Stories
Slash Boxes
Comments

SoylentNews is people

posted by martyb on Tuesday May 03 2016, @04:53AM   Printer-friendly
from the interest-ing dept.

Puerto Rico, a commonwealth of the United States, has missed a debt payment for the third time. The island has $72 billion of debt:

Governor Alejandro Garcia Padilla calls it a "humanitarian crisis," which a step above an economic emergency. He claims he is prioritizing paying Puerto Rico's police and teachers over Wall Street. "I had to make a choice. I decided that essential services for the 3.5 million American citizens in Puerto Rico came first," the governor said in a speech Sunday. This is the third time the island has defaulted on bond payments. The island paid the interest due Monday, but not the principal amount, resulting in a default of about $370 million, Puerto Rico's largest yet.

Also at NPR, The New Yorker , The Washington Post , The Atlantic , Reuters.


Original Submission

This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 4, Informative) by Anonymous Coward on Tuesday May 03 2016, @05:17AM

    by Anonymous Coward on Tuesday May 03 2016, @05:17AM (#340648)

    Last week John Oliver covered this story in his typical entertaining and informative way.

    The 22 minute segment [youtube.com] is worth the watch.

    TL;DW - fucking hedge funds.

    • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @05:54AM

      by Anonymous Coward on Tuesday May 03 2016, @05:54AM (#340665)

      To be fair they also had their hand in it too. It takes two to make a loan work. If you loan me 50 bucks and I cant pay it back I have a problem. If I borrow half a billion and I cant pay it back YOU have a problem.

      Also their problem is also one of gov manipulation of the market. They were depending on the laws being a particular way with drug companies so they could bring in tax rev. When those laws changed they were screwed. Think how many other cities and states are in the same sorts of situations at this point? The kickbacks and tax incentives in our tax system are massive.

    • (Score: 2, Funny) by Anonymous Coward on Tuesday May 03 2016, @06:02AM

      by Anonymous Coward on Tuesday May 03 2016, @06:02AM (#340673)

      I can't help but feel singled out;

      ERROR: YouTube said: This video is available in Andorra, United Arab Emirates, Afghanistan, Antigua and Barbuda, Anguilla, Albania, Armenia, Angola, Antarctica, Argentina, American Samoa, Austria, Aruba, Åland Islands, Azerbaijan, Bosnia and Herzegovina, Barbados, Bangladesh, Belgium, Burkina Faso, Bulgaria, Bahrain, Burundi, Benin, Saint Barthélemy, Bermuda, Brunei Darussalam, Bolivia, Plurinational State of, Bonaire, Sint Eustatius and Saba, Brazil, Bahamas, Bhutan, Bouvet Island, Botswana, Belarus, Belize, Canada, Cocos (Keeling) Islands, Congo, the Democratic Republic of the, Central African Republic, Congo, Switzerland, Côte d'Ivoire, Cook Islands, Chile, Cameroon, China, Colombia, Costa Rica, Cuba, Cape Verde, Curaçao, Christmas Island, Cyprus, Czech Republic, Germany, Djibouti, Denmark, Dominica, Dominican Republic, Algeria, Ecuador, Estonia, Egypt, Western Sahara, Eritrea, Spain, Ethiopia, Finland, Fiji, Falkland Islands (Malvinas), Micronesia, Federated States of, Faroe Islands, France, Gabon, Grenada, Georgia, French Guiana, Guernsey, Ghana, Gibraltar, Greenland, Gambia, Guinea, Guadeloupe, Equatorial Guinea, Greece, South Georgia and the South Sandwich Islands, Guatemala, Guam, Guinea-Bissau, Guyana, Hong Kong, Heard Island and McDonald Islands, Honduras, Croatia, Haiti, Hungary, Indonesia, Ireland, Israel, India, British Indian Ocean Territory, Iraq, Iran, Islamic Republic of, Iceland, Italy, Jamaica, Jordan, Japan, Kenya, Kyrgyzstan, Cambodia, Kiribati, Comoros, Saint Kitts and Nevis, Korea, Democratic People's Republic of, Korea, Republic of, Kuwait, Cayman Islands, Kazakhstan, Lao People's Democratic Republic, Lebanon, Saint Lucia, Liechtenstein, Sri Lanka, Liberia, Lesotho, Lithuania, Luxembourg, Latvia, Libya, Morocco, Monaco, Moldova, Republic of, Montenegro, Saint Martin (French part), Madagascar, Marshall Islands, Macedonia, the Former Yugoslav Republic of, Mali, Myanmar, Mongolia, Macao, Northern Mariana Islands, Martinique, Mauritania, Montserrat, Malta, Mauritius, Maldives, Malawi, Mexico, Malaysia, Mozambique, Namibia, New Caledonia, Niger, Norfolk Island, Nigeria, Nicaragua, Netherlands, Norway, Nepal, Nauru, Niue, New Zealand, Oman, Panama, Peru, French Polynesia, Papua New Guinea, Philippines, Pakistan, Poland, Saint Pierre and Miquelon, Pitcairn, Puerto Rico, Palestine, State of, Portugal, Palau, Paraguay, Qatar, Réunion, Romania, Serbia, Russian Federation, Rwanda, Saudi Arabia, Solomon Islands, Seychelles, Sudan, Sweden, Singapore, Saint Helena, Ascension and Tristan da Cunha, Slovenia, Svalbard and Jan Mayen, Slovakia, Sierra Leone, San Marino, Senegal, Somalia, Suriname, South Sudan, Sao Tome and Principe, El Salvador, Sint Maarten (Dutch part), Syrian Arab Republic, Swaziland, Turks and Caicos Islands, Chad, French Southern Territories, Togo, Thailand, Tajikistan, Tokelau, Timor-Leste, Turkmenistan, Tunisia, Tonga, Turkey, Trinidad and Tobago, Tuvalu, Taiwan, Province of China, Tanzania, United Republic of, Ukraine, Uganda, United States Minor Outlying Islands, United States, Uruguay, Uzbekistan, Holy See (Vatican City State), Saint Vincent and the Grenadines, Venezuela, Bolivarian Republic of, Virgin Islands, British, Virgin Islands, U.S., Viet Nam, Vanuatu, Wallis and Futuna, Samoa, Yemen, Mayotte, South Africa, Zambia, Zimbabwe only

      • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @06:34AM

        by Anonymous Coward on Tuesday May 03 2016, @06:34AM (#340685)

        So try from a different IP address.

        • (Score: 4, Funny) by Anonymous Coward on Tuesday May 03 2016, @01:33PM

          by Anonymous Coward on Tuesday May 03 2016, @01:33PM (#340825)

          I have done it. From 192.168.1.100 to 192.168.1.101.

          Same result!

          • (Score: -1, Redundant) by Anonymous Coward on Tuesday May 03 2016, @05:00PM

            by Anonymous Coward on Tuesday May 03 2016, @05:00PM (#340930)

            Then you sir, you have failed at Internet 101. You suck and should leave this place where we are all supposed to know these things. It is called a NAT, you can Google that. You probably can't even type it into Google though so probably best you speak it, slowly, to your phone as "Network Address Translation." But you won't understand all that tech jibber jabber.

            • (Score: 0) by Anonymous Coward on Wednesday May 04 2016, @03:13AM

              by Anonymous Coward on Wednesday May 04 2016, @03:13AM (#341192)

              And you, sir, failed humor 101.

    • (Score: 2) by Thexalon on Tuesday May 03 2016, @02:17PM

      by Thexalon (636) on Tuesday May 03 2016, @02:17PM (#340849)

      A slightly longer version: New York-based hedge funds did to Puerto Rico what German banks did to most of the countries of southern Europe (Spain, Portugal, Italy, Greece) and British banks did to Ireland.

      --
      The only thing that stops a bad guy with a compiler is a good guy with a compiler.
  • (Score: 1) by anubi on Tuesday May 03 2016, @05:18AM

    by anubi (2828) on Tuesday May 03 2016, @05:18AM (#340649) Journal

    'nuff said.

    --
    "Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]
    • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @06:10AM

      by Anonymous Coward on Tuesday May 03 2016, @06:10AM (#340677)

      Debt is a bear...

      Too bad it is not a beer. I'd drink and be done with it in an instant.

  • (Score: 0, Flamebait) by jmorris on Tuesday May 03 2016, @05:51AM

    by jmorris (4844) on Tuesday May 03 2016, @05:51AM (#340663)

    Don't worry, a hopelessly corrupt and poor backwater hit the wall first but soon enough States here on the mainland are going to have the same problem of paying for government freebies given away years ago by Democrats to buy votes in long forgotten elections. Freebies never actually paid for, just rolled over and with ever increasing interest. By State governments who aren't legally allowed to run budget deficits but that has never stopped Democrats.

