Puerto Rico is filing for bankruptcy

Puerto Rico to File Largest Public Sector Bankruptcy in History.
So, America's most populous territory has defaulted on $73 Billion in debt, and will be filing for bankruptcy protection... [checks watch]... any time now.

I have no sympathy for the debt holders. They're mostly the worst sort of "vulture capitalists" who bought the debt for pennies on the dollar, hoping they can wring out more than that by picking apart the corpse.

I really can't fathom how a territory with only about 1 million people managed to dig a $73 BB hole for themselves. That's almost 4 times as much debt as Detroit had when they filed, with a comparable population.

a reply to: AndyFromMichigan

I understand Puerto Rico has around 3.5 million people (not sure where you got the 1 million number from).

This is big news though.. a sign of the times.

America will NEVER, EVER be able to pay back the $20 trillion in national debt we have. We are barely keeping up with the interest alone.

We also just signed a 4-week extension for the debt ceiling, a temporary bandaid and more "kicking the can down the road".

The entire globe is facing a debt crisis. This is not going to be good. I give it a few years before things get really messy... possibly sooner if the EU implodes after Frances upcoming election and potential "FREXIT"

Its a territory of 3.5 million people. We were close to 4 but many have gone to the USA. There's 4.2 million living in the USA.

Yeah, not sure why I thought it was only 1 million. I know they've been losing population (mostly to the mainland US) for years now.

ETA: Still, that is a damn huge amount of money. Nobody in either political party was ever going to seriously consider a bailout that massive.

IF they aren't intelligent enough to legalize pot ,then it's on THEM.

Are Puerto Rican residents eligible for government programs from the United States? If they're not paying taxes because the US government is taking care of too many Puerto Ricans, that could be a contributing factor to the bankruptcy.

a reply to: FamCore

I wonder HOW this happened....
www.blacklistednews.com...


not

Wasn't this brought up a few years ago as well? I seem to remember even making a thread on it myself. Will see if I can find it.

Just make it a sanctuary city and there all 👌 and they can even break the law and just let white pride mop up all the # cos ain't that the way it goes now

Found it, but it wasn't by me. My theory was that the US would let it bankrupt itself and take it in a a new US state like Hawaii or Alaska...anyone want to take odds now???
www.abovetopsecret.com...

My posts from that thread...

originally posted by: Vasa Croe

originally posted by: crazyewok

originally posted by: onequestion

originally posted by: catjuggler
a reply to: onequestion

100% of Puerto Ricans live in the US, they're US citizens living in a US commonwealth. Are you actually this ignorant or are you trying to impress the internet with a new level of stupidity.

Obviously they are a commonwealth of the United States it doesn't change the fact that theres a mass exodus happening of Peurto Ricans moving to the MAINLAND of the United States due to failed economic policy of the US and peurto Rico.

I'll save my more vulgar comments for someone else.

Would you complain is Alaskans or Hawaiians moved to the mainland?

Alaska and Hawaii are US states?

As to the topic...I said it in another thread. They have been polling there a lot asking if the citizens would rather be part of the US or stay a territory and for the first time in years, the majority wants to be the next US state. The poll came at an interesting time too....with the debt they have, it is a great opportunity for the US to take them in as a state and claim their debt, then do a bail out to fix the PR economy in the short term.....it will happen eventually.

originally posted by: Vasa Croe
I just want to go on record saying this will be the single largest deal the mainland US has made to bring a territory into full statehood.

The bailout they US government will propose to pay will be nullified.

The US government votes PR in as a state. Immediately there are candidates popping up in multiple regions for US Congress positions. Because of the bailout, the politicians in PR feel as if they owe the US and they work with the agricultural community and build a direct US Monsanto relationship prior to anyone knowing the relations are now about to run all aspects of Cuban US agricultural relations.

This will be one of the largest payoffs in history outside of arms trades....mark my words.

10 years from now this will be available in a FOIA request.

Anywho...enough prophecy for a night...enjoy the 4th MOFO's!!!!!!!!!!!!

originally posted by: Vasa Croe
Found it, but it wasn't by me. My theory was that the US would let it bankrupt itself and take it in a a new US state like Hawaii or Alaska...anyone want to take odds now???
www.abovetopsecret.com...

My posts from that thread...

originally posted by: Vasa Croe

originally posted by: crazyewok

originally posted by: onequestion

originally posted by: catjuggler
a reply to: onequestion

100% of Puerto Ricans live in the US, they're US citizens living in a US commonwealth. Are you actually this ignorant or are you trying to impress the internet with a new level of stupidity.

Obviously they are a commonwealth of the United States it doesn't change the fact that theres a mass exodus happening of Peurto Ricans moving to the MAINLAND of the United States due to failed economic policy of the US and peurto Rico.

I'll save my more vulgar comments for someone else.

Would you complain is Alaskans or Hawaiians moved to the mainland?

Alaska and Hawaii are US states?

As to the topic...I said it in another thread. They have been polling there a lot asking if the citizens would rather be part of the US or stay a territory and for the first time in years, the majority wants to be the next US state. The poll came at an interesting time too....with the debt they have, it is a great opportunity for the US to take them in as a state and claim their debt, then do a bail out to fix the PR economy in the short term.....it will happen eventually.

originally posted by: Vasa Croe
I just want to go on record saying this will be the single largest deal the mainland US has made to bring a territory into full statehood.

The bailout they US government will propose to pay will be nullified.

The US government votes PR in as a state. Immediately there are candidates popping up in multiple regions for US Congress positions. Because of the bailout, the politicians in PR feel as if they owe the US and they work with the agricultural community and build a direct US Monsanto relationship prior to anyone knowing the relations are now about to run all aspects of Cuban US agricultural relations.

This will be one of the largest payoffs in history outside of arms trades....mark my words.

10 years from now this will be available in a FOIA request.

Anywho...enough prophecy for a night...enjoy the 4th MOFO's!!!!!!!!!!!!

This also gives whatever party that brings them in another million votes.

If Trump makes PR a US state it basically becomes CA for the GOP.

It would actually be a brilliant move to do it now.

First problem:

I think it's sheer stupidity of buying debt.

Second problem how the hell does a tiny little island go in to $73 billion dollars in debt.

Last thought this is straight out of third to the last episode of Billions.

Axe Capital bought up all public debt to bring in a casino.

a reply to: AndyFromMichigan

Puerto Rico is filing for bankruptcy

Do you think there will be any deals on condos or other beach front property?

I'm sure plenty of bureaucrats will be heading for the states when their job goes south. Or actually north in the case of PR.

originally posted by: neo96
First problem:

I think it's sheer stupidity of buying debt.

Second problem how the hell does a tiny little island go in to $73 billion dollars in debt.

Last thought this is straight out of third to the last episode of Billions.

Axe Capital bought up all public debt to bring in a casino.

What's $75 billion debt to $4 trillion? A drop in the bucket to add a possible 3-4 million voters into the pool and a fairly large electorate based on population.

a reply to: Vasa Croe

Well get out the check book and cut them a check.

A tiny lsland is too small to fail.

That actually does get to vote all be it in the EC way.

Since the popular vote is meaningless to begin with point is moot.

a reply to: olaru12

There is the defunct nuclear power plant on Domes beach.
Puerto Rico has had problems with other infrastructure aging motels etc.
Unless there is something to be read into a May filing this is just an old story.

President Trump is on record as saying he does NOT want to bailout Puerto Rico.

4.27.2017: www.nbcnews.com...

The general political system in PR is unique.

Possibly part (or all) of the problem.