An interesting article written in the 90's and published in Newsweek shines a very interesting light on Donald Trump--his business acumen--or not; and his personal life. A good Sunday read. It is too bad that his supporters don't read anything over one or two paragraphs long. They might think twice about voting for this huckster. http://www.newsweek.com/trump-fall-206414
Thanks.. interesting article. Ultimate humiliation: That people are now making fun of Trump's financial acumen may be the ultimate humiliation. After all, Trump was the self-proclaimed dealmeister himself, the man who built a reputation starting in the mid-1970s as a smart, risk-taking developer who could turn a seeming dog of a property into gold. His first big project, and the cornerstone of his New York empire, was the rebuilding of a dilapidated old hotel next to Grand Central Terminal. The city gave him a $120 million tax break and he got the banks to lend him $70 million. Up went the Grand Hyatt Hotel, which today is among his few properties showing a profit after paying interest costs.
IMO.. this is key. The roots of Trump's cash crunch go far deeper than a scarcity of Japanese apartment buyers. In his heyday, Trump's projects were largely in-and-out deals: he erected apartment buildings and sold units as condominiums, charging the premium prices his name allowed, and walked away with hefty profits. "He wasn't a cash-flow builder," says one of his former bankers. That changed when he bought such properties as the casinos, The Plaza hotel and the Shuttle airline. These were operations that required skillful management on a daily basis to produce profits. More crucially, Trump needed to generate huge cash flows to pay the enormous interest costs he incurred in borrowing to buy the properties. (I don't think Trump has the staying power to be president.. He's like a lot of developers.. In and out.. They develop a business or a property and then sell.. they can't stick it out managing day to day.)
correct me if im wrong. according to this article he started off with 100 m in 1982 and was able to build it up to 1.7b in 1989. Then he had some deals that didnt work out so his worth was 500m in 1990. And as of now 2016 he built it up to 4.5 billion (according to forbes to keep everything consistent). That is not too bad and a good recovery considering we went thru the great recession and subprime mortgage crisises of the 2000's.
I didn't know he'd spent a million dollars on the oyster bar at the Plaza, but it sure was nice.. Great oysters.
I think we have heard about "The Fall of Trump" before. And about how the GOP is in disarray and the Democrats are all in a group hug. Might be bull(*)(*)(*)(*). DNC leaders flee Nevada State Dem Convention, call in sheriff’s deputies and hotel security as dispute over delegates escalates into violence Bitterness and violence erupted yesterday at the Democrats’ Nevada State Convention in Las Vegas, as 64 Sanders delegates were disqualified, allowing Clinton to take 7 of the 12 delegates up for grabs. Party officials there ignored a motion from the floor and rammed through a vote according to the wishes of the Clinton campaign. It’s almost as if the Hillary faction genuinely fears for the nomination it supposedly has sewn up. Barbara Boxer was booed as she trolled Bernie supporters. A fistfight broke out Delegates noisily demand a recount: As bitterness escalated, officials told delegates, “Leave in an orderly fashion – we don’t want to arrest people” And eventually resorted to turning out the lights: How the Hillary Supporters Deal with Bernie Supporters But heh, Trump loves beautiful women! http://www.americanthinker.com/blog...e_over_delegates_escalates_into_violence.html
No doubt the same thing could have been said about Obama supporters in 2007/8, about some really terrible antics of him, even though in years back, not decades back. However Trump supporters are not as much concerned about his past, as they are of their own FUTURE and the Trump Revolution has given support, that years of "Political Party" control over the people, can go back to the peoples control over the establishment.
I think the article raises the question as to whether or not Trump would stay and do the job... Most developers like to start a business or develop a property but they don't like the daily grind of managing either.
This cycle of voting in the incompetents started with Barack Hussein Obama. [video=youtube;mm1KOBMg1Y8]https://www.youtube.com/watch?v=mm1KOBMg1Y8[/video]
t's hard to believe that was only three years ago, just as Trump was becoming a national emblem of cocky'80s wealth. Now just as suddenly, he's become a national object lesson in how fast those heavily borrowed fortunes and the fame that came with them can fade. "The 1990s sure aren't anything like the 1980s," Trump said recently--and he should know. In just a few months, he's watched his marriage break up in the pages of the tabloid press. He's had to manage without two top executives who died in a helicopter crash last fall. There have been intensifying rumors about his business troubles: contractors who haven't been paid; stories of Trump nervously prowling the tables at his Atlantic City casinos to see how the high rollers were doing. Last month Forbes magazine, which for a decade has charted Trump's rise in its annual list of richest Americans, estimated that increased debt and a drop in real-estate values caused him to lose more than two thirds of his net worth last year--a nose dive from $1.7 billion to $500 million (page 40)." You don't see how an experience like that could shape a person, and make them want to see their country great again?
That article is dated 1990. A lot has happened since that article. The Article makes Trump seem finished. But for a man who is finished to end up being on the fall ballot to be president is some failure.
From the link: "In the end, DNC officials fled the building and called in hotel security and sheriff’s deputies. No doubt Hillary wishes that what happens in Vegas would stay in Vegas; and no doubt the mainstream media will do its best to make that happen, pushing the line that it is the GOP that is riven with strife and an insurgent #NeverTrump movement." Read more: http://www.americanthinker.com/blog...es_escalates_into_violence.html#ixzz48kGoCjuZ Follow us: [MENTION=68246]American[/MENTION]Thinker on Twitter | AmericanThinker on Facebook
Yes, I've been hearing that argument for awhile now and yes interest in long term goals can easily fade, as success is perceived. In Trump's case however, he has literally placed his personal and business success on the line, for a two dollar a year salary, if he even takes it, and claimed it's for his country or it's future.
Bush came to office having served two terms as a Governor. Obama came to office as a failure. Bush was part of a huge team. Obama has no clue what a team is. Bush came to office already wealthy. He did it all on his own. Obama had some money from two hardly read books. As president, the books grew in fame. By all measures, Bush was a heck of a success.
That article was written in 1990 I think; but it needs to be brought to the attention of Donald's blind fan club. I know they won't read it though. As far as the tax breaks--we would all be rich if we got those kinds of tax breaks and loans. He is still the same, except now he wants to turn the Whitehouse into another one of his casinos.