    Pensions are the worst, you buy off union employees (mostly teachers, cops, firemen) with a binding promise that a future people and elected officials will pay up insane amounts of money. You buy their loyalty with zero impact on the current fisc, no riled up taxpayers when you have to jack rates, nothing but gain. And since union thugs weren't utterly stupid and knew they were dealing with Democrats as crooked as themselves, knowing those future Democrats would simply not pay up when the time came to make a painful decision, they forced amended State Constitutions to make promises of future pension payments a debt that can't be discharged even if the State (ignoring problems of Sovereignty) declares bankruptcy. They have kicked this can about as far as it can be kicked, as it grows heavier each time it is kicked. Soon Superman won't be able to kick it.

    Oh yea, this is going to end well. It won't be PR, Congress can afford to bail them out. The fun starts when a State goes down that owes so much Congress and the FED can't paper it over. IL, MI, NJ, CA.. who dies first? Or is it a dark horse nobody is watching? We need to start a pool.

    Kaboom! Soon.

    • (Score: 5, Touché) by Whoever on Tuesday May 03 2016, @05:55AM

      by Whoever (4524) on Tuesday May 03 2016, @05:55AM (#340667) Journal

      Freebies never actually paid for, just rolled over and with ever increasing interest. By State governments who aren't legally allowed to run budget deficits but that has never stopped Democrats.

      And the Republican solution to this? Reduce taxes so those debts are even more unaffordable. Ted Cruz (for example) makes claims for the effect of tax cuts that rely on completely unsupported claims that tax cuts will result in increased tax revenue.

      • (Score: 2, Informative) by Anonymous Coward on Tuesday May 03 2016, @06:00AM

        by Anonymous Coward on Tuesday May 03 2016, @06:00AM (#340672)

        But, but, trickle-down Reaganomics always work. Bush tax cuts didn't contribute to the Great Recession, that's just radical terrorist thinking.

        • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @09:05PM

          by Anonymous Coward on Tuesday May 03 2016, @09:05PM (#341047)

          Ok Ill bite.

          Bush tax cuts didn't contribute to the Great Recession
          The congress of 95-2000 and the president of that era contributed more to the great recession than any other group. They mandated that credit must be given to those who 'deserve it' not those who are most able to use it and pay it back. That created huge sums of cash. Once the bills started to not be paid credit froze up. Even though in 2002 there were people on the floor of the congress induced by the president and the fed to 'fix it' and they did nothing and were called racist for suggesting doing so.

          The balanced budget that Clinton and his buddy Newt came up with? They basically wiped out social security and called it 'good'. If Bush had left taxes were they were would that have magically fixed the great recession?

          trickle-down Reaganomics always work
          Did you know that under Regan tax revenue nearly doubled? He did that by removing loop holes and simplifying the tax code and giving most people more money to spend and making companies pay 'their fair share'. Then every president thereafter put it all back. In fact his successor labeled it voodoo economics. His successor flattened our industrial sector with NAFTA and created a huge credit bubble that has burst twice (so far) and created a credit deleveraging we have not seen since 1929. His successor created a war with no payment plan. His successor added 8k in taxes to every American payable not to the government but to private corporations and mostly left the Bush tax structure alone.

      • (Score: 2) by TheRaven on Tuesday May 03 2016, @08:32AM

        by TheRaven (270) on Tuesday May 03 2016, @08:32AM (#340715) Journal

        completely unsupported claims that tax cuts will result in increased tax revenue

        They're not completely unsupported. There's a fairly complex relationship between tax rate and tax revenue. There's some evidence that decreasing the tax rate can increase revenue, the problem is that there have been a lot of 'free trade' treaties since most of that evidence was collected. I say 'free trade' in quotes, because they've really been about increasing capital mobility. It's now sufficiently easy to move capital around that, if you have a lot then you'll already be avoiding tax in the places where you depend on infrastructure and you won't bring it back unless there's a negative tax rate.

        --
        sudo mod me up
        • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @01:35PM

          by Anonymous Coward on Tuesday May 03 2016, @01:35PM (#340826)

          Why do you think that someone who pays 0% in taxes now would suddenly decide, "hey, the tax rate went from 20% to 10%, I will now join in and pay my 10% instead of 0%".
          The nice supply and demand curves you get for goods and services does not apply to taxes or their collection. The world you think you live in is very different from reality.

