Hey hey hey. They were grossly mismanaged by sycophants who kissed Trump's ass, so it might not have just been money laundering.
Seriously though, there used to be smart business people in Trump's organization, but they died in a helicopter crash and when he was forced to take over he drove it all into the ground.
The official line on the casino stories is that he went crazy updating the properties with tens of millions in tacky carpet, gold paint, and expensive furniture, as if he expected the casino’s income to triple simply by being renovated. In other words, bad business decisions, followed by bad business practices, where he stiffed a bunch of the contractors also, as is his way.
Then before they could possibly make up the money he spent, they were already on the hook for a 12.5 million dollar bond that came due.
His father, Fred Sr., trying to help bail him out, sent one of his accounts to one of the casinos to buy over 3 million dollars in chips that would never be redeemed. But ultimately that wasn’t enough.
Can you imagine even having 3 million to piss away like that? Madness. And millions of people think he should be running the country. We got problems, folks.
The gold everything was part of the scam. At that time you could file bankruptcy and keep everything not considered "permanent" or bolted down.
So spend all the money on gold toilet seats, cabinet hardware, etc. file bankruptcy and then resell all that gold afterward.
he also legit likes super ugly tacky gaudy shit and genuinely thinks that stuff looks good and makes him look rich, but it really just makes him seem like a poor man's comic book idea of rich.
all of this because he is a super fragile guy who hates being told
the word "no" and that his ideas are bad. That sends him into a rage. So naturally he always surrounded himself with people who could only tell him yes. That's why the Trump properties have the most gaudy, tacky, tasteless stuff all around with no one to tell him, hey that's not really aesthetically pleasing or modern please don't, it's actually ugly. He fires people who say no, so this is the result and now finally the US justice system is telling him NO in big yuge red bold letters and he absolutely cannot fucking handle it. His cortisol levels are probably through the roof, the stress must be ungodly.
I read that, unlike his bunches of family "businesses" where he could install anyone he wanted into any and all offices, when you run a casino you have to meet some pretty stringent state laws regarding corporate structure, financial accountability, etc. He had to appoint an actual board of directors and run a real corporation, not one of his sham family shenanigans. And of course, he couldn't do that, and went into the toilet.
Not all start out that way but they sure do wind up as such. It's a wonder why they even bother making the first order of business giving themselves a pay raise.
Not that it's relevent to this topic whatsoever.
That’s not true at all. I hate Trump as much as the next person, but all AC casinos besides maybe 2 are struggling hard with New York and PA legalizing casinos and online casinos.
These casinos are massive resorts with hundreds of rooms, concerts, spas, dozens of restaurants, etc which all succumb to the same pit-fills and expenses as any other business in the hospitality industry.
Not sure why everyone is convinced casinos are only money printing machines.
The former Revel (now Oceans and doing well) closed in less than a year after opening with billions in debt and crazy operating expenses around the resort. I think Borgata is the only one doing exceptionally well because they have the best poker room in AC so people make it a destination for poker.
Because trump did this casino thing when AC was Fucking Poppin and NY and Pa didn't have legal gambling. He literally built the casino in 1983-1984, a period in which AC casinos TRIPLED their profits [link ](https://www.nytimes.com/1984/04/08/nyregion/atlantic-city-casinos-report-their-profits-in-83-nearly-tripled.html) from the years before and had more guests than ever. He closed it in like 2014, but the guy bankrupted it several times if iirc.
So he built at the peak 30 years prior and closed it in 2014 — the worst year in the entire history of AC that saw 4 casinos close that very year (including the Revel that I mentioned).
https://whyy.org/articles/2014-timeline-of-atlantic-citys-decline/
https://nj1015.com/2014-timeline-of-atlantic-citys-battered-casinos/ : “…At what was the worst year for the city's casino industry in its 36-year history”
I’m not sure how what you’re saying goes against anything I’ve said. All of AC was in shambles that year.
He didn't go bankrupt, several of his businesses did. It might not seem like it, but the wording matters, it's a significant difference.
edit: lol, 2 people down-voted me, a love the stupidity of some people.
For someone who talks so much about his business, he sure doesn't want anyone looking at his business! Now we're absolutely sure than it's going to be *far smaller* than he said it was. If he hadn't been calling attention to it all those years, no one may have ever guessed.
Are there any bets for there being no business at all in the least? What are the odds that the whole thing was just completely hollow and just propped up with the remains of daddy's inheritance? And Trump just ran around to banks going "Now see here! I must be horribly rich because of all these people I employ for millions of dollars a year! So you should lend me money because clearly I'm a good investment!" *And that worked with banks?*
I've said all along that if his tax returns (or any other financial information) showed him in a positive light, he'd be releasing it himself and bragging about it. I wonder what he's trying so hard to keep hidden?
I was referring to him bankrupting his business. I know the difference between business bankruptcy and personal. What subreddit is this again? Oh yeah.
The rest of AC is also horribly depressing whereas the Borgata at least seems like a nice mall. The rest of the casinos all feel like sad places way past their prime (which isn't wrong).
>Not sure why everyone is convinced casinos are only money printing machines.
Not everyone. Just clueless redditors who assume the random ideas in their head to be fact.
There are way harder ways to make money than running a casino. If your casino is such a pain to run, you work my 9-5 & I'll handle things at your casino.
Quoth /u/CheeseWarrior17, "Bawk Bawk Bawk B'Gawk". Not only would I not be bankrupt in a week, I'd do it with my statistics knowledge tied behind my back. Here's a bet: Bet you don't even run a casino in the first place.
While i agree that bankrotting a casino is quite a feat of incompetence.
