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Old 08-03-2015, 16:41   #1
Sdiver
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Puerto Rico defaults on $58 million bond payment

Greece in the Caribbean ....

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Puerto Rico has defaulted for the first time in the commonwealth government's history after missing most of a $58 million bond payment. "Due to the lack of appropriated funds for this fiscal year the entirety of the PFC (Public Finance Corporation) payment was not made today," said Melba Acosta Febo, the president of the Government Development Bank for Puerto Rico. "This was a decision that reflects the serious concerns about the Commonwealth's liquidity in combination with the balance of obligations to our creditors [and the people]." Febo said the PFC was only able to pay approximately $628,000 out of the $58 million. The commonwealth owes about $72 billion to its creditors.


[full statement attached here] .... http://bnonews.com/news/index.php/news/id1134
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Old 08-03-2015, 16:47   #2
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Based on my experience there, they must finally be running out of other people's money.

Trouble is, they are still wasting Federal tax dollars as well, which is MY money.

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Old 08-03-2015, 18:13   #3
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This is only the tip of the iceberg. They have no way to pay any of their other upcoming payments. 72+billion in the hole.

Glad I got off the sinking ship when I did. They still owe me several thousands but I am sure it will never show up.
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Old 08-03-2015, 18:34   #4
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The only reasonable solution is to let the bond owners eat the loss with PR getting a much lower credit rating and a much higher interest rate in the future. Lets see if the Feds agree.

Keep in mind that if the Feds bail out PR , CA, NJ and others will be lined up for their "fair share"
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Old 08-04-2015, 07:19   #5
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How is it the responsibility of the tax payer, me in other words, to replace the money that present and past leaders extracted from the system via incompetence or purposeful means?

In my mind the correct thing to do would be to determine how the state/country/bank/airline/car manufacturer got into the state they did, find the people responsible, extract as much money from their financial holdings, real estate holdings, overseas holdings as possible, then appeal to the tax payer, me in other words, to make up the difference. I'm sick and fucking tired of paying for the mistakes of people in power.

Bailouts. smh. The working class in this country need a bailout.

Note: I know, I know, I drive on federal roads and my kids go to state funded public schools blah blah blah, but hey, so did the fuckers who sucked all the money out of PR, and Greece.
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Old 08-04-2015, 12:38   #6
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"Claw Back" - that's the term the Democrats used to use when agitating against the bankers during the so-called banking crisis.

I like it.

We "Claw Back" all assets of every living Federal elected/appointed official, Cabinet level and higher. That means White House, the Congress, the federal Judiciary.

To include their extended families. Down two generations!

We will exempt current earned or Social Security income. All other assets are fair game.


We will do this until the national debt is paid off and again should we ever incur any more debt.

Any new taxes apply only to the above noteds for 1 year before applying to the rest of the citizens.
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Old 08-04-2015, 12:59   #7
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Quote:
Originally Posted by MR2 View Post
"Claw Back" - that's the term the Democrats used to use when agitating against the bankers during the so-called banking crisis.

I like it.

We "Claw Back" all assets of every living Federal elected/appointed official, Cabinet level and higher. That means White House, the Congress, the federal Judiciary.

To include their extended families. Down two generations!

We will exempt current earned or Social Security income. All other assets are fair game.


We will do this until the national debt is paid off and again should we ever incur any more debt.

Any new taxes apply only to the above noteds for 1 year before applying to the rest of the citizens.
Yes! I like it! How can we get this implemented?
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