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Puerto Rico Debt Crisis

avalon

avalon

Antwan Scott
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On Puerto Rico, Congress Once Again Fails to Do the Obvious

Congress has been debating, for months, a plan that would give Puerto Rico the power to restructure its debts, but, despite a promise by Paul Ryan that the issue would be resolved by March 31st, representatives don’t seem all that close to a solution. Indeed, on Friday, with the debt-payment deadline looming, members of the House went home for a weeklong recess, leaving the situation unaddressed.

In part, this failure to act reflects disagreement about the details of the rescue plan, and in particular whether it would entail the creation of a fiscal-control board, similar to the one that managed Detroit’s finances after that city declared bankruptcy. The bigger hurdle, though, is that some are calling the prospect of giving Puerto Rico the ability to restructure its debts a “bailout”—a word that has become politically toxic in the aftermath of the financial crisis. A nonprofit group called the Center for Individual Freedom has been running TV ads asking voters to tell Congress not to support a bailout for the island. (The C.I.F. isn’t required to disclose its donors, but the Sunlight Foundation and others have pointed out that its position aligns closely with that of the institutions that own the island’s bonds.) The Heritage Foundation has called the plan a bailout as well, and a number of Republican congressmen have adopted the term.
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Cool. Let Puerto Ricans keep moving to Florida and turn it blue.
 
I took the worst dump of my life in a bathroom in the Puerto Rican airport. The bill for the hazmat crew necessary to clean that literal shitshow probably put the island into debt. Sorry, Ricans.
 
Just got back from Puerto Rico in March. Beautiful island. I really hope they don't screw it up.
 
"Best" Tunnels trend of the past few months?

Sailor's recent #socialism or #muslimrefugees posting binge or BKF/BSF4L posting articles defending and extolling Trump while claiming they just don't like Hillary?
 
Wakeforest22890 said:
"Best" Tunnels trend of the past few months?

Sailor's recent #socialism or #muslimrefugees posting binge or BKF/BSF4L posting articles defending and extolling Trump while claiming they just don't like Hillary?
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DeacPops takes the cake with his mysterious all-out Bernie hatred.
 
Ball State Deac said:
This. Great place. Make Puerto Rico Great Again.
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Yeah, I'm glad Oliver did a piece on this last week. My understanding is that currently they're not entitled to file a Ch 9 bankruptcy like Detroit and San Bernardino did. If I'm not mistaken, Congress can just pass a bill giving them the ability to do that. Should be a no brainer. And as further incentive to get Pubs in both houses to support such a bill, tell them what Ph said. The Puerto Rican economy is a shambles. They've been coming over in droves and are making FL bluer by the day (they're US citizens after all).
 
It's ironic that Republicans are fighting immigration to halt Dem demographic gains but they don't realize their policies are causing more migration into a key swing state.
 
Interesting perspective, so I took to the google.

Influx of Puerto Ricans could be game-changer in country's biggest swing state

After all, the U.S. embargo on Cuba doesn’t really matter personally to Puerto Ricans. Neither does immigration. They would probably care more about a candidate’s plans to solve the island’s protracted financial woes.
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550x309
 
Wakeforest22890 said:
Yeah can't file as a territory apparently
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Looked it up. 11 USC 101 defines municipality as a "political subdivision or public agency or instrumentality of a state". I knew states themselves can't file but didn't realize territories couldn't either. Given the language, it probably means San Juan couldn't file either. Title 9 is really short too - only 6 pages of the code.
 
dot com said:
Dat X-axis tho
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fucking label it.

Good Oliver piece, great ending. How much sway does that dude have these days, btw? Has anyone tracked changes subsequent to his pieces, which everyone loves?
 
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