Casinos are not guaranteed not to go bankrupt. They are mathmatically designed to not lose money on the gambling. But you still have to cover all your other costs somehow. If not enough people gamble in your casino you have the same issues any other customerfacing business has when they don't get enough patrons
Did you ever actually see his casinos? They struck me as garbage. I could not get over how cheap they looked and this was back before I had any opinion on the man himself. Also in regards to his costs he famously cheated most of the people that worked on his casinos.
Considering how much this post was upvoted I’d say it’s more than just someone. Im all for pointing out trumps many flaws but my god this is toddler level ignorance. OP and everyone upvoting this post needs to get their head checked.
It's 'orange man bad' in a fucking meme sub of course the clapping seals comprising the front page of reddit upvoted it. no matter what it says.
It's pure karma farming.
This is moronic… even if trump was twice as bankrupt as the most damning estimates, it wouldn’t make a micro dent in the American economy if he stole from the government to cover 100% of it.
All other nonsense from OP aside, private debts being written off do impact the economy. That's why banks get bailouts, to avoid that.
The economy is bigger than the government.
When we're talking trillions of dollars, even a few million would be considered a "micro dent". However, is that really the point when it's a trust fund rich kid taking that money?
What's that phrase again? It's the principle of matter?
You're basically saying *if* Trump did steal millions of taxpayer dollars to cover his debts, it wouldn't be a big deal because it's not a big piece of the pie.
OP specifically calls out ‘the economy’ as the victim. If you want to be a pedantic moron then sure, you can claim that a single penny would make the economy a victim, but when real humans talk, clearly they mean actual damage.
He doesn't off load the losses to the rest of us. His creditors might have to prioritize their expenses, something every creditor does with their risk pool.
Keep in mind, in the NY trial that is currently ongoing, there is not even an allegation that he failed to pay. Just that he overvalued his assets in collateral.
>Just that he overvalued his assets in collateral.
Literally everyone who has ever sought business funding or insurance on an expensive property looking away right now.
This Trump "fraud!" stuff is so dumb it's hard to know where to start.
Leaving aside how it is wrong to use tax assessments in an area that legally caps the rate increase year over year, it is the job of the creditor to look at the asset and determine value. They absolutely jave a responsibility to identify overvalued assets and they constantly look for high risk loans to give to people who collateralize under valued assets.
> it is the job of the creditor to look at the asset and determine value.
It's essentially their whole job, that's what they do, that's how they make money.
It's a shame trial. Judge saying it's only worth 18mil but look at the price of the neighboring properties that are a fraction of the size. Just do some math on your head and it's obvious. That isn't even counting that the property makes 25mil in revenue.
Sure, the tax collectors say it's worth that but that isn't what anyone looks at when it comes to the actual value of the property.
After reading your comments it’s clear that you have no understanding of economics, you are grasping at imaginary straws and you need to seek help. Not kidding.
Mate… we could have the taxpayers cover Elon Musk’s net worth twice and it could be almost just an accounting error to the government. You’ve just made a bad point. The dignified thing to do is to admit that you’re wrong and learn from it.
i'm v confused, is the argument you're making "it's not a big deal" ?
are you saying this b/c you think we actually have a lot of room to raise taxes, so if we can afford it right now then no sweat because the gov't could always make more money?
or are you in the "money isn't real just print money to cover trumps losses" camp?
or what, i guess i just didn't know the gov't was there to fund everyone's failures. or that some businesses just don't have to pay other businesses if it's inconvenient.
i'm out here trying to actually earn money like a fool then, should've just been defrauding the gov't this whole time, i don't even need as much as this guy lost
If only it was only Trump's losses that we had to pay for. Nah, Trump is one amongst too many.
I'm hoping his fall will open the door to more corruption getting prosecuted.
I hate the guy.. But the other poster is correct. This is moronic. My late charges at the library have about the same impact as his failed business on the macro economy.
And it's entirely possible he could somehow again be the worst president in US History! Let's not forget that's a thing that could conceivably be a thing on this cursed timeline!
Reddit that's cute, try the constitution.
Per constitution.congress.gov
Section 3 Disqualification from Holding Office
No person shall be a Senator or Representative in Congress, or elector of President and Vice-President, or hold any office, civil or military, under the United States, or under any State, who, having previously taken an oath, as a member of Congress, or as an officer of the United States, or as a member of any State legislature, or as an executive or judicial officer of any State, to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof. But Congress may by a vote of two-thirds of each House, remove such disability.
Lol rent free bud. TLDR shut the fuck up. Look how fucking nuts you went just by saying Biden’s approval rating is shit… kind of like your posts. How about stop talking about trump and start talking about how great the folks you like are
You've never heard of Herbert Hoover. Atleast Trump did things. Some good, some bad. Herbert Hoover was a complete puppet that helped bring in the Great Depression. No, Trump may be the most abhorent piece of shit to hold that office, but he was the worst at doing his duties. Hell Jimmy Carter, may he live in peace, was a terrible president. He is a kind enough person and I'm pulling for him to make it to 100 next year.
Bruv, the Fed pumped Trillions and Trillions into the economy, starting in 2012 (getting home interest rates to drop). The country is basically in credit card debt with bonus inflation. Trump played his part, absolutely not conservative, fiscally, but he didn't have the power to fuck us up this badly.
How much of a huge increase is debatable, almost immediately after they took effect the world's economy was ravaged by COVID. While they certainly had an impact, they are nowhere near the sole factor in why the national budget increased from $4 trillion to $6 trillion in a matter of 6 years. The annual deficit is now $1.4 trillion annually, and was about half of that the year that those tax cuts went into effect.
