General Discussion

kpete

(72,904 posts) Wed Oct 4, 2017, 09:36 AM Oct 2017

Just like that, Trump is undercut by his OMB director re: Puerto Rico Debt

"We're absolutely not going to bail them out," @MickMulvaneyOMB said @POTUS did not mean Admin will forgive Puerto Rico's $70B+ in debt.

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Just like that, Trump is undercut by his OMB director re: Puerto Rico Debt (Original Post) kpete Oct 2017 OP

What side should I be on here? Not Ruth Oct 2017 #1

Investors should be ready for a hair cut exboyfil Oct 2017 #2

"Pay no attention to the moron in the Oval Office." tanyev Oct 2017 #3

Not Ruth

(3,613 posts)

1. What side should I be on here?

Reply to kpete (Original post)

Wed Oct 4, 2017, 09:37 AM

Oct 2017

exboyfil

(18,371 posts)

2. Investors should be ready for a hair cut

Reply to kpete (Original post)

Wed Oct 4, 2017, 09:40 AM

Oct 2017

Of course no one is going to loan PR money after that.

President Trump pointed out Puerto Rico's "massive debt" problems on Monday. Puerto Rico, Trump tweeted, owes "billions of dollars" to "Wall Street and the banks, which, sadly, must be dealt with."
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In reality, most of that money is owed to everyday investors. Less than 25% of Puerto Rican debt is held by hedge funds, according to estimates by Cate Long, founder of research firm Puerto Rico Clearinghouse.

The rest of the debt is owned by individuals and mutual funds that are held by mom-and-pop investors.

"For the most part, Main Street America owns this debt," Long said. "It's not as though these are vultures circling around the island."

tanyev

(49,678 posts)

3. "Pay no attention to the moron in the Oval Office."

Reply to kpete (Original post)

Wed Oct 4, 2017, 09:50 AM

Oct 2017

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General Discussion

kpete

Just like that, Trump is undercut by his OMB director re: Puerto Rico Debt

Not Ruth

exboyfil

tanyev

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