Wall Street, President Obama, the US Congress…all laughing at Puerto Rico

War Against All Puerto Ricans: Revolution and Terror in America’s Colony

 

On July 10, 1984, Ronald Reagan signed the Bankruptcy Amendments and Federal Judgeships Act. Section 9 of that Act (11 U.S.C. § 901 et. seq.) specifically excluded Puerto Rico from the bankruptcy protections that are extended to all U.S. municipalities.

Thanks to Section 9, Puerto Rico cannot re-negotiate or re-structure its $73 billion public debt, without permission from its creditors. If the creditors say “PAY ME NOW,” the island must either pay or go into default. There is no middle road.

WALL STREET LAUGHING

What does PAY ME NOW mean?

Since Puerto Rico’s debt has been downgraded to “Junk Bond” status, the island must pay the highest interest rates. Currently, the annual yield on Puerto Rico bonds are an astounding 10 percent. With the triple-tax exemption factored in, Puerto Rico bonds are providing an annual 18 percent return.

http://www.bloomberg.com/news/articles/2015-05-26/puerto-rico-s-10-yields-prove-too-tempting-for-goldman-to-skip

While this is great for Goldman Sachs and the Oppenheimer Fund, it is tragic for Puerto Rico. The math is very simple: 10% annual yield on $73 billion is $7.3 billion. With a population of 3.6 million, every Puerto Rican will have to pay $2,000 per year – just to cover the yield on this debt.

ya voy entendiendo

With a per capita income of only $16,400 (1/3 that of the US) this means that every man, woman and child in Puerto Rico will have to pay 12% of their meager $16,400 income to Wall Street…with no bankruptcy protection.

Can you hear Wall Street laughing?

PRESIDENT OBAMA LAUGHING

For the past three months the Latino press, advocacy groups and elected officials have frantically contacted the White House. Pres. Obama has done and said nothing about the crisis. The White House stated repeatedly that there would be “no bailout for Puerto Rico,” but urged Congress to “consider a Chapter 9 bankruptcy amendment” for the island.

http://finance.yahoo.com/news/white-house-no-federal-bailout-172916211.html?l=1

Obama spoke with a forked tongue. He knew that Congress would pass no amendment, because this would open the door to 50 states demanding bankruptcy privileges, as well.

Instead of doing anything for Puerto Rico, in the last week of July 2015, he proudly announced the renaming of a post office in the South Bronx, as the Herman Badillo Post Office.

Herman BadilloHerman Badillo

There is now a growing rumor that Obama wants Puerto Rico to fail…because this will force more Puerto Ricans to move to Florida, where they will become Democratic voters in the 2016 presidential election.

Can you hear Obama laughing?

US CONGRESS LAUGHING

Pedro Pierluisi, the Resident Commissioner of Puerto Rico, is convinced that Congress will agree to making Puerto Rico the 51st state…just because Puerto Rico asks for it. Pierluisi’s entire political career, and his political party (PNP) are built on that one belief.

Asking five members of Congress to give up their seats, so that five Puerto Ricans can take them, is a pretty large request. Let’s see how Pierluisi fared, when he proposed something much smaller.

On February 11, 2015, Pierluisi proposed H.R. 870. This bill would amend Chapter 9 of the Bankruptcy Act, to allow Puerto Rico some limited bankruptcy powers. It took five weeks for this bill to be assigned to a committee, on March 16, 2015. 

A year has now passed. The bill is still in that committee. Nothing has been done.


 

Pedro Pierluisi_Chapter 9 Uniformity Act of 2015

 

On August 3, 2015, Puerto Rico was forced into default, for failure to meet a scheduled $58 million bond payment.

Congress went on summer vacation, while Puerto Rico went into default…and 3.6 million people had to pay even higher taxes to cover the default penalties. It’s no wonder that so many of them, have had to flee the island.

Here’s another example of Congressional ridicule:


 

Pedro Pierluisi Medicare Part B Equity Act of 2015

 


 

This Pierluisi bill asked for higher Medicare Part “B” reimbursement rates to Puerto Rican seniors. Not only was this bill bottled up in committee, but Congress cut another health program – Medicare Advantage – by 11 percent.

