Seven months before the 1929 Wall Street crash, Herbert Hoover was inaugurated as President. His claim to fame was that he was a successful businessman.
The Wall Street Crash of 1929, is the stock-market crash that set off The Great Depression in the United States, a world-wide economic crisis that lasted until the mid-1930s.
Hoover was president for 7 months before the crash.
Herbert Hoover was a firm believer that cooperation between public and private spheres would lead to long-term economic growth. Hoover feared that too much intervention or coercion by the government would destroy individuality and self-reliance (a concept he referred to as “rugged individualism”), both of which he considered to be important American values. However, both his ideals and the economy were put to the test with the onset of the Great Depression.
As the U.S. economy continued to decline, calls for greater government assistance increased. Yet, Hoover refused direct federal relief payments to individuals. He believed that individuals would become too reliant on such assistance, which would in turn reduce their incentive to work. Additionally, because Hoover strongly believed in balanced budgets, he was unwilling to run a budget deficit to fund welfare programs.
So why don’t we do it again?
Seven months before the 1929 Wall Street crash, Herbert Hoover was inaugurated as President. His claim to fame was that he was a successful businessman.
Donald Trump isn’t even a good businessman.
And far from being a self made success, Trump inherited great wealth to start with.
Yet Trump has not done nearly as well as other American business magnates, or even a typical middle-class retiree following sound financial advice, as a review of the numbers over the past four decades shows. He is a billionaire today despite this poor performance because when he started his career, his father had already built a colossal real-estate empire. And the wealth Donald Trump has accumulated since then has at times come at the expense of taxpayers or the banks and investors who have lent him money.If he'd placed that wealth into an indexed fund he'd be twice as wealthy today.
Citing an independent evaluation, Business Week put Trump's net worth at $100 million in 1978. Had Trump gotten out of real estate entirely, put his money in an index fund based on the S&P 500 and reinvested the dividends, he'd be worth twice as much -- $6 billion -- today, according to the calculator maintained by the blog Don't Quit Your Day Job.And guess where a lot of the Trump wealth has come from...you got it, from taxpayers.
In a way, though, all of these comparisons are misleading. Donald Trump's father, Fred Trump, built his real-estate business on federal subsidies, as The Washington Post's Emily Badger has reported. Financing from Uncle Sam isn't available to the typical investor (although homeowners do benefit indirectly from federal subsidies and can deduct interest they pay on their mortgage from their tax bill). The younger Trump has continued that strategy, boasting about his ability to secure taxpayer dollars from local officials, as the Los Angeles Times has explained.So social support for the average person isn't PC to people like Trump, but corporate welfare is how many of them got so rich in the first place. http://articles.latimes.com/2011/may/11/nation/la-na-trump-20110511
Donald Trump, the developer and would-be presidential candidate, portrays himself as a swashbuckling entrepreneur, shrewder and tougher than any politician, who would use his billionaire's skills to restore discipline to the federal government. In his disdain of big government, however, Trump glances over an expensive irony: He built his empire in part through government largesse and connections. From his first high-profile project in New York City in the 1970s to his recent campaigns to reduce taxes on property he owns around the country, Trump has displayed a consistent pattern. He courted public officials, sought their backing for government tax breaks under extraordinarily beneficial terms and fought any resistance to deals he negotiated.
Trump isn’t going to be a solution to incompetence and corruption in the public and private sector, for decades he’s been a central feature of it.
It is difficult to assess how much of Trump's complex empire has been built with the help of government munificence, since many of his projects remain shielded from view. But even a limited view demonstrates that government programs have bolstered Trump. He has also curried favor with elected officials through campaign contributions and lucrative job offers. In the last election cycle, Trump contributed to individual campaigns and wrote large checks to political groups, including $170,000 to the Republican Governors Assn., $50,000 to the GOP-supporting American Crossroads PAC and $116,000 to the Democratic Senatorial Campaign Committee, according to the Center for Responsive Politics, a nonpartisan research organization. His giving has long been carefully targeted. A 1980s study by Newsday found that Trump had donated more than anyone else to members of the New York City Board of Estimate, which at the time approved all land-use development. A recent study by New York's Public Interest Research Group showed that since 1999, Trump has donated $595,638 to the state's lawmakers.If elected to the Oval Office Trump isn't going to have to lobby anyone to abuse the system and screw Americans to the wall the way he's been doing. He'll have direct influence on billions of dollars in contracts.
