Playing Russian Roulette With Puerto Rico's Debt

One day, when discussing some stupid ass shit going on around here, a friend of mine reminded me that we didn't need to assign to negligence or other nefarious reasons, what good old fashion stupidity could explain.

So I've been studying the end game for our debt crisis. And my initial impression is that no one really knows what they're doing, and our leadership thinks this whole debt crisis is a game.  Unfortunately, some games, like, let's say Russian Roulette, can have some very tragic endings. 

So, just to remind everyone, this is not a game; when you fuck with someone's livelihood you are in for a major slap down. Take for example, Tom Mayer, counsel to funds managed by Franklin Municipal Bond Group and by Oppenheimer Funds, Inc.  Mr. Mayer was testifying at the House Subcommittee hearing on Puerto Rico Chapter 9 Uniformity Act of 2015—H.R. 870.

With respect to our public corporations, Mr. Mayer said:
"They should, among other things, cut expenses, increase rates, and engage in more robust collection efforts before going down the Chapter 9 path or any other restructuring scenario."

And you may think, "That's quaint, but that would never work here.  They just don't understand that things are different here."  And you might be right, but here's the rub.

Just as there is no way to stop the bullet that finally kills the poor unfortunate Russian Roulette contestant, if we default on our bonds, Mr. Mayer will have his way with our asses.  Because, when the bonds fail and the lawsuits begin, we will be like the victim of a twisted gunslinger ordering us to dance, and dance we will.  We'll start dancing better than Michael Jackson in Thriller.  And we won't be able to stop dancing until every major holder of our junk bonds get's their pound of flesh.