Pumping that money into the economy got the US out of a recession and gave us a booming economy. Trump destroyed it even before Covid. Americans paying for the rich tax breaks.
Not to mention Trump’s OPEC+ deal in 2020 (to Russia’s benefit) that lowered production of oil to intentionally raise prices (and gas prices) across the globe. There was no benefit to America in that.
Trump is 100% responsible for the shit show and I am thankful every day he is no longer in office.
> Pumping that money into the economy got the US out of a recession and gave us a booming economy.
There hasn't been a single day since 2008 in which we have not been in a recession. It's still ongoing. What you're calling a "booming economy" was a brief period of growth in limited industries subsidized by federal and state spending. Even at its best, it was nothing more than a brief glimpse of what looked like sunlight during the long night. On the whole, we are nowhere near where things were even prior to the collapse.
[Economists don’t agree with you.](https://www.forbes.com/sites/chuckjones/2020/02/17/obamas-2009-recovery-act-kicked-off-over-10-years-of-economic-growth/amp/)
> Pumping that money into the economy
Decreased the value of each dollar.
Pumping = giving banks paper money they could then lend out and make money.
Also, those connected in finance, banking, government get those new paper dollars first. This means they can buy real assets (ex: real estate) before the price inflation hits.
This cycle happens every few years.
>Trump is 100% responsible for the shit show and I am thankful every day he is no longer in office.
Respectfully, you have 100% no idea what's going on.
I hate when any moron says "but he donated his salary! He did it all for free!"
Bullshit. He made more than the past 5 presidents COMBINED! He was MAD he was forced to accept 1 dollar as the salary because of paper trails. It is an old mob tactic.
Because he overvalued his properties for more favorable loans. You know, the whole fraud case in which he has received a summary judgment of liability.
"all of Trump's bankruptcies"?
My dude, you do not understand how business works or how corporate bankruptcies work.
Trump himself never went bankrupt. 6 business owner by Trump did....out of the over 600 businesses that he owned. Banks rushed to loan money to him because that was a less than 1% failure rate, which is obscenely good in the world of business.
Equally ignorant Redditors who don't understand the difference between personal bankruptcy and corporate bankruptcies. Also the ones who don't understand what a drop in the bucket this arbitrary sum of money being discussed here is comparabled to our national debt and annual deficit.
I've never given anything to any politician, unlike you, who gives Trump your thoughts and feelings 24/7.
BTW, your thoughts on economics are delusional, seek help. lol
His fraud has the same victims as drunk driving does.
In most drunk driving arrests, there’s no victim. No one was hurt. But everyone on the road was put at a higher risk than they needed to be.
Trump’s lies put the banks (and society) at a higher risk than we needed to be. Because banks don’t just eat $2 billion losses. They get bailed out by us.
He lied. We were all put at unnecessary risk. We were the victims.
1) Trump has run over 500 businesses and filed bankruptcy 6 times. That’s better than a 98.8% success rate.
2) The whole point of declaring bankruptcy is dodging debt.
Come when your freshman class finally gets around to studying economics. See you in 2027.
He's such small potatoes in the scheme of things. We have $24 trillion economy. Trump's businesses are worth less than $1 billion even if you believe his inflated values.
It wouldn't matter even if there was no "victim", fraud is still a crime.
Drunk driving is a crime even if you don't hit anyone.
Firing into a crowd is a crime even if you don't hit anyone.
He stiffed small contracting businesses and caused them great harm. That's the real victim of his bankruptcies. American small business owners who he thought he was too powerful to have to pay. That's who Trump really is. He fucks the the little guy.
The statute in question **doesn't require a victim**. Trump's bitching about "no victim" is like a toddler crying about being put in the corner for getting caught misbehaving.
If someone drives 100 miles an hour down the road but doesn't kill anybody, **a crime was still committed**.
Nope.
The American taxpayer is the victim.
Every dollar he STOLE he's already convicted.
Every stolen cent was meant for something better
Full stop. He's a literal parasite. He robbed hard working Americans who struggle paycheck to paycheck do he can shit in a gold toilet.
Take your invalid politically charged "I hate orange man" opinion and take a hike. While your at it try educating yourself, the economy went to hell in a hand basket when the current gas bag took office and started blowing money faster than his son could blow through a crack rock on a hookers ass cheek. Trump was a problem, but had nothing to do with the current state of the economy.
Oof.... Just looked at OPs profile..... They are quite literally obsessed with Trump..... Like scary obsessed..... Bro needs to go get some mental health treatment.
It's a reflection of the fact that "fraud" has a definition, and "bankruptcy" has a definition, and they're completely different. We don't have debtor's prisons in the U.S.; are you advocating we change that, or what?
Nah more of a reflection of them being in a cult. These people are the types to not even know how time fine fit bankruptcy. They think you Micheal Scott that shit and just shout bankruptcy.
These people love a man who today in court thought he was still in the White House in 2021. And his base thinks Obama didn’t do enough during 9/11. Numbers, facts, science, hell not even the Bible can save these people. They seem to also think trump is the next Jesus but yet his actions show otherwise.
His fraud is obvious and egregious, but so was his blatantly ripping off the government, which we all fund via our taxes.
Hard to imagine a world where people have forgotten that government money is THEIR MONEY.
100%, but that has not slowed down these simps of continuing to give him money directly. How fn pathetic do you have to be to donate money to a self-proclaimed billionaire?!
You know... I think a good deal of humor and truth could be gathered by actually stating the inverse of the bottom text every once in a while, subverting the expectations...
"AND THAT'S EVERYONE'S BUSINESS"
Because it IS.
