Trump Pushes More Loans on Devastated Puerto Rico

Truthdig has the article Trump Pushes More Loans on Devastated Puerto Rico.

Despite loud and growing demands that Puerto Rico’s debt be cancelled outright, President Donald Trump is being blasted for doing the exact opposite by calling on Congress to saddle the U.S. territory with even more loans amid a massive humanitarian crisis on the storm-ravaged island.

This is exactly how Puerto Rico got into the financial problems that they were in before the hurricanes. This is the sales pitch the banks give to people who are struggling.

“Oh, so your drowning in debt. Here, we’ll lend you some more money. If we are lucky, you will finally succumb so we can take everything you once had.”

As a bystander, I can see the train wreck coming. All I can do is to shout, “NOOOO, don’t do it.” That’s what I was doing as people were borrowing on the equity in their houses to make up for the raises they weren’t getting at work. From the real estate bubble crash experience, I know that the victims are too desperate to listen to my warnings.

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