Please insert a big fat TOLDYASO right here.
Speaker of the House Paul Ryan is lashing out at opponents to his Puerto Rico bailout bill demanding they stop calling it a “bailout”. Instead Ryan demands his opposition use the gaslighting term “restructuring”.
Hogwash.

A bailout by any other name is still a bailout. A taxpayer funded restructuring of debt is still a bailout. Puerto Rico brought this upon themselves. Let them go insolvent and be forced to sell off their assets (ie. land, etc.) to pay back the bondholders.
Ryan’s position contends that if the U.S. government does nothing, then eventually the U.S. government will be forced to purchase all the debt and bail out Puerto Rico (ie. Wall Street bondholders/investors) entirely. More hogwash.
What’s really being done here is Speaker Ryan setting up precedent. Ryan is establishing the very first federal intervention into unsustainable state debt bailout. Effectively if this happens the entire system of U.S. republicanism collapses. (more…)

Our Father, who art in heaven, hallowed be thy Name. Thy kingdom come. THY WILL BE DONE, on earth as it is in heaven. Give us this day our daily bread. And forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but DELIVER US FROM EVIL.

