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The Chumph is Broke

Trump has been lying about his supposed wealth for a long time. A good part of that has to do with the scam surrounding the “Trump” brand, and it’s supposed value in the luxury marketplace. A good portion of his self reported $10 billion in wealth is based on wildly inflated value of the Trump name. Even his hard assets , the Golf Courses, Hotels, and Casino aren’t worth nearly as much as an uncritical eye would believe.Like anyone who is big in commercial Real Estate, Trump is heavily “leveraged”. In layman’s terms it is like owning $200,000 on a house which can only be sold today for $100,000 – betting that the Real Estate value of houses in the area will go up in 3 years enough to make a profit after paying off the debt. In the high-flying world of certain types of business, your ability to acquire debt is counted as an asset. Ergo, you are worth $1 million – because you can borrow $1 million, even though you only have $100 in the bank. The reason so many Real Estate folks go bankrupt quite simply is they cannot generate enough revenue based on their investments to cover the debt. That house you owe $200,000 on has a monthly mortgage of $2,000, and it can be rented for only $1,000 a month – meaning you have to come up with another $1,000 a month to make the mortgage from somewhere else. Buy enough of those, and don’t flip them fast enough,  and you go bankrupt.

In the real world, your net worth is the value of what you own or have in the bank, minus what you owe. Cash on hand is king. $100 in assets with $50 in debt mean you are worth $50.

In Trump’s world, if you have $50 million cash in the bank, and $100 million in debt – you can easily borrow another $100 million, and are “worth” $200 million. What you can’t do, is not have enough cash to make the payments…

Which from all indications is about where the Chumph is. Stealing $1 million a month from his campaign coffers to service the debt on his various scams by paying his own companies, strongly suggest he not only has a cash flow problem, he is at or past the point of having a negative net worth.

Despite all the huffing and puffing…It indeed looks like the boy is busted.

Now there is a huge difference between a guy like Warren Buffet, and a Chump wannabe billionaire. Warren can write a check for $1 billion, and frequently comes up with $50, $100, or even $500 million as part of his investment empire. The Chump on the other hand, seems to be struggling to have $1 million cash on hand to pay his promised charity donation to Veterans – which he apparently paid from his campaign donations.

Take that from a guy who has experience being hired to do “due diligence” in major investment deals to discover the true value of a company’s assets.

The Chumph begs for money to stay afloat

Yep, Trump’s Stone Broke

It’s important to see those numbers in the proper perspective.

Yes, Clinton has massively more money than Trump. But that’s about the amount of money sheshould have. This isn’t to take away from the accomplishment. It’s a lot of money and it came while she was still having to spend money on the on-going primaries. But it’s in the range of what you would expect from a well-oiled team of professionals drawing on a robust fundraising apparatus. Trump’s amount of cash wouldn’t be terribly impressive for a competitive House race. His campaign is essentially broke. Which, as I noted yesterday, means Trump must be broke, too, or so cash poor as to amount to the same thing for the purposes of this campaign.

Even more revealing is the fact that Trump has been using a huge amount of campaign expenditures to cycle money back through his own businesses. According to an analysis by the AP, through the end of May Trump had plowed $6.2 million into various Trump companies, which is to say, back into his own pocket. That’s roughly 10% of his campaign spending so far, which is almost entirely from the loan (which he can still repay to himself out of future fundraising) he made to his campaign. He kept up the pace in May, spending $6.7 million on his campaign and more than a million of that to various Trump enterprises.

What’s notable about that roughly 10% of money back into his own pocket is that Trump only has businesses in so many sectors. He doesn’t appear to have a company to make red trucker hats and he doesn’t own radio and TV stations to run ads. So that 10% is basically as much as he could possibly run to own companies.

Perhaps the most revealing detail about the May filing is that Trump actually did loan his campaign additional funds – a bit over $2 million. But this shows more just how hard up Trump is. His campaign is in desperate need of funds. Like I said, $1.3 million cash on hand is stone broke for a summer presidential campaign. He clearly has no principled resistance to loaning his campaign more money. And he’s in desperate need of a few tens of millions of dollars. Put this together with having to be shamed into coughing up the $1 million contribution to a vets organization and the implication is clear: Trump is very hard pressed to come up with even a few million dollars. And this from a man purportedly worth $10 billion.

