Election 2016

GOP Nominee Donald Trump Was Very Excited for the Housing Market Collapse

Donald Trump Presidential Announcement
JM Ashby
Written by JM Ashby

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.

  • Aynwrong

    Every time I read something like this it more and more makes me want Bernie Sanders out so Barack Obama can jump in and campaign like it’s the Washington Press Codependents dinner 24/7.

  • Trump is a frigging leach, perfectly content to take advantage of the misfortunes of others (the housing crisis is only one example) without ever producing a goddamn thing. He is the quintessial silver spoon ahole who has gotten everything in life handed to him and is so ensconced in Wall Street’s worldview that he can’t see and doesn’t care about the average American. But, sure the anti-Hillary crowd will vote for him. This is so tragically stupid I don’t know where to begin.

  • muselet

    The best part of the Globe and Mail piece:

    Donald Trump almost lost his shirt 15 years ago when the North American real estate bubble burst. The 2007 version of that disaster will be much more benign, the real estate magnate predicts, although there is softness in some urban markets, such as Toronto and San Francisco.

    “We’re talking very minor [problems]compared with the depression of the early 1990s,” Mr. Trump said yesterday in a phone interview from Los Angeles.

    The Amazing Kreskin, he ain’t. (Ask your parents, kids.) Gordon Gekko, maybe. (Ditto.) And, predictably but amusingly, Donald Trump’s people declined to comment to NBC News about his past statements.

    Anyone who votes for the short-fingered vulgarian, even as a protest, is a vandal (with apologies to the Vandals, who were decent and hard-working people when they weren’t busy sacking Rome).

    –alopecia

    • +10 for the Historical reference

      • muselet

        Current historical thinking says the Vandals weren’t destroyers and despoilers of Roman culture, so blaming them for the sacking of Rome is unfair.

        Mostly, it seems the Visigoths were the ones doing the sacking, and while I’d be happy—giddy, even—to see “visigoth” replace “vandal” in the English language, we’re not there yet.

        Oh. Or were you thinking of Gordon Gekko as a historical figure …? ;^)

        –alopecia

        • I think I first heard the term Visigoths in a Monty Python sketch. Goes to show you the state of education in the US….

    • Aynwrong

      Trump reminds me more Charlie Sheen than Gordon Gekko. Wait, Sheen was in “Wall Street” too?!? Whoa…