Trump in 2007: 'I'm Excited' for Housing Market Crash

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  • #20052
    Vitalogy
    Participant

    Donald Trump counseled Trump University students to take advantage of the housing bubble as an investment opportunity and said, just a year before it burst, that he was “excited” for it to end because of the money he’d make.

    “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.”

    At that time, the housing market was already beginning to decline, and just over a year later the subprime mortgage crisis hit, part of a chain reaction of events that led to the stock market crash of 2008 and cemented the Great Recession.

    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.”

    http://www.nbcnews.com/politics/2016-election/trump-2007-i-m-excited-housing-market-crash-n578761

    Wow, looking forward to seeing millions of families lose their homes? That should play over well with the Joe Six Pack crowd.

    #20056
    Brianl
    Participant

    He’s spot on – he, and a lot of other high rollers, made a lot of money on the subprime crash and subsequent tanking of the economy. As a businessman, he would be all for it.

    The Donald has zero empathy for that Joe Six Pack you speak of. He has used the laissez-faire deregulation started by Reagan to his advantage, and he wears it like a badge of honor.

    #20080
    skeptical
    Participant

    Too bad all this will simply fly over the heads of many of these Joe Six Packs come November.

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