Comments by "Billy Rock" (@billyrock8305) on "What are the warning signs of a recession?" video.
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Richard C American banks are very lenient on real estate developers. You’re right. Trump never went personally bankrupt simply because the banks would get next to nothing back from all his failed business enterprises and colossal losses. Better to keep a deadbeat afloat then to let him drown and get zero in return.
In 1991, his Taj Mahal casino, in Atlantic City, filed for bankruptcy protection, and, not very long after, so did his other two casinos—the Trump Plaza and the Trump Castle. In 1992, the Plaza Hotel filed for bankruptcy, and Trump agreed to turn over many of his remaining assets, including Trump Shuttle, to his creditors. With the help of the banks and his father, who repeatedly gave him money, Trump managed to escape the humiliation of personal bankruptcy. For a decade, or more, he largely confined himself to licensing deals, entertainment ventures, and minority investments that cashed in on his personal brand, which somehow survived his dramatic fall.
This is all distant history, of course. The businesses Trump operated were never successful, the huge losses they sustained were not simply tax dodges. They weren’t. He’s a conman and a fraud. America has been duped.
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