island. will puerto rico will need capital to rebuild and need access to the private markets and it will not do that if it defaults and wipes away all of the debt. plus, keep in mind, about 75% of that debt is held by moms and pops on the mainland who are, who own puerto rican debt through mutual funds and they re pensioners. it is not wall street. okay. fair enough. the, the debt load though is severe. going to be haircuts here for some of these lenders? oh, sure. i mean, they re already getting haircutted through this thing called permsso. washington idea to basically come in with a financial oversight board and tell two parties you need to negotiate. if you can t negotiate. then you re going to get haircut by a judge. they didn t negotiate. so, they are going to get that haircut. alicia, what about, what else
these are generally really very solid, conservative judges. some of them originalists in their interpretation of the constitution. in the mold of gorsuch and scalia. right. that is partly because he has used the federalists society as a clearinghouse. that allowed expedited selections. federalist society being, kind of it s a group of conservative judges, lawyers, not just judges, lawyers and so, trump has put them in a very prominent position, dan, on vetting judicial nominees. yeah. i think it is had very positive effect. if there is any criticism we ve heard that there could be more nominees that are from the law and economics school which is applies economic rationality to the law. in the way that say the very famous judge richard pozner, the 7th circuit just retired. pozner was one of the godfathers on law and economics. perhaps over time we ll see more of that introduced in the nominees. and i mean i think, bill,
much criticized by not just more liberal justices, but also by conservatives. richard pozner essentially said you re cherry picking historical data and making stuff up. he said the range of his tor ral references in the majority opinion is breathtaking, but it is not evidence of disinterested historical inquiry. it is evidence of the ability of well staffed courts to produce snow jobs. so is scalia really using this, you know, very careful process of originalism or is he manipulating originalism to get to the political result that he ultimately wants. that s a good question. scalia sees himself as a good judge of historians as well as history. so he is looking at the kind of history that s sent to him in the legal briefs. and he is picking the pieces that will get him the result that he wants. what he wanted there was, in the heller case, was an individual right of self-defense. that right of self-defense isn t in the second amendment and
see ya. thanks martha: however an opportunity to say maybe the government is too big because you look at this and how we re doing things and i think about when the president did the state of the union address years ago and he said do you realize we have three agencies that handle salmon? you have the upstream salmon agency, the downstream salmon agency. he said, you know we need to trim this government. we ve got to trim it. i m thinking, i don t know i bet all three agencies are still in place. you could say are there any jobs that could be cut? sure. is there any fat anywhere in the public arena? of course. but simply to say, well 800,000 jobs, that sound like a lot of people therefore we must be able to cut it and we re surviving okay right with a government shutdown. it isn t affecting one particular person personally doesn t mean the jobs are not necessary. by the way, pozner, richard pozner at the university of chicago did a study on this, 16% of the our population is in th
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