Trump says U.S. must "wipe out" Puerto Rico debt

Trump says U.S. must "wipe out" Puerto Rico debt...(?)

Links:
https://www.cbsnews.com/news/trump-says-administration-will-have-to-wipe-out-puerto-ricos-debt/
https://www.nytimes.com/2017/10/04/business/dealbook/trump-puerto-rico-debt.htmlWho

Can't you just see it now? Who's going to be next? California? Illinois? Any other predominately Democrat Party debt-toilet?

Mister President, STOP! If you don't want to totally destroy any good will and credibility you have with Conservatives, do NOT pursue this topic any further!

Debt is an inescapable fact of life in all free-market economies! Debts must be paid -- by the DEBTORS... and certainly not the government or its taxpayers! PLEASE, stay the hell out of this! Your "plate" is already full and spilling over on the floor without getting down in the weeds of debt owed by Puerto Rico and Puerto Ricans....

 

We can do that if they become a State. Otherwise, they don't get the benefits of a State.

 

There is a great deal of "entanglement" between the United States and its long-time, official "Territory", and "Commonwealth", Puerto Rico. This entanglement may be construed by some, including Trump, to include a big, fat bail-out.

Many Puerto Ricans have been raising hell for decades to be totally independent from the United States. Too bad we didn't give them a 'shove-off' before this year. Now we'll NEVER get rid of this 'millstone' around our necks.... They'll be "on the suck" for as far into the future as any of us can see....

 

Trump must see this issue like one of his many reorganizational bankruptcy filings.

 

Maybe he is implying that by creating a better environment for economic growth in Puerto Rico and around the US, it will become possible to pay the debt off. I mean, did he say, "we have to pay Puerto Rico's debt"?

 

I am not in favor of forgiving PR's debt

 

He was vague about what this would actually mean. We've gotten accustomed to this aspect of Trump -- that he starts talking about things before he THINKS about what he's saying. He has just left it "up in the air".

I am VERY uncomfortable with Puerto Rico's debt which towers up in the tens of billions of dollars already being "up in the air". It could easily be like a monstrous bird 'up in the air' that SH*TS all over American taxpayers down below!

 

FTA:

 

Trump sticks his foot in his mouth again - after making that asinine remark, Puerto Rican bonds are crashing on the market today. Gee, Mr. President, way to kick someone when they're down.

 

Your clarification of what Trump said is accurate, but it doesn't change the fact that he should not (NOT) as President of the United States even mention the subject of VALID debt, and imply anything about wiping out debt, not wiping out debt, or anything WHATSOEVER about Puerto Rican debt! That's what I'm so spun-up about.

There are surely at least two dozen other things that President Trump should be tightly focused on right now, including providing humanitarian aid to Puerto Rico, and continued assistance with its infrastructure, etc. But not ONE of those "two dozen other things" should have anything to do with Puerto Rican DEBT....

 

Trump is a MORONIC IDIOT.

He has no idea what he is talking about.

The words of a BLITHERING IMBECILE are best ignored.

 

I hope you realize Trump can do more than one thing at a time.

 

Yes - he has shown the ability to be a one man wrecking crew.

 

Agreed.

Cut them loose. Let them run their own country and be responsible for themselves for once.

 

Correct! As I indicated, he can, and SHOULD be focused on maybe two dozen things at a time. But one of them should not (NOT) be Puerto Rican DEBT.

There are courts-of-law that decide matters involving DEBT, and it is in those courts-of-law that ALL matters regarding debt should be settled. Period.

 

The President couldn't crash the markets if what he was speaking wasn't clearly true. PR has failed at self-government. This was true before the hurricane. We need solutions not knee-jerk reactions:

Donald Trump is right. Puerto Rico's $70-billion debt will have to be "wiped out." That is simply true.

Trump said that much of the island's debt was owed to big Wall Street banks and he did not sound sympathetic to them. These guys claim to be the smartest guys in the room, so if they have under-priced their risk, screw them:

The Hill:

"They owe a lot of money to your friends on Wall Street and we're going to have to wipe that out," Trump said. during an interview with Fox News. "You can say goodbye to that."

"I don't know if it's Goldman Sachs but you can wave goodbye to that."

Puerto Rico had roughly $70 billion in debt before Maria hit.

The debt had been a major obstacle for the U.S. territory as it fought for statehood. Bondholders had asked Congress and the Trump administration to hold off on granting statehood until Puerto Rico had paid off its debt.

The island had been struggling economically since former President Clinton signed a tax reform law in 1996 that closed a loophole giving tax incentives for U.S. businesses to establish subsidiaries in Puerto Rico.

Now, Puerto Rico officials are trying to recover from Hurricane Maria since it struck the island nearly two weeks ago. Less than 10 percent of the island has power.

Trump visited the island Tuesday, meeting with local officials about the recovery process and distributing supplies to residents.

It's unknown how Trump will be able to "wipe out" Puerto Rican debt. The president's claim about Wall Street owning the debt is only partly true. According to CNNMoney, most of the debt is owned by ordinary investors.

But in reality, Puerto Rico owes most money to regular Americans. Less than 25% of Puerto Rican debt is held by hedge funds, according to estimates by Cate Long, founder of research firm Puerto Rico Clearinghouse.

The rest is owned by individuals and mutual funds that are held by mom-and-pop investors.

"For the most part, Main Street America owns this debt," Long said last week. "It's not as though these are vultures circling around the island."

What Mom and Pop investor in their right minds is buying PR bonds?

The president can ask Congress to bail out the island, but far more likely will be a restructuring of the debt with at least some kind of haircut for investors.

And that's the key to good risk financing, bad bets must be covered by those that were seeking profit.

The president is correct. For Puerto Rico to recover, it will need debt relief. Already, tens of thousands of people are fleeing the island because of the poor economy and lack of job prospects. To stem the flow of economic refugees to the mainland, Puerto Rico is going to have to offer hope to those who remain that rebuilding in the aftermath of hurricane Maria will be worth the effort.

It's a beautiful Island, its time to Make It Great Again!

http://www.americanthinker.com/blog...can_debt_will_be_wiped_out.html#ixzz4uYgvQYpl

 

LOL, wrecking the liberal unicorn and stardust expectations for transgender bathrooms.

 

Typical Trump divisive rhetoric. The Great Divider has found another ally to turn into an enemy. Australia, Mexico, Great Britain, and now - Puerto Rico. Who's next?

 

LOL he doesn't give a crap about conservatives. He offers up policies based on refuting SNL skits of him.

 

Not going to happen, talk is cheap. Nobody knows that better than Donnie.

 

The PR debt issue will not go away even if trump says nothing

And ultimately it will be his decision about what to do

 

Nor am I......they best get to fishing or diving for shells. Something. Just sayin.

 

I am no expert on this subject but I think PR could declare bankruptcy

The territory would be governed by appointees and the debts partially forgiven by a court

And for years to come every penny the local government spends must be approved by an overseer

 

Neither will the debt of Illinois... Trump is a jackass to even bring it up. Did he talk about in Florida or Texas?

 

Ulitmately it is all going to show up on his desk anyway