Why Puerto Rico Defaults? Because They Want To and Can

Just as I was thinking of blogging on the motivations of lefty politicians facing fiscal crises (and the oblivious bondholders who buy bonds, aka "lend money", to these deadbeats), the Good Professor asks a pertinent question.

WHY ARE DEMOCRAT-RUN JURISDICTIONS SUCH HELLHOLES OF FINANCIAL INSOLVENCY?

Simple.  They don't care.  They don't care that they owe money, they really don't even consider it other people's money, and if they did - which they don't, they think it is theirs - they believe it ought to be redistributed anyway.

In short, screw you.

But there will always be some more idiot bondholders to come along and make the same mistake all over again, so the repercussions won't be that bad long term.