In October 1975, US President Gerald Ford told Mayor Abe Beame that he would extend no assistance to the City of New York, and that he’d veto any congressional bailout funds for New York City. On October 30 the New York Daily News published one of its most famous headlines:
Now 40 years later, Pres. Obama is telling Puerto Ricans the same thing, with one major difference.
It is much more unjust.
Unjust because Puerto Rico is not the financial and media capital of the world.
Unjust because Puerto Rico is a US colony.
Unjust because by 1930, Puerto Rico was already a factory worked by peons, fought over by lawyers, bossed by absent industrialists, and clerked by politicians – Uncle Sam’s second-largest sweatshop.
Unjust because the US controls Puerto Rico’s shipping, banking, currency, international trade, consumer prices, currency, import/export quotas, judicial code, and legislative authority.
Unjust because, unlike every state in the US, Puerto Rico is specifically prohibited from any Chapter 9 bankruptcy or debt re-structuring.
Unjust because for 95 years, since passage of the 1920 Merchant Marine Act (the Jones Act), Puerto Rico has not been able to develop a shipping industry, or establish any control over the price of consumer goods that pour in from the US ships.
Unjust because Wall Street demanded “fiscal responsibility” from Puerto Rico in order to avoid “Junk Bond” downgrading of its public debt. Then after 33,000 workers were fired, and water rose by 67%, and electricity hiked to 29 cents per kilowatt, and property taxes spiked, and gasoline taxes rose twice in one year, and SBC (small business corporation) taxes rose by 39%, and teacher pensions were cut, and 120 schools shut down…Wall Street still designated the island’s debt as “Junk Bonds.” In other words: Wall Street lied, then hiked the premium payments, and now they want to collect.
Unjust because AIG and half of Wall Street engineered the Mortgage Crisis of 2007. They profited trillions of dollars from their white collar crimes, no one went to jail, millions of Americans lost their homes…and the US government gave AIG a $182 billion bailout.
Despite all these injustices, Pres. Obama will do nothing for Puerto Rico. Perhaps he’ll entertain everyone with a little salsa.
But when all the dancing is done, Obama will not want to upset the municipal bond markets. He will hide behind the courts, the bankruptcy laws, and the US Congress.
The stakes are very high…too high for a lame duck president with waning influence and a “legacy” to burnish.
No, the fight against this injustice will be a lonely one. But it can be won.
Fighting in one corner: Wall Street revenue, the Oppenheimer Fund, broker’s fees, trader’s commissions, churned accounts, and year-end bonuses.
Fighting in the other corner: the human rights of an entire island, the last colony on earth.
I agree Kash Figeroa. Its time to break away and shine like others know we can , only the US. is holding us down, beside we have agreed to cultivate the medical marijuana for the US.I.know nots dont for free and why not use that to pay for our debt to free us from. they can pay 30 for every 100. real talk. flip the table for.a.change.
Reblogged this on It Is What It Is and commented:
This is a very unjust fight!!! We can’t give up ….. it’s our country!! Someone needs to stand up for its colony!
… AND THE MATCH IS: “Fighting in one corner: Wall Street revenue, the Oppenheimer Fund, broker’s fees, trader’s commissions, churned accounts, and year-end bonuses.
Fighting in the other corner: the human rights of an entire island, the last colony on earth.”
THE LAST COLONY ON EARTH ….. “Master”, you throwing up to the curb?
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No matter who you vote for in PR, you get the same type of government. The US has spent a pretty penny by doing everything it can to suppress pro independence parties. We have had the FBI and CIA doing the best they could and succeeded. Now we have a people that has no will to fight for their own well being. Statehood is a dream that will never come as we disgust Americans, and their prejudices and racism know no boundaries. It took until yesterday to remove the Confederate flag in S.C. What makes anyone thing that American attitude towards PR will change anytime soon..
Let’s get real, Vote or no Vote, Puerto Rico is a police state………117 years and where still getting kicked in the face, In the name of DEMOCRACY!!!!!
PR votes every time to stay the way it is, until people change their votes nothing will change! PR is a territory not a state, that is the difference in the availability to funds from the government of the US. Stop complaining and make changes!!!
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