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.
Knowing nothing about Puerto Rican bonds I feel totally qualified to comment. If they were poor quality promising a high rate of return shouldnât investors understand the huge risk of default when they buy them and not be shocked when default occurs?
Secretary of Treasury Steve Mnuchin was the CEO and chief shareholder of the company that holds the most of Puerto Ricoâs debt.
Iâll bet he told the Idiot-in-Chief that âthe government should buy all of PRâs debt and retire itâ so he could make massive profit on it personally.
Grifting comes first and foremost in ALL THINGS with the Trump Administration.
Trump made the comment to Fox Newsâ 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 âgreat job, Brownie!â briefing in PR, âAnd I was going to be here a week ago, if you remember, and that was the day of the hurricane â that was the day of the second hurricane.â
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)
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 âworking with themâ 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 weâre just as stupid when it comes to borrowing and spending.
Mulvaney is a very good reason why we shouldnât 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, donât come a-knocking until after 11 AM. Thatâs when Iâm 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 Iâll even let you use my bathroom for free!
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 Singerâs 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.
I predict massive-scale privatization of Puerto Ricoâs assets and minimalist rebuilding of itâs infrastructure (secure, dependable power to the high-rise hotels, overhead lines to the rest). PRâs 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.
Itâs 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 Ricoâs debt the Big T hold (sorry, I cannot say itâs name, let alone use the word âpresidentâ in the same sentence). I expect it would be a pretty good scandal all by itself.