Donald Trump’s Deadly Magic Touch Strikes Again
Erstwhile former billionaire (according to Forbes, not me) Donald Trump is no Midas when it comes to business. (Maybe he’s still a billionaire but if he is still a billionaire he’s a small potatoes paper billionaire, not a Gates-type billionaire, or a Musk, or a Buffet, or a Bezos.)
His latest failure, the Truth Social social media site, has just issued a warning that the company may have to shut down in the face of huge losses, with $23 million in losses against $2.3 million in revenues. (Huge losses? Give me a break. That’s chicken feed.)
If Donald Trump is a billionaire, why doesn’t he just inject $24 million into Truth Social? (Could it be that he never puts his own money at risk?) Why does he keep begging for money to pay his legal bills, and running such egregious scams as selling fake NFTs to his followers?
Could it be that the real Donald Trump is a phony?
Take a look at the long string of Trump failures.
Trump’s Atlantic City casinos went belly up and ended up losing $3 billion before he quit the business in 2004.
He bought the Eastern Shuttle franchise in 1989, defaulted on a $1.1 million loan payment, and fled the business in 1992.
GoTrump.com, Donald’s premium travel website opened for business in 2006 and shut down in 2007.
Trump’s Steaks proved to be too tough to swallow (also in 2007); the company only lasted two months.
Trump (a supposed teetotaler) decided that Trump Vodka had a nice ring to it but the brand didn’t make much of a splash, debuting in 2005 and shutting down in 2011. (A grape-flavored vodka? Seriously?)
Trump Mortgage opened for business in 2006 and went bankrupt in 2007 when everyone else was making money hand over fist in the mortgage business (before the crash in 2008.)
Trump University opened for business in 2005, promising to teach the Art of the Deal to would-be entrepreneurs but ended up getting whacked with multiple lawsuits for fraudulent business practices and closed down in 2010.
So, how can a multi-billionaire keep losing so many businesses for what amounts to chump change, like missing a $1.1 million loan installment? How can he allow his pet project – Truth Social – to go under when he could just come out of his pocket to cover a measly $23 million shortfall?
Answer: His funds are all tied up in various long-term ventures, building projects, hotels, and golf courses, that he leverages against each other in the famous millionaire’s tax dodge.
Buy a company, run up the debt on the company, deduct the loan interest from your tax bill (corporations can do that; individuals can’t.) Then, when the bills come in, run for the hills.
Each of his ventures is incorporated separately so that he can move funds from one company to another, to keep his core businesses solvent while the others flounder.
He’s also a sucker. People come to him with ideas. Trump Steaks? Great idea man, says the guy who dines on takeout hamburgers, not Luchow’s steaks. Trump Vodka. Great idea, says the guy who hates drinkers because his family has a tendency toward alcoholism. (How does a guy who watched his brother destroy his own life with alcohol start his own vodka brand?)
People talk him into things, and he probably thinks he comes up with these ideas himself. That’s how megalomaniacs operate; they lie to themselves and then they believe their own lies.
Trump’s biggest lies – the ones that put him in the White House – were The Apprentice and The Celebrity Apprentice, which put him on the air at NBC for 16 seasons, from 2004 to 2015. The Apprentice alone paid him $197 million directly and an additional $230 from ventures that were promoted through the shows and product endorsement deals. That’s $427 million over 11 years, and that’s the money Trump has been living on before he lucked into the presidency.
The Apprentice was supposed to be a reality TV show. It was, but like all reality TV programming, it wasn’t really spontaneous. It was scripted. There was room for ad-libs, of course. There would have to be ad-libs because Trump can’t stick to a script, but the shows were carefully laid out to portray Trump as a take-charge, in-charge guy who has all the answers, but it was just an act, and Trump was just an actor.
In fact, that’s all Donald Trump has been all his life: an actor playing a role…until he reached the White House, where he suddenly discovered that not only did he not understand how things worked, he didn’t know how to learn to work them either.
In other words, all of a sudden, he didn’t have a director to yell, “Cut,” when he was wandering off script. There were no editors to cut and paste his performances together. There was no way to reshoot a bad scene to make it better.
It was all real…and it was all in real-time.
Because he has always been the CEO of Donald Trump Enterprises, a closely-held family business, he has never had to answer to a board of directors or shareholders. He’s spent decades sweeping his mistakes under the rugs of his various mansions, living a fairy tale life, a stable genius in his own estimation.
His performance in the White House demonstrated over and over again that his ego keeps making claims his intellect can’t make good on…and the act is wearing thin.
I would never call Donald Trump stupid or crazy, but he is an ignorant, self-absorbed, narcissistic, egomaniacal, self-serving, loser who is facing multiple prison sentences and still thinks he can fool enough people to waltz back into the White House.
I refuse to believe the American people are that stupid.