Republican presidential nominee Donald Trump apparently expressed his excitement for the coming crash of mortgage-backed securities in 2007.
Trump reportedly advised investors that the time was ripe to buy up foreclosed properties.
"People have been talking about the end of the cycle for 12 years, and I'm excited if it is,' he told the Globe and Mail in March of 2007. "I've always made more money in bad markets than in good markets." [...]
The subprime mortgage crisis alone caused millions of Americans to lose their homes, but that same Globe and Mail piece reports Trump was "advising investors that their are now great deals in buying subprime mortgages at a discount, and repossessed houses at low prices."
My first thought after reading this was not surprise. We already know Trump is a real-estate gutter troll whose business ventures have declared bankruptcy multiple times. My first thought was about the so-called "liberals" who say they would vote for Trump before they would vote for Hillary Clinton.
The most commonly cited reason that taking that preposterous position is her supposed and unsubstantiated fealty to Wall Street, and yet Trump represents everything that is terrible about high finance and real-estate.
President Trump would be an absolute disaster for our economy, national defense, foreign relations, the environment, and basically everything else.