Trump’s promises of vast riches got the GOP into a bind relying on him to fund a general election on his own. But that was all a lie. He’s broke or near broke. And the GOP is now facing mid-summer with a campaign that is broke, has no fundraising apparatus, no candidate with big bucks and no field operation. He’s done the GOP worse than the most screwed over creditor he ever sharked.

 
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Posted by on June 22, 2016 in The Clown Bus

 

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The Long Hard Fall of Olympic Figure Skater and Physician Debi Thomas

How does a World Champion skater, and Olympic Silver Medalist who is a Physician fail?

Debbi Thomas as we remember her –

Here a discussion of her appearing in Iyanla “Fix My Life” on Oprah’s Network…

How An Olympic Icon Ended Up Living In A Bug-Infested Trailer

Debi Thomas used to be a renowned figure skater and a surgeon. Now, she’s broke and unemployed.

From the time Debi Thomas was a young girl, she wanted to grow up to become two things: a renowned figure skater and a practicing physician. She did both.

In the 1980s, Thomas captured the world’s attention from the moment she got onto the ice. While studying for her engineering degree at Stanford University, Thomas won both the U.S. and World Championships. She soon set her sights on Olympic gold. Though her stumbles at the 1988 Olympics in Calgary cost her first place, Thomas took home the bronze and became the first African-American athlete to medal at any Winter Olympics. Then, after a successful figure skating career, Thomas went on to fulfill her second dream. She became a board-certified orthopedic surgeon, eventually opening up her own private practice in Richlands, Virginia.

Today, however, Thomas’ successes seem worlds away.

In between the Olympics and the World Championships, Thomas got married, but says the relationship crumbled after just three years because her husband felt lost in the midst of her popularity. As with her professional stumbles at the Winter Games, Thomas considered this personal stumble to be a failure. Then, more failures: As a physician, Thomas says her high expectations led her to go head-to-head with colleagues, and she was let go from two jobs. Though she had never really wanted to open up her own practice, she did. That’s when another divorce led Thomas to lose her nest egg, she says, and she soon had to close her private practice after two years.

Thomas is currently broke, jobless, twice-divorced and living in a bug-infested mobile home in a trailer park with her fiancé and his two sons. She even lost custody of her own 13-year-old boy, and her fiancé struggles to control both his alcohol use and his anger. Thomas knows it’s time to turn her life around, so she asks life coach Iyanla Vanzant to help her face some harsh truths on a path toward healing….Read the rest Here

 
 

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Anti-Obamacare Litigant Goes Bankrupt – Owing Medical Bills

“Ain’t nobody going to force me to get no healthcare insurance!”

Ain’t nobody going to bail your dumb ass out from going bankrupt either.

I just spent several weeks in 2 Hospitals. The bill for the first one, in which I stayed 3 days was $61,000. That is a formidable bill to have to cover out of pocket.

These dumb arsed Republicans let their racism get in the way of common sense.Indeed they want to screw the whole damn country because Obama is President.

Plaintiff challenging healthcare law went bankrupt – with unpaid medical bills

Mary Brown, a 56-year-old Florida woman who owned a small auto repair shop but had no health insurance, became the lead plaintiff challengingPresident Obama‘s healthcare law because she was passionate about the issue.

Brown “doesn’t have insurance. She doesn’t want to pay for it. And she doesn’t want the government to tell her she has to have it,” said Karen Harned, a lawyer for the National Federation of Independent Business. Brown is a plaintiff in the federation’s case, which the Supreme Court plans to hear later this month.

But court records reveal that Brown and her husband filed for bankruptcy last fall with $4,500 in unpaid medical bills. Those bills could change Brown from a symbol of proud independence into an example of exactly the problem the healthcare law was intended to address.

The central issue before the Supreme Court is whether the government can require people to buy health insurance. Under the law, those who fail to buy insurance after 2014 could face a fine of up to $700.

The business federation, along with other critics of the law, calls the insurance mandate a “threat to individual liberty” that violates the Constitution.

