Go | New | Find | Notify | Tools | Reply |
Step by step walk the thousand mile road |
We've seen cities and counties declare bankruptcy. There is a great deal of financial pain involved for the employees and citizens. Now we get to watch an almost-a-state (unincorporated U.S. territory) do it. Is it a warm up for California or Illinois?
Anyone know why the courts cannot give creditors assets like the coliseum or properties from the Land Authority? Nice is overrated "It's every freedom-loving individual's duty to lie to the government." Airsoftguy, June 29, 2018 | ||
|
Unhyphenated American |
__________________________________________________________________________________ ---------------------------------------------------------------------------------------------------------- Always remember that others may hate you but those who hate you don't win unless you hate them. And then you destroy yourself. Richard M Nixon It's nice to be important, it's more important to be nice. Billy Joe Shaver NRA Life Member | |||
|
Lawyers, Guns and Money |
Why leave? It's a socialist utopian paradise! If you voted for it... I don't want you coming to the U.S. mainland. That's like Californians infecting Texas with the GDC disease. ... and there's absolutely no reason for the rest of us to pay for it. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
|
Gracie Allen is my personal savior! |
Apparently that's a clause in the PROMESA statute the US passed some time ago to try to help Puerto Rico get its act together. The article also claims that restriction is normal when municipalities go through Chapter 9 bankruptcy, but that Puerto Rico is actually going through a "bankruptcy-like" procedure that isn't quite the same thing as bankruptcy. http://www.usatoday.com/story/...bankruptcy/101243686 | |||
|
Lawyers, Guns and Money |
In a real bankruptcy assets are liquidated and divided in satisfaction of claims. What I think most people don't realize is that loaning money to governments can be very dangerous because you don't have a claim to any assets in the event of default. I think most municipal debt is over priced because people are stretching for yield. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
|
Woke up today.. Great day! |
Illinois on deck! | |||
|
His Royal Hiney |
There goes Puerto Rico bonds. whoops. "It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946. | |||
|
Ammoholic |
I knew I should have fucking diversified! Why the hell did I put my whole GD retirement in them! Jesse Sic Semper Tyrannis | |||
|
Member |
Who knew?! Blindsided.... No, not really. | |||
|
No double standards |
Somehow I think the US taxpayer will be hit with the bailout. "Liberty lies in the hearts of men and women. When it dies there, no constitution, no law, no court can save it....While it lies there, it needs no constitution, no law, no court to save it" - Judge Learned Hand, May 1944 | |||
|
Gracie Allen is my personal savior! |
Well, first they're gonna soak the unsecured debt holders. At this point we're probably waiting to see what happens to the secured debt holders. Then, I suppose, we'll know. Of course there's always the issue of how many debt holders pay taxes in the US, too. I don't know much about tax law, but one would think that a bond holder who gets paid something less than the full amount of the bond would get to declare the difference as a loss on their tax returns. Having less money coming into the US economy and less revenue going into the US Treasury is going to hit the taxpayer one way or another. | |||
|
Member |
They are typical democraps, they piss the money away and give free shit to everyone. Seems every damn person seems to have a free hospital bed down there as well as tons of free medical equipment en those who would not qualify for it in the states. I've sold containers and containers and containers of stuff down there, at a very disproportionate amount. _________________________ | |||
|
Member |
I read somewhere that 'tropical climates' - because they are so easy to live in - make inhabitants lazy and lacking in work ethic. No climatic hardship to encourage industriousness. Conversely - living in a climate with a full winter season necessitates a work ethic to prepare for and store for the coming harsh winter. Maybe that accounts partially for PR's lack of desire to produce. Obviously the socialist utopia angle isn't working out. Nice place to visit though. -------------------------- Proverbs 27:17 - As iron sharpens iron, so one man sharpens another. | |||
|
His diet consists of black coffee, and sarcasm. |
Other than a target for naval gunnery practice (and even that we longer do), what, exactly, do we need Puerto Rico for? | |||
|
Ice age heat wave, cant complain. |
I don't drink rum, so I couldn't give a shit. It's not that nice of an island. NRA Life Member Steak: Rare. Coffee: Black. Bourbon: Neat. | |||
|
I'd rather have luck than skill any day |
Governments going bankrupt is very bad trend. Let me see if I understand. Govs don't need tax dollars to spend if the can just borrow it. Now they don't have to pay/repay for it. What could go wrong. Sounds like a politicians economic perpetual money machine. Can I have one too? | |||
|
Member |
Puerto Rican Girls, just Dying to meet You! _________________________ | |||
|
Fuimus |
Why are we involved with this shit hole? | |||
|
No double standards |
Parasites always seek a new host after they have killed the last host. "Liberty lies in the hearts of men and women. When it dies there, no constitution, no law, no court can save it....While it lies there, it needs no constitution, no law, no court to save it" - Judge Learned Hand, May 1944 | |||
|
Member |
Thanks, Floyd D., that gave a much needed laugh. From when SNL was actually funny. Now? Al Franken. Senator from Minnesota. Do you need any more proof that you have awakened in Bizarro World? ____________________ | |||
|
Powered by Social Strata | Page 1 2 |
Please Wait. Your request is being processed... |