        • (Score: 3, Insightful) by Thexalon on Tuesday May 03 2016, @02:56PM

          by Thexalon (636) on Tuesday May 03 2016, @02:56PM (#340874)

          There's some evidence that decreasing the tax rate can increase revenue

          People trying to justify tax cuts have been asserting this ever since, but there's very little evidence pointing in that direction for any tax rate seen in a Western democracy in recent decades. The concept is known as the Laffer Curve [wikipedia.org], after its creator Arthur Laffer, but there's quite a bit of evidence that it doesn't say what conservatives say it says.

          The empirical data definitely doesn't help the conservative's case. Just looking at the tax rate changes in the US in the last few decades:
          - Ronald Reagan cuts taxes dramatically in 1981. Revenue decreased.
          - George H.W. Bush cuts taxes a bit more in 1989. Revenue decreased.
          - Bill Clinton raises the top tax rates back in 1993. Revenue increased.
          - George W Bush cuts them again in 2001. Revenue decreased.
          - Bush cuts expire in 2012 for those making more than $400K. Revenue increased.
          Sure, there probably were other factors affecting revenue in all of those periods, but the burden of proof really should be on those claiming other factors when there's such a consistent relationship.

          Economists have tried to come up with answers on where the curve actually bends downwards, and they range all over the place [typepad.com] from anywhere between 45% and 75% and more than a few just ducking the question entirely. So while it is true that there's some point at which a higher tax rate would mean lower tax revenues, the tax rate where that would start to happen is probably higher than the current 39.5%.

          --
          The only thing that stops a bad guy with a compiler is a good guy with a compiler.
          • (Score: -1, Troll) by jmorris on Tuesday May 03 2016, @05:35PM

            by jmorris (4844) on Tuesday May 03 2016, @05:35PM (#340946)

            Do you even Google? Or do you assume nobody will bother to check your lies?

            >quote>Ronald Reagan cuts taxes dramatically in 1981. Revenue decreased.

            Ronald Reagan was sworn in Jan 1981. The first year to be influenced by his policies would be 1982 at the earliest but I will begin with 1981 anyway and continue to 1990 for the same reason, his policies still held sway until Bush had time to f*ck them up.

            • Total Revenue to the U.S. Government (in Billions of USD)

            1981: 599.27
            1982: 617.77
            1983: 600.56 Here is the -only- decline in the entire series
            1984: 666.44
            1985: 734.04
            1986: 769.16
            1987: 954.29
            1988: 909.24
            1989: 991.10
            1990: 1031.96

            George H.W. Bush cuts taxes a bit more in 1989. Revenue decreased.

            Oh really? Let us continue....

            1989: 991.10
            1990: 1031.96
            1991: 1054.99
            1992: 1091.21
            1993: 1154.33
            1994: 1258.57

            Not the same upward slope one wants to see, but no decrease either.

            The Clinton years are complicated by Newt taking over. Is the continued revenue growth due to his forced restraints on the Clinton administrations insatiable need to tax and spend, the Internet bubble, the continuation of the past decade of economic growth, all of the above? But the bottom line is revenues did continue to increase.

            Same for the Bush II era, the Internet bubble bursting as the campaign wore on[1], the economic shock of 9/11 taking out a big chunk of the financial sector, two wars, and finally the housing bubble bursting, all these things make things difficult. But while there were wild swings in revenue, if one looks at the start and end we see 1853B21 in 2002 (first year Bush policy would directly impact) vs 2104B in 2009. (Obama did direct stimulus in 2009 so 2010 should be shared as both influenced it.)

            No, the truth is that revenue goes up, slowly with bad policy, fast under good. Our problem is spending goes up faster. A good Keynsian believes in deficit spending in bad years and paying it off again in the good. The idea was to stimulate the economy when it was down and take the froth off the tops in an attempt to conquer the economic cycle. Somewhere along the line that second part was deleted.

            [1] I was politically aware in 2000. I remember flipping between CNN where it was all sunshine and lollipops and how great the Clinton economy that Gore was inheriting was and then over to CNNFN and watching them run around screaming "oh noes! weesa all gonna die!" as the .bomb was exploding and the bodies were hitting the floor.... including CNNFN itself before the carnage ended.

            • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @06:12PM

              by Anonymous Coward on Tuesday May 03 2016, @06:12PM (#340964)

              I see. So when it goes up, it's a clear success for the Republicans. When it goes down, it's either complicated or a clear defeat for the Democrats. Got it! Thanks xxx

            • (Score: 5, Informative) by Thexalon on Tuesday May 03 2016, @07:41PM

              by Thexalon (636) on Tuesday May 03 2016, @07:41PM (#341001)

              Do you even Google? Or do you assume nobody will bother to check your lies?

              No, I adjust for inflation, which you don't.

              In billions of 2009 dollars and % GDP:
              1981: 1364.2, 19.1%
              1982: 1308.3, 18.6% <-- Hey look, a decline
              1983: 1211.3, 17.0% <-- Still dropping
              1984: 1285.3, 16.9%
              1985: 1366.2, 17.2%
              1986: 1401.8, 17.0%
              1987: 1513.6, 17.9%
              1988: 1558.2, 17.6%
              1989: 1635.8, 17.8%
              1990: 1654.4, 17.4% <-- Percentage decreases, even if total revenues increase modestly.
              1991: 1616.3, 17.3% <-- ... and then the revenues drop down again.
              1992: 1611.4, 17.0%
              1993: 1655.4, 17.0%
              1994: 1772.6, 17.5% <-- Gee, what happened? It looks like the rates went up or something.

              source [taxpolicycenter.org]

              --
              The only thing that stops a bad guy with a compiler is a good guy with a compiler.
        • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @08:58PM

          by Anonymous Coward on Tuesday May 03 2016, @08:58PM (#341040)

          There's some evidence that decreasing the tax rate can increase revenue

          Under certain circumstance, I will agree, but right now the bottleneck to the economy is consumption, not investment money.

      • (Score: 2) by jdavidb on Tuesday May 03 2016, @12:23PM

        by jdavidb (5690) on Tuesday May 03 2016, @12:23PM (#340792) Homepage Journal
        To be fair, back when I was a Republican, the actual proposed Republican solution was to spend less. But somewhere along the line it became clear that was just like any other campaign promise.
        --
        ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
        • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @04:06PM

          by Anonymous Coward on Tuesday May 03 2016, @04:06PM (#340902)

          short-sighted and worry about who is president the next 4 years we could actually do something to change the direction of the ship.

          But all this OMG a horrible democrat, or OMG a horrible republican, 'I gotta vote for my shitty first party candidate or the world will end!!!!' stuff should be tossed aside and a carefully constructed plan to 'lose' this election, but get 3-6 alternative parties onto the federal campaign funding loop and an 'internetized' national debate stream overriding the mass media's coverage instead.

          There is no reason to give corporate media the exclusive coverage and mindshare they still have today, especially if the current campaigns are any indication of what to expect in the future. Getting the constituents to stop acting mentally impaired is another matter however, and may take many more years before it is remedied.

          • (Score: 2) by jdavidb on Tuesday May 03 2016, @06:07PM

            by jdavidb (5690) on Tuesday May 03 2016, @06:07PM (#340960) Homepage Journal
            I think it'd be better if we just gained people the right to ignore their mentally impaired neighbors instead of having to be ruled by them. Let everybody follow whichever ruler they want instead of the majority doofuses picking a ruler and him or her being imposed on everybody. No reason this can't work as long as the groups following the different rulers don't infringe on each other's rights to life, liberty, or property, and if they do, then their rulers should arrange to protect them which is what a government is supposed to do in the first place.
            --
            ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
            • (Score: 2) by Azuma Hazuki on Tuesday May 03 2016, @09:06PM

              by Azuma Hazuki (5086) on Tuesday May 03 2016, @09:06PM (#341048) Journal

              Ah, so you actually WANT the deep south to become the Peoples' Republic of Jeebusstan then. Try it. Eventually you'll all end up so inbred and retarded the rest of us could overrun you with a John Deere tractor and a BB gun. It'll be Idiocracy crossed with MarJoe and The Handmaiden's Tale.

              Sometimes I think the North *lost* the Civil War since it got to keep the South in the Union. We should have cut you idiots loose and then steamrollered you.

              --
              I am "that girl" your mother warned you about...
              • (Score: 2) by jdavidb on Tuesday May 03 2016, @09:32PM

                by jdavidb (5690) on Tuesday May 03 2016, @09:32PM (#341059) Homepage Journal

                Ah, so you actually WANT the deep south to become the Peoples' Republic of Jeebusstan then

                Not the people here who don't want to, no. I want freedom for them, freedom for all. I don't believe in a Christian state/Christian nation.

