Puerto Rico files f...
 

Puerto Rico files for bankruptcy  

 

fdr
 fdr
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May 3, 2017 2:27 pm  

https://www.nytimes.com/2017/05/03/business/dealbook/puerto-rico-debt.html

Watch closely, because the laws they created to address PR's bankruptcy will apply to all US territories. This is our future:

https://www.congress.gov/bill/114th-congress/house-bill/5278/


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JohnnyU
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May 3, 2017 4:07 pm  

Think that's a bad bet for PR.

I would expect that the current administration will use PR as a threat to states like IL & CA that they need to clean up their own messes.


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singlefin
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May 3, 2017 11:54 pm  

If Puerto Rico had voted for statehood years ago, would this situation have been so different?

I'm unaware of all the pros and cons of statehood here. Coming from the States, I always thought Statehood would be something any territory would jump at.

I can't help but to think of Hawaii, the last state brought into the union. Even though its had its issues, residents seem to have far greater faith in their local government. It's further removed from the US than we are, half its land mass is threatened by dormant and active volcanoes, and yet the level of both private and federal investment far exceeds anything in the USVI or Puerto Rico.

I'm sure there is a fear of some cultural change here, however when things like GERS are teetering on the edge, local hospitals are in a state of constant fiscal collapse, WAPA struggling everyday to keep electric and potable water flowing, and roads in constant disrepair, it's hard to imagine anyone alright with the territorial status quo.


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terry
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May 4, 2017 9:19 am  

PR is not a territory but a commonwealth. There is a slight difference.


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speee1dy
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May 4, 2017 10:54 am  

his point still stands though

PR is not a territory but a commonwealth. There is a slight difference.


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stxsailor
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May 4, 2017 11:32 am  

"I'm sure there is a fear of some cultural change here, however when things like GERS are teetering on the edge, local hospitals are in a state of constant fiscal collapse, WAPA struggling everyday to keep electric and potable water flowing, and roads in constant disrepair, it's hard to imagine anyone alright with the territorial status quo."

I'm sure some of the fear here is fear of cronyism disappearing. sadly it seems the voting majority are satisfied with the status quo, otherwise the same thieving retards wouldn't keep getting voted in.


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fdr
 fdr
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May 4, 2017 5:19 pm  

PR is not a territory but a commonwealth. There is a slight difference.

You're quite right, and you'll notice I didn't say Puerto Rico was a territory. It sounds like this legislation removes any relevant differences for the purposes of bankruptcy.

sadly it seems the voting majority are satisfied with the status quo, otherwise the same thieving retards wouldn't keep getting voted in.

It's just too big a risk to run for office if you don't want to do things "the way they always been done". The people actually capable of creating real change don't want to participate in such a corrupt system. Who can blame them?

Meanwhile, we keep handing out big salaries and lifetime pensions (and never mind the under-the-table deals) to those voted in, attracting candidates who are motivated more by status and money than by serving the people. They face no consequences for their poor decisions and inaction on crucial matters.


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DL
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May 4, 2017 5:48 pm  

PR is not a territory but a commonwealth. There is a slight difference.

The two are not mutually exclusive. PR is a territory, but they have used the term "commonwealth" to refer to the extra privileges they enjoy (i.e. being part of the US customs zone, and no taxes on most goods moving between mainland and PR). Commonwealth has at least five different meanings in American English, and does not refer to a specific status available under the US flag.


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Scubadoo
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May 5, 2017 1:39 am  

PR is not a territory but a commonwealth. There is a slight difference.

The two are not mutually exclusive. PR is a territory, but they have used the term "commonwealth" to refer to the extra privileges they enjoy (i.e. being part of the US customs zone, and no taxes on most goods moving between mainland and PR). Commonwealth has at least five different meanings in American English, and does not refer to a specific status available under the US flag.

(tu)

In the terminology of the United States insular areas, a Commonwealth is a type of organized but unincorporated dependent territory. There are currently two United States insular areas with the status of commonwealth, the Northern Mariana Islands and Puerto Rico.

https://en.wikipedia.org/wiki/Commonwealth_%28U.S._insular_area%29


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singlefin
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May 5, 2017 3:17 pm  

Good point stxsailor:
"I'm sure some of the fear here is fear of cronyism disappearing. sadly it seems the voting majority are satisfied with the status quo, otherwise the same thieving retards wouldn't keep getting voted in."

However, I would think that even the "voting majority" would have just about had it. Especially with the nearing collapse of GERS, those who where once "taken care of" by the government, have to be aware of how badly their own futures have been managed/governed.


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Jumbie
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May 6, 2017 2:11 pm  

Saw this trending on Twitter --

Over $70 Billion in debt Puerto Rico must close 184 Public Schools & re-locate 27,000 students.

I doubt if the "Spend It Like No Tomorrow" Mapp is paying attention.

Keith Crilow


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Scubadoo
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May 7, 2017 2:43 am  

I doubt if the "Spend It Like No Tomorrow" Mapp is paying attention.

No, he's probably too busy looking to see the money coming in for the new sin taxes.


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