In his 1987 memoir "Trump: The Art of the Deal," Trump harped on municipal ineptitude, and described tricking the city into thinking he had an exclusive option on the property from the owner. "A city official had requested that I send along a copy of my option agreement with Penn Central," he wrote. "I did — but it was signed only by me, and not the railroad, because I had yet to put down my $250,000." That revelation came shortly before Trump and his partners shortchanged the public coffers, according to the city audit. Trump asked his accountants in 1987 to retroactively change the Grand Hyatt's accounting policy to lower its tax bill, according to an accountant's letter uncovered in the audit. When tax receipts from the Grand Hyatt plummeted to $667,000 from $3.7 million the year before, the city budget director asked Auditor General Burstein to review the hotel's financial records. Burstein said the Grand Hyatt, through "aberrant" accounting practices, had understated its profits by $5 million and shorted the city by $2,870,259 in taxes. "The people who didn't get the foregone taxes were the police, the schools and public hospitals of this city," she said, adding that "Trump leveraged tax forgiveness and clout into a deal where he had essentially no risk at all; there was no downside. Then, having triumphed, he repaid his benefactors by excoriating them as inept, venal and useless."And this is Trump committing tax fraud, one of the reasons that America isn't that "great" for millions of people is that Donald Trump and others a lot like him have been using their influence, power and wealth to twist, bend and outright break the law so they get richer while everyone else is left scrambling for an ever shrinking share of the pie. Still don't think Trump is a psychopath, he hasn't even really done that well compared to many other business people, but he sure has screwed the public out of millions in subsidies and unpaid taxes.
One of the reasons there’s so much less money for things like schools and education, social services, infrastructure and so much more is that parasitic psychopaths like Trump have been so busy destroying the social fabric that allows for a quality of life for the average person. Trump’s wealth and luxury come at the expense of many people just having basic comfort in their lives.
So why does anybody support this psychopath?
Trump's aggressive tactics have played out in a somewhat different, but no less profitable, way in other parts of the country. Trump has fought for lower tax bills in Florida, where he won a reduction in the 1980s for Mar-A-Lago, his 118-room mansion, and in Atlantic City, N.J., where he filed 19 separate petitions seeking a lower tax bill for casinos and other properties. He eventually settled for a $34-million reduction, which local officials said cost millions in improperly reduced tax revenue. But a court ruled that the deal could not be withdrawn. In Las Vegas, Trump's goal was to lower the taxable value of the recently constructed Trump International Hotel and Tower. His team, which included the former chairman of the county Board of Equalization — the agency that decides tax matters — won a reduction last year in the taxable value from $180 million to $8.6 million.
For what it’s worth. Trump’s top guy, the violent Corey Lowandowski’s (sp?) last job was 8 yrs as a lobbyist for a Koch brother initiated PAC.
So what do you folks think of Trump’s past week?
Think there’s any chance of him imploding?
Or is V correct and he just looks too good for too many pissed off, emotional people
who think everyone who’s not like them, is an enemy; and that it’s time to tear down our government?
Perhaps kick ass on some more people of their choosing while they’re at it …
V, it occurs to me, I could be misinterpreting your perspective.
Can you explain your perspective, sticking to your perspective
and saving your opining about me for some later comment?
I think I know part of what’s behind Trump’s popularity. He is no more than a “normal” Republican, a blowhard who doesn’t understand the first thing about running a government. But he knows how to get the attention of frustrated voters. These people–especially those not well-versed in politics–are frustrated with many aspects of government. They feel powerless and they are powerless and along comes a Trump who promises to fix everything. As a typical Republican, he blames all the country’s ills on “liberalism”, unemployment, immigration–all populist issues. Uninformed voters are glad to hear that there is a reason for their frustration and a way out. They have been nurtured for years to blame liberals and liberal ideas for their problems. Along comes Trump, who not only claims to know what to do, but also has figured out a way to rub liberals’ noses in it. The uninformed like nothing better. They cheer his every word. He’s going to fix the country and slam liberals at the same time. What could be better than that? “Jump on the bandwagon, we’re going to get our country back! Wahoo! He says what we want to say! He’s pushy and profane. We’ll have jobs! He’ll get rid of immigrants! He’ll show other governments where to get off! He’ll stop all this claptrap about global warming! He’ll get rid of slackers and welfare queens. He’ll put uppity women in their place! He’ll screw the liberals.”