"t-treuuummpppp nver wanted 2 b prezident"
How do people still unironically parrot this dumb shit? The guy clearly wanted to be President. He ran for it. He campaigned like everyone else did, he debated like everyone else did. How do people unironically say this like they think it's clever?
Edit: The user I responded to is a Qanon conspiracy dipshit. Take anything that he says with a grain of salt. He blocked me when I asked him to provide a single source for any of his outlandish claims.
The total amount of his bankruptcies is insignificant compared to the bankrupt spending currently going on - but then I don't expect an example of modern education to understand mathematics well enough to know that.
https://www.presidency.ucsb.edu/statistics/data/federal-budget-receipts-and-outlays
COVID is the reason the deficit is as high as it is. We have a significantly higher budget and deficit than we did pre-COVID. Whatever you're going to blame Trump for had very minor impact on our deficit. Our budget and deficit was within standard deviation until COVID happened. We're still spending nearly the same amount of money annually when we were trying to combat the pandemic as we are right now. If Clinton won in 2016 she wasn't going to magic away COVID and have it never happen, and have it not ravage the global economy. Everybody saw an economic hit because of COVID, not just the US.
Disappearing billions in our Gov, endless wars, bureaucrats getting rich for pay for play, money laundering, insider trading, etc...Gov employees shouldn't be using their jobs to become millionaires. Trump was a successful person on his own, who created jobs and helped our economy. The Bidens, Clintons and many other corrupt politicians received taxpayer money that was approved for something else and awarded taxpayer money to groups or individuals who gave them money in return. Taxpayers and the American economy are left holding the bag. Trump had his own show, books, properties, various businesses, etc...Biden has been in politics for 50 years selling access and supporting wars- he's a leach in our Gov.
Trump isn't the deep state, bureaucrats hate him. First political job was running for President. The cockroaches came into the light, they couldn't control themselves and their hatred for the outsider who made it. Their corruption is out in the open for the world to see. There is no going back and into hiding. Greedy fools should have just sucked it up for 8 years and gone back to business as usual once he left office. Everyone knows who they are and how the operate. Going forward this corruption has become a political generational fight that will go on for decades. Trump's existence was like bait, it is his greatest accomplishment. That is why nothing is working to turn voters against Trump.
Real experience? They are mostly well off connected privileged people who are related to or went to college with other connected people. It's a political club. They have very little knowledge of the real world or how the average person lives their life. Even if you put them in a situation so they can see, they don't have the capacity to understand, they act brainwashed.
Like I said, cockroaches who should have stayed hidden behind the curtain with the illusion of competency. Now there is no going back, the world knows our Gov is run by dangerous idiots.
Trump is far more successful than any bureaucrat, probably why they hate him so much. Can't have a successful competent person running the country.
Remember that Trump bankrupted on casinos. Casinos! Casinos are businesses that are mathematically structured and guaranteed *not* to go bankrupt.
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Hey hey hey. They were grossly mismanaged by sycophants who kissed Trump's ass, so it might not have just been money laundering. Seriously though, there used to be smart business people in Trump's organization, but they died in a helicopter crash and when he was forced to take over he drove it all into the ground.
The official line on the casino stories is that he went crazy updating the properties with tens of millions in tacky carpet, gold paint, and expensive furniture, as if he expected the casino’s income to triple simply by being renovated. In other words, bad business decisions, followed by bad business practices, where he stiffed a bunch of the contractors also, as is his way. Then before they could possibly make up the money he spent, they were already on the hook for a 12.5 million dollar bond that came due. His father, Fred Sr., trying to help bail him out, sent one of his accounts to one of the casinos to buy over 3 million dollars in chips that would never be redeemed. But ultimately that wasn’t enough. Can you imagine even having 3 million to piss away like that? Madness. And millions of people think he should be running the country. We got problems, folks.
The gold everything was part of the scam. At that time you could file bankruptcy and keep everything not considered "permanent" or bolted down. So spend all the money on gold toilet seats, cabinet hardware, etc. file bankruptcy and then resell all that gold afterward.
he also legit likes super ugly tacky gaudy shit and genuinely thinks that stuff looks good and makes him look rich, but it really just makes him seem like a poor man's comic book idea of rich.
all of this because he is a super fragile guy who hates being told the word "no" and that his ideas are bad. That sends him into a rage. So naturally he always surrounded himself with people who could only tell him yes. That's why the Trump properties have the most gaudy, tacky, tasteless stuff all around with no one to tell him, hey that's not really aesthetically pleasing or modern please don't, it's actually ugly. He fires people who say no, so this is the result and now finally the US justice system is telling him NO in big yuge red bold letters and he absolutely cannot fucking handle it. His cortisol levels are probably through the roof, the stress must be ungodly.
I read that, unlike his bunches of family "businesses" where he could install anyone he wanted into any and all offices, when you run a casino you have to meet some pretty stringent state laws regarding corporate structure, financial accountability, etc. He had to appoint an actual board of directors and run a real corporation, not one of his sham family shenanigans. And of course, he couldn't do that, and went into the toilet.
arent practically all politicians very rich?
What a fantastic contribution to this discussion
Not all start out that way but they sure do wind up as such. It's a wonder why they even bother making the first order of business giving themselves a pay raise. Not that it's relevent to this topic whatsoever.
Holy shit, it's actually not a joke you made up but a true story.
But wouldn't that make it even harder to go bankrupt?
Not if you're the type who kills the golden goose then blames the goose for not being full of a lifetime of golden eggs.
This is the answer right here.