                --
                ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
                • (Score: 2) by Azuma Hazuki on Wednesday May 04 2016, @12:24AM

                  by Azuma Hazuki (5086) on Wednesday May 04 2016, @12:24AM (#341142) Journal

                  Well I've news for you: let people down to the state or city level "choose their leaders" as you put it and that is precisely what you'd get. You'd end up with cracker-and-wine-flavored Taliban. You aren't stupid so I can only surmise that you're being deliberately disingenuous here when you say that.

                  --
                  I am "that girl" your mother warned you about...
                  • (Score: 2) by jdavidb on Wednesday May 04 2016, @01:48AM

                    by jdavidb (5690) on Wednesday May 04 2016, @01:48AM (#341166) Homepage Journal
                    The atheists from whom I learned my political philosophy didn't seem to agree.
                    --
                    ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
                    • (Score: 2) by Azuma Hazuki on Wednesday May 04 2016, @06:12AM

                      by Azuma Hazuki (5086) on Wednesday May 04 2016, @06:12AM (#341293) Journal

                      Okay, so? Actual data beats thought experiments any day. Why are you listening to atheists anyway?

                      --
                      I am "that girl" your mother warned you about...
                      • (Score: 0) by Anonymous Coward on Wednesday May 04 2016, @07:46AM

                        by Anonymous Coward on Wednesday May 04 2016, @07:46AM (#341332)

                        Totally agree.
                        Takes one to know one, atheists aren't good at understanding the thoughts of crazy worshiper types.

                        • (Score: 2) by Azuma Hazuki on Wednesday May 04 2016, @07:34PM

                          by Azuma Hazuki (5086) on Wednesday May 04 2016, @07:34PM (#341654) Journal

                          I'm not an atheist, and for a long time I *was* a Christian. This included extensive study of Church history, early patristics, and apologetics, which is one reason I am such a dangerous counter-apologist at this point. Unfortunately, it seems that people aren't honest with themselves, and quite literally do not allow themselves to comprehend these arguments.

                          --
                          I am "that girl" your mother warned you about...
                      • (Score: 2) by jdavidb on Wednesday May 04 2016, @11:54AM

                        by jdavidb (5690) on Wednesday May 04 2016, @11:54AM (#341400) Homepage Journal
                        I dunno - why are you arguing with a Christian? ;)
                        --
                        ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
                        • (Score: 2) by Azuma Hazuki on Wednesday May 04 2016, @07:33PM

                          by Azuma Hazuki (5086) on Wednesday May 04 2016, @07:33PM (#341651) Journal

                          Because for some reason I think you can still be saved. Maybe it's foolish of me; there are some people who seem to relish intellectual and spiritual suicide. I guess I'm just hoping that at some point SOMETHING I say gets through that titanium cranium.

                          --
                          I am "that girl" your mother warned you about...
                          • (Score: 2) by jdavidb on Wednesday May 04 2016, @07:54PM

                            by jdavidb (5690) on Wednesday May 04 2016, @07:54PM (#341665) Homepage Journal
                            You're a more dedicated evangelist than actual believers in the Gospel, then. Don't waste your time with me, Azuma: I promise I cannot be reasoned with. :)
                            --
                            ⓋⒶ☮✝🕊 Secession is the right of all sentient beings
                            • (Score: 2) by Azuma Hazuki on Wednesday May 04 2016, @09:39PM

                              by Azuma Hazuki (5086) on Wednesday May 04 2016, @09:39PM (#341759) Journal

                              How sad :( You're not stupid, that's the hell of it; you're perfectly capable of better than this, you just don't *want* to.

                              Why on earth do you think kissing up to the biggest bully on the playground is a solid insurance policy? *That* is baffling to me; any being who acts like Yahweh, well...I wouldn't feel safe in the same room for 10 minutes, let alone for all of eternity in "heaven."

                              --
                              I am "that girl" your mother warned you about...
    • (Score: 1, Informative) by Anonymous Coward on Tuesday May 03 2016, @06:56AM

      by Anonymous Coward on Tuesday May 03 2016, @06:56AM (#340689)

      "The state's outstanding debt totaled $6.7 billion as of September 30, 2015."

