Just like that, Trump is undercut by his OMB director re: Puerto Rico Debt

[kpete]

"We're absolutely not going to bail them out," @MickMulvaneyOMB said @POTUS did not mean Admin will forgive Puerto Rico's $70B+ in debt.

Link to tweet

Link to tweet

[Not Ruth]

1. What side should I be on here?

[exboyfil]

2. Investors should be ready for a hair cut

Of course no one is going to loan PR money after that.


President Trump pointed out Puerto Rico's "massive debt" problems on Monday. Puerto Rico, Trump tweeted, owes "billions of dollars" to "Wall Street and the banks, which, sadly, must be dealt with."
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In reality, most of that money is owed to everyday investors. Less than 25% of Puerto Rican debt is held by hedge funds, according to estimates by Cate Long, founder of research firm Puerto Rico Clearinghouse.

The rest of the debt is owned by individuals and mutual funds that are held by mom-and-pop investors.

"For the most part, Main Street America owns this debt," Long said. "It's not as though these are vultures circling around the island."

[tanyev]

3. "Pay no attention to the moron in the Oval Office."