Loading ...The debt explosion is going to get much worse as interest rises ..WE are bankrupt all of us….as a Country ,Trump has been their before several times and he has extricated himself from it successfully ! NO other President or candidate has that kind of experience that successfully got himself out of debt on such a large scale .NO ONE living has that kind of experience …I suspect Elon MUSK will be tested to see if he measures up ….Experience in that arena is invaluable .
I have been there as a CREDITOR years ago and a group of NY TAX ATTORNEYS working out of the Empire State Building hired to represent the Creditors and Bankrupt-ee worked out a plan as I listened very intently to see how I was going to get PAID the thousands I was owed…I learned how it was done and I got paid even though two years later the Bankrupt-ee went out of business .ALL the creditors got paid by keeping them in business with a tight reign on their ability to spend money .Creditors went to the front of the line after current bills got paid along with 10 % of past bills and management was watched like a hawk.Been there done that in 1968….Small creditors got paid before the big guys 100 %.
It s the biggest creditors that had to wait the longest because even the smallest creditor could have demanded they be denied any more credit and everybody would have gone bust …It wasent because there was fraud or anything like that..it was we entered a recession and the biggest retail Department stores started taking 30 then 60 ,then 90 days to pay their bills and caused a ripple effect all the way down the line…Everybody knew it was a time factor and nobody panicked and as the economy got better we demanded more payment…WE were all manufacturers of clothing …..in the end manufacturers went out of business or went off shore .I left the business from the sewing end 500,000 jobs lost in NY-NJ area alone and in N.Carolina the cloth mills went off shore,the cotton growers grew off shore …the loss of American jobs was about 1 million ..Thats how China grew as we traded labor intensive work in exchange for entry in to their Banking and Insurance business ..Thats how this all happened ! NOW 50 years later Trumps trying to rebalance that horrable mistake the DEAL that the BANKSTERS made that gave our jobs away and they got entry into Asian Banks .
I cant tell you how many WIDOWS lost their only means earning a good living and went on welfare…I had 150 employees 99 % women…