With upwards of $74 billion in municipal debt, Puerto Rico might win the debt-forgiveness lottery, post Hurricane Maria. In an interview with Fox, Trump said Puerto Rican debt should be ‘wiped out.’
“We are going to work something out” regarding Puerto Rico’s debt, Trump said.
“We have to look at their whole debt structure,” Trump said in a Fox News interview Tuesday. “You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out. That’s gonna have to be — you know, you can say goodbye to that. I don’t know if it’s Goldman Sachs but whoever it is, you can wave goodbye to that.”
Today the President’s spokesman is trying to walk those comments back. But it’s too late. Debtfags are getting BTFO.
“I think what you heard the president say is that Puerto Rico is going to have to figure out a way to solve its debt problem,” Mick Mulvaney, director of the White House budget office, said in an interview Wednesday. “We are not going to bail them out. We are not going to pay off those debts. We are not going to bail out those bond holders.”
Puerto Rican bonds getting clobbered after those Trump comments about wiping out the debt https://t.co/g58phdIeAW pic.twitter.com/XICGmgUJXH
— Joe Weisenthal (@TheStalwart) October 4, 2017
Former Sec. of Treasury, Larry Summer is shitposting on Twitter about this, praising the idea of simply canceling the debt burden.
Treasury Secretary @stevenmnuchin1 should follow his boss this time. Write off Puerto Rico's debt.
— Lawrence H. Summers (@LHSummers) October 4, 2017
If ever there was a case for a full debt write off, it's Puerto Rico.
— Lawrence H. Summers (@LHSummers) October 4, 2017
Any dollar of Puerto Rico debt paid to Wall Street is a dollar more of taxes on Main Street.
— Lawrence H. Summers (@LHSummers) October 4, 2017
I have an even better idea.
While the government of Puerto Rico is beset by massive debt loads thanks to decades of corruption of retarded governance, the people are the one’s truly bearing the brunt of Maria. Agreed? Instead of canceling the municipal debt, which could always be restructured, why don’t we offer the people of Puerto Rico a true gesture of generosity and CANCEL THEIR CREDIT CARD AND MORTGAGE DEBT?
Why the fuck not? We could have a real life Fight Club scenario playing out there. I am certain the benevolent do-gooders at JP Morgan and Bank of America will support this idea.
One of the potential losers in all this is the evil Baupost, who owns PR debt. How dare they lend them money!
Klarman's Boston-based Baupost Group holds ~$1 billion of Puerto Rico's via shell called Decagon https://t.co/KpVPiWRGGN 2/3
— ACRE (@ACREcampaigns) October 3, 2017
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Did he really have to throw that shit like he was at the back of a food truck in the Sudan?
So if you think it’s a good idea to offer the people of Puerto Rico a true gesture of generosity and CANCEL THEIR CREDIT CARD AND MORTGAGE DEBT, what are you going to do for those hardworking people who were frugal, paid off their mortgage, did not get themselves into stupid credit card debt by buying the latest 50″ dumb teevees to watch CNN propaganda or NFL and were not spending $1000s on idiotic iPhones? Nothing???
Unreal !
PR issued the bonds and folks bought them… The buyers knew this was an island in the Caribbean, right? they knew the risks, right? That’s why the coupon was so good !
Take your loss and move on.
Exactly. That’s what I’ve told my inlaw to say to his shylock: “you knew I was no good! That’s why you asked for 75%. You understood the risk. Now please left go off my kneecap…”
Trump’s first good idea, lol
https://www.theguardian.com/us-news/2017/oct/04/rex-tillerson-trump-moron
Tillerson didn’t call Trump “a moron.”
He called him “a fucking moron.”