tag:blogger.com,1999:blog-6534665086749553287.post7643710381395171768..comments2024-03-29T04:34:05.185-04:00Comments on CURMUDGUCATION: The Lessons of Puerto RIcoPeter Greenehttp://www.blogger.com/profile/16511193640285760299noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-6534665086749553287.post-72374953325535884932016-04-27T21:46:10.411-04:002016-04-27T21:46:10.411-04:00I will give you an epilogue T.E. After my recover...I will give you an epilogue T.E. After my recovery and prior to my enlistment in the Army the hospital sat down with my accountant friend and I. We detailed their cost to deliver my services. I paid them my entire pay check minus what I needed to maintain my uniforms for the next 8 years. They got their money by being reasonable and not gouging me for a rather inflated bill. I was in special forces so I was usually in field training or on assignment, I did not miss the money because I was busy and would not have spent it anyway. It hurt my financial position, going bankrupt would have been easier, but I believed in honoring my obligation and doing the right thing.Old Teacherhttps://www.blogger.com/profile/05906965809756360801noreply@blogger.comtag:blogger.com,1999:blog-6534665086749553287.post-24355870798123569422016-04-26T22:48:44.814-04:002016-04-26T22:48:44.814-04:00The major problem with telling them to take a hike...The major problem with telling them to take a hike is that no one will loan them money in the future (at least I assume that you would now want your retirement funds invested in PR bonds, but I suppose I could be wrong). It is likely that not coming to an agreement with the creditors and telling them to take a hike will require even larger cuts to PR spending than the agreement would require. That was also the case in Greece.<br /><br />Anyone here know if your state retirement fund owns any PR bonds? Hedge funds only own about 16% of the bonds out there.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6534665086749553287.post-43588070734544214022016-04-26T21:42:35.087-04:002016-04-26T21:42:35.087-04:00Old Teacher identifies the underlying issue: in IL...Old Teacher identifies the underlying issue: in IL, the state says "we can't afford the teacher pensions" without massive tax increases and cuts but the teacher pension funds rightly say: "Don't care. Pay me." I say "rightly" because these problems were foreseen when IL failed to fund pensions. Likewise, as Oliver's piece points out, PR issued bond after bond rather than raise taxes or cut spending. Just as pension commitments must be kept, PR must meet its debt obligations or negotiate a re-structuring. c.l. ballhttps://www.blogger.com/profile/12950117287366684614noreply@blogger.comtag:blogger.com,1999:blog-6534665086749553287.post-2336731866774809002016-04-25T20:51:17.843-04:002016-04-25T20:51:17.843-04:00If you want to see a great documentary about Puert...If you want to see a great documentary about Puerto Rico, its people, its history ... from the point of view of Puerto Ricans themselves, then actress-director Rosie Perez' 2006 documentary "Yo soy Boricua, pa'que tu lo sepas!" is the way to go.<br /><br />If you've got 90 minutes to spare, I highly recommended Perez' labor of love ... just for the entertainment value alone. <br /><br />Watch if for free here:<br />https://vimeo.com/145556599Anonymoushttps://www.blogger.com/profile/16911854468188214107noreply@blogger.comtag:blogger.com,1999:blog-6534665086749553287.post-30928704917420339492016-04-25T16:52:59.408-04:002016-04-25T16:52:59.408-04:00They don't mind telling pensioners to take a h...They don't mind telling pensioners to take a haircut when they gamble and lose...I think Puerto Rico should do what I did at age 18 when I was hit by a car. I told the hospital they could take reasonable payments to recover their costs over the next 10 years as I joined the Army, or they could settle for nothing as I declared bankruptcy...Puerto Rico, tell them make a deal or take a hike. Old Teacherhttps://www.blogger.com/profile/05906965809756360801noreply@blogger.com