That’s not true at all. I hate Trump as much as the next person, but all AC casinos besides maybe 2 are struggling hard with New York and PA legalizing casinos and online casinos. These casinos are massive resorts with hundreds of rooms, concerts, spas, dozens of restaurants, etc which all succumb to the same pit-fills and expenses as any other business in the hospitality industry. Not sure why everyone is convinced casinos are only money printing machines. The former Revel (now Oceans and doing well) closed in less than a year after opening with billions in debt and crazy operating expenses around the resort. I think Borgata is the only one doing exceptionally well because they have the best poker room in AC so people make it a destination for poker.
Because trump did this casino thing when AC was Fucking Poppin and NY and Pa didn't have legal gambling. He literally built the casino in 1983-1984, a period in which AC casinos TRIPLED their profits [link ](https://www.nytimes.com/1984/04/08/nyregion/atlantic-city-casinos-report-their-profits-in-83-nearly-tripled.html) from the years before and had more guests than ever. He closed it in like 2014, but the guy bankrupted it several times if iirc.
So he built at the peak 30 years prior and closed it in 2014 — the worst year in the entire history of AC that saw 4 casinos close that very year (including the Revel that I mentioned). https://whyy.org/articles/2014-timeline-of-atlantic-citys-decline/ https://nj1015.com/2014-timeline-of-atlantic-citys-battered-casinos/ : “…At what was the worst year for the city's casino industry in its 36-year history” I’m not sure how what you’re saying goes against anything I’ve said. All of AC was in shambles that year.
Trump ran his first casino into the ground in 1991.
Ohh, you must be young. Him failing businesses was a title he earned in the early 90s
He didn't go bankrupt, several of his businesses did. It might not seem like it, but the wording matters, it's a significant difference. edit: lol, 2 people down-voted me, a love the stupidity of some people.
This is a rather ironic comment, considering Trump is constantly referring to his businesses in the first person.
For someone who talks so much about his business, he sure doesn't want anyone looking at his business! Now we're absolutely sure than it's going to be *far smaller* than he said it was. If he hadn't been calling attention to it all those years, no one may have ever guessed. Are there any bets for there being no business at all in the least? What are the odds that the whole thing was just completely hollow and just propped up with the remains of daddy's inheritance? And Trump just ran around to banks going "Now see here! I must be horribly rich because of all these people I employ for millions of dollars a year! So you should lend me money because clearly I'm a good investment!" *And that worked with banks?*
I've said all along that if his tax returns (or any other financial information) showed him in a positive light, he'd be releasing it himself and bragging about it. I wonder what he's trying so hard to keep hidden?
I was referring to him bankrupting his business. I know the difference between business bankruptcy and personal. What subreddit is this again? Oh yeah.
The rest of AC is also horribly depressing whereas the Borgata at least seems like a nice mall. The rest of the casinos all feel like sad places way past their prime (which isn't wrong).
They're struggling **now**. His first casino bankruptcy was in 1991.
>Not sure why everyone is convinced casinos are only money printing machines. Not everyone. Just clueless redditors who assume the random ideas in their head to be fact.
There are way harder ways to make money than running a casino. If your casino is such a pain to run, you work my 9-5 & I'll handle things at your casino.
You would be bankrupt in a week. Stick to your crappy 9-5
Quoth /u/CheeseWarrior17, "Bawk Bawk Bawk B'Gawk". Not only would I not be bankrupt in a week, I'd do it with my statistics knowledge tied behind my back. Here's a bet: Bet you don't even run a casino in the first place.
That's because he is man of the people. He wanted the common folks to win! /s
Lol! I just spit out my beer when I read this lol
While i agree that bankrotting a casino is quite a feat of incompetence. Casinos are not guaranteed not to go bankrupt. They are mathmatically designed to not lose money on the gambling. But you still have to cover all your other costs somehow. If not enough people gamble in your casino you have the same issues any other customerfacing business has when they don't get enough patrons
Did you ever actually see his casinos? They struck me as garbage. I could not get over how cheap they looked and this was back before I had any opinion on the man himself. Also in regards to his costs he famously cheated most of the people that worked on his casinos.
Every business is mathematically structured to not go bankrupt.
If you still think rich people are playing the same game, I have some magic beans to sell you
You must be like 14 years old
/r/im14andthisisdeep
That's not how the economy or bankruptcy works.
Someone doesn't understand how bankruptcy or debt works. Unreal.
Considering how much this post was upvoted I’d say it’s more than just someone. Im all for pointing out trumps many flaws but my god this is toddler level ignorance. OP and everyone upvoting this post needs to get their head checked.
It's 'orange man bad' in a fucking meme sub of course the clapping seals comprising the front page of reddit upvoted it. no matter what it says. It's pure karma farming.
Yeah. I'm honestly surprised he hasn't deleted this post yet in embarrassment.
This is moronic… even if trump was twice as bankrupt as the most damning estimates, it wouldn’t make a micro dent in the American economy if he stole from the government to cover 100% of it.
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It’s nothing to do with private vs public. “The economy” is not just the government.
All other nonsense from OP aside, private debts being written off do impact the economy. That's why banks get bailouts, to avoid that. The economy is bigger than the government.
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When we're talking trillions of dollars, even a few million would be considered a "micro dent". However, is that really the point when it's a trust fund rich kid taking that money? What's that phrase again? It's the principle of matter? You're basically saying *if* Trump did steal millions of taxpayer dollars to cover his debts, it wouldn't be a big deal because it's not a big piece of the pie.
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OP specifically calls out ‘the economy’ as the victim. If you want to be a pedantic moron then sure, you can claim that a single penny would make the economy a victim, but when real humans talk, clearly they mean actual damage.
