO and chief shareholder of the company that holds the most of Puerto Rico’s debt.

I’ll bet he told the Idiot-in-Chief that “the government should buy all of PR’s debt and retire it” so he could make massive profit on it personally.

Grifting comes first and foremost in ALL THINGS with the Trump Administration.

6 Likes

Trump made the comment to Fox News’ Geraldo Rivera after touring the devastation left on the island Tuesday, nearly two weeks after Hurricane Maria wreaked havoc on the U.S. territory.

Trump yesterday, at his “great job, Brownie!” briefing in PR, “And I was going to be here a week ago, if you remember, and that was the day of the hurricane – that was the day of the second hurricane.”

Trump is now trying to change the timeline, alter history, to claim all the A+ things we should revere him for in only one week, not two. (h/t Digby)

1 Like

A home is an investment. A lot of homeowners pre-2008 converted their residences into ATMs via second-third-fourth mortgages. Because some jet skis, an in-ground pool, a new Lexus, a vacation, jewelry, TVs, a bass boat and other baubles were necessary for life. Yet when personal default occurred they castigated the banks for not “working with them” to forgive some or all of the accumulated debt. We rail at sweet deals for Wall Street and banks when they get in trouble, yet individually we’re just as stupid when it comes to borrowing and spending.

Mulvaney is a very good reason why we shouldn’t ban automatic assault weapons. Although I would rather see him die of a painful and horrifyingly disfiguring disease that bankrupts him and his entire family.
And no, I am not apologizing for wishing for the death of this motherfucker. His actions as Trump budget director, if enacted, would result in the deaths of countless Americans. I hope he chokes on his own spirochete-ridden blood.
And if the Secret Service is upset with my remarks, don’t come a-knocking until after 11 AM. That’s when I’m baking some chocolate chips cookies (and, believe me, people have killed for less. Even Republicans, who I do not consider people), and you guys will want to be here, since my cookies are better than anything that motherfucker Trump ever gave you. And I’ll even let you use my bathroom for free!

2 Likes

Dance, little Micky, DANCE!!!

1 Like

some puerto ricans want to be a state. some would like to be independent. others prefer remaining a U.S. territory.

2 Likes

As predictable as radioactive decay . . .

4 Likes

do we get free paper towels?

Many of the hedge funds who held Argentina hostage over their debt bought the bonds after they defaulted between ten to fifteen cents on the dollar. Paul Singer’s hedge fund, Elliot Capital, even seized an Argentinian ship in Ghana.They made a tidy profit of 2 billion after they settled a lawsuit with Argentina. They would rather see the country in penury with high inflation and the people suffering before they would settle for a measly 300% profit instead of an 800% profit or more. They are truly vulture funds and deserve to occasionally lose on some risky bets.

5 Likes

Open up a Trump branded golf resort as a tourist attraction. That will bring in the money. Oops! Been there. Done that. did not work. Just more debt.

2 Likes

Mulvaney us like the character on your favorite series you wish they’d off already.

2 Likes

WH Budget Director: Trump Really Meant To Say “We Would Erase PR.”

See.

An easy fix.

2 Likes

Mulvaney’s Pooper Scooper is full up!!

Very true, like any group of people there’s a diversity of opinions. I miss spoke.

1 Like

I predict massive-scale privatization of Puerto Rico’s assets and minimalist rebuilding of it’s infrastructure (secure, dependable power to the high-rise hotels, overhead lines to the rest). PR’s bonds were discounted to the point where they were paying 10% just a year or two ago. You can bet that the bond purchasers were folks who know how to squeeze blood out of a turnip (remember Argentina). There will be a huge redistribution of assets on the island and it will become a land of absentee landlords and serfs.

It’s hugely unfair that the residents of PR pay taxes and depend on the mainland, but lack the influence of representation.

We deserve to know just how much of Puerto Rico’s debt the Big T hold (sorry, I cannot say it’s name, let alone use the word ‘president’ in the same sentence). I expect it would be a pretty good scandal all by itself.

2 Likes

According to conservatives, debt really doesn’t matter.

That’s why the Republican Congress plans to dump a lot more of it on middle-class taxpayers.

3 Likes

The country was poorly — excuse me, the territory

Asshole - that slip says it all…

(somebody will want to invade it before long…)

2 Likes