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And how come no one brings up the responsibility of the bond investors? These are some of the saaviest money managers in the world, yet they kept throwing good money after bad. It was no secret years ago that Puerto Rico was heavily indebted, with little hope of the economic rebound needed to pay off those bonds. But pension funds, mutual funds, and the like kept on buying. Just like supposedly sophisticated portfolio managers ten years ago kept buying bundles of toxic mortgages, even though anyone with half a brain saw that there was no way for those mortgages to be repaid. Just like funds and banks kept buying NYC paper during our financial crisis years ago, knowing the city was virtually bankrupt, and then crying to the Feds for a bailout when the city couldn't make good.
This is far from the first time a bunch of big-time investors are getting burned because of their own greed and stupidity-- and we're supposed to feel sorry for them?
F**k 'em I say. Economic responsibility is a two-way street.
Bondholders got a bit too greedy, and like a parasite took too much. Theres a lot going on, and the citizens saw very little of the benefits here, while expected to pay for it.
Those arguing for austerity ignore what happened to Greece. Reasonable austerity certainly, but the bondholders will demand far more then what will be realistic, and have already. Because there is a ton of it that has occurred.
People loaning money need to understand there are risks. And as a nation we have to think about unintended side effects here.
For example-the austerity will just cause more local people to move to the mainland. Lowering their income further. Theres a certain point where you need to be realistic about this, and not kill the goose.
And how come no one brings up the responsibility of the bond investors? These are some of the saaviest money managers in the world, yet they kept throwing good money after bad. It was no secret years ago that Puerto Rico was heavily indebted, with little hope of the economic rebound needed to pay off those bonds. But pension funds, mutual funds, and the like kept on buying. Just like supposedly sophisticated portfolio managers ten years ago kept buying bundles of toxic mortgages, even though anyone with half a brain saw that there was no way for those mortgages to be repaid. Just like funds and banks kept buying NYC paper during our financial crisis years ago, knowing the city was virtually bankrupt, and then crying to the Feds for a bailout when the city couldn't make good.
This is far from the first time a bunch of big-time investors are getting burned because of their own greed and stupidity-- and we're supposed to feel sorry for them?
F**k 'em I say. Economic responsibility is a two-way street.
Maybe Haiti could take Puerto Rico off our hands for us.
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