I think you’re giving Trump too much credit and assigning him characteristics he simply doesn’t have. Think Charlie Sheen when you look at Trump and how “winning” is the only thing that matters to that kind of personality no matter the eventual cost to themselves and others.
In the end the only real agenda Trump has is to inflict the most damage he can to those around him in the insane belief that if others lose then he wins. If he ever gets into office as president this will negatively affect millions around the world and would likely result in war given how bellicose Trump is towards anyone who challenges him in the slightest.
I think you're giving Trump too much credit and assigning him characteristics he simply doesn't have. Think Charlie Sheen when you look at Trump and how "winning" is the only thing that matters to that kind of personality no matter the eventual cost to themselves and others. In the end the only real agenda Trump has is to inflict the most damage he can to those around him in the insane belief that if others lose then he wins. If he ever gets into office as president this will negatively affect millions around the world and would likely result in war given how bellicose Trump is towards anyone who challenges him in the slightest.Do you think he gives a rat's ass about that? Lois
Speaking of Trump the “Business Man” - this makes for an interesting listen.
http://www.npr.org/programs/fresh-air/ npr[dot]org/2016/03/17/470806232/opening-the-books-on-donald-trumps-business-deals-in-atlantic-city March 17, 2016 Washington Post reporter Robert O'Harrow dissects Trump's acquisition of the Taj Mahal casino/hotel, which went into bankruptcy a year after it opened. TERRY GROSS, HOST: This is FRESH AIR. (SOUNDBITE OF ARCHIVED RECORDING) DONALD TRUMP: Rebuild the country's infrastructure. Nobody can do that like me. Believe me. It will be done on time, on budget, way below cost, way below what anyone ever thought. GROSS: My guest, Robert O'Harrow, a reporter with The Washington Post's investigative unit, has examined Trump's business practices and the promises he made when Trump acquired Atlantic City's Taj Mahal before the Taj was completed. The Taj was Atlantic City's largest casino hotel complex when it opened in 1990. Trump already owned two other Atlantic City casinos, Trump Plaza and Trump Castle. These three casinos could have enabled him to dominate gambling on the East Coast. But the year after the Taj opened, it filed for bankruptcy. O'Harrow says this was the first and most significant of the four bankruptcies Trump's companies have experienced. Robert O'Harrow, welcome to FRESH AIR. Let's start with why you wanted to examine Donald Trump's business deals. Why did you choose the Taj Mahal as the focus of your longest piece? ROBERT O'HARROW: We decided to look at bankruptcies in general after the issue came up over and over again in the debates. In each case, Donald Trump assured voters and viewers that he personally had never gone bankrupt, and so we thought we ought to examine the details and find out what sort of culpability might have he had, what forces were working against him. And in doing that, it became clear to us that the Taj stood as perhaps his most - the most significant bankruptcy that he was involved with. It was his first, and it had some elements to it that were seen strikingly germane to the current election. ...Yeah, some interesting insights into the rabid right-wing's Great White Hope
So in that clip that we heard, Donald Trump said that he did a great job for his company, for himself, for his employees and his family. And he's talking about how the Taj ended up after bankruptcy. But you looked into, like, who lost money on this deal when he declared bankruptcy and couldn't pay all of his loans. So who lost out? O'HARROW: The answer about who was affected is deeper than it might seem because in March of 1992, Trump's Castle and his Plaza casinos also filed for bankruptcy. And to resolve those debts, Trump gave up half his stake in each of the casino to the lenders. So the lenders definitely lost money through the cascading failures of these three casinos. But small-time investors who had bought the bonds directly or through retirement funds also suffered losses. And so did small business owners who sold the Trump organization paint, equipment, food, limousine services. And many of those were eventually paid only a fraction of what they were due. And we know this in part because a professor at Temple University - in your town - Bryant Simon went in and studied Atlantic City and found that a lot of people recall having to struggle to get by after these bankruptcies. Bryant Simon - the professor - told me that Trump was quote, "a brutal and ruthless negotiator." And he said that people paid the price. And when I brought that up with Donald Trump, he said that he acknowledged that he drove hard bargains, but he said that he created many opportunities for a lot of people in the city to make money. And here's what he told me. I wasn't the nicest person on earth. Many of these same people, if not all, made a lot of money with me.So a lot of people who work for a living and have no where close to the wealth of Donald Trump were hurt by his actions. Something he didn't seem to give a damn about at the time and I doubt he cares about it now, he still seems to think he's some sort of economic god.
