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Billionaire Tells Americans to Prepare For 'Financial Ruin' (Trump)
Moneynews ^ | June 30, 2014 | Newsmax Wires

Posted on 07/01/2014 7:05:33 PM PDT by driftdiver

The United States could soon become a large-scale Spain or Greece, teetering on the edge of financial ruin.

That’s according to Donald Trump, who painted a very ugly picture of where this country is headed. Trump made the comments during a recent appearance on Fox News’ “On the Record with Greta Van Susteren.”

According to Trump, the United States is no longer a rich country. “When you’re not rich, you have to go out and borrow money. We’re borrowing from the Chinese and others. We’re up to $16 trillion in debt.”

He goes on to point out that the downgrade of U.S. debt is inevitable.

“We are going up to $16 trillion [in debt] very soon, and it’s going to be a lot higher than that before he gets finished. When you have [debt] in the $21-$22 trillion, you are talking about a downgrade no matter how you cut it.”

(Excerpt) Read more at moneynews.com ...


TOPICS: Business/Economy
KEYWORDS: 113th; bho44; bhoeconomy; billionaires; economy; trump
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Trump has the optimistic view in this article
1 posted on 07/01/2014 7:05:33 PM PDT by driftdiver
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To: Kartographer

ping


2 posted on 07/01/2014 7:06:32 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: driftdiver

Well, look at the bright side. We’ll each have 20 or 30 illegal aliens to mow our lawns.


3 posted on 07/01/2014 7:06:43 PM PDT by FlingWingFlyer (The future must not belong to those who slander bacon.)
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To: driftdiver

Trump should offer $5M to anyone in the IRS who can come up with the missing emails. You know someone has them.


4 posted on 07/01/2014 7:07:15 PM PDT by ClearCase_guy ("Harvey Dent, can we trust him?" http://www.youtube.com/watch?v=HBsdV--kLoQ)
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To: driftdiver

At least someone is talking about it. I am so happy i have no kids and im getting on in years it sickens me greatly


5 posted on 07/01/2014 7:07:44 PM PDT by al baby (Hi MomÂ…)
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To: driftdiver

Who is the billionaire they are referring to? It certainly isn’t Donald Trump.


6 posted on 07/01/2014 7:09:50 PM PDT by wideawake
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To: driftdiver

That’s what a century of appeasing communist democrats gets you.


7 posted on 07/01/2014 7:10:33 PM PDT by Ray76 (True change requires true change - A Second Party ...or else it's more of the same...)
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To: al baby

I wish we could have part of America secede from the liberal parts, and let the liberal parts go their own way. Let the liberals figure out how the heck they will pay down this debt.

Candidate Obama was shocked, just shocked, at a total debt of about $9 trillion, and how unpatriotic it was to borrow from China to finance increasing deficits. Deficits and total debt have exploded during his time in office, and now he has nothing to say about that subject.


8 posted on 07/01/2014 7:11:16 PM PDT by Dilbert San Diego (s)
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To: al baby

I have a grandchild entering college,a couple in high school,and a couple in middle school.

I fear for their future.

.


9 posted on 07/01/2014 7:11:35 PM PDT by Mears
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To: Mears

My youngest is 6.. I question myself as to what I am going to do to try and leave things better than they where given to me.


10 posted on 07/01/2014 7:12:56 PM PDT by cableguymn (It's time for a second political party.)
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To: FlingWingFlyer

With all the benefits we will be giving them and the lost of jobs for the rest of us ... we may be mowing their lawns.


11 posted on 07/01/2014 7:15:47 PM PDT by doc1019
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To: Mears

My son will be six the end of September, my oldest daughter will be three the end of August, and my baby girl will be one mid September (insert Christmas break joke here). I’m quite frightened.


12 posted on 07/01/2014 7:16:03 PM PDT by goodwithagun (My gun has killed fewer people than Ted Kennedy's car.)
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To: doc1019

I believe you’re right.


