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”...
Wall Street R.A.T Members: Paul Ryan, Kevin McCarthy, Mitt Romney, Mitch McConnell, Lindsey Graham, Ben Sasse, Scott Ringel, Reid Wibble, and the list goes on....
There are trillions of dollars at stake.
Rat Fink Paul ‘Omnibus’ Ryan quickly scampers out of view after strategically timing the Puerto Rico Rescue bill to occur on a heavy news days containing White House endorsement and presidential election politics.
Let there be no doubt the “rescue bill” vote was timed via scheduling coordination with Obama (heavily supports) and Pelosi (also heavily supports). The bill passed today by a vote of 297-127 and now heads to the Senate where Lisa ‘I-lost-my-primary-but-used-
Meanwhile the insufferable MSM will avoid all mention that the construct of the Rescue Authorization itself puts Bain Capital (Mitt Romney) bond holders at the top of the repayment and bailout benefactor list.... I digress. This crony capitalistic schtick is blood boiling.
You can read the details of the “Rescue Bill’s” passage here. However, let me put a little depth behind the motivations therein. Remember, Ryan is working specifically on a Wall Street Legislative agenda package. Ryan ONLY works on Wall Street legislative agenda items.
Subsequently, what Speaker Paul Ryan is setting up is a process, a system, where progressive states (Wisconsin is one of them), who have structural and deep financial deficits, will be bailed out by federal tax dollars.
It is not coincidental that Ryan’s Rescue Plan just happens to fall on the same day this report from Moody’s Rating Agency hits the financial newswires:
Can you see where this Ryan “rescue scheme” approach is headed?
We are in full blown financial usurpation mode now. The GOPe and UniParty leadership are so exposed it’s ridiculous. The problem is no-one is paying much attention.
So two months ago we made contact with entities within the Puerto Rico financial community. Luckily we happened upon an individual who was meeting with representatives of the PR governors office for a late lunch. We politely asked if this person would inquire about the debt repayment (under the rescue guidelines) as they pertain to Bain Capital.
Two days later we received a return phone call affirming the question was asked, and the admission was made, that special provisions have been part of the long standing discussion to ensure Bain Captial was at the top of the list for bondholder reimbursement.
With that in mind, and with the Illinois financial crisis evident, now take a look at who is selling the final sets of possibly viable, yet soon to be insolvent, bonds in the state of Lincoln.
Will anyone care?
It’s $20 Trillion Now
Sunday, June 12, 2016
PAUL RYAN STRIKES AGAIN! THIS IS PROGRESSIVE LIBERALISM AT IT'S WORST!
Submitted by: Conservative 2 Conservative