Now in a presidential election year, Obama renews his rhetoric. According to El Nuevo Dia, he recently “had a meeting” with Sen. Harry Reid and Rep. Nancy Pelosi, in which the Puerto Rican economy was on “their list of priorities.”
Obama also reiterated his hope that “Congress would allow Puerto Rico to re-structure its debt.”
This “hope that Congress will act” increasingly looks like political posturing.
Obama knows that Congress will extend no Chapter 9 bankruptcy relief to Puerto Rico. He knows that the municipal bond industry is a $3.7 trillion annual business…and any bankruptcy relief for Puerto Rico would de-stabilize this business, because all 50 states would then demand expanded bankruptcy privileges.
And so, Obama strikes a pose.
For an entire year the Latino press, advocacy groups and elected officials have frantically contacted the White House…yet Pres. Obama does nothing about the crisis.
He doesn’t champion any Jones Act reform. He doesn’t order his Treasury Secretary to ease credit restrictions in Puerto Rico. He doesn’t tell his Secretaries of Commerce, Transportation, Energy, or the Interior, to make any infrastructure investments in the island.
Instead he sits back, and points the finger at a “Republican Congress” – knowing full well, that three dozen hedge funds are preparing to grab the entire physical infrastructure of Puerto Rico (water supply, electrical grid, highways, bridges, schools, airports, prisons) and turn it into one giant ATM.
With each passing week, there is a growing stench of political posturing…and it is coming from the White House.
THE DEMOCRATIC STRATEGY: DO NOTHING FOR PUERTO RICO
There is now a growing rumor that Obama wants Puerto Rico to fail…because this will force more Puerto Ricans to move to Florida, and become Democratic voters in the 2016 presidential election.
Like a modern day Machiavelli, Obama and the Democratic Party may have decided on the following strategy:
Do nothing for Puerto Rico
Take political contributions from the hedge funds
Increase the number of angry Puerto Ricans in Florida
Blame Republicans for the entire mess
Receive money from Wall Street, and votes from Orlando, FL
In other words, from a political standpoint, Obama benefits from doing nothing for Puerto Rico, and then blaming the Republicans for it.
THE PONTIUS PILATE OF PUERTO RICO
The people of Puerto Rico are being squeezed by their own political parties, the Jones Act, John Paulson, Goldman Sachs, US hedge funds…and within a few months, a collection agency for those hedge funds called a “Financial Control Authority.”
In this chaos of capitalism run amok, Pres. Obama washes his hands like Pontius Pilate – allowing Wall Street to consume Puerto Rico, then “blaming the Republicans” for it.
This is an old game.
For Puerto Rico, this game has lasted 118 years.
Pedro Albizu Campos once said, “according to the US, owning one man makes you a scoundrel, but owning an entire nation makes you a colonial benefactor.”
Barack Obama would never condone the enslavement of a black man.
But he washes his hands, during the enslavement of an entire Puerto Rican nation.