13 posted on 07/01/2014 7:16:24 PM PDT by FlingWingFlyer (The future must not belong to those who slander bacon.)
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To: FlingWingFlyer

We each might house 20 - 30 illegal aliens in our garages.


14 posted on 07/01/2014 7:16:25 PM PDT by The_Media_never_lie (The media must be defeated any way it can be done.)
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To: FlingWingFlyer
We’ll each have 20 or 30 illegal aliens to mow our lawns.

Yeah, cause you know I'm not going to do it./s

15 posted on 07/01/2014 7:21:06 PM PDT by PistolPaknMama
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To: goodwithagun

“If there must be trouble, let it be in my day, that my child may have peace.”

Thomas Paine, The American Crisis, No. 1, December 19, 1776


16 posted on 07/01/2014 7:21:47 PM PDT by CrazyIvan (I lost my phased plasma rifle in a tragic hovercraft accident.)
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To: CrazyIvan

That’s what I’ve been typing on FR since the GOPe coli chose Willard. I’d rather fight the war, with my children learning by observation.


17 posted on 07/01/2014 7:24:01 PM PDT by goodwithagun (My gun has killed fewer people than Ted Kennedy's car.)
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To: Mears

I fear for them too and my nieces and nephews some of whom voted for that bastard


18 posted on 07/01/2014 7:24:25 PM PDT by al baby (Hi MomÂ…)
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To: cableguymn; Mears

I find myself wondering if my generation (the 1950s) was the last generation of the American dream. My children are not better off. My grandchildren will certainly not be better off. Sometimes I could, and do, cry.


19 posted on 07/01/2014 7:24:57 PM PDT by PistolPaknMama
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To: Mears
I have three children in college and one in high school. I have one grandchild in college and three entering college and one in high school.

I share your fear.

Yet every day I read Goldman Sachs reports that are uniformly optimistic. For example, Goldman Sachs is downplaying the significance of the 3% drop in the first quarter GDP and predicting 2+ percent increase in the second quarter and for the year.

They have been doing this since the onset of the great recession. I am fully in Donald Trump's camp but the question for me is not whether but when. Many have gone broke betting against Goldman Sachs, many have gone broke trying to time the market and I think the same caution applies in trying to time the reckoning.

I hope Goldman Sachs is right and Trump was wrong but I do not know the answer to that any more than I know which one of them is more arrogant.


20 posted on 07/01/2014 7:29:14 PM PDT by nathanbedford ("Attack, repeat, attack!" Bull Halsey)
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To: wideawake

Yes its Trump


21 posted on 07/01/2014 7:30:00 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: The_Media_never_lie

The Kenyan, Louie Gutierrez and Miss Piggy Pelosi believe all of these freeloading invaders are OUR responsibility. Not their own government’s responsibility. Not the UN’s responsibility. The US taxpayers’ responsibility! Somebody needs to “wiz quiz” these clowns. They all act like they’re on drugs. The people in this country need to wise up. America is just about finished and their greedy little asses allowed it to happen. I wonder if the freeloading, low information voters have a Plan B when America finally goes under.


22 posted on 07/01/2014 7:30:22 PM PDT by FlingWingFlyer (The future must not belong to those who slander bacon.)
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To: nathanbedford

The article also quotes the guy who predicted the housing collapse. He thinks Trump is optimistic.


23 posted on 07/01/2014 7:31:56 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: cableguymn

Kiddos today are growing up in an entirely different world. On occasion after I have shared a story from my past with him, my teenage grandson responds with “How weird”. We miss what we had. No one but God can undo what has been done.

I often wonder if maybe each generations desire to leave “more” for their children than they had was such a good idea after all.


24 posted on 07/01/2014 7:34:32 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: yorkiemom; null and void; laplata; Gluteus Maximus; Salvavida; Foundahardheadedwoman; baddog 219; ..

CWII Spark — Financial Ruin would do it.


