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Thread: How Donald Trump Ditched U.S. Steel Workers in Favor of China

  1. #1

    How Donald Trump Ditched U.S. Steel Workers in Favor of China

    How Donald Trump Ditched U.S. Steel Workers in Favor of China

    Plenty of blue-collar workers believe that, as president, Donald Trump would be ready to fight off U.S. trade adversaries and reinvigorate the countrys manufacturing industries through his commitment to the Rust Belt. What they likely dont know is that Trump has been stiffing American steel workers on his own construction projects for years, choosing to deprive untold millions of dollars from four key electoral swing states and instead directing it to Chinathe country whose trade practices have helped decimate the once-powerful industrial center of the United States.

    A Newsweek investigation has found that in at least two of Trumps last three construction projects, Trump opted to purchase his steel and aluminum from Chinese manufacturers rather than United States corporations based in states like Pennsylvania, Ohio, Michigan and Wisconsin. In other instances, he abandoned steel altogether, instead choosing the far-less-expensive option of buying concrete from various companies, including some linked to the Luchese and Genovese crime families. Trump has never been accused of engaging in any wrongdoing for his business dealings with those companies, but its true that the Mafia has long controlled much of the concrete industry in New York.

    Throughout his campaign, Trump has maintained that some controversial decisions for his companies amounted to nothing more than taking actions that were good for business, and were therefore reflections of his financial acumen. But, with the exception of one business that collapsed into multiple bankruptcies, Trump does not operate a public company; he has no fiduciary obligation to shareholders to obtain the highest returns he can. His decisions to turn away from American producers were not driven by legal obligations to investors, but simply resulted in higher profits for himself and his family.

    ...
    http://www.newsweek.com/how-donald-t...s-china-505717
    I dont think that there will be any curtailing of Donald Trump as president, he said. "He controls the media, he controls the sentiment [and] he controls everybody. Hes the one who will resort to executive orders more so than [President] Obama ever used them." - Ron Paul



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  3. #2

  4. #3
    Trump: "In 2016 China becomes the great economic leader"

    Last edited by robert68; 10-04-2016 at 12:50 AM.

  5. #4
    Profits before principles.

  6. #5
    Um, he wants to reverse the policies that caused him to have to do that so he could compete in the market, so.... is this being posted as a reason to vote for him?

    CPUd, are you aware of what a fiduciary agreement is?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  7. #6
    Quote Originally Posted by Antischism View Post
    Profits before principles.
    lol, no.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  8. #7
    I dont think that there will be any curtailing of Donald Trump as president, he said. "He controls the media, he controls the sentiment [and] he controls everybody. Hes the one who will resort to executive orders more so than [President] Obama ever used them." - Ron Paul

  9. #8
    Quote Originally Posted by CPUd View Post
    Exactly, her and Bill are responsible for the policies that lead to all this - so I ask you - again - do you know what a fiduciary agreement is?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  11. #9
    Quote Originally Posted by dannno View Post
    Exactly, her and Bill are responsible for the policies that lead to all this - so I ask you - again - do you know what a fiduciary agreement is?
    Yeah, that's the defense his campaign told his surrogates on their regular conference call to go out and use. It's why the article made a point of explaining how they don't apply here.
    I dont think that there will be any curtailing of Donald Trump as president, he said. "He controls the media, he controls the sentiment [and] he controls everybody. Hes the one who will resort to executive orders more so than [President] Obama ever used them." - Ron Paul

  12. #10
    Quote Originally Posted by CPUd View Post
    Lotta sniffin from the Trickster there. But he's saying lower tariffs, i.e. lower taxes on imports and exports, make people poor. Maybe he sniffs when he knows he's bsing.
    Last edited by robert68; 10-04-2016 at 02:13 PM.

  13. #11
    Quote Originally Posted by dannno View Post
    lol, no.
    That describes Trump quite well, yes.

