Posted on 06/10/2016 2:04:44 PM PDT by dontreadthis
Yesterday House Speaker Paul Ryan pushed through a Puerto Rico Rescue bill called PROMESA. The details of the bill are fundamentally challenging to understand in scope, however, the key aspect to remember is the underlying benefactor(s) – Wall Street.
While Ryan is severely adverse to PROMESA being called a bailout, that’s exactly what it is – only worse. The plan structurally changes the dynamics of how State debt is repaid, and the considerations for bondholders under the 5th amendment (seizure of private property w/out compensation); which will lead to a guaranteed bondholder bailout.
However, beyond the ‘bailout’ aspect there is a framework to override state legislative authority and use unelected “control board” appointed by congress to subvert citizen voices and make independent decisions.
As you read this press release from David Brat consider the how such legislative usurpation could possibly be considered “conservative“.
DAVID BRAT: Yesterday members of Congress voted in favor of PROMESA, a bill that imposes a control board on Puerto Rico. I opposed this bill, and in an op-ed in the Washington Examiner, I explained why.
“The PROMESA Act creates an unelected, unaccountable ‘control board’ imposed by Congress to manage Puerto Rico’s spending and tax policies for at least five years. Control boards and five-year plans, channeling Stalin: what could go wrong?
“PROMESA deprives the Puerto Rican people of their right to self-governance and establishes a seven-person board that can overrule the Commonwealth’s elected leaders on almost any law. Members of the control board will be personally chosen by President Obama to manage the territory’s spending and tax policies.
“….members of the House of Representatives [voted] to impose a system for ‘bankruptcy’ without a referendum asking the people of Puerto Rico whether they want this. Their right to democracy [was] not only infringed by this bill, it [was] entirely usurped.
“This makes the bill truly Orwellian — it remove[d] the consent of the Puerto Rican people and creates a fiefdom for unelected officials chosen by President Obama.
“As economist Thomas Sowell said, ‘The fatal attraction of government is that it allows busybodies to impose decisions on others without paying any price themselves.’ Congress can’t even get its own fiscal house in order, but [passed] a bill to solve Puerto Rico’s problems.
“This bill should [have been] subject to ratification by the Puerto Rican legislature or a vote from the Puerto Rican people. As it stands, I [opposed] PROMESA because it turns free citizens into subjects.” (link)
Hopefully, with sunlight, the American voter will wake up to the fundamental paradigm shift many voices continue to outline: this approach is not conservative, it’s deadly globalist authoritarianism.
After spending 18 years in Washington DC Paul Ryan is now showing everyone how he has abandoned the principles of “self-determination”, the cornerstone of historic “conservatism”, and now applies a big government ideology of unelected, bureaucratic, and federally dictated control.
This seismic ideological shift in ‘conservative principle’ is indicative of the disconnect between the Republican Party, which has evolved into corporatist/globalist authoritarianism, and the America-first independent principle carried by Donald Trump.
Understand this dynamic and you understand the opposition to Donald Trump’s candidacy.
The Ryan Coalition are “Rat Finks”…
“Turns People Into Subjects”…
Just like the uniparty did to the rest of us.
I am so proud of my district for turning out that weasel Eric Cantor and electing Dave Brat.
Glad to see congressmen starting to express their dissatisfaction with ryno.
Then be a citizen and pay your debts
BTTT.
The Ryan Coalition are “Rat Finks”
********************************
Anyone paying atttention should have already known this.
I sincerely hope his district does and Cantorizes this weasel.
All of the multi-national politicians need to be removed.
My district showed you how it’s done.
Ask Eric Cantor.
The Young Guns were all frauds.
The PR bailout benefits Bain Capital.
Paul Ryan is exposing himself as the greatest enemy of the American people on the scene right now.
They are being treated as well or better than the States and citizens here.
Cantorized this traitor
The problem is that Puerto Rico has lost the ability to elect competent leaders. The people want their stuff. When that happens, people need to be turned into subjects.
Meet the new speaker, same as the old speaker with bells on.
PLEASE support his primary challenger.
Ryan and all those that voted for this are part of the problem and not the solution....time to vote the all out
No different than the bailouts handed to Greece by the EU and will set the stage for future bailouts of other bankrupt states. When the time comes and this house of cards collapses the serfs in this country will be totally and completely screwed.
When did Puerto Rico become a state? And why can’t Congress appoint some of the board members?
“The problem is that Puerto Rico has lost the ability to elect competent leaders. The people want their stuff. When that happens, people need to be turned into subjects.”
Sounds like the US in 2008 and 2012...
Yesterday House Speaker Paul Ryan pushed through a Puerto Rico Rescue bill called PROMESA. The details of the bill are fundamentally challenging to understand in scope, however, the key aspect to remember is the underlying benefactor(s) – Wall Street.
While Ryan is severely adverse to PROMESA being called a bailout, that’s exactly what it is – only worse. The plan structurally changes the dynamics of how State debt is repaid,
and the considerations for bondholders under the 5th amendment
(seizure of private property w/out compensation) ; which will lead to a guaranteed bondholder bailout.
See article.
Puerto Rico is not a state, and no longer even a “commonwealth”. It is now, like, a National Park:
http://www.freerepublic.com/focus/f-news/3438408/posts
If PR can’t pay its bills, why shouldn’t they be the subject of the entity that IS paying the bills?
It is a choice - bail out or sovereignty. Let the Puerto Ricans decide.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.