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Puerto Rico files for biggest government bankruptc
serf
Member Posts: 9,217 ✭✭✭✭
This is the first huge failing of a pseudo State of The United States.It was a tax dodging entity use by the rich and now in default.
You haven't seen anything yet just wait for President Trump to shut down the government this fall. The holes get bigger all the time on the sinking ship with The Federal Reserve and a new cashless society is coming.
Obama Care,Social Security,Medicare,Medicaid are all on the chopping block after the crash one way or another. It's coming here to the mainland soon and no Puerto Rico is not a local government like Detroit!
serf
The debt restructuring petition was filed by Puerto Rico's financial oversight board in the U.S. District Court in Puerto Rico on Wednesday, and was made under Title III of last year's U.S. Congressional rescue law known as PROMESA.
http://www.reuters.com/article/us-puertorico-debt-bankruptcy-idUSKBN17Z1UC
Bankruptcy may not immediately change the day-to-day lives of Puerto Rico's people, 45 percent of whom live in poverty, but it may lead to future cuts in pensions and worker benefits, and possibly a reduction in health and education services.
The Title III provision allows for a court debt restructuring process akin to U.S. bankruptcy protection. Puerto Rico is barred from a traditional municipal bankruptcy protection under Chapter 9 of the U.S. code.
http://www.nbcnews.com/news/latino/here-s-how-promesa-aims-tackle-puerto-rico-s-debt-n601741
It allows for the federal minimum wage to be lowered to $4.25 an hour for island workers 24 and under. Additionally, the U.S. Labor Department's new rule on overtime pay for salaried workers would not apply to Puerto Rico.
Some of the provisions have been criticized as not being directly related to fiscal issues, such as allowing the control board to designate energy and infrastructure projects as "critical" and bypassing public review or environmental impact studies.
Sen. Robert Men?ndez, D-N.J., the only Latino senator to vote against the Senate bill, condemned the bill during a four-hour filibuster, saying "PROMESA exacts a price far too high for relief that is far too uncertain."
You haven't seen anything yet just wait for President Trump to shut down the government this fall. The holes get bigger all the time on the sinking ship with The Federal Reserve and a new cashless society is coming.
Obama Care,Social Security,Medicare,Medicaid are all on the chopping block after the crash one way or another. It's coming here to the mainland soon and no Puerto Rico is not a local government like Detroit!
serf
The debt restructuring petition was filed by Puerto Rico's financial oversight board in the U.S. District Court in Puerto Rico on Wednesday, and was made under Title III of last year's U.S. Congressional rescue law known as PROMESA.
http://www.reuters.com/article/us-puertorico-debt-bankruptcy-idUSKBN17Z1UC
Bankruptcy may not immediately change the day-to-day lives of Puerto Rico's people, 45 percent of whom live in poverty, but it may lead to future cuts in pensions and worker benefits, and possibly a reduction in health and education services.
The Title III provision allows for a court debt restructuring process akin to U.S. bankruptcy protection. Puerto Rico is barred from a traditional municipal bankruptcy protection under Chapter 9 of the U.S. code.
http://www.nbcnews.com/news/latino/here-s-how-promesa-aims-tackle-puerto-rico-s-debt-n601741
It allows for the federal minimum wage to be lowered to $4.25 an hour for island workers 24 and under. Additionally, the U.S. Labor Department's new rule on overtime pay for salaried workers would not apply to Puerto Rico.
Some of the provisions have been criticized as not being directly related to fiscal issues, such as allowing the control board to designate energy and infrastructure projects as "critical" and bypassing public review or environmental impact studies.
Sen. Robert Men?ndez, D-N.J., the only Latino senator to vote against the Senate bill, condemned the bill during a four-hour filibuster, saying "PROMESA exacts a price far too high for relief that is far too uncertain."
Comments
Just how many of these "the sky is falling" scenarios that you present, have actually happened?
Do you keep track? Just a ball park guess would be acceptable.
Margaret Thatcher
"There are three kinds of lies: lies, damned lies and statistics."
Mark Twain
Just for the sake of a discussion:
Just how many of these "the sky is falling" scenarios that you present, have actually happened?
Do you keep track? Just a ball park guess would be acceptable.