      -- http://www.michigan.gov/budget/0,4538,7-157-11484_21329_40794-139081--,00.html [michigan.gov]

    • (Score: 2, Flamebait) by Azuma Hazuki on Tuesday May 03 2016, @07:25AM

      by Azuma Hazuki (5086) on Tuesday May 03 2016, @07:25AM (#340698) Journal

      I really wish you'd quit masturbating in public. The content of your fantasies ("Hey everyone! Watch them dirty fuckin' libs die, haw haw haw!") is bad enough, but you're getting stale bacon-y sweat all over everything. Here's a sock and a tube of lube; go in peace. Far away.

      --
      I am "that girl" your mother warned you about...
      • (Score: 0, Troll) by jmorris on Tuesday May 03 2016, @05:49PM

        by jmorris (4844) on Tuesday May 03 2016, @05:49PM (#340952)

        And here we see demostrated the Third Law of SJW: SJWs Always Project.

        • (Score: 2) by Azuma Hazuki on Tuesday May 03 2016, @08:57PM

          by Azuma Hazuki (5086) on Tuesday May 03 2016, @08:57PM (#341039) Journal

          Wrong. Here, though, we DO see "conservative" whining when their opponents start using their propaganda and black-ops tactics against them. I'm not fan of the regressive left (a more accurate and less-splash-damage-y term) either, but I can't help but laugh a little when your kind get your weapons thrown back at you.

          It's a bit like what happens in Rockman 2 when you slag Metalman with his own weapon the second time you come across him; a couple of hits cleanly KO him.

          --
          I am "that girl" your mother warned you about...
        • (Score: 2) by Azuma Hazuki on Tuesday May 03 2016, @08:59PM

          by Azuma Hazuki (5086) on Tuesday May 03 2016, @08:59PM (#341041) Journal

          Also a sock would do me very little good considering my anatomy, and I make enough of my own lube naturally, thanks. Plus I do this thing called "daily hygiene and showering" and this other thing called "wearing deodorant" and this third thing called "not eating a lot of meat and dairy" which means my sweat's mostly neutral.

          Looks like I struck a nerve here. A, perhaps, undersized and underutilized and maybe even deadened nerve...?

          --
          I am "that girl" your mother warned you about...
    • (Score: 1, Informative) by Anonymous Coward on Tuesday May 03 2016, @09:50AM

      by Anonymous Coward on Tuesday May 03 2016, @09:50AM (#340744)

      No they wont, States have a get out of debt free card they can play. Puerto Rico's was taken away from it, for "reasons?".

      "The remedy, Garcia warned, is either a restructuring arrangement with creditors or legislation from Congress. U.S. lawmakers left for recess last week while a bill that would restore Puerto Rico’s legal authority to restructure as states are able to do and set up a fiscal control board was stalled in committee."

      Please stop attaching your rants to things you obviously have no idea about.

    • (Score: 2) by naubol on Tuesday May 03 2016, @12:17PM

      by naubol (1918) on Tuesday May 03 2016, @12:17PM (#340788)

      Freebies such as paying the defense budgets of other nations? Tax breaks for the rich? A federal highway system that everyone can use? Your rhetoric relies entirely on characterization of value.

      • (Score: 2) by jmorris on Tuesday May 03 2016, @04:53PM

        by jmorris (4844) on Tuesday May 03 2016, @04:53PM (#340928)

        We are discussing the debt taken on by States and Territories. Last I checked they didn't have defense budgets to speak of as such, a few National Guard Armories and most of that on the Federal's bill. Try to keep up with the discussion.

        • (Score: 2) by bob_super on Tuesday May 03 2016, @05:34PM

          by bob_super (1357) on Tuesday May 03 2016, @05:34PM (#340945)

          Technically, https://en.wikipedia.org/wiki/State_defense_force [wikipedia.org]
          But you are correct that the National Guard budget for the state is only for Fungible Expenses.

        • (Score: 2) by naubol on Tuesday May 03 2016, @10:12PM

          by naubol (1918) on Tuesday May 03 2016, @10:12PM (#341079)

          If I understood your post correctly, and I may not have because I'm not as smart, you were saying government freebies given away by democrats were the reason 'the mainland' was going to be like PR soon. I decided to list a bunch of government freebies given away by republicans.

    • (Score: 2) by Capt. Obvious on Tuesday May 03 2016, @03:55PM

      by Capt. Obvious (6089) on Tuesday May 03 2016, @03:55PM (#340896)

      Congress better not bail them out. I want PR to declare bankruptcy and move on. The Supreme Court is ruling on whether that's a thing they can do.