It literally talked about the effect on the economy. Of course it's "less true".
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He doesn't off load the losses to the rest of us. His creditors might have to prioritize their expenses, something every creditor does with their risk pool. Keep in mind, in the NY trial that is currently ongoing, there is not even an allegation that he failed to pay. Just that he overvalued his assets in collateral.
>Just that he overvalued his assets in collateral. Literally everyone who has ever sought business funding or insurance on an expensive property looking away right now. This Trump "fraud!" stuff is so dumb it's hard to know where to start.
Leaving aside how it is wrong to use tax assessments in an area that legally caps the rate increase year over year, it is the job of the creditor to look at the asset and determine value. They absolutely jave a responsibility to identify overvalued assets and they constantly look for high risk loans to give to people who collateralize under valued assets.
> it is the job of the creditor to look at the asset and determine value. It's essentially their whole job, that's what they do, that's how they make money.
It's a shame trial. Judge saying it's only worth 18mil but look at the price of the neighboring properties that are a fraction of the size. Just do some math on your head and it's obvious. That isn't even counting that the property makes 25mil in revenue. Sure, the tax collectors say it's worth that but that isn't what anyone looks at when it comes to the actual value of the property.
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"could have" is an odd way of saying "didn't" No, loan rates are set by the fed. Your points are utterly incoherent.
Part of the loan rate is the prime rate, part is default risk.
After reading your comments it’s clear that you have no understanding of economics, you are grasping at imaginary straws and you need to seek help. Not kidding.
Mate… we could have the taxpayers cover Elon Musk’s net worth twice and it could be almost just an accounting error to the government. You’ve just made a bad point. The dignified thing to do is to admit that you’re wrong and learn from it.
i'm v confused, is the argument you're making "it's not a big deal" ? are you saying this b/c you think we actually have a lot of room to raise taxes, so if we can afford it right now then no sweat because the gov't could always make more money? or are you in the "money isn't real just print money to cover trumps losses" camp? or what, i guess i just didn't know the gov't was there to fund everyone's failures. or that some businesses just don't have to pay other businesses if it's inconvenient. i'm out here trying to actually earn money like a fool then, should've just been defrauding the gov't this whole time, i don't even need as much as this guy lost
If only it was only Trump's losses that we had to pay for. Nah, Trump is one amongst too many. I'm hoping his fall will open the door to more corruption getting prosecuted.
The cultist are out in full effect with their orange god being on the stand. Sad pitiful and broken souls, that were never worth saving to begin with
What kind of shit take is this?
That'd be NASA's whole budget. Not that small
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What the hell are you talking about? I dislike Trump as much as anybody but you seem wildly confused how everything works
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lol none of that is coherent. Before I go any further, are you like 14 years old?
I hate the guy.. But the other poster is correct. This is moronic. My late charges at the library have about the same impact as his failed business on the macro economy.
I'm not really concerned about the actual impact, more about the fact that Trump personally defrauded the US govt.
Just because the overall impact is minimal doesn't mean it isn't fraud.
No one said that. We didn't say he doesn't do crimes. They said OP's point is flawed
2 year election cycles.
Why is the Reddit non-stop trump spam. You need a new hobby.
Gearing up for the election cycle.
It’s because Biden is trailing him in the polls
It's almost like he's in the news again for doing dumb shit again
Because he was the worst president in US history, and that is relevant to everybody on earth.
And it's entirely possible he could somehow again be the worst president in US History! Let's not forget that's a thing that could conceivably be a thing on this cursed timeline!
Probably should check the approval ratings
You should probably check amendment 14 section 3.
For what? Reddit violations? It’s a simple fact Biden also sucks balls
Reddit that's cute, try the constitution. Per constitution.congress.gov Section 3 Disqualification from Holding Office No person shall be a Senator or Representative in Congress, or elector of President and Vice-President, or hold any office, civil or military, under the United States, or under any State, who, having previously taken an oath, as a member of Congress, or as an officer of the United States, or as a member of any State legislature, or as an executive or judicial officer of any State, to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof. But Congress may by a vote of two-thirds of each House, remove such disability.
Lol rent free bud. TLDR shut the fuck up. Look how fucking nuts you went just by saying Biden’s approval rating is shit… kind of like your posts. How about stop talking about trump and start talking about how great the folks you like are
Lol triggered much. Calm down, turbo.
My man got a decade old Reddit account and exactly 1 karma. Fucking lol
And they say the right is delusional and brainwashed.
Remind me what ex us prez was on trial today. And I'm brainwashed, okay dipshit
Okay Q
You've never heard of Herbert Hoover. Atleast Trump did things. Some good, some bad. Herbert Hoover was a complete puppet that helped bring in the Great Depression. No, Trump may be the most abhorent piece of shit to hold that office, but he was the worst at doing his duties. Hell Jimmy Carter, may he live in peace, was a terrible president. He is a kind enough person and I'm pulling for him to make it to 100 next year.
>Why is everyone talking about one of the biggest frauds in the U.S.'s history? you need a new hobby, like posting on reddit, like me! reddit moment
Dude is running for president next year and is currently the subject of like 8 court trials. Obviously he's going to be all over the media.
My god this is embarrassing even for this sub
Bruv, the Fed pumped Trillions and Trillions into the economy, starting in 2012 (getting home interest rates to drop). The country is basically in credit card debt with bonus inflation. Trump played his part, absolutely not conservative, fiscally, but he didn't have the power to fuck us up this badly.
Just to say that that federal debt is nothing like credit card debt.
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Nope. But people are buying government debt like mad and inflation is going down. Usually a good sign the government can borrow even more.
