Trump supports wiping out Puerto Rico's debt

originally posted by: TonyS
a reply to: AndyFromMichigan

You realize of course, and maybe Trump doesn't, that if the Feds take the position they are simply going to wipe out (I take that to mean "write off") the debt of every mismanaged Democrat controlled jurisdiction in the country, the US will be bankrupted, the financial institutions that loan these entities money will fail and the US credit rating will be junk status.

And if he means that the US gov't should just pay off PR's debt, the result would essentially be the same except it would also encourge every Democrat jurisdiction to engage in fiscal mismanagement.

From an economic standpoint, PR is a lost cause without some Congressional relief and Congress isn't capable of passing any meaningful legislation.

But why does that have to be all "Liberal" fiscal mismanagement and not all "Liberal AND Conservative" Fiscal Mismanagement? Serious question.

We know that conservatives mismanage money with the best of them.

a reply to: amazing

I honestly can't see any good reason to make PR a "State". Its an economic black hole of endless debt and poverty. If you like PR how about taking over Haiti? Or God forbid, Venezuela!

The US should simply grant PR independence and then they can suck off the World Bank.

a reply to: amazing

I don't know where you get the idea that Conservatives mismanage. Texas as a state is managed by Conservatives and regularly closes the year with balanced books or a surplus that is paid into a rainy day fund. Then look at the Democrat jurisdictions, Detroit, Chicago, now Connecticut and Michigan, California......the list is endless and their economic problems are legion.

The Federal Reserve can always buy the bonds as toxic assets.

AKA "Troubled Assets" like TARP.

originally posted by: TonyS
a reply to: amazing

I don't know where you get the idea that Conservatives mismanage. Texas as a state is managed by Conservatives and regularly closes the year with balanced books or a surplus that is paid into a rainy day fund. Then look at the Democrat jurisdictions, Detroit, Chicago, now Connecticut and Michigan, California......the list is endless and their economic problems are legion.

Realistically it's both parties. There are Democratic strongholds that do will and conservative strongholds that do well and both do bad as well.

I was just pointing out that you're only seeing one side of things. and not the whole picture.

originally posted by: TonyS
a reply to: amazing

I honestly can't see any good reason to make PR a "State". Its an economic black hole of endless debt and poverty. If you like PR how about taking over Haiti? Or God forbid, Venezuela!

The US should simply grant PR independence and then they can suck off the World Bank.

The problem with that is that they are already US citizens with many serving in the military and veterans of our foreign wars. I served with some great people from Puerto Rico when I was in the army. We already have a military base there.

One of the biggest benefits of statehood would be representation in congress. Right now they get no say in a government that controls them.

a reply to: amazing

O.K., fine.....you love PR. I don't really care one way or another, except to say......I don't want to, ne refuse to pay for PR's fiscal problems! Never will I pay for PR's fiscal insolvency.

As far as statehood is concerned........I'd hope that the other states would have a say in that. I'd be entirely against it for at least one reason. What the hell are you going to do with the extra star in the flag?

originally posted by: TonyS
a reply to: amazing

O.K., fine.....you love PR. I don't really care one way or another, except to say......I don't want to, ne refuse to pay for PR's fiscal problems! Never will I pay for PR's fiscal insolvency.

As far as statehood is concerned........I'd hope that the other states would have a say in that. I'd be entirely against it for at least one reason. What the hell are you going to do with the extra star in the flag?

But that's like saying you don't like Hawaii or California. LOL I get it they're liberal states but still. Keep in mind that part of the reason that PR is in economic distress is that they are not a state, meaning they get no vote no say in our government, No quick aid, no nothing. That's part of the problem. All the other states get everything, PR get's left out in the cold. Either make em a state or cut them lose.

And saying that you will never pay for PRs fiscal insolvency is like me saying I'll never pay for all the welfare recipients in rural Louisiana. Of course I will, We're one big country and we're all in this together.

a reply to: AndyFromMichigan

This whole thing is more incoherent rambling from our President. He said it, then he completely collapsed the PR bond market as they're trying to raise funds for disaster recovery. Now the White House is walking it back, and there's no confidence from investors on either side. Complete chaos.

He also said he would repeal ACA on day one; would unify congress behind him; would ensure Carrier employees keep their jobs; would Unite the country; would make America Great Again; would hand-pick Professors for "Trump University"; would make the "best deals"..... I'm pretty sure, every single thing this guy says has to be taken with a huge dose of salt flats.


My favorite quote "Well, it wasn't very stupid, I'll tell ya that" - Donald J. Trump


No Don, it wasn't very stupid, it was extraordinarily stupid.

a reply to: AndyFromMichigan

I am PR and while this idea sounds great, it will turn into # of the Federal government doesn't clean the corruption within the PRican government that is behind the bankruptcy to begin with.

originally posted by: AndyFromMichigan

PR is already in bankruptcy. Wiping out their $79 Billion debt would give them a fresh start, but it'll make the financial types really unhappy.

Instead of wiping out the debt, they could just "convert" the debt into equity stake holdings in the public lands, mineral deposits, and other natural wealth assets held by the government of PR.

Nobody has to lose anything. The gov of PR could always buy back the equity from the investors in the future, if they want, when they have the cash, and return the public assets to the people of PR when they are once again rich.

a reply to: AndyFromMichigan

Can't wait for the Left to blast Trump for this idea........ I'm going to need kettle corn for this one!

originally posted by: TonyS
I don't know where you get the idea that Conservatives mismanage. Texas as a state is managed by Conservatives and regularly closes the year with balanced books or a surplus that is paid into a rainy day fund. Then look at the Democrat jurisdictions, Detroit, Chicago, now Connecticut and Michigan, California......the list is endless and their economic problems are legion.

Texas has $395 billion in debt compared to California's $387 according to usgovernmentdebt.us.