What are hedge funds for, anyway? That’s the question that the Hedge Clippers, a coalition of organizers and researchers targeting secretive financial institutions, has been asking for a while. They’ve had some success, notably in getting New York City’s pension funds out of hedge funds, and they’ve set their sights on Puerto Rico’s debt and the hedge funders that own it. Jonathan Westin of New York Communities for Change and Hedge Clippers joins me to discuss.
Essentially, they are glorified debt collectors. That is what the hedge fund managers are acting as. In many cases, they are the ones that hiked up all the spending and borrowing. They created the debt and frankly there is no reason Puerto Rico should pay it back. That is part of what Trump was talking about when he was talking about cancelling the debt. I actually think there are a lot of people in this country that can sympathize with the huge amounts of debt that are piling up and the question of “where is all of this money going in our country and in our economy, and frankly, globally?” It is a continuing push and consolidation of all of the wealth and capital in this country going to folks like these hedge fund managers, while every day Americans are struggling and having to rely on debt to live. This is everyday America. “I am able to pay my rent and water bills by living on credit cards. I am able to send my kid to college by borrowing tons and tons of money.” So much of how we live now is debt created by Wall Street. In this case, it is an entire island and country that they have impoverished. I think we are now seeing the tragic ramifications in a post-Hurricane Maria world. The only way they are going to get back on their feet is with heavy investments into the infrastructure of Puerto Rico and not putting that money into the pockets of hedge fund managers that are trying to collect immoral debts.
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