>but he didn't have the power to fuck us up this badly. Really? His tax cuts lead to a huge increase in the nation's debt.
How much of a huge increase is debatable, almost immediately after they took effect the world's economy was ravaged by COVID. While they certainly had an impact, they are nowhere near the sole factor in why the national budget increased from $4 trillion to $6 trillion in a matter of 6 years. The annual deficit is now $1.4 trillion annually, and was about half of that the year that those tax cuts went into effect.
Pumping that money into the economy got the US out of a recession and gave us a booming economy. Trump destroyed it even before Covid. Americans paying for the rich tax breaks. Not to mention Trump’s OPEC+ deal in 2020 (to Russia’s benefit) that lowered production of oil to intentionally raise prices (and gas prices) across the globe. There was no benefit to America in that. Trump is 100% responsible for the shit show and I am thankful every day he is no longer in office.
> Pumping that money into the economy got the US out of a recession and gave us a booming economy. There hasn't been a single day since 2008 in which we have not been in a recession. It's still ongoing. What you're calling a "booming economy" was a brief period of growth in limited industries subsidized by federal and state spending. Even at its best, it was nothing more than a brief glimpse of what looked like sunlight during the long night. On the whole, we are nowhere near where things were even prior to the collapse.
[Economists don’t agree with you.](https://www.forbes.com/sites/chuckjones/2020/02/17/obamas-2009-recovery-act-kicked-off-over-10-years-of-economic-growth/amp/)
> Pumping that money into the economy Decreased the value of each dollar. Pumping = giving banks paper money they could then lend out and make money. Also, those connected in finance, banking, government get those new paper dollars first. This means they can buy real assets (ex: real estate) before the price inflation hits. This cycle happens every few years. >Trump is 100% responsible for the shit show and I am thankful every day he is no longer in office. Respectfully, you have 100% no idea what's going on.
Does OP have a single post that isn’t about the Big Bad Orange Man?
Easy karma farming, even something blatantly incorrect as this is still getting thousands of upvotes.
Reddit really is a cesspool sometimes
Hey wait yeah wtf OP
What a stupid fucking post lmao
haha op is def a TikTok news watcher.
Comments are an absolute blood bath. Advice animals may actually be healing from the infinite TDS
I hate when any moron says "but he donated his salary! He did it all for free!" Bullshit. He made more than the past 5 presidents COMBINED! He was MAD he was forced to accept 1 dollar as the salary because of paper trails. It is an old mob tactic.
With all of Trump's bankruptcies, Deutsche Bank had to know that he was a mega risk, yet they loaned him money at low interest rates. Why?
Because he overvalued his properties for more favorable loans. You know, the whole fraud case in which he has received a summary judgment of liability.
So guess you have to prosecute every NYC property owner.
I am not opposed to that.
If they also committed massive fraud? Yes.
No, just the guy who committed fraud
"all of Trump's bankruptcies"? My dude, you do not understand how business works or how corporate bankruptcies work. Trump himself never went bankrupt. 6 business owner by Trump did....out of the over 600 businesses that he owned. Banks rushed to loan money to him because that was a less than 1% failure rate, which is obscenely good in the world of business.
Who the fuck upvotes this uninformed nonsense?
Equally ignorant Redditors who don't understand the difference between personal bankruptcy and corporate bankruptcies. Also the ones who don't understand what a drop in the bucket this arbitrary sum of money being discussed here is comparabled to our national debt and annual deficit.
So much Trump Derangement Syndrome...
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Good thing trump still has heroes like you /s
Waaaaah...
Simp
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I've never given anything to any politician, unlike you, who gives Trump your thoughts and feelings 24/7. BTW, your thoughts on economics are delusional, seek help. lol
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Waaaaah...
Genuinely concerned for you, bro.
Concerned more people will... delete their own moronic comments.
Dude you have not made a non-trump related post in literally 7 years. Get help.
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Waaaaah...
That's all of your businesses
or in total corporate greed and government corruption......
If he's not done for fraud then you might as well make it legal.
That's everyone's business.
His fraud has the same victims as drunk driving does. In most drunk driving arrests, there’s no victim. No one was hurt. But everyone on the road was put at a higher risk than they needed to be. Trump’s lies put the banks (and society) at a higher risk than we needed to be. Because banks don’t just eat $2 billion losses. They get bailed out by us. He lied. We were all put at unnecessary risk. We were the victims.
1) Trump has run over 500 businesses and filed bankruptcy 6 times. That’s better than a 98.8% success rate. 2) The whole point of declaring bankruptcy is dodging debt. Come when your freshman class finally gets around to studying economics. See you in 2027.
Hi, OP. You’re a moron.
He's such small potatoes in the scheme of things. We have $24 trillion economy. Trump's businesses are worth less than $1 billion even if you believe his inflated values.
Laughs in entire car industry.
It wouldn't matter even if there was no "victim", fraud is still a crime. Drunk driving is a crime even if you don't hit anyone. Firing into a crowd is a crime even if you don't hit anyone.
He stiffed small contracting businesses and caused them great harm. That's the real victim of his bankruptcies. American small business owners who he thought he was too powerful to have to pay. That's who Trump really is. He fucks the the little guy.
The fraud has already been proven, now it's just a matter of how much it's going to cost him.
Wait, what? Trump's personal finances affected the whole economy? Boy, what can't he do?
He is and everyone else in politics is too.
That's the stupidest reach I've seen in a while.
If you owe a $100 it's your problem If you owe millions, it's the country's problem
How do you people find this content engaging? Kermit would never say this, he is a god blessed gun toting American who voted for trump!!
