Skip to comments.Trump Mortgage couldn't make crashing housing market great again
Posted on 02/29/2016 11:22:01 AM PST by Oldeconomybuyer
"I think it's a great time to start a mortgage company," Donald Trump told CNBC.
It was April 2006.
Many economists and Wall Street analysts were warning about an impending downturn in housing. But, as the Washington Post reported Monday, Trump was unswayed.
Trump's confidence in his new venture bears a striking resemblance to his approach to governing. "I think the market is very good," he told CNBC at the time. "We're going to have a great company it's going to be a terrific company."
Instead, after a year, the company closed after doing about $1 billion in business.
(Excerpt) Read more at marketwatch.com ...
In fairness, I’m sure his wasn’t the only one to have similar problems.
Now, that's a man who had his finger on the pulse of the real estate market!
Making disavowing KKK members after a lengthy pause great again!
Don’t disrespect him, he will sue you.//s
Little things like "the truth" don't seem to matter so much to Mr. Trump, do they?
making a billion in one year, the year before Schumer collapsed the banking system to elect Obama, is being unsuccessful? what world do these people live in?
Another nothing burger story. Thanks :)
Most analysts did not expect housing to crash ahead of the actual implosion in 2008, except for the guys in THE BIG SHORT, which is why they made a killing. We should run one of them for President.
The article says the company did a billion in business. That’s not even close to “making” a billion.
I just audited a firm that did $4.6 million last year. Owner has declared bankruptcy and sold his home.
“doing about $1 billion in business” is not nearly the same as “making a billion.”
Trump’s got a poor understanding of basic economics. I lack a degree from the Wharton School of Business, or a degree in anything related, and I still knew that was a dumb move back when he did it. Trump’s also endorsed a lot of dumb Obama moves (including Obamacare), and made other predictions indicating he really doesn’t get stuff like unintended consequences, economic bubbles, or (when it comes to his tariff plan) even basic things like how people respond to rising prices.
Trump has gotten good at spending other people’s money while protecting himself from financial harm, but that’s not the same thing as understanding basic economics. He doesn’t seem to realize that, and I’m afraid a lot of his supporters don’t, either.
I don't care who you are, that there's just funny.
Yep, unfortunately Trump want a lot more of that.
Outside the box thinking. Takes reasonable risks. Folds rather than pours good money into bad projects. The way government should be run.
BS. I worked for a tiny real estate agency and the owner knew it was a bubble. She talked about it a year before and worked it knowing it couldn’t last.
This is the key to his psyche...
“Trump told the New York real estate publication The Real Deal that his employees were responsible. We werent happy with them and we terminated them based on the fact they were not doing what they said they were going to do, he said.
The Trump campaign did not respond to requests for comment.”
Taking responsibility is not a forte.
Come to think of it. Were they some of the “great people” he knew and will he use the same criteria when president? What is his criteria? Brown nosing?
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