  14. #12
    Quote Originally Posted by CPUd View Post
    Yeah, that's the defense his campaign told his surrogates on their regular conference call to go out and use. It's why the article made a point of explaining how they don't apply here.
    Well the article didn't do a very good job of proving their case - they just said that Trump doesn't own any publicly traded companies, they inferred that therefore he doesn't have any fiduciary agreements with investors - but that is bull$#@! - you don't need to have a publicly traded company to take part in a fiduciary agreement... Trump is claiming that he was under those obligations, so the author proved NOTHING except it is willing to make some bull$#@! claims and state their theories as fact.
    Last edited by dannno; 10-04-2016 at 12:57 PM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  15. #13
    Quote Originally Posted by Antischism View Post
    That describes Trump quite well, yes.
    No, what it explains is that I would never invest in any companies you own because they would probably go out of business, unlike Trump's businesses which have been very successful.

    You don't seem understand the nature of businesses or competition at all.

    If you have a company that big that is charging 20% more than your competitors because you source some of your materials locally, you better make GOD DAMN sure the market is willing to pay that extra 20% for locally sourced materials.. otherwise the business will definitely go bankrupt. Trump has an excellent track record ratio of successful businesses to bankruptcies.
    Last edited by dannno; 10-04-2016 at 12:56 PM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  16. #14
    lol Linking Newsweek now?! The same publication that featured a interviewer asking Dave Chappelle if he smokes crack. You're really scraping the bottom of the barrel here now CPU, what's next? You gonna try and resurrect some old Gawker stories? lol

  17. #15
    Attack the source!
    I dont think that there will be any curtailing of Donald Trump as president, he said. "He controls the media, he controls the sentiment [and] he controls everybody. Hes the one who will resort to executive orders more so than [President] Obama ever used them." - Ron Paul

  18. #16
    Quote Originally Posted by CPUd View Post
    Attack the source!
    how do you feel about that?



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  20. #17
    Quote Originally Posted by Chester Copperpot View Post
    how do you feel about that?
    LOL ELIZA
    I dont think that there will be any curtailing of Donald Trump as president, he said. "He controls the media, he controls the sentiment [and] he controls everybody. Hes the one who will resort to executive orders more so than [President] Obama ever used them." - Ron Paul

  21. #18
    Quote Originally Posted by CPUd View Post
    LOL ELIZA
    well its a reflection of your character that you will not have a regular discussion about anything.... You wont bother posting anything you dont get paid for.

  22. #19
    Quote Originally Posted by Chester Copperpot View Post
    well its a reflection of your character that you will not have a regular discussion about anything.... You wont bother posting anything you dont get paid for.
    You have absolutely no way of knowing that.
    I dont think that there will be any curtailing of Donald Trump as president, he said. "He controls the media, he controls the sentiment [and] he controls everybody. Hes the one who will resort to executive orders more so than [President] Obama ever used them." - Ron Paul

  23. #20
    Quote Originally Posted by CPUd View Post
    You have absolutely no way of knowing that.
    Of course I do. You gave yourself away a long time ago. Do you think this is the only presidential cycle where paid bloggers have come here to attempt to misinform people? All of us older people have seen your type in 2008 and again in 2012... 2016 however has gotten ridiculous. Even Zippy is laughing at you guys. It just shows how desperate and scared Hillary is.. I think its funny as hell. The other side is pissing away so much money on such fruitless efforts...

  24. #21
    Quote Originally Posted by hells_unicorn View Post
    lol Linking Newsweek now?! The same publication that featured a interviewer asking Dave Chappelle if he smokes crack. You're really scraping the bottom of the barrel here now CPU, what's next? You gonna try and resurrect some old Gawker stories? lol
    No worse that everyone else posting Breitbart every single day.

    And friends- CPUd is NOT a shill.

    He starting posting Trump stuff when @Bryan asked everyone NOT to push Trump on the site and several ignored him. CPUd started posting the negative side of Trump and then the name-calling began.