25 posted on 07/01/2014 7:35:41 PM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: driftdiver
$17,632,606,234,365.92 as of yesterday according to the Fed.
26 posted on 07/01/2014 7:36:45 PM PDT by Citizen Zed ("Freedom costs a buck o five" - Gary Johnston, TAWP)
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To: cableguymn

I’m sorry to be pessimistic but you can’t possibly leave them better off as far as America goes. We are broke and not producing wealth, yet we are spending more and more as if people are “entitled”to it. And we are weakening our defenses.

America faces economic collapse and a devastating war. All preventable except our politicians and many of our people are now pure scum.

Other than that things will be ok.


27 posted on 07/01/2014 7:37:41 PM PDT by Williams
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To: appalachian_dweller; OldPossum; DuncanWaring; VirginiaMom; CodeToad; goosie; kalee; ...

Preppers’ PING!!

Hat tip to driftdiver for the heads up!


28 posted on 07/01/2014 7:38:22 PM PDT by Kartographer ("We mutually pledge to each other our lives, our fortunes and our sacred honor.")
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To: driftdiver

Popular bumper sticker in the recent past:

“We’re Spending our Kids Inheritance”


29 posted on 07/01/2014 7:41:07 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: Citizen Zed

Well I don’t think Trump is a billionaire either so I figured it was like horseshoes.


30 posted on 07/01/2014 7:41:26 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: driftdiver

Just think, in twenty more years we could be sneaking into Mexico.


31 posted on 07/01/2014 7:41:35 PM PDT by muir_redwoods (When I first read it, " Atlas Shrugged" was fiction)
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To: al baby

I agree. But, I have kids. But they’re idiots so I’m not concerned. They made their choices. And their kids will pay for their parents’ stupidity.


32 posted on 07/01/2014 7:42:41 PM PDT by VerySadAmerican (Liberals were raised by women or wimps.)
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To: driftdiver

Saw this on Drudge earlier. The problem is that links to news max all end up with a message that says “Whoops – We Can’t Find This Page.” So that kind of throws some cold water on this story.


33 posted on 07/01/2014 7:48:10 PM PDT by Revel
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To: Mears

I have one just graduated from college, no job prospects, her dad is unemployed again after a 2 year search from the last layoff, and Mom has 3 part time jobs...they are losing everything!

One is a senior in high school, another starting middle school...

I can not imagine their lives...or even the next few of mine that might be left.


34 posted on 07/01/2014 7:48:58 PM PDT by 3D-JOY
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To: Revel

It worked for me so I posted it. Its a newsmax story but the link goes to moneynews.


35 posted on 07/01/2014 7:50:35 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: driftdiver
It seems to me that one has different responsibilities, different fiduciary obligations, when one speaks as a financial analyst as opposed to an armchair political pundit. As an analyst, I would venture that there is still money to be made in the current environment which is primarily created by the Fed. As an armchair political pundit, I rage against the leftist policies done by both parties but especially by Obama which have put the country in such peril.

I am outraged that Obama has succeeded with crony capitalism in distorting the American economy while convincing the American people that he is a populist and got reelected doing it. I am outraged that he has trivialized $17 trillion in debt and caused it to be disregarded by the bulk of the people and certainly a majority of the electorate. As a pundit I believe he favored Goldman Sachs and destroyed Main Street; as an analyst I believe the music will probably continue to play until sometime after he leaves office.

We are being defrauded into a calamity. Our institutions, such as our media, responsible to protect us from such a calamity fail to reveal the fraud because of race and progressivism. When the reckoning comes, the electorate will be no better informed as a result than they are today. The solution for failed socialism therefore will be more socialism.


36 posted on 07/01/2014 7:52:48 PM PDT by nathanbedford ("Attack, repeat, attack!" Bull Halsey)
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To: driftdiver

I’ve heard both parties saying since at least the mid-eighties that there’s no need to pare down the national debt, it would just derail the economy. If you argued otherwise, you were an alarmist. Now I don’t give a damn, nobody listens to the voice of reason. The younger folks want free tuition, want the govt to pay off their student loans, want to tax the shale industry to death because relentless TV commercials from the Dems tell them to vote that way, so as more jobs leave our state, let the people suffer with the world they built.


