With both houses passing the “Puerto Rico Oversight, Management, and Economic Stability Act” (PROMESA), its up to the President to sign the bill and he likely will. While PROMESA may be well-intended, it sends the wrong messages to both public officials, private markets and consumers. For more than a decade, the Commonwealth has covered its […]
This op-ed, published in The Hill’s Congress Blog, discusses legislation designed to allow Puerto Rico to shaft its investors in order to dig itself out of its spending spree. To read the piece, visit The Hill.
This op-ed discusses the attempt to bailout Puerto Rico’s massive debt. The bailout will likely push costs to bondholders and others, instead of taking steps to deal with the root cause — overspending. Who is holding Puerto Rico’s politicians responsible and what will prevent other states from trying to do the same? The article can be read […]
In recent years, we have heard complaints of how difficult it is for many of us to get a mortgage loan. The flagship example was Fed Chairman Ben Bernanke’s difficulty obtaining a mortgage – a credit denial that is difficult to explain. A review of bank and credit union behavior reveals that banks have pulled […]
The following is the letter from SmarterSafer.org to member of Congress regarding the latest beach house bailout (HR 6477): Dear Representative: As a coalition of leading taxpayer advocates, environmental groups, insurers, reinsurers and others, we urge you to oppose H.R. 6477. Recently introduced by Rep. Albio Sires (D-NJ), H.R. 6477 would put your constituents on […]
Greece has been in debt-default for 50% of the last 179 years. Although its debt and low productivity grab headlines, its GDP of $305 billion is a small part of the European Union (EU) countries using the Euro. Greece is headed for bankruptcy on its $500 billion in debt despite bailouts from the EU and […]
As Congress Considers Money for Automobile Manufacturers, Survey Finds that Most American Consumers Oppose Bailouts 62.8% of Americans said they oppose public policies that bailout failing corporations and 24.5% support such policies, according a nationwide household survey conducted by the American Consumer Institute. The groups most opposed to bailing out corporations included Republicans, union-employed and […]
What do you readers think? Please comment ….