R.I.P. Scout26
"The stability of the territory is in danger," said House Speaker Paul Ryan (R., Wis.) on Thursday. "Today, Republicans and Democrats came together to fulfill Congress's constitutional and fiscal responsibility to address the crisis."
As we have repeated, the entire tone of the process is reminiscent of the 2008 financial crisis when Hank Paulson threatened Armageddon if nothing was done to bail the banks out. This time, Treasury Secretary Jack Lew was sending out letters out warning that if no restructuring framework were to be set forth, a series of "cascading defaults" would be touched off. So, once again a path forward has been created that will simply wipe the slate clean for the US territory, and just as in 2008, a message has been sent that it's ok to take on unsustainable debt loads, as they can now simply be discharged either through bankruptcy or a congressional tweak to existing laws.
I was always pleasant, friendly and within arm's reach of a gun.
If government is the answer, it must have been a really, really, really stupid question.
Remember when people were pining for rock-ribbed conservative Paul Ryan to be the GOPe nominee?
http://www.zerohedge.com/news/2016-05-19/republicans-democrats-agree-bill-bailout-puerto-rico
So, once again a path forward has been created that will simply wipe the slate clean for the US territory, and just as in 2008, a message has been sent that it's ok to take on unsustainable debt loads, as they can now simply be discharged either through bankruptcy or a congressional tweak to existing laws.
