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but there s so that the fear factor now that protection you have the bond holder with elaine on the sales tax is going to be a tax. here s the geode debt. it s important to look at the comparison. in our view where we have exposure to puerto rico is only in insured order we could get. that is by two of the insurers sure to guarantee and in the nia. that s all we are. we on a specifically their and started doing it for some selected clients in march of 2014. so this was after yields had risen to the interesting part is that as the news got worse in puerto rico through the fall you can see that all three, both in church as well as the uninsured debt rose. so one is the actual line for aaa securities. that s the great line. the blue line is the injured puerto rico bond and the green line is the uninsured. so for the first four months everything goes up in a vacuum. and then you see the market start to discern the difference between an insured bond and an uninsured bond. th ....
forward 12 months or longer for potential restructuring, maybe not a specific path. the ccc and we see a likely default within 12 months to six months, particularly with some of the governor s comments in puerto rico yesterday. we believe that there will be some sort of restructuring within the next six months that s nearly inevitable. so i guess i can slip pretty quickly through the slide or the ccc+ and instead i will read a little bit come a couple of the bullet points from our release that actually came out this morning. so basically we feel that the default, redemption of the commonwealth of that is inevitable in the next six months absent something anticipated. we believe that the report that came out yesterday or was released yesterday, was commissioned by puerto rico, people refer to it as the cook report, but it packs a does kruger report. but it does have a formal title. the embrace of that by the devastation in puerto rico indicates in our view that they ....
so the federal tax breaks we are are sure to mainly in him him and is rarely or local manufacturers are high-value industries. to the extent those aren t even that their small amount of employment has a big impact on the gross domestic product. so here s some quick points in comparison with greece. puerto rico is the territory within the u.s. government and the u.s. house of representatives but they can t vote in the congress. greece is a full member of the area. puerto ricans have labor mobility within the u.s. the brain drain out of puerto rico. there is labor mobility for greece within the e.u. in terms of currency, puerto rico does not control of its own currency with the u.s. dollar. whether greece has control or not they have representation at the bank. the economy isn t very well synchronized with the earth as a whole. fiscal transfers is a big point of difference. about 24% 25% of personal income comes from fiscal transfers to the u.s. government the biggest fis ....
colleagues in some dialogue with your people, your flock and so on so that together we can help people move forward together and get to the country and even if we disagree to get to what s important and not be constantly divided. we do need to be in dialogue with one another. that s one of the things i ve been doing for several years and hope to do more if we had to do that coming to the table as who we are without either of us putting our convictions into a blind trust on these issues. if we are going to have a good reasonable conversation where we can understand one another and agree to disagree it is good and healthy for the american democracy. i would say argued now in this new world that we have in terms of marriage to the understanding that roman catholic evangelical muslim institutions who do not believe that marriage can be defined in all of the ways of the court. will you use the power of the state not to be true to their own convictions? one thing that i ....
for complete television schedule visit booktv.org. booktv, 48 hours of nonfiction books and authors this inaugural weekend. television parsers readers. michael medved offers his thoughts on american history. and now it s my pleasure to introduce our speaker for tonight, michael medved is a radio show host, an author and the film critic. he is the former chief film critic of the new york post and cohost pbs weekly film review program sneak previews. he hosts a daily radio program, the michael medved show which airs on over 300 stations across the country and reaches 5 million listeners. he has also written a 13 books including the bestsellers hollywood versus america, at the 10 big lies about america. his latest book is the american miracle: divine providence in the rise of the republic. please join me in welcoming michael medved. [applause] thanthank you, thank you, everybody for coming out and sampling some of the joys of the christmas season. we can say christmas ....