Obama administration lawyers argue that the requirement is justified because everyone, sooner or later, needs healthcare. Those who fail to have insurance are at high risk of running up bills they cannot pay, sticking the rest of society with the cost, they argue. Brown’s situation, they say, is a perfect example of exactly that kind of “uncompensated care that will ultimately be paid by others.”

“This is so ironic,” Jane Perkins, a health law expert in North Carolina, said of Brown’s situation. “It just shows that all Americans inevitably have a need for healthcare. Somebody has paid for her healthcare costs. And she is now among the 62% whose personal bankruptcy was attributable in part to medical bills.”…(more)

 

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Song for Birmingham…

The bankruptcy of America continues. One question though… If you foreclose on a city…

Does everybody have to leave? Joking aside, this has to be frustrating as hell for the folks of Jefferson County.

Alabama county files biggest municipal bankruptcy

Alabama’s Jefferson County filed for bankruptcy court protection on Wednesday in the biggest municipal bankruptcy in U.S. history.

Commissioners for the county, which is home to Birmingham, the state’s biggest city and economic powerhouse, voted 4-1 to declare bankruptcy after meeting behind closed doors for two days in a last ditch-attempt to restructure its debt out of court.

A tentative deal reached with creditors in September to settle $3.14 billion in red ink had been widely expected to avert bankruptcy. But the deal fell apart over what the commission described as creditors’ refusal to meet the terms of previously agreed economic concessions.

There was also frustration over the fact that the estimated savings from the September agreement had shrunk by about $140 million, commission sources said.

“In September 2011, the commission and receiver entered into a comprehensive term sheet setting forth a framework for the resolution of the sewer system crisis,” the commission said in a press release announcing the bankruptcy filing.

“Creditors ultimately were unwilling to make the economic concessions contemplated in the term sheet and the receiver made additional demands inconsistent with the term sheet that the commission was unwilling to accept.”

The commissioners, who are elected and not political appointees, are the final arbiters over much of the county’s business and day-to-day municipal affairs.

The bankruptcy filing by the southern U.S. county will add to concerns about the risks in the $3.7 trillion U.S. municipal bond market, which was hit recently by the high-profile debt crisis in Pennsylvania’s capital of Harrisburg.

In addition to Harrisburg, which filed for bankruptcy last month, just two other cities — Vallejo, California and tiny Central Falls, Rhode Island — have declared bankruptcy in recent years since the onset of the U.S. financial crisis.

 

 
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Posted by on November 10, 2011 in American Genocide

 

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Sly Stone Homeless

Sly smoked all the money…

Homeless Sly Stone Living in Camper, Still Recording Music

Sly Stone

Sad news out of today’s New York Post: Sly Stone, the mastermind behind the legendary psychedelic soul-funk outfit Sly & the Family Stone, has been reduced to living in a van in Los Angeles, eating meals given to him by a retired couple.

As the Post reports, the musician born Sylvester Stewart has been plagued by drug abuse and bad financial decisions. Back in the ’80s, he sold Michael Jackson his publishing rights for $1 million, and last year, he filed a $50 million lawsuit against manager Jerry Goldstein, who he claims cheated him out of two decades of royalty payments. Earlier this year, he was arrested for possession of freebase cocaine.

Since his heyday in the late ’60s and early ’70s — when he scored hits with such songs as ‘Everyday People’ and ‘Family Affair’ — Stone has been one of music’s most notorious recluses. After a performance in 1987, he disappeared from the public eye, resurfacing 19 years later for a brief, head-scratching cameo at a 2006 Grammy tribute. He toured Europe the following year, but according to the Post, he’s now a “disheveled, paranoid” shell of his former self.

On the bright side, Stone has been recording new music, and while he’s hesitant to trust managers or record labels, there’s still a chance his new songs will see the light of day.

“My music is a format that will encourage you to have a song you won’t forget,” he told the Post. “That’s why I got so much money, that there are so many people around, and that’s why I am in court. Millions of dollars!”

“But now please tell everybody, please, to give me a job, play my music,” he added. “I’m tired of all this s–t, man.”

 
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Posted by on September 26, 2011 in Music, From Way Back When to Now

 

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