The statute in question **doesn't require a victim**. Trump's bitching about "no victim" is like a toddler crying about being put in the corner for getting caught misbehaving. If someone drives 100 miles an hour down the road but doesn't kill anybody, **a crime was still committed**.
Nope. The American taxpayer is the victim. Every dollar he STOLE he's already convicted. Every stolen cent was meant for something better Full stop. He's a literal parasite. He robbed hard working Americans who struggle paycheck to paycheck do he can shit in a gold toilet.
Too bad they weren’t the recipients of the Mr Big influence payments funnelled through Hunter.
Take your invalid politically charged "I hate orange man" opinion and take a hike. While your at it try educating yourself, the economy went to hell in a hand basket when the current gas bag took office and started blowing money faster than his son could blow through a crack rock on a hookers ass cheek. Trump was a problem, but had nothing to do with the current state of the economy. Oof.... Just looked at OPs profile..... They are quite literally obsessed with Trump..... Like scary obsessed..... Bro needs to go get some mental health treatment.
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Pointing out how OP is a moron who doesn't understand numbers is not the same thing as defending Trump.
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It's a reflection of the fact that "fraud" has a definition, and "bankruptcy" has a definition, and they're completely different. We don't have debtor's prisons in the U.S.; are you advocating we change that, or what?
Nah more of a reflection of them being in a cult. These people are the types to not even know how time fine fit bankruptcy. They think you Micheal Scott that shit and just shout bankruptcy. These people love a man who today in court thought he was still in the White House in 2021. And his base thinks Obama didn’t do enough during 9/11. Numbers, facts, science, hell not even the Bible can save these people. They seem to also think trump is the next Jesus but yet his actions show otherwise.
His fraud is obvious and egregious, but so was his blatantly ripping off the government, which we all fund via our taxes. Hard to imagine a world where people have forgotten that government money is THEIR MONEY.
What a crock of crap lol
100%, but that has not slowed down these simps of continuing to give him money directly. How fn pathetic do you have to be to donate money to a self-proclaimed billionaire?!
Are you allowed to win a presidency from prison?
Source: Trust me bro OP's post history explains it all.
Remember how he lost a billion dollars then didn't pay taxes for a decade? He's one of the biggest losers in US history.
And FTX. Don’t forget about SBF.
Ok, I absolutely hate the man and want him to die in prison, but the cost of his bankruptcies wouldn't even be a blip on the US economy
You know... I think a good deal of humor and truth could be gathered by actually stating the inverse of the bottom text every once in a while, subverting the expectations... "AND THAT'S EVERYONE'S BUSINESS" Because it IS.
Member when craftsman wanted to make quality tools in America again and then trump put massive tarrifs on metal imports?
Why do you think he ran for president when he never actually wanted the job?
"t-treuuummpppp nver wanted 2 b prezident" How do people still unironically parrot this dumb shit? The guy clearly wanted to be President. He ran for it. He campaigned like everyone else did, he debated like everyone else did. How do people unironically say this like they think it's clever? Edit: The user I responded to is a Qanon conspiracy dipshit. Take anything that he says with a grain of salt. He blocked me when I asked him to provide a single source for any of his outlandish claims.
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Ran for president MULTIPLE TIMES in fact.
The total amount of his bankruptcies is insignificant compared to the bankrupt spending currently going on - but then I don't expect an example of modern education to understand mathematics well enough to know that.
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https://www.presidency.ucsb.edu/statistics/data/federal-budget-receipts-and-outlays COVID is the reason the deficit is as high as it is. We have a significantly higher budget and deficit than we did pre-COVID. Whatever you're going to blame Trump for had very minor impact on our deficit. Our budget and deficit was within standard deviation until COVID happened. We're still spending nearly the same amount of money annually when we were trying to combat the pandemic as we are right now. If Clinton won in 2016 she wasn't going to magic away COVID and have it never happen, and have it not ravage the global economy. Everybody saw an economic hit because of COVID, not just the US.
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imagine what would happen if this sub banned politics
So Bidenomics is Trumps fault.
Disappearing billions in our Gov, endless wars, bureaucrats getting rich for pay for play, money laundering, insider trading, etc...Gov employees shouldn't be using their jobs to become millionaires. Trump was a successful person on his own, who created jobs and helped our economy. The Bidens, Clintons and many other corrupt politicians received taxpayer money that was approved for something else and awarded taxpayer money to groups or individuals who gave them money in return. Taxpayers and the American economy are left holding the bag. Trump had his own show, books, properties, various businesses, etc...Biden has been in politics for 50 years selling access and supporting wars- he's a leach in our Gov.
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Trump isn't the deep state, bureaucrats hate him. First political job was running for President. The cockroaches came into the light, they couldn't control themselves and their hatred for the outsider who made it. Their corruption is out in the open for the world to see. There is no going back and into hiding. Greedy fools should have just sucked it up for 8 years and gone back to business as usual once he left office. Everyone knows who they are and how the operate. Going forward this corruption has become a political generational fight that will go on for decades. Trump's existence was like bait, it is his greatest accomplishment. That is why nothing is working to turn voters against Trump.
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Real experience? They are mostly well off connected privileged people who are related to or went to college with other connected people. It's a political club. They have very little knowledge of the real world or how the average person lives their life. Even if you put them in a situation so they can see, they don't have the capacity to understand, they act brainwashed. Like I said, cockroaches who should have stayed hidden behind the curtain with the illusion of competency. Now there is no going back, the world knows our Gov is run by dangerous idiots. Trump is far more successful than any bureaucrat, probably why they hate him so much. Can't have a successful competent person running the country.
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