The Dumb Deal is known for telling everybody to “Buy American” – when not having fashion lines of family members promoted.So some folks were surprised watching the address to Congress. His daughter wore “French style”. Quite right: when it is uncertain what the present American style is, one should settle for French. As Yves Saint Laurent pointed out, French Style is eternal.
Meanwhile, a close buddy of the Dumb Deal also concluded, buying American was a bad idea and dumb deal. Investor Carl Icahn is selling the Trump Taj Mahal. Carl Icahn is one of the US president’s cronies, asked to serve as special advisor. Icahn was approached to serve as special advisor on financial regulation in January.
Icahn claimed he lost 350 million USD on the TTM over a few years. He was willing to sell the TTM for half the money he paid for it. The new owners bought the Trump white elephant for an undisclosed amount of money.
Already well into hyperbolic phrases, Trump dubbed his Taj Mahal the eight wonder of the world. Opening in 1990, Trump’s eight wonder of the world went bankrupt within a year.
After buying the TTM, Icahn became involved in a dispute with union members about benefits, including healthcare. The benefits were stopped when Trump Entertainment, partly owned by Trump and Icahn, ensured a bankruptcy court judge terminated the benefits in 2014.
Icahn closed the TTM the same month, causing nearly three thousand employees to lose their jobs. The casino is presumed to reopen in 2018, when perhaps a few of the former employees may be rehired. If so, the Bad Dude will undoubtedly crow, he has created jobs for millions of people.
Interested in “buying American”? Another Trump white elephant, the Trump Plaza Hotel and Casino which closed nearly three years ago, is also owned by Icahn. Icahn wants to offload it too.
Meanwhile, the Dumb Deal’s administration intends to ignore WTO rulings that don’t fit with whatever its aims are – including “buy American”.
According to the WTO it focusses on human rights, labour rights, the environment, for governments to become more transparent in their dealings, helping developing countries and similar things – and trade. The environment and transparancy are terms which are of no importance to the present US government. The WTO’s idea of helping other countries and the Dumb Deal’s “American First!”- policy do not mix well either. Plenty room for conflicts here. .
According to some, the Bad Dude and his admin have no clue how economics work. They think ignoring the WTO would be a very dumb deal for America.
With others reporting that the Dumb Deal’s daughter advised daddy to make his speech to Congress more optimistic, perhaps she – as an unofficial advisor and consultant, without receiving any payment for advising daddy one hopes – should ensure daddy and his cronies rethink their WTO police. For a start.
And if daddy’s girl can’t do this, perhaps her husband might? After all: this senior advisor to the US president is paid to advise his father-in-law. How about having a nice chat over dinner? If the Yemen military action could be decided in such a fashion, why not munch over WTO rulings in between courses?
For sticking to WTO rulings might prevent clashes with US bodies like the US Chamber of Commerce – and plenty others.
UK Independent, Wayne Parry: Trump Taj Mahal sold
Forbes Tim Worstall: Trump Admin’s Yugely terrible trade idea
US Chamber of Commerce: enforce Trade Agreements (including WTO rulings)
WTO: What the WTO can do