For a man that has branded himself as the king of debt, President Donald Trump seems to have a very thin grasp on how the bond market works.
Trump, whose businesses have gone bankrupt no fewer than six times, said Puerto Ricos debt would have to be wiped out by its Wall Street creditors. That statement sent the territorys bonds tumbling.
Mick Mulvaney, the head of the White House Office of Management and Budget, immediately contradicted his boss, saying Trump should not be taken word for word.
We are not going to be offering a bail out for Puerto Rico or its current bondholders, Mulvaney said.
The Trump-Mulvaney contradictions make clear the administration has no long-term plan for dealing with the devastati…
Read the full article at: http://www.businessinsider.com/trump-needs-to-consider-puerto-rico-debt-relief-2017-10