Posted on 04/02/2016 9:44:06 PM PDT by GilGil
Donald Trump said in an interview that economic conditions are so perilous that the country is headed for a “very massive recession” and that “it’s a terrible time right now” to invest in the stock market, embracing a distinctly gloomy view of the economy that counters mainstream economic forecasts.
The New York billionaire dismissed concern that his comments — which are exceedingly unusual, if not unprecedented, for a major party front-runner — could potentially affect financial markets.
“I know the Wall Street people probably better than anybody knows them,” said Trump, who has misfired on such predictions in the past. “I don’t need them.”
(Excerpt) Read more at washingtonpost.com ...
We've spent the last seven plus years relying on 'hope and change'. Look at what that's gotten us. I prefer firm policy proposals.
That's not true of the good ones I know. My 'current' boss is highly successful. He recently started an LLC that he ultimately dissolved. He paid all the debts, any way, and hired the employees in his other businesses. I call that 'good'. If Trump really has the $10 billion he claims, he could do the same.
The US government can't default on it's debts. That would crater US and the world economy for decades. Regardless of anyone's pipe dreams, our $20 trillion debt will not be paid off in 8 years. It's a millstone around our grandchildren's neck for their entire lives. You start fixing it by eliminating deficit spending first. Then you think about ways to pay it off.
Creditors are not put on hold. Most creditors get only pennies per dollar owed. The rest get zero. I know, I'm one of the ones that got zero.
That is the reality of business!
You are all missing it here. The easiest way to eliminate the debt is with massive inflation. We all have been waiting for it, and wondering why it isn’t here yet.
The reason it isn’t here yet is because we are in a massive deflation cycle. The whole globe is in the first stages of a deflationary depression.
“The US government can’t default on it’s debts. That would crater US and the world economy for decades. Regardless of anyone’s pipe dreams, our $20 trillion debt will not be paid off in 8 years. It’s a millstone around our grandchildren’s neck for their entire lives. You start fixing it by eliminating deficit spending first. Then you think about ways to pay it off.”
Like Weimar Germany, we are simply devaluing our currency by running the printers nonstop. If we have to pay a bondholder years down the road, they’ll eventually get their $1 million face at maturity - and it will buy a cartload of groceries.
Hard to tell. I think part of that might be due to collapsing energy costs. But the warning signs of inflation have been here for years, with only some actual signs of it - food mostly. Maybe cars. Been wondering when we will see actual, real inflation.
Or it could be that the whole world is so messed up that there is no real offshoot for the inflation to follow - everybody is so bad that nobody looks worse.
Anyway, the answer to paying off debt is with inflated dollars. If we are soon to see deflated dollars, than we are even worse off.
If debentured interest comes unwound as an investment, forget it, it’s all over.
Talk about truth to power. MSM and MSWS (MainStream Media and MainStream WallStreet) - both gone total demonrat.
Ooooh, do tell ... wait - you can't, can you ...
Well, maybe you can get Walz to play you in the movie lol ...
Mad Dawgg, I have a degree in Econ as well as engineering.
I worked as a for the Army or the fedgov for 25 years.
YES, we can pay down the debt. None of the steps are easy, but:
1. Go thru the entire fed bureaucracy with a complete restructuring. NASA has already been surpassed by the private sector launch biz.
Outsource everything possible. Why does the fedgov have factories? Aircraft repair depots? Nuke weapons manufacturing? In almost every case, you need about 5% of current actual govt employees to manage the contractors who will do the work.
Large numbers of fedgov employees have no discernible product in Dept of Education, Dept of Labor, Commerce, etc. EPA and OSHA could be completely replaced by state agencies regulating workplace safety and environmental pollution.
Like The Donald sez, “Yer fired”.
2. Take a hard look at all entitlements. Drug/alcohol testing to get food stamps, housing, etc. Hard to say it, but we need to have means testing for SS and Medicare. I have a buddy worth over $5M who gets the Obamacare subsidy because he keeps his taxable income low.
3. Reform Medicare and Medicaid to make them more patient-outcome oriented and less bureaucratic.
4. SELL FEDGOV ASSETS! Half of the land West of the Mississippi belongs to the fedgov. Why? Get the land and the minerals and agriculture and forestry into private, American hands. Trade fed bonds for land.
5. Open up our own resources. Fire the greenies from the BLM, Forest Service, Interior Dept, et al. Why are we importing rare earths, titanium, uranium, etc. when there are deposits here to be mined?
The USA should be the Saudi Arabia of coal for export. It is one of the most transportable forms of energy.
6. Legalize drugs (with prescriptions for addicts), put the cartels out of business, and tax them. Yes, it is terrible, but we lost the war on drugs a long time ago.
7. Sue foreign competitors for their offenses, e.g., stealing intellectual property and seize their assets (fed bonds).
How are those for a start?
“Trump is the only one who has always balanced his budgets “
Taj Mahal: “...By 1991, the casino was nearly $3 billion in debt, while Trump had racked up nearly $900 million in personal liabilities ...”
“Trump acquired the Plaza Hotel in New York for $390 million in 1988. By 1992, the hotel had accumulated $550 million in debt.”
“Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004 when his casinos — including the Trump Taj Mahal, Trump Marina and Trump Plaza casinos in Atlantic City and a riverboat casino in Indiana — had accrued an estimated $1.8 billion in debt, according to the Associated Press. “
“Trump Entertainment Resorts — formerly Trump Hotels and Casinos Resorts — was hit hard by the 2008 economic recession and missed a $53.1 million bond interest payment in December 2008, according to ABC News. “
Yes! But the difference from government is that these imbalances have to be rebalanced through bankruptcy reorganization. Eventually all has to be balanced in the budget.
It should be obvious to you as it is to many others.
Trump is just making stuff up to get votes.
Tomorrow he may have a different story, it doesn't matter to him and apparently others.
This is perfect example of the promises he makes up being totally ludicrous. He is really insulting his own supporters with dumb stuff like this.
I can document that we have 40 million people out of work. I’ve read reports there may be double that amount.
Do you know how much the federal government tax receipts will increase if only 40 million people get jobs?
The ballpark figure is $0.9 trillion dollars per year. If the true figure of able bodied people is more, so much the better. If it’s just 60 million, the increased government revenue would be around $1.35 trillion dollars.
If Trump can cut welfare and sell off some government assets, he can easily get to $2 trillion per year.
When it comes to Trump you think negatively. It’s a knee-jerk reaction from you.
Once again, the guy is the only one addressing what is one of my key concerns for the nation, and you are trashing him for it.
Honestly, some of you folks are verging on becoming comically cornered by your bias against the man.
His plans are decent and the rewards are there. Give the guy the credit he deserves for focusing on these issues.
His promises are totally ridiculous, he couldn't balance the budget let alone pay off $18T in debt.
He promises spending more and taxing less.
In business he just filed for bankruptcies, but it doesn't work that way with the federal government.
Say tuned, tomorrow he will make up something even more ridiculus.
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