The Dam is cracking/breaking just watch The Republicans overturn Obamacare and cut medicaid today and see how happy the voting public will be next month for heads up for you. The Government with it Federal Reserve is soon to lose it's faithfulness etched on The Statue of Liberty. The door has tarnished with fake gold my friend.
serf
With silent lips. "Give me your tired, your
poor,Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tossed to me,
I lift my lamp beside the golden door!"
It's not just this, but the present government is being blamed for problems they inherited and were not addressed in the years before.
Socialism works until you run out of other peoples money. Puerto Rico made a system that rewarded lazy slovenly freeloading lifestyles. Few are working, few are trying to get better.
it all went bust.
they missed a bailout by 6 months [;)]
Actually, there was no option but for them to go bankrupt. Since they aren't a state, the workout process wasn't available to them.
quote:Originally posted by 1911a1-fan
they missed a bailout by 6 months [;)]
Actually, there was no option but for them to go bankrupt. Since they aren't a state, the workout process wasn't available to them.
Yeah but there going to need to keep that work fund solvent for now. The well is running dry and the big lenders are coming in with new rules no doubt with new old money from The Federal Reserve. The rates are a tad too low right now however.
serf
quote:Originally posted by 1911a1-fan
they missed a bailout by 6 months [;)]
Actually, there was no option but for them to go bankrupt. Since they aren't a state, the workout process wasn't available to them.
but you forget obomo visited all 57 states which included PR, and he had no problem writing checks for anything but working Americans
We will see if the governor has the courage to force new terms on union employees without a contract. We will see if union employees will walk.
If you look at what Puerto Rico did to go bust it is no different than Illinois/California style public employee retirement coupled with Obamacare Puerto Rico style.
Socialism works until you run out of other peoples money. Puerto Rico made a system that rewarded lazy slovenly freeloading lifestyles. Few are working, few are trying to get better.
it all went bust.
Every broke and busted, run and ruined mass murder zone is demonrat owned. The worthless garbage continues their self destruction and the dragging of the country down with them.
Went back the next day, same thing,
Food was fair at best, drivers are crazy,
That's all I know about P.R.
A drop in the bucket.
Said like a true Keynesian whipper snapper! But faith in fiat money theory with endless numbers and derivatives are foolish in the end.
How long can The Central Banks (Casino) hold debt on their books until one day people realize the value of wealth is a shell game? As well as the owners of the debt is a a misapplied or inappropriate name or designation. Soon I bet!
serf
quote:Originally posted by Barzillia
A drop in the bucket.
Said like a true Keynesian whipper snapper! But faith in fiat money theory with endless numbers and derivatives are foolish in the end.
How long can The Central Banks (Casino) hold debt on their books until one day people realize the value of wealth is a shell game? As well as the owners of the debt is a a misapplied or inappropriate name or designation. Soon I bet!
serf
Go get a room already!
If you look at what Puerto Rico did to go bust it is no different than Illinois/California style public employee retirement coupled with Obamacare Puerto Rico style.
Socialism works until you run out of other peoples money. Puerto Rico made a system that rewarded lazy slovenly freeloading lifestyles.
---I KNOW - JUST LIKE ALL THOSE BLACK RUN TO RUIN CITIES. ---
Few are working, few are trying to get better.
it all went bust.
ABSOLUTELY - add the demonrat run crapholes like NJ NY etc...
ALL broke jokes. The RINOs that went along with the demon filth should hang next to the demonrats in the city square.
I'll buy every inch of rope. [}:)]
quote:Originally posted by serf
quote:Originally posted by Barzillia
A drop in the bucket.
Said like a true Keynesian whipper snapper! But faith in fiat money theory with endless numbers and derivatives are foolish in the end.
How long can The Central Banks (Casino) hold debt on their books until one day people realize the value of wealth is a shell game? As well as the owners of the debt is a a misapplied or inappropriate name or designation. Soon I bet!
serf
Go get a room already!
I was born with a room and assigned a social security number like all the wage slaves here in America under The I.R.S.
If you had one piratical wish then it would be to have the power to tax every individual in the World! Every king that ever lived has wish for this to become true and soon it will be under The NWO! [:o)]
serf