Puerto Rico Declares Bankruptcy...

[DragRacer]

They should not let a bunch of Puerto Rican's be in charge of the place, that's a start.

They should just raise taxes. That solves everything.

 

[Arkain2K]

Puerto Rico has a lot of population for such a small island of course its not going to be sustainable

The problem is that much of the young & working subset of that population have already fled the island for the mainland U.S years ago, when the corporations bolted after the tax incentives expires, and the country's leaders were/are too inept to change with the time.

The Puerto Rican government should have had invested heavily to transform itself into a vacationing hotspot when the economy was good and investment money were flowing. Now it's pretty much Detroit on water, but without the museum's with priceless paintings for collateral.

 

[panamaican]

There's not much to comment on for me but I will be watching to see how it's resolved.

I suppose I should make a snarky, superficially related political comment just because I'm here...

...I thought bankruptcy was a sign of political genius. Shouldn't people be praising Trumpo Rico for its savvy business decision?

 

[Rod1]

The problem is that much of the young & working subset of that population have already fled the island for the mainland U.S years ago, when the corporations bolted after the tax incentives expires, and the country's leaders were/are too inept to change with the time.

The Puerto Rican government should have had invested heavily to transform itself into a vacationing hotspot when the economy was good and investment money were flowing. Now it's pretty much Detroit on water, but without the museum's with priceless paintings for collateral.

Puerto Rican government should ship half its population elsewhere and do what you say.

 

[RockstarChris]

 

[Rational Poster]

A lot of US states have massive debt, so how this is handled could be an extremely important precedent. Most states have far too much debt in the form of pensions for government employees.

Not really, one of the big issues for PR is that they're a territory and not a state so they don't have the same rights to negotiate with lenders.

States will always have more flexibility to negotiate debts than PR does.

 

[Chesten_Hesten]

Goddamn you Geraldo:

 

[Arkain2K]

Puerto Rican government should ship half its population elsewhere and do what you say.

I think Puerto Rico needs to sort out the issues that they got themselves in to in-house to show some responsibility, but it's clear that their leaders are now trying to blame their shitty economic failings on their status as a territory, a status of their own choosing.

This means I have zero doubt that the current batch of Puerto Rican politicians will attach their deadweight of an island to the U.S like a starving parasitic lamprey on a juicy whale when the fifth plebiscite on the status of Puerto Rico comes next month.

Before this long-expected bankruptcy, keep in mind that the choice for Statehood were repeated rejected by well over half of the Puerto Rican population, in every plebiscites held on the island.

In fact, when Puerto Rico was doing alright back in the early 2000s, a good one-third of the country consistently want to cut ties with the U.S and be their own independent country!

Fast forward to gloomier era, the last time Puerto Rico had a vote on their territory/statehood status was in 2012, when only 834,191 (about 40% of total voters who came to the poll) favored statehood, while 500,000 casted ballots were intentionally left blanks, at the urging of the pro-Independence politicians. Puerto Ricans still had their Bouriqua "national pride", despite the government debts, pension liabilities, and new taxes were mounting, while the youngs bolted for the mainland by tens of thousands every year.

Now that Puerto Rico is in the toilet, I see Puerto Rican politicians taking turn to passionately expounding the virtues of being a U.S State in their speeches (all with a disctinct Socialist flair) to their retired, unemployed, and generally broke electorate in the past couple of months, with special emphasis on the money they could may be get from Texas' oil revenues, or the money they could msy be get from California's films revenue, or the money they could may be get from Florida's tourism revenue.

With this bankruptcy and 70 Billion in debts, I fully expects the Puerto Rican Independence campaign to be dead as a doornail, and all those half-a-million blank nationalistic votes from 2012 will firmly be for Statehood in June 2017.

The path that Puerto Rico take to join the American Union could have been a beautiful story. Our 51st State Candidate could have walked proudly onto that stage twenty years ago and proclaim what cultural wonders, endless potentials, and real benefits they're offering to the Union as a tourism powerhouse in the Caribbean.

Now, all they're bringing to the table is their shame.

 

[Rod1]

I think Puerto Rico needs to sort out the issues that they got themselves in to in-house to show some responsibility, but it's clear that their leaders are now trying to blame their shitty economic failings on their status as a territory, a status of their own choosing.

This means I have zero doubt that the current batch of Puerto Rican politicians will attach their deadweight of an island to the U.S like a starving parasitic lamprey on a juicy whale when the fifth plebiscite on the status of Puerto Rico comes next month.

Before this long-expected bankruptcy, keep in mind that the choice for Statehood were repeated rejected by well over half of the Puerto Rican population, in every plebiscites held on the island.

In fact, when Puerto Rico was doing fine back in the 2000s, a good one-third of the country actually want to cut ties with the U.S and be their own independent country!

Fast forward to gloomier era, the last time Puerto Rico had a vote on their territory/statehood status was in 2012, when only 834,191 (about 40% of total voters who came to the poll) favored statehood, while 500,000 casted ballots were intentionally left blanks, at the urging of the pro-Independence politicians. Puerto Ricans still had their Bouriqua "national pride", despite the government debts, pension liabilities, and new taxes were mounting, while the youngs bolted for the mainland by tens of thousands every year.

Now that Puerto Rico is in the toilet, I see Puerto Rican politicians taking turn to passionately expounding the virtues of being a U.S State in their speeches (all with a disctinct Socialist flair) to their retired, unemployed, and generally broke electorate in the past couple of months, with special emphasis on the money they could get from Texas' oil revenues, or the money they could get from California's films revenue, or the money they could get from Florida's tourism revenue.

