Well, Donald’s at it again. This time, he’s blaming everything and everyone but himself for the fact that he lost almost one billion dollars in 1995 alone. A good businessman wouldn’t take a haircut like this unless there were severely unusual circumstances afoot. There were none of these circumstances, but that doesn’t mean you can’t make some up! That’s exactly what Trump tried to do.
The problem with Donald is he doesn’t understand that when he says things, people will figure out if he’s telling the truth or not. That’s what the AP just did with his excuses for why he loses more money than the Pentagon.
TRUMP: ‘The news media is now obsessed with an alleged tax filing from the 1990s at the end of one of the most brutal economic downturns in our country’s history. If you remember the early ’90s, other than I would say 1928, there was nothing even close.
In a word … No. Trump’s problems didn’t come from the 90s recession. They came from him making what were simply horrible business deals. The losses on his taxes come from the fact he borrowed large sums of money at steep interest rates to pay for mismanaged, expensive, and unsuccessful properties and projects. His Trump Castle casino defaulted on its debts in June of 1990 before the recession even started.
It wasn’t that there weren’t ample visitors to Atlantic City either. Gambling revenues rose in Atlantic City every year during the 90s. Trump literally made more money from customers every year but still went belly up — largely because of the fact he was just terrible at business by selling bonds at bad interest rates and spending too much money.
Trump also called the 90s an “economic depression.” – They were not.
TRUMP: ‘I have a fiduciary responsibility to pay no more tax than is legally required like anybody else.’
Trump doesn’t understand the definition of the word “fiduciary” and he hopes America doesn’t either. Sadly for him, we do. Basically, a fiduciary is a person who a someone else trusts to manage their money or assets for them. It’s not possible to be a fiduciary to yourself because it’s already your money. He has none of this responsibility, but he thinks if he uses a big word it will make people believe him.
TRUMP: ‘Some of the biggest and strongest people and companies went absolutely bankrupt, which I never did. By the way, are you proud of me? Would have loved to use that card, but I just didn’t want to do it.’
Trump is really stretching the credibility of this statement. While he may not have gone bankrupt personally, his companies did six times between 1991 and 2009. At a debate in 2015, he claimed he only had 4 bankruptcies in his past, which was also not true at the time. Afterward, he bragged about the fact he did, because he used the laws of the country to his benefit.
Aside from a very slight adherence to the truth on the last point, Trump is outright lying about everything he’s using to excuse his catastrophic losses in 1995. The facts speak for themselves on this one. Trump is just an absolutely terrible business man with no skills for success. And now he wants to do for the country what he did for his businesses.
Featured image via Jessica Kourkounis / Stringer