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n2doc

(47,953 posts) Sun Sep 21, 2014, 07:39 PM Sep 2014

Why Ordinary People Bear Economic Risks and Donald Trump Doesn’t

By Robert Reich

Thirty years ago, on its opening day in 1984, Donald Trump stood in a dark topcoat on the casino floor at Atlantic City’s Trump Plaza, celebrating his new investment as the finest building in Atlantic City and possibly the nation.

Last week, the Trump Plaza folded and the Trump Taj Mahal filed for bankruptcy, leaving some 1,000 employees without jobs.

Trump, meanwhile, was on twitter claiming he had “nothing to do with Atlantic City,” and praising himself for his “great timing” in getting out of the investment.

In America, people with lots of money can easily avoid the consequences of bad bets and big losses by cashing out at the first sign of trouble.

The laws protect them through limited liability and bankruptcy.

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http://robertreich.org/post/98079430765

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Why Ordinary People Bear Economic Risks and Donald Trump Doesn’t (Original Post) n2doc Sep 2014 OP

It is because business and personal finances are separate yeoman6987 Sep 2014 #1

yeoman6987

(14,449 posts)

1. It is because business and personal finances are separate

Reply to n2doc (Original post)

Sun Sep 21, 2014, 07:56 PM

Sep 2014

I think when the rules were made, it was probably a good idea, but as time went on the super rich took advantage of the bennies of doing it this way. Our country never seems to want to change the rules as we go along. Now it is probably too big to change. Unless we have a tax reform the size of ACA, I predict 40 years from now DU will be having the same conversation but just with different actors.

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