by Mish

According to early results on a government website, statehood drew 97% of support with more than 90% of votes counted Sunday afternoon, but less than one in four voters participated in the plebiscite as opponents called for a boycott. Polls closed at 3 p.m. Sunday.
The vote was spearheaded by the territory’s governor, Ricardo Rosselló, who has pushed for statehood as a way to help improve the island’s economy, which is weighed down by debts of more than $73 billion. In May, Mr. Rosselló declared what amounts to the largest-ever municipal bankruptcy in the U.S. that placed Puerto Rico under court protection.
Congress would need to authorize a new state. Mr. Rosselló recently signed into law a measure creating a commission to press U.S. lawmakers for admission. On Sunday evening, he said he would visit Washington, D.C. to formally notify Congress and the White House of the results.
“From today going forward, the federal government will no longer be able to ignore the voice of the majority of the American citizens in Puerto Rico,” Mr. Rosselló said.

Political Stunt

Puerto Rico is looking for a handout and Republicans would be crazy to give them one. Do the Republicans want or need two more Democratic senators?

I think not.

This was a political stunt and a waste of money Puerto Rico does not have.

Mike “Mish” Shedlock

Puerto Rico Dam Failing: 70,000 Threatened Some Stranded

Hurricane-ravaged Puerto Rico has no power and no gas. It also has crumbling infrastructure and near-worthless utility bonds following bankruptcy.

Puerto Rico Bonds Collapse to 36 Cents on Dollar following Trump Comments

Puerto Rico general obligation bonds fell to 36 cents on the dollar after Trump told Fox News on Tuesday night that Puerto Rico’s debt will have to be wiped out.

Puerto Rico Placed in Bankruptcy Protection: Illinois Needs Similar Deal

There is no provision for state bankruptcies under Chapter 9 law. Instead, the governor of Puerto Rico, Ricardo Rosselló, petitioned for relief under Title III of a new federal law for insolvent territorial governments, called Promesa.

23 Skidoo

Is this a rerun of the 70’s and 80’s? Most seem to think so as the word on everyone’s mind is “stagflation”.

Visualizing U.S. Exports & Imports

This is a guest post by Yuka Kato at HowMuch. The post covers imports, exports and trade imbalances between the US and the rest of the world.

Elon Musk Says He Can Power Puerto With Batteries

Tesla founder Elon Musk claims to be able to fix what ails Puerto Rico, with his battery technology.

Great Migration: 168,000 people Move From Puerto Rico to Florida

Following the devastating hurricanes that still have much of Puerto Rico without power, a mass exodus is underway.

Foreclosed 23-Story, 475,789 Sq. Ft. KeyBank Center Auctioned Off for $7.15M

Bidders did not exactly come out of the woodwork in Cleveland as the 23 story KeyBank Center auctioned off for $7.15M

Debt and Deleveraging: Did the U.S. Overcome the Debt Crisis?

Citing the latest report on “Debt and Deleveraging” by the McKinsey Global Institute