They did the exact opposite of what Pierluisi asked. In the middle of Puerto Rico’s greatest financial crisis, they cut vital health funds for seniors.

By ignoring Pedro Pierluisi, and simply doing nothing, Congress threw Puerto Rico into default and kicked every senior in the teeth. Then they broke for summer vacation.

Can you hear Congress laughing?

Unfortunately, few people are laughing in Puerto Rico. Many lives are being systematically destroyed by this laughter from the north.

The laughter needs to stop. Puerto Rico needs to wake up. This cannot continue much longer.

 

For a history of the War Against All Puerto Ricans, read the book…

War Against All Puerto Ricans: Revolution and Terror in America’s ColonyBuy it Now

Si prefiere ver la página web en español por favor visite: http://www.guerracontratodoslospuertorriquenos.com

 

9 Comments on “Wall Street, President Obama, the US Congress…all laughing at Puerto Rico

  1. It is interesting to read what dr.david duke had to say about Goldman Sachs. Herman badillo fue un pillo que descance en el infierno.

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  2. As much as I hate to admit it Puerto Rico’s options are very limited at this stage placing us at the mercy of it’s owners. I’ve said it once and I’ll say it again, we as a people and a territory are to far gone into the American Experience to back out now; unless of course we’re opted out. But the reality is we’re at the will of our owners, and the best we can do at this juncture is get with the program which doesn’t mean sell out. To suggest that we are the only hispanic people with citizenship rights, be it 2nd class, then lets become 1st class and reap the benefits and rights as any other state and finally give the people the one true value each American truly has left which is the VOTE. It appears that is the only and true voice we all have left. It’s time. No let me rephrase that, it’s past time. Let’s get this over with and move on. Until America decides, “Congress”, nothing will happen so we might as well prepare ourselves and go with the program placing ourselves in the best possible advantageous position given our existing plight.

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  3. The us let’s there own die of hunger ,so we could just imagine what they think of Puerto Ricans.

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  4. Wall Street knowingly violated the constitution of Puerto Rico. Screw them!

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  5. Let me add that this is some serious money that is owed to Wall Street. Now, the one question that has been not been answered is what happens if the debt is not paid!
    Presently, Puerto Rico is ordered to pay wall street hedge funds their cash profits first. The needs of running the people’s municipalities, heathcare, schools, and decent living are not even touched until wall street Get The Vig PAID “Like the mob would say”. Think about it. That is exactly what it has come to and it won’t stop until we as proud Puerto Ricans Stand Up, get involed, change our “IT WILL WORK OUT” mentality and defy this tyranny and abuse that has infected the mind of the Puertorriqueños and rid ourselves from the tyrants on the Island and off the island that continue to rule over Puerto Rico.
    Until we take a look at what is to be gained and what would be lost by gaining our complete indepdence from those who have taken so much and have given nothing worth our allegiance . By coming together in unity and solidarity for complete social and economic change as proud, honorable, and uncorruptible beings we can begin to forge through and gain our autonomy away from American rule. I, as our island father’s believe in Puerto Rico’s Independence

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  6. this has a simple solution since we are U.s.citizens abandon the island let the US sell it we can live any where in the United states that we chooselet all the Corp. Eat shit and see who laughs last oh yeah and we can finally be first class citizens and vote against any Scum bag politicians that we choose , think about it we don’t have to worry about the bs that our own bad deals and corrupt politicians have created and they can’t deport us because we don’t have no place to be deported to lol.

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  7. Puerto Ricois the oldest colony in the Western hemsphere what does one expects from the colonizers. The usa has created a colonial relationship extrodinaire. all of our lives are totally controlled by them. Aneconomy of dependence for the poor and all the benefits for the elite.

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  8. Reblogged this on It Is What It Is and commented:
    Laughing at the expense of the people of Puerto Rico!! Time to end this, Boricuas!! Time to stand and fight …. Civility, requests, reasoning … to no avail. Pres. Obama … Very disappointing!!

    Like

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