Here's some potentially VERY good economic news that was lost amid the weekend news flurry.  Those…
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Some Potentially VERY Good Economic News

Here's some potentially VERY good economic news that was lost amid the weekend news flurry.  Those with "skin in the game," and who likely possess the best perspective, are betting heavily on an upturn, as highlighted by Friday's Wall Street Journal:

Corporate insiders are buying stock in their own companies at a pact not seen in years, a sign they are betting on a rebound after a coronavirus-induced rout.  More than 2,800 executives and directors have purchased nearly $1.19 billion in company stock since the beginning of March.  That's the third-highest level on both an individual and dollar basis since 1988, according to the Washington Service, which provides data analytics about trading activity by insiders."

Here's why that's important:

Because insiders typically know the…[more]

March 30, 2020 • 11:02 am

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Home Press Room CFIF Urges Congressional Republicans to Reject Senate Democrats’ Call for a Federal Bailout of Puerto Rico
CFIF Urges Congressional Republicans to Reject Senate Democrats’ Call for a Federal Bailout of Puerto Rico Print
Wednesday, July 01 2015

Disguising Chapter 9 bankruptcy legislation as a path forward, Senators Schumer and Blumenthal join President Obama and Nancy Pelosi in advocating a Chapter 9 bailout of Puerto Rico

ALEXANDRIA, VA – The Center for Individual Freedom (“CFIF”) today issued the following the statement in response to the announcement by Senators Charles Schumer (D-NY) and Richard Blumenthal(D-CT) that they will introduce special legislation granting Puerto Rico a Chapter 9 bailout:

“Senators Schumer and Blumenthal have chosen to promote special Chapter 9 bankruptcy legislation for Puerto Rico rather than tackling decades of fiscal mismanagement, cronyism and corruption on the island. Senate Republicans should not be fooled: Chapter 9 bankruptcy is a misguided federal bailout for Puerto Rico.  It provides no incentive for the Island’s leadership – led by the Kirchner of the Caribbean, Governor Alejandro Garcia Padilla – to make sound economic and fiscal policy decisions moving forward.  We urge Congressional Republicans to reject the Chapter 9 bailout, and instead support a Congressionally mandated and managed control board over the Island providing Puerto Ricans, and all Americans, with a more sustainable, fiscally sound future.”

Chapter 9 would hurt thousands of hardworking Americans on the mainland and in Puerto Rico who have invested savings in Puerto Rican bonds.  And longer-term, it would do nothing to reform a broken Island.  Furthermore, a Chapter 9 bailout flies in the face of principles for which Republicans are supposed to stand:  limited government, fiscal responsibility and the rule of law. 

American taxpayers should not be saddled with yet another bailout and force Americans saving for retirement to take a financial hit.  Instead, Congressional Republicans should guide Puerto Rico into doing the right thing: trim spending and taxes, stand up to unions and undertake badly-needed fiscal, governance and economic reforms.  The time is right for a Congressional control board.


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