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Trump becomes Puerto Rico wild card
House lawmakers are mulling a bill that would set up an outside control board for the island’s finances and allow it to restructure its debt, which now totals more than $70 billion.
Trump told CNN on Wednesday that he opposed a bailout of the island, even though the current House proposal does not direct any new federal dollars to the territory.
“You can restructure the debt without a bailout,” he said Thursday. “You can restructure the debt. Bondholders are going to take a hit; let the bondholders take a hit.”
The mixed messages from the self-proclaimed “king of debt” and presumptive GOP nominee come as Ryan and his leadership team tamp down “bailout” jitters from their rank-and-file members.
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On the opening day of Trump Plaza in Atlantic City in 1984, Donald Trump stood in a dark topcoat on the casino floor celebrating his new investment as the “finest building in the city and possibly the nation.” Thirty years later, the Trump Plaza folded, leaving some 1,000 employees without jobs. Trump, meanwhile, was on Twitter claiming he had “nothing to do with Atlantic City,” and praising himself for his “great timing” in getting out of the investment.
In America, people with lots of money can easily avoid the consequences of bad bets and big losses by cashing out at the first sign of trouble. Bankruptcy laws protect them. But workers who move to a place like Atlantic City for a job, invest in a home there, and build their skills have no such protection. Jobs vanish, skills are suddenly irrelevant and home values plummet. They’re stuck with the mess. Bankruptcy was designed so people could start over. But these days, the only ones starting over are big corporations, wealthy moguls and Wall Street bankers, who have had enough political clout to shape bankruptcy laws (like many other laws) to their needs.
Donald Trump Proves What's Wrong With Bankruptcy Laws in America
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Donald Trump had four bankruptcies. How many people did he end up fucking over? But he doesn't want to help Puerto Rico who has no representation.
House lawmakers are mulling a bill that would set up an outside control board for the island’s finances and allow it to restructure its debt, which now totals more than $70 billion.
Trump told CNN on Wednesday that he opposed a bailout of the island, even though the current House proposal does not direct any new federal dollars to the territory.
“You can restructure the debt without a bailout,” he said Thursday. “You can restructure the debt. Bondholders are going to take a hit; let the bondholders take a hit.”
The mixed messages from the self-proclaimed “king of debt” and presumptive GOP nominee come as Ryan and his leadership team tamp down “bailout” jitters from their rank-and-file members.
-----------------------------------------------
On the opening day of Trump Plaza in Atlantic City in 1984, Donald Trump stood in a dark topcoat on the casino floor celebrating his new investment as the “finest building in the city and possibly the nation.” Thirty years later, the Trump Plaza folded, leaving some 1,000 employees without jobs. Trump, meanwhile, was on Twitter claiming he had “nothing to do with Atlantic City,” and praising himself for his “great timing” in getting out of the investment.
In America, people with lots of money can easily avoid the consequences of bad bets and big losses by cashing out at the first sign of trouble. Bankruptcy laws protect them. But workers who move to a place like Atlantic City for a job, invest in a home there, and build their skills have no such protection. Jobs vanish, skills are suddenly irrelevant and home values plummet. They’re stuck with the mess. Bankruptcy was designed so people could start over. But these days, the only ones starting over are big corporations, wealthy moguls and Wall Street bankers, who have had enough political clout to shape bankruptcy laws (like many other laws) to their needs.
Donald Trump Proves What's Wrong With Bankruptcy Laws in America
-------------------------------------------
Donald Trump had four bankruptcies. How many people did he end up fucking over? But he doesn't want to help Puerto Rico who has no representation.
