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(CNN)   Moody's downgrades Puerto Rico due to possibility of default on its $70 billion debt. Or as the U.S. calls $70 billion in debt, Monday   (money.cnn.com) divider line 23
    More: Fail, Puerto Rico, Oppenheimer & Co., U.S. territory, municipal bonds, willingness to pay  
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672 clicks; posted to Business » on 04 Jul 2014 at 4:24 PM (11 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



23 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest
 
2014-07-04 12:26:25 PM
I'm looking forward to a thoughtful dialog that doesn't fixate on hurtful stereotypes...

Looking forward to it, I say...
 
2014-07-04 03:02:48 PM
PUERTO RICO

HOOOOOOO
 
2014-07-04 04:36:30 PM

Candygram4Mongo: I'm looking forward to a thoughtful dialog that doesn't fixate on hurtful stereotypes...

Looking forward to it, I say...


Couldn't they just pawn all their gaudy hoop earrings and name-plate necklaces to pay down the debt?

/wait, what were you saying?
 
2014-07-04 04:42:13 PM
they now recommend putting all your money into Agricola or Catan
 
2014-07-04 05:27:18 PM
Makes sense why they are thinking of becoming a state so they can get that sweet federal bailout money! TBTF FTW!
 
2014-07-04 05:34:32 PM

loonatic112358: they now recommend putting all your money into Agricola or Catan


How about Carcasseonne?
 
2014-07-04 06:41:29 PM
The Sharks were right....those PRs are nothin' but trouble.
 
2014-07-04 07:17:17 PM
The young 'Ricans.
 
2014-07-04 07:40:52 PM
...Um, That would be one awesome Monday for the US, Considering our that our current debt is what, 17 trillion?
 
2014-07-04 07:42:48 PM
I'd ask how PR managed to get 70 billion in debt, but then I looked at the debt of Cali and IL and thought otherwise.
 
2014-07-04 07:59:20 PM
Not only is a desirable holiday spot, but most large pension funds and 401(k) retirement plans own some Puerto Rican bonds. In other words, lots of Americans will be impacted if the payments aren't made.

Not the least of whom, I'm guessing, are Puerto Ricans holding PR IRAs -- which, for a great many on the island, are pretty much the only game in town as far as investing for retirement goes. Nice little vicious circle that should pan out to be...
 
2014-07-04 09:15:15 PM

tzzhc4: Makes sense why they are thinking of becoming a state so they can get that sweet federal bailout money! TBTF FTW!


Also means they would have to start paying federal income tax, which would interfere with their plans to be a tax haven for the American super-rich.
 
2014-07-04 09:26:16 PM

Bumblefark: Candygram4Mongo: I'm looking forward to a thoughtful dialog that doesn't fixate on hurtful stereotypes...

Looking forward to it, I say...

Couldn't they just pawn all their gaudy hoop earrings and name-plate necklaces to pay down the debt?

/wait, what were you saying?


:(

/boricua
//soooo do not wear hoop earrings
 
2014-07-04 09:47:05 PM

Sim Tree: loonatic112358: they now recommend putting all your money into Agricola or Catan

How about Carcasseonne?


Sell
 
2014-07-04 10:23:19 PM
Puerto Rico has been junk bond status for a while. Although if it defaults, lots of "total bond" and muni bond funds are going to take a huge hit. Definitely not good.
 
2014-07-04 10:59:31 PM

Needlessly Complicated: Bumblefark: Candygram4Mongo: I'm looking forward to a thoughtful dialog that doesn't fixate on hurtful stereotypes...

Looking forward to it, I say...

Couldn't they just pawn all their gaudy hoop earrings and name-plate necklaces to pay down the debt?

/wait, what were you saying?

:(

/boricua
//soooo do not wear hoop earrings


Fine, but my wife's Puerto Rican, and she found it funny.

/at least, I think that's what "pendejo" means
 
2014-07-04 11:50:40 PM
So much for this, I guess?
img.fark.net
 
2014-07-05 01:35:02 AM

Bumblefark: Not only is a desirable holiday spot, but most large pension funds and 401(k) retirement plans own some Puerto Rican bonds. In other words, lots of Americans will be impacted if the payments aren't made.

Not the least of whom, I'm guessing, are Puerto Ricans holding PR IRAs -- which, for a great many on the island, are pretty much the only game in town as far as investing for retirement goes. Nice little vicious circle that should pan out to be...


That's CNN Money for you.  Puerto Rican bonds are overwhelmingly tax-exempt, just like the bonds issued by states and municipalities.  Pension funds often hold them despite that they're already tax-advantaged but 401(K)'s do only very rarely.
 
2014-07-05 02:52:26 AM
FTA: But Puerto Rico isn't a state and it isn't a country, which limits its options if things go sour.

Perhaps it is time they get off the fence and either accept statehood or leave the union.  I imagine that if they do become the 51st state, they'd become the new retirement mecca for the eastern US.  I also imagine that a lot of businesses avoid PR since it doesn't have the stability of being a state.

We could also get a kick ass new flag.

img.fark.net
 
2014-07-05 06:51:59 AM
Puerto Rican? More like Sorta Rican!  Amirite?

Ex GF was Puerto Rican. She hated when I called her that.  Maybe that's why I came home one day to find her in bed with another dude.
 
2014-07-05 03:11:08 PM

Badafuco: Puerto Rican? More like Sorta Rican!  Amirite?

Ex GF was Puerto Rican. She hated when I called her that.  Maybe that's why I came home one day to find her in bed with another dude.


Did you get back at her by making sure that next time she came home, you were in bed with another dude?
 
2014-07-05 05:13:50 PM
So this port isn't looking so rich eh?
 
2014-07-05 08:45:53 PM

Dinjiin: FTA: But Puerto Rico isn't a state and it isn't a country, which limits its options if things go sour.

Perhaps it is time they get off the fence and either accept statehood or leave the union.


Didn't they have a referendum during the last presidential election? AFAIR they decided to apply for statehood, so now it's up to congress.
 
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