I’ve been seeing a political; add lately opposing a so-called plot by Obama to rob senior’s pensions by allowing Puerto Rico to declare bankruptcy. So i decided to read up on the issue while watching a John Oliver video, so as to learn and have a couple chuckles at that same time. Now I’ll share it with you.
“Last Week Tonight” host John Oliver last night devoted his main segment to Puerto Rico.
The territory now has approximately $7 billion in debt and a 45% poverty rate. In an attempt to chip away at that deficit, the Puerto Rican government has increased sales taxes and closed schools, convincing thousands to leave for the contiguous U.S.
“Right now, Puerto Rico is like the last Tower Records,” Oliver said. “Everything’s overpriced, everyone’s being laid off, and there’s still a weirdly large number of Ricky Martin CDs.”
The seemingly obvious solution for the Puerto Rican government would be to declare Chapter 9, but a 1984 provision slipped without debate into a larger bill specifically exempts the territory from declaring bankruptcy…[emphasis added]
Inserted from <Salon.com>
</p>
Actually, figuring out this issue didn’t tale rocket science. When every state and every territory in the US has right to declare Chapter 9 bankruptcy, why would a Republican Senator slip a provision into a must pass spending bill that made an exception of Puerto Rico, and ONLY Puerto Rico? The only possible purpose would be to enable Banksters and Vulture Capitalist hedge funds create a bubble in speculative Puerto Rican bonds and safeguard the speculators by forcing the territory they have victimized into liquidating their assets to pay off the speculators. This is very similar to what they have done to Greece.
The solution is simple enough. First, overturn the Republican provision that prevents Puerto Rico from declaring bankruptcy. Second, charge Banksters and hedge funds a penalty co cover any losses pensioners may incur. Third, reinstitute Glass-Steagall. Fourth, tax speculation.
Otherwise, we’ll need to rename the island Puerto Pobre.
18 Responses to “Oliver on Puerto Rico”
Sorry, the comment form is closed at this time.
Or we could finally honor their request for statehood, which also allows them to let the entities holding the debt declare bankruptcy. I say this as someone affected by Tower Records, Tower Books, Tower of Levis…and still waiting for Colin Hanks movie on that story.
Good video. Like you, Tom, John and Mr. Lin-Manuel Miranda spoke well about this. The ending says it all. What a shame, it's so sad for PR.
I agree, JL, statehood would be best for Puerto Rico. I loved the island and people when I was stationed there over 40 years ago.
Note to John – I don't think that was a sex joke but a hangover joke
Oh, sure, the solution is simple. It's getting it past this bought-and-paid-for-by-the-criminals-who-caused-the-problem Congress that's complicated.
I gather not all Puerto Ricans are sold on statehood. I agree the option at this point should be theirs. We owe them that.
Otherwise, a new slogan for Puerto Rico – "Kansas in Spanish."
John Oliver gave a fairly good and concise albeit funny video on the situation of Puerto Rico. Puerto Rico faces a very serious financial crisis. TC's 4 point solution is spot-on. US really needs to reinstate the Glass-Steagall Act.
Juan Gonzales has been covering Puerto Rico for many decades, "He won his first George Polk Award for commentary in 1998" and has garnered many awards since then."
On Thursday, Juan González gave a speech at New York University on "Puerto Rico’s Debt Crisis: Economic Collapse in America’s Biggest Colony and What Can Be Done About It."
Tonight we gather to hear Juan González, the first Puerto Rican and the first Latino Andrés Bello chair, reflect on the Puerto Rican debt crisis and the political, economic and cultural contexts and forces at play in this urgent and serious geopolitical moment.
VIDEO & Transcript: http://www.democracynow.org/2015/10/21/coming_up_juan_gonzalez_speech_puerto
_____
"Well, we turn now to a major address by Democracy Now!'s co-host Juan González. Juan is also a longtime columnist for the New York Daily News and the 2015 Andrés Bello chair in Latin American cultures and civilizations at New York University. He was just inducted this month into New York's Journalism Hall of Fame along with, among others, PBS’s Charlie Rose, Lesley Stahl of 60 Minutes and Max Frankel of The New York Times. Juan is the author of several books, including Harvest of Empire: A History of Latinos in America. Juan González spoke at New York University, his address titled "Puerto Rico’s Debt Crisis: Economic Collapse in America’s Biggest Colony and What Can Be Done About It." He gave the speech the day before the Obama administration finally unveiled its first proposal to Congress to aid the island."
Transcript: http://www.democracynow.org/2015/11/26/juan_gonzalez_on_how_puerto_ricos
.
I was under the impression that a state can not declare bankruptcy!
they can't but they can let cities and counties and other subsidiary government entities declare bankruptcy
And then the state can put in emergency managers to replace elected officials. It is far from perfect. Ask Detroit and Flint.
Technically Judi is correct, but a state may efrfrectively do so by having every indebted agency and subdivision declare Chapter 9.
TC, your solution seems very sound to me. I agree with those who say PR should be allowed to become a state.
"The solution is simple enough. First, overturn the Republican provision that prevents Puerto Rico from declaring bankruptcy. Second, charge Banksters and hedge funds a penalty co cover any losses pensioners may incur. Third, reinstitute Glass-Steagall. Fourth, tax speculation." — Sounds good to me.
Loved John Oliver.
Well, that both was educational and entertaining, and by the way John Oliver presents it a time saver for not having to read up on it. I never knew Puerto Rico was American territory, or should I say: a lemon completely squeezed dry. I live in a country with a "rich" history of colonialism, some of it still lingering in territories on the Dutch Antilles, so there's little ground for me to point a finger, but American neo-colonialism in Puerto Rico is quite astounding. However, the political ad which tries to turn any attempt to help the island to resolve its desperate financial situation into an Obama plot to rob pensioners is so recognizable that it's clear even from over here who are behind it.
As nobody knows where the amendment to Chapter 9, excluding only Puerto Rico from declaring bankruptcy, came from, it shouldn't be too hard to scratch this amendment, but Im sure Republicans will oppose it citing the most ridiculous reasons except that is disagreeable to their masters, the 1% and hedge fund owners. The same will also hold for all the other solutions which you suggest, TomCat. They're all desperately needed for Puerto Rico to (barely) survive, but which land on the floor of the House because it'll cost banksters and hedge-funds money and would prevent them from draining the last ounce of blood out of Puerto Rico.
Actually it came from Sen Hatch (R-UT).
This was fantastic! He makes so much sense.
Welcome home Patty Monster! Long Time No See!!
a related petition to the bill in Congress I just got is at:
http://lulac.org/advocacy/alerts/action_alert_puerto_rico_not_for_sale/
Petition signed. ty, jla.
My best friend while serving in Viet Nam was a kid my age, 20, Carlos, from New York. I know the island is conflicted about statehood, having voted against it more than once, but even if we cannot bring them into our union, we owe them, as our territory, the same consideration we would give any state. They need help they can get and we ought provide it. Maybe especially in the face of the ridiculous shenanigans highlighted in this very funny, and sad, video.
Thanks all. Hugs!! I also think statehood would be best, but did not include it in my solution, because it's out of our control, until and unless the people of Puerto Rico vote for it. Most recently, they rejected it.