Incompetence defined

Hijinx

Well-Known Member
How smart can you be to buy bonds from a territory that is over 70 Billion dollars in debt and getting worse.
How many years will it take for Puerto Rico in the condition it is in now to even start to begin the recovery enough to pay back on those Bonds?
Now Bond Holders are mad at Trump for saying we have to help Puerto Rico by helping to wipe out that debt.
The price probably went down when people saw the devastation and bailed out knowing Puerto Rico would never be able to repay it.

So Trump tries to help them and gets his usual dose of sh1t from the liberals.
 

This_person

Well-Known Member
And , has been the case since Jan 20, 2017, that incompetence is defined by our illustrious President who, once again, has stuck his foot in his mouth.

https://www.cnbc.com/2017/10/04/pue...llar-after-trump-pledge-to-wipe-out-debt.html

Trump: Please do the world a favor and resign.

So, last week they're at 45 cents on the dollar, and they dropped to 37? Before he said a thing, you could get more than $2 worth for less than $1, and this is somehow a thing for Trump to take responsibility, because he said a relatively obvious thing?

Please, help me out with your point of view on this. I mean, this has been in the works for years:
Island Gov Padilla said:
"Even if serious action is taken...Puerto Rico will still face a funding gap of approximately $14 billion over the next five years, which will require substantial debt relief"

If the governor - the actual guy who signs off on a decision like this, not the president who is essentially out of it - says something like this, maybe THAT'S what dropped the bond price so low in the first place??
 

GURPS

INGSOC
PREMO Member
I'm not sure how telling the truth PR is going to 'file bankruptcy' is a bad thing


if anyone still holding PR Bonds thinks they are going to get paid after this disaster is delusional
 

Chris0nllyn

Well-Known Member
I don't buy them.

:whoosh:


The US's bond rating dropped in 2011 and the reasons behind the drop have yet to change. Back in June, Illinois became the worst state (shocker) with a bond rating of BBB.

Given that bond ratings essentially rate credit risk, and the fact that our debt keeps growing, a plan to reduce taxes (thus, revenue), and loads of unfunded pensions, failing Social Security, and failing Medicare as examples, I think it's silly to buy US bonds. What's the definition of insanity?
 

vraiblonde

Board Mommy
PREMO Member
Patron
Never. It's a US territory but its citizens are considered Americans.

I've always heard them call themselves Puerto Ricans, never Americans. They also have a strong national identity that is not American.

You might want to look up what it means to be an "unincorporated territory".
 

Clem72

Well-Known Member
Maybe the creditors were all hoping the Fed would pay those debts, rather than help PR to wipe them out/down. That's the gamble, and it looks like they lost.
 
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