President Trump's call to "wipe away Puerto Rico's debt"

President Trump's call to "wipe away Puerto Rico's debt" is hurting the island's bond holders. His comments caused the General Obligation bonds, bonds backed by the full faith and credit of Puerto Rico, to drop another 8%-20% from the week before. President Trump said "they [Puerto Rican government] owe a lot of money to your friends on Wall Street." In reality, many Puerto Ricans owe material portions of their liquid net worth in Puerto Rican debt due to the recommendations of their conflicted financial advisors, and if the debt were "wiped away" local residents would see a significant portion of their income destroyed. It is highly doubtful that President Trump has the authority to "wipe away" the debt but his comments demonstrate his administration's lack of understanding who is really impacted - Puerto Ricans. Source: www.facebook.com/PuertoRicoSecuritiesLawsuits/