    And, just for good measure, neither is Zippy. Zip likes to look at the opposite side of remarks and show different POVs.

    I like that because I always try to read both sides of issues and @Zippyjuan AND @CPUd save me a lot of work.
    There is no spoon.

  25. #22
    Quote Originally Posted by Chester Copperpot View Post
    Of course I do. You gave yourself away a long time ago. Do you think this is the only presidential cycle where paid bloggers have come here to attempt to misinform people? All of us older people have seen your type in 2008 and again in 2012... 2016 however has gotten ridiculous. Even Zippy is laughing at you guys. It just shows how desperate and scared Hillary is.. I think its funny as hell. The other side is pissing away so much money on such fruitless efforts...
    Cool story and all, but you are repeatedly making false claims against other members of this site, and make repeated failed attempts to derail threads. I humbly recommend you evaluate your behavior and adjust accordingly.
    I dont think that there will be any curtailing of Donald Trump as president, he said. "He controls the media, he controls the sentiment [and] he controls everybody. Hes the one who will resort to executive orders more so than [President] Obama ever used them." - Ron Paul

  26. #23
    Quote Originally Posted by dannno View Post
    No, what it explains is that I would never invest in any companies you own because they would probably go out of business, unlike Trump's businesses which have been very successful.

    You don't seem understand the nature of businesses or competition at all.

    If you have a company that big that is charging 20% more than your competitors because you source some of your materials locally, you better make GOD DAMN sure the market is willing to pay that extra 20% for locally sourced materials.. otherwise the business will definitely go bankrupt. Trump has an excellent track record ratio of successful businesses to bankruptcies.
    Such as his airline? https://www.bostonglobe.com/news/pol...6NP/story.html

    But while Trump broke into the shuttle business with typical bravado and brand mastery, he was brought low by a series of missteps and a softening economy. His lack of expertise in East Coast skies took a toll, and he was forced to give up the airline after less than three years.


    And Trump’s unfounded remarks about Pan Am safety? They almost immediately came back to bite him. Trump’s own airline was struck by a near-tragedy within its first three months, when the nose gear failed on one of his jets and forced a crash landing at Logan.

    Despite its short, rocky life, Trump today blames outside forces for its demise and maintains the Trump Shuttle was a qualified success.
    Or his casinos? http://www.nytimes.com/2016/06/12/ny...city.html?_r=0

    How Donald Trump Bankrupted His Atlantic City Casinos, but Still Earned Millions

    ATLANTIC CITY — The Trump Plaza Casino and Hotel is now closed, its windows clouded over by sea salt. Only a faint outline of the gold letters spelling out T-R-U-M-P remains visible on the exterior of what was once this city’s premier casino.

    Not far away, the long-failing Trump Marina Hotel Casino was sold at a major loss five years ago and is now known as the Golden Nugget.

    At the nearly deserted eastern end of the boardwalk, the Trump Taj Mahal, now under new ownership, is all that remains of the casino empire Donald J. Trump assembled here more than a quarter-century ago. Years of neglect show: The carpets are frayed and dust-coated chandeliers dangle above the few customers there to play the penny slot machines.

    Without the banks bailing him out and government tax breaks, he would be broke today.

    Mr. Trump assembled his casino empire by borrowing money at such high interest rates — after telling regulators he would not — that the businesses had almost no chance to succeed.
    His casino companies made four trips to bankruptcy court, each time persuading bondholders to accept less money rather than be wiped out. But the companies repeatedly added more expensive debt and returned to the court for protection from lenders.

    After narrowly escaping financial ruin in the early 1990s by delaying payments on his debts, Mr. Trump avoided a second potential crisis by taking his casinos public and shifting the risk to stockholders.

    And he never was able to draw in enough gamblers to support all of the borrowing. During a decade when other casinos here thrived, Mr. Trump’s lagged, posting huge losses year after year. Stock and bondholders lost more than $1.5 billion.