Trump and his father also used the same techniques as drug cartels and other organized crime to filter money where they want it to go. Trump wasn’t able to make interest payments on loans and so his father’s lawyer went into his casino with millions of dollars and converted it to chips and left with a tiny amount.
Sure. It really is a fascinating episode because let's remember that Donald Trump was a young man still when all of this was unfolding. And he was the son of a real estate tycoon in Greater New York area and in fact really got his start with help from his father, who underwrote a lot of loans. This loan in particular is singular. The Castle was facing the prospect that it could not pay lenders the high interest on the loans that were outstanding. Now, they knew it. But nobody else knew it. They head off the crisis. And because Donald Trump himself did not have enough money to pay the interest, he turned to his father. And the father sent a lawyer into the Castle and handed over a check for $3.3 million, according to the Casino Control Commission documents. And that was called front money, as though it was going to be used for gambling. And the lawyer walked out with an equivalent amount of $5,000 chips in a bag. The next day, they did the same thing and bought chips worth $150,000 and walked out with those. That money that was handed over for the chips was used in part to pay for the interest. And the casino recorded it as an outstanding gaming liability. But when state officials examined it later, they ruled that in fact it was a surreptitious loan and that it violated the state casino regulations. And the State Division of Gaming Enforcement fined the Castle $65,000 for participating. Donald Trump was never found culpable of any wrongdoing, and nor was his father, Fred.How the hell is a crook like this not behind bars, let alone running for the Republican candidate for president. Like I've been posting, this "man" is a psychopath for whom no rules, ethics or morals have the slightest meaning.
But, but … Benghazi! Hillary’s emails! Bernie’s a socialist!
The Republican Party has finally degenerated into the spectacle I predicted when GW “Shrub” Bush got reelected. Actually, they’ve fallen farther than I expected. Ted Cruz is bad enough, but Trump makes Rand Paul look like a moderate. Now one of Trump’s campaign managers is saying they’ll release the names and hotel room numbers of delegates voting for anyone other than Trump and is encouraging people to show up and “talk” with the delegates.
Bush’s handlers advisors at least had the sense to keep their fascist tendencies hidden until after the election.
I think when Trump is saying he’s going to make America great again he’s referring way back to the time when George III was in charge and Americans didn’t have the “burden” of being in a free nation.
He certainly acts like he wants to be king of everybody.
Here’s a piece on what Darron is mentioning.
Seeing as how the location of delegates is already published and the conventions usually have a party atmosphere, what this really is is Trump and his people making the same kind of threats of violence to opponents as they did with other people like Megyn Kelly.
Now, Kelly has reportedly been telling Fox producers that she's been getting death threats from Trump supporters, according to a report from New York Magazine which reveals the behind-the-scenes brokering that brought about the truce between the network and Trump.Trump is still carrying out his online stalking of the Fox reporter. http://www.redstate.com/sweetie15/2016/03/30/trumps-unhinged-attacks-megyn-kelly-continue/ As the first piece says, not many of the delegates can afford a personal bodyguard like Kelly, so the threat of violence against them is very real considering how willing Trump supporters are to resort to violence at his rallies while he winks his support. Once again, how the hell did a complete psychopath get to such a prominent position in American society?
And keep in mind what we’re seeing now publicly is mostly likely what Trump has been doing behind the scenes for decades.