With this bankruotcy and 70 Billion in debts, I fully expects the Puerto Rican Independence campaign to be dead as a doornail, and all those half-a-million blank nationalistic votes from 2012 will firmly be for Statehood in June 2017.

The path that Puerto Rico take to join the American Union could have been a beautiful story. Our 51st State Candidate could have walked proudly onto that stage ten, twenty years ago and proclaim what wonders, potentials, and benefits they're offering to the Union as a tourism powerhouse in the Caribbean.

Now, all they're bringing to the table is their shame.

TBH i dont know much about Puerto Rico, except from shitty singers and boxers, i think its an overcrowded island with not much space for a functional economy.

Can it really become a tourism hotspot? i dont know, but like a shitload of other island territories i assume that their economy is purely artificial.

 

[SensaiRambo]

Good. We've been fucked left and right by everyone and everything including our own politicians.

We need to press "reset", but I have little hope that the corrupt POS (plural) that run the island will get it right this time, or that the US will give enough of a fuck to fix it.

How the heck did 3 million people run up a 70 billion dollar debt??? Detroits default was only 13 billion in comparison.

 

[SensaiRambo]

I'm gonna move to Puerto Rico, enjoy the sun and live like a king. Have a nice stable of Puerto Rican girls at my beckon call.

Bwahhahahah

I hope you do, PR has 4x the national average for AIDS infections and prostitution is basically legal. PR is a case study of the possible disaster of drug use.

 

[My Spot]

Karma for never bringing Bruiser Brody's murderer to justice.

 

[Arkain2K]

TBH i dont know much about Puerto Rico, except from shitty singers and boxers, i think its an overcrowded island with not much space for a functional economy.

Can it really become a tourism hotspot? i dont know, but like a shitload of other island territories i assume that their economy is purely artificial.

It could have been. Now they're about 10 years behind everybody else in the region.

It's still a profitable stream of revenue, but it's not growing anywhere near as fast as their neighbors, despite coming out of the gates decades earlier.

Here's a good read on how Puerto Rico's tourism industry is losing bad to their regional competitors in Jamaica, Dominican Republic, and soon Cuba:

http://www.businessinsider.com/r-pu...-offers-little-relief-from-debt-crisis-2015-7

The bit about the hotel & resorts have been paying record prices for electricity (generated mostly by burning oil and virtually no solar power) and conserving fresh water (when it actually come out of the tap) is particularly disconcerting, but we already know about the crumbling infrastructures in the hand of the mismanaged Puerto Rican utilities.

 

[My Spot]

I'm gonna move to Puerto Rico, enjoy the sun and live like a king. Have a nice stable of Puerto Rican girls at my beckon call.

Bwahhahahah

I imagine that Art History grads aren't a big demand there right now but at least they have Starbucks.

 

[superpunch]

Hard to feel sorry for them. They knew what they were doing when they voted and they decided this is what they want. How can you deny people in a democracy what they vote for?

 

[superpunch]

There's not much to comment on for me but I will be watching to see how it's resolved.

I suppose I should make a snarky, superficially related political comment just because I'm here...

...I thought bankruptcy was a sign of political genius. Shouldn't people be praising Trumpo Rico for its savvy business decision?

If Puerto Rico's intention is to firesell everything on the island and reinvest those funds to one of 5000 other non-bankrupt islands that they own, then yes bankruptcy would be a savvy business decision. I think they're just retarded though.

 

[KONG-D'SNT-TAP]

I imagine that Art History grads aren't a big demand there right now but at least they have Starbucks.

I'll remember that next time I'm driving my car to one of the 3 bars and restaurants Im part owner of in New Jersey. Thinking how I'm much more well off I am than you. Not to mention the rental homes I own.

Don't worry I'll tip you extra at the car wash. I love tipping.

 

[Rod1]

It could have been. Now they're about 10 years behind everybody else in the region. It's still a profitable stream of revenue, but it's not growing anywhere near as fast as their neighbors, despite coming out of the gates decades earlier.

Here's a good read on how Puerto Rico's tourism industry is losing to their regional competitors in Jamaica, Dominican Republic, and soon Cuba:

http://www.businessinsider.com/r-pu...-offers-little-relief-from-debt-crisis-2015-7

The bit about hotels on the island have been paying record prices for electricity (generated by burning oil) and fresh water (when it actually come out of the tap) is particularly disconcerting, but we already know about the crumbling infrastructures in the hand of the mismanaged Puerto Rican utilities.

What i wonder, if its it even nice.

Jamaica, Domincan Republic and Cuba are large islands so i would assume they have more beaches and less people means less strained services,

PR is crowded and small, never heard of it as a good place to visit.

 

[My Spot]

I'll remember that next time I'm driving my car to one of the 3 bars and restaurants Im part owner of in New Jersey. Thinking how I'm much more well off I am than you. Not to mention the rental homes I own.

Don't worry I'll tip you extra at the car wash. I love tipping.

"Well off"
"New Jersey"

lmao

 

[Arkain2K]

What i wonder, if its it even nice.

Jamaica, Domincan Republic and Cuba are large islands so i would assume they have more beaches and less people means less strained services,

PR is crowded and small, never heard of it as a good place to visit.

Oh there are definitely some good places to see.

I like the outdoor nature stuff when I visited in early 2000s. Stuff that's far enough from the noisy city, yet isn't so remote and grimey you'd be afraid that you might be attacked by the wild animals of the rainforests.

https://www.tripadvisor.com/Attractions-g147319-Activities-Puerto_Rico.html