    All the while, Mr. Trump received copious amounts for himself, with the help of a compliant board. In one instance, The Times found, Mr. Trump pulled more than $1 million from his failing public company, describing the transaction in securities filings in ways that may have been illegal, according to legal experts.

    Mr. Trump now says that he left Atlantic City at the perfect time. The record, however, shows that he struggled to hang on to his casinos years after the city had peaked, and failed only because his investors no longer wanted him in a management role.
    Trump Plaza? Sold at a loss of $75 million off his purchase price to a Saudi Prince and a Singapore businessman. http://www.nytimes.com/1995/04/12/bu...investors.html

    Trump Tower Canada? Sold out of bankruptsy after debt default. http://www.reuters.com/article/canad...-idUSL2N18O0MZ
    Last edited by Zippyjuan; 10-04-2016 at 10:13 PM.
    Quote Originally Posted by Swordsmyth View Post
    We would be much better off if Republicans had had the instincts to be immigration hawks.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    I am Zippy and I approve of this post. But you don't have to.

  27. #24
    Quote Originally Posted by Zippyjuan View Post
    Such as his airline? https://www.bostonglobe.com/news/pol...6NP/story.html



    Or his casinos? http://www.nytimes.com/2016/06/12/ny...city.html?_r=0




    Without the banks bailing him out and government tax breaks, he would be broke today.





    Trump Plaza? Sold at a loss of $75 million off his purchase price to a Saudi Prince and a Singapore businessman. http://www.nytimes.com/1995/04/12/bu...investors.html

    Trump Tower Canada? Sold out of bankruptsy after debt default. http://www.reuters.com/article/canad...-idUSL2N18O0MZ
    The number of his successful businesses are far greater than the number of failed ones - in fact the ratio of the two would be considered extremely good. He recently claimed that the value of his assets is extremely high, and that he is very under-leveraged. Do you have any evidence to the contrary?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  29. #25
    Quote Originally Posted by dannno View Post
    The number of his successful businesses are far greater than the number of failed ones - in fact the ratio of the two would be considered extremely good. He recently claimed that the value of his assets is extremely high, and that he is very under-leveraged. Do you have any evidence to the contrary?
    He claims a lot of things. And is reluctant to offer any supporting evidence to prove any of it. He has never allowed anybody to "peek behind the curtain". He is "under-leveraged" because he is no longer the owner of the properties. They pay him money to be a spokesperson/ salesman and to have his name on the building- not for his management skills.

    http://fortune.com/2016/03/31/donald...atlantic-city/

    How Trump's Debt Addiction Crushed the Biggest Company He Ever Ran

    He says he’ll fix America’s national debt problem, but his business track record argues otherwise.

    Donald Trump claims that as president he’d use his business prowess to tackle one of America’s most urgent problems: the towering national debt. “We’re getting to be like a large-scale version of Greece,” Trump warned in a Fox News interview last month. “Look at the country as a profit-making or losing corporation. Right now, we’re losing.”

    The key to solving this debt dilemma? Trump-style management, asserts Trump. The frontrunner for the Republican presidential nomination promises that he’d remake the U.S. economy into a growth machine and erase the country’s national credit problem.

    As evidence, he trumpets his success managing his own enterprises, boasting that the businesses in his portfolio have “very low debt and tremendous cash flow.” That example, Trump has declared, demonstrates the “kind of thinking this country needs with $19 trillion in debt, believe me.”


    There’s just one problem with this narrative: Trump’s actual track record as an executive who has overindulged on credit time and again.

    Indeed, a close examination of how Trump ran the largest business he ever headed demonstrates an entirely different kind of thinking from the belt-tightening rhetoric he spouts on the campaign trail. Over more than a dozen years heading at the time one of America’s biggest casino operators, Trump showed a penchant for aggressively loading up on debt—way, way more than the business could support.

    Much of the debt was accumulated through a series of self-dealing transactions, in which his public company bought out Trump’s personal stakes in various casinos. Trump made those sales to rescue himself from potentially ruinous personal guarantees, and moved huge portfolios of junk bonds that he couldn’t repay personally onto the newly-formed public company. In one major deal, he also appears to have, in effect, paid himself a highly inflated price.

