Donald Trump Proves What's Wrong With Bankruptcy Laws in America

[Newsposter]

"On  the opening day of Trump Plaza in Atlantic City in 1984, Donald Trump stood in a dark topcoat on the casino floor celebrating his new investment as the “finest building in the city and possibly the nation.” Thirty years later, the Trump Plaza folded, 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."

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[sailor]

"On  the opening day of Trump Plaza in Atlantic City in 1984, Donald Trump stood in a dark topcoat on the casino floor celebrating his new investment as the “finest building in the city and possibly the nation.” Thirty years later, the Trump Plaza folded, 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."

Read the Article

 
Sounds like we need to change things then (or the article is just political bashing).  If somebody starts a business they must keep it open and keep people employed until all their savings are exhausted and they are in the poor house.

[Juniperberry]

"On  the opening day of Trump Plaza in Atlantic City in 1984, Donald Trump stood in a dark topcoat on the casino floor celebrating his new investment as the “finest building in the city and possibly the nation.” Thirty years later, the Trump Plaza folded, 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."

Read the Article

 
Well, technically he did try to save that business multiple times and by the time it did close, it was his in name only. For all of Trump's faults,  I really don't want to see him  become the scapegoat for the actual banks that sent us into economic crisis.

[sailor]

Well, technically he did try to save that business multiple times and by the time it did close, it was his in name only. For all of Trump's faults,  I really don't want to see him  become the scapegoat for the actual banks that sent us into economic crisis.

 
Which is why it's a political hit piece and both article and author can be ignored.

[RandallS]

Which is why it's a political hit piece and both article and author can be ignored.

I don't think Robert Reich should be ignored. I think he is one of the sensible economists around -- but then, I'm a liberal and you aren't (which I sure is a major influence on which economists we each prefer.  This is one of his political columns, so naturally it is biased.  And he is not so much poking at Trump as at the current bankruptcy system in the US which favors corporations and the wealthy over average people in debt -- he's just using Trump for the headline value.

[sailor]

he's just using Trump for the headline value.

 
That's my major problem with the article.

The rest of the material I can understand his point, even though I think he's being misleading about the home mortgages. I don't think chap 13 has ever extended out to 25 years with regards to reorganization.

The chapter 13 changes were mostly in regards to credit card debt. Run up $40K in credit cards and walk away when you never had the means to pay off that much?

Or student loan?  File 6 months after graduation and walk away from $400K in student loan?  If it became common, expect the student loan system to dry up.  Or a return of the Gracchus brothers.

Also I think he's forgetting the meme about Wants more govt / more govt