      But, seriously, the people who bought the debt for pennies on the dollar are vultures, and fuck them hard.

      • (Score: 1, Troll) by jmorris on Tuesday May 03 2016, @04:51PM

        by jmorris (4844) on Tuesday May 03 2016, @04:51PM (#340927)

        Agreed. Anyone who has bought a long term government bond in the last twenty years either knew it was a bad debt or was an utter idiot. There is no problem with the idea of allowing evolution to reap the unfit from my camp. We believe in markets and that means if you make a poor investing decision you lose. It is Obama and the Democrats who are terrified and ramming a bailout through with their "no credit limit" race card.

        What happens the day after PR declares bankruptcy, "restructures its debt" at the point of a gun or whatever word they call a government renouncing legally binding contracts? The interest rate on every future government bond goes up, probably worldwide, and it doesn't come back down until general stability returns. Raise your hand if you think that is happening in your life? Yea. They don;t think do either, even the Dems understand they have reached the terminal stage of their can kicking game but, being generally slowwitted creatures of emotion vs reason, haven't a clue what to do at this point except attempt one more kick.

        • (Score: 2) by Azuma Hazuki on Tuesday May 03 2016, @09:25PM

          by Azuma Hazuki (5086) on Tuesday May 03 2016, @09:25PM (#341058) Journal

          And you were saying something about "projection" up above? Moron. If you think this kind of corruption and can-kicking is a uniquely Democrat or uniquely Republican thing, congrats, you are a useful idiot and the elite are being well-served by your deliberate stupidity.

          Get A Clue. Buy A Vowel. The elite cross party lines, and they're LAUGHING at you and people like you who carry water for them.

          --
          I am "that girl" your mother warned you about...
  • (Score: 2) by Gravis on Tuesday May 03 2016, @06:04AM

    by Gravis (4596) on Tuesday May 03 2016, @06:04AM (#340674)

    Puerto Rico has a nice long history of corruption. hell, it was only last december that they arrested some government officials for taking bribes. i think it was about a decade ago but about 10% of their police force was arrested for criminal activity too. this "crisis" is something that their government helped construct. however, there are some predatory US companies that willfully provoked this situation and they should be burned to the ground with their employees inside.

    i think the moral of the story here is that you should not take money that you didn't earn because it will haunt you.

    • (Score: 0) by Anonymous Coward on Tuesday May 03 2016, @06:11AM

      by Anonymous Coward on Tuesday May 03 2016, @06:11AM (#340679)

      Define earn. Service sector office workers who make careers out of attending meetings do not earn their paychecks, and yet they are not arrested for corruption, because your entire economy is corrupt by design. Speaking of which, how many meetings did you attend today?

    • (Score: 3, Insightful) by c0lo on Tuesday May 03 2016, @06:14AM

      by c0lo (156) Subscriber Badge on Tuesday May 03 2016, @06:14AM (#340681) Journal

      Or... as the quip (that just happens to pop up at the bottom of the page) reads

      The game of life is a game of boomerangs. Our thoughts, deeds and words return to us sooner or later with astounding accuracy.

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
      • (Score: 0) by Anonymous Coward on Wednesday May 04 2016, @02:05AM

        by Anonymous Coward on Wednesday May 04 2016, @02:05AM (#341172)

        Clearly you've never thrown a boomerang.

        • (Score: 2) by c0lo on Wednesday May 04 2016, @02:09AM

          by c0lo (156) Subscriber Badge on Wednesday May 04 2016, @02:09AM (#341175) Journal

          What do you mean by that? That some boomerangs never get back?
          If so, you didn't wait enough: the ergodic theorem guarantees that sooner or (very much) later, the configuration will repeat.

          (grin)

          --
          https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
    • (Score: 4, Touché) by TheRaven on Tuesday May 03 2016, @08:35AM

      by TheRaven (270) on Tuesday May 03 2016, @08:35AM (#340718) Journal
      I wonder if arresting politicians and police officers for corruption is actually a good metric. How many of the obviously corrupt politicians in, for example, the USA or UK have been arrested?
      --
      sudo mod me up
  • (Score: -1, Troll) by Anonymous Coward on Tuesday May 03 2016, @01:54PM

    by Anonymous Coward on Tuesday May 03 2016, @01:54PM (#340837)

    from a bunch of fuckin' Mexicans. - Ethanol Fooled