Friday, July 1, 2016
Hedge Funds Win, Puerto Rico Loses
The Corporatist Obama signed into Law the Puerto Rico Control Board legislation. He always looks out for the welfare of his primary constituency...Wall Street & the Financial Sector.
Hey, Hedge Funds, here's a prime rule of genuine Capitalism: if you make a good investment, you profit; if you make a bad investment, one that doesn't turn out well, you lose. You claim to be capitalists, so live accordingly. Here's a rule from common sense: a loan that can't be repaid, won't be.
Of course, the Vulture Funds know all that. That's why they practice and love State Capitalism and Crony Capitalism. That allows them to get public infrastructure and other public resources privatized. That allows them to raise fees and rob the public even more. It also allows them to get "austerity" implemented, so pensions, health care benefits, and public services get cut (especially services to the poor)... so their bad investment losses get covered by State actions. In a real sense, the Vultures get "Bailed-In"... with the crucial help of their political Cronies, and at the expense of the People.
All the above is one way that Neoliberalism operates.
Not only my opinion. Be Well