37 posted on 07/01/2014 7:52:50 PM PDT by Ciexyz
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To: Mears

I have one just graduated from college, no job prospects, her dad is unemployed again after a 2 year search from the last layoff, and Mom has 3 part time jobs...they are losing everything!

One is a senior in high school, another starting middle school...

I can not imagine their lives...or even the next few of mine that might be left.


38 posted on 07/01/2014 7:52:52 PM PDT by 3D-JOY
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To: driftdiver

Bump


39 posted on 07/01/2014 7:55:06 PM PDT by 4Liberty (Optimal institutions - optimal economy.)
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To: Citizen Zed

I thought Trump was low by over a billion. Not good for someone giving financial advice.


40 posted on 07/01/2014 7:58:22 PM PDT by yorkiemom
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To: nathanbedford
Fear not!
Imagine yourself, maybe an alien visitor from a dark continent or dark star half way across the universe, stumbling across the USA today.
Your perspective would be of amazement and consequently of the potential of development.
Our future can be bright. Maybe it sounds simplistic and naive to see potential when so many others see ruin and hopelessness.
But there will be tomorrow and another tomorrow. And if we only see darkness and terror then that is what tomorrow will bring.
Yes, we are about to go through massive change, but it is never to early to begin thinking about the never ending tomorrows.
41 posted on 07/01/2014 8:03:37 PM PDT by free from tyranny
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To: FlingWingFlyer
Well, look at the bright side. We’ll each have 20 or 30 illegal aliens to mow our lawns.

Great. And Otrama will make you pay them a four hour minimum, plus health care costs.

42 posted on 07/01/2014 8:08:42 PM PDT by Doomonyou (Let them eat Lead.)
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To: driftdiver

Why don’t this titans of fortune offer a solution instead of always doom and gloom?


43 posted on 07/01/2014 8:09:14 PM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: nathanbedford
When the reckoning comes, the electorate will be no better informed as a result than they are today. The solution for failed socialism therefore will be more socialism.

Which is part of why those who see "the reckoning" as a means of restoring the Republic, and look forward to it with barely suppressed glee, are full of beans.

44 posted on 07/01/2014 8:10:23 PM PDT by Yardstick
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To: Doomonyou

They’re all are supposed to get SEIU membership cards as soon as they fill out their DemocRAT “Voter” Registration forms.


45 posted on 07/01/2014 8:12:15 PM PDT by FlingWingFlyer (The future must not belong to those who slander bacon.)
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To: freekitty

I’m not a big trump fan but he has many times.


46 posted on 07/01/2014 8:16:53 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Williams

So you just know there will be an economic crash as the DOW climbs to near all time highs of 17000. The bubble is about to burst!


47 posted on 07/01/2014 8:17:38 PM PDT by Blue Highway
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To: driftdiver

and that’s why I’m paying off the crdit cards as fast as I can.


48 posted on 07/01/2014 8:23:26 PM PDT by Shadowstrike (Be polite, Be professional, but have a plan to kill everyone you meet.)
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To: muir_redwoods

Just think, in twenty more years we could be sneaking into Mexico.


I don’t think we’ll see much difference between the two.


49 posted on 07/01/2014 8:26:38 PM PDT by laplata (Liberals don't get it .... their minds are diseased.)
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To: free from tyranny
Never take counsel of your fears.

Thomas Jonathan (Stonewall) Jackson

Good advice when in the field but perhaps not perfect advice in October 1929.

You are perfectly right, there is much to encourage hope and one need merely cast a glance at emerging technologies to know that the world is turning over new opportunities faster than we can comprehend their number or their effect. We are clearly on the cusp of a technological revolution which is breathtaking and which will change everything.

The question is will we maintain a political structure which will permit entrepreneurs to flourish and bring unknown benefits to mankind and at the same time preserve the individual liberty enshrined in our Constitution? My fear is not for the ingenuity of man to invent but for the propensity of man to enslave.


50 posted on 07/01/2014 8:30:33 PM PDT by nathanbedford ("Attack, repeat, attack!" Bull Halsey)
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