A commentary by Steve Sherman:
What to do about the Puerto Rico problem? That question has been bouncing around America for a while now. There are lots of different opinions ranging from a full bailout to changing the bankruptcy laws.
The problems have been systemic within the corrupt island for a generation. A top heavy government controlled by cronyism and payoffs has crushed the private sector. Most of the entrepreneurs and highly educated people have long since bailed out for Florida. Unemployment, crime, and staggering debt are the norm.
The problems have mounted turning the tropical island into the “Detroit of the Caribbean”. So what is to be done about it? Letting Puerto Rico sink into the sea is not an option. American Hedge Funds have funded much of the nearly $70 billion and they are scrambling to get on top of a bad situation. A good old-fashioned bailout is…