    In the end, Trump’s myopia for the risk created by all the crushing credit obligations at his businesses punished employees, banks, investors, and bondholders alike—almost everyone but Trump himself. It also tanked Trump’s investment in Atlantic City, a place where Trump says he is “very, very proud” of how he did.

    Let’s take a closer look at Trump’s corporate credit record through the prism of Trump Hotels.

    Borrow early, borrow often

    Trump’s operating model for his casino operations can best be summarized thusly: high debt and insufficient cash flow. As chairman, chief shareholder, and sometime CEO of Trump Hotels & Casino Resorts (later named Trump Entertainment Resorts) from 1995 to until early 2009, Trump leveraged his Atlantic City gaming properties to such an extent that even if they’d fared well—which they didn’t—they still wouldn’t have turned a significant profit.

    The Trump Hotels saga is a twisted sort of growth story—one that’s about the growth of debt, not revenues or profits. When Trump Hotels went public in 1995, it carried just $494 million in long-term debt. By the end of the next year, under Trump’s direction, its borrowings had ballooned more than three times to a staggering $1.7 billion, or 4.4 times its equity. Conservatively leveraged companies, by comparison, hold half as much debt as equity. By 2002, Trump Hotels’ debt had risen to $2.1 billion and its leverage ratio had expanded to 27, approaching the levels that later sank Lehman Bros. during the Financial Crisis.

    The result was a bottom line that stayed stuck in the red. In 1997, Trump Hotels lost $42 million, as its $205 million in interest expense far exceeded the operating earnings of $143 million. And it only got worse. By 2003, operating earnings had declined 7% to $135 million, and interest costs grew 10% to $227 million—deepening the deficit to $87 million.

    From the IPO in 1995 through two separate bankruptcies in 2004 and 2009, the main Trump casino operator never made money. Year after year, its operating profits were decimated by gigantic interest costs. Over the almost 15 years Trump served as chairman, Trump Hotels posted net losses, excluding extraordinary items, totaling nearly $1.7 billion.
    Now he wants to increase US government debt under the same failed business model.

    http://www.cnbc.com/2016/08/11/king-...to-borrow.html

    'King of debt' Donald Trump: 'Now is the time to borrow'

    The U.S. is nearly $20 trillion in debt, a number that has almost doubled under President Barack Obama. If Donald Trump is elected president, the nation's massive pile of IOUs will keep on growing and then some.

    Already the self-proclaimed "king of debt" — a declaration the Republican nominee made on CNBC in May — Trump promised Thursday to use the low-interest environment as a means to rebuild the national infrastructure.

    "This is a time to borrow and borrow long term," he told CNBC during a discussion on how he would finance the many projects he wants to undertake, such as rebuilding airports and bridges and upgrading the military.
    Last edited by Zippyjuan; 10-05-2016 at 04:17 PM.
    Quote Originally Posted by Swordsmyth View Post
    We would be much better off if Republicans had had the instincts to be immigration hawks.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    I am Zippy and I approve of this post. But you don't have to.

  30. #26
    Quote Originally Posted by CPUd View Post
    Attack the source!
    I just did.

    Quote Originally Posted by Ender View Post
    No worse that everyone else posting Breitbart every single day.
    Uh, yeah, it's way worse, and it absolutely does not require any further explanation in the case of Newsweek.

  31. #27
    attacking a business owner for a profit motive? There is a popular book about that, something something John Galt?
    I just want objectivity on this forum and will point out flawed sources or points of view at my leisure.

    Quote Originally Posted by spudea on 04/20/16
    There won't be a contested convention
    Quote Originally Posted by spudea on 05/30/17
    The shooting of Gabrielle Gifford was blamed on putting a crosshair on a political map. I wonder what event we'll see justified with pictures like this.



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