Puerto Rico debt restructuring signed into law
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A law written by Republicans and signed today by President Obama will allow the federal government to restructure Puerto Rico’s debt and freeze bonds owned by American citizens.
The article notes correctly that the restructuring of those bonds is essentially in direct violation of the fifth amendment, which states that no American can “be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.” The article also notes that the law includes provisions that nullify the right of those citizens to go to court to challenge it.
The webpage that published the article is a big Trump supporter. And who can blame them when the Republican party works hand-in-glove with the Democrats to nullify the Bill of Rights. As they note, “Not hearing any shouts or screams from Mark Levin, Ted Cruz or Mike Lee are you? Yeah, funny that… Remind me what ‘conservative’ means again?”
As my readers know, I am not a fan of Donald Trump, and do not expect him to do anything different than the Republicans and Democrats who passed this unconstitutional law. Yet, I also understand why he is doing as well as he is. The American public is not being represented in any way by those in power, and thus the public wants someone outside that cartel to shake things up.
Please consider donating to Behind the Black, by giving either a one-time contribution or a regular subscription, as outlined in the tip jar to the right or below. Your support will allow me to continue covering science and culture as I have for the past twenty years, independent and free from any outside influence.
A law written by Republicans and signed today by President Obama will allow the federal government to restructure Puerto Rico’s debt and freeze bonds owned by American citizens.
The article notes correctly that the restructuring of those bonds is essentially in direct violation of the fifth amendment, which states that no American can “be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.” The article also notes that the law includes provisions that nullify the right of those citizens to go to court to challenge it.
The webpage that published the article is a big Trump supporter. And who can blame them when the Republican party works hand-in-glove with the Democrats to nullify the Bill of Rights. As they note, “Not hearing any shouts or screams from Mark Levin, Ted Cruz or Mike Lee are you? Yeah, funny that… Remind me what ‘conservative’ means again?”
As my readers know, I am not a fan of Donald Trump, and do not expect him to do anything different than the Republicans and Democrats who passed this unconstitutional law. Yet, I also understand why he is doing as well as he is. The American public is not being represented in any way by those in power, and thus the public wants someone outside that cartel to shake things up.
The other day, Hillary knocked Trump on stiffing bond holders. Wonder if if the Democrat media will be as upset when the government does it?
WSJ has a lengthy article on Puerto Rico in todays issue (7-1-16) & they have been following the whole situation right along.
Republican & Democrat leadership worked hand-in-glove on this deal, and pushed it through in record-time.
Puerto Rico is not covered under Federal Bankruptcy laws like regular Municipalities (think Detroit, among scores of others) & now PR Creditors have very little, if any, recourse. They will have to accept whatever deal is dictated to them.
Wodun: They (democrat media) don’t care. Some of us, like you, will note the grim irony, but most will not.
This will have to face a Court test on Constitutional grounds.