Donald Trump although better known for his current controversial position as President of the United States of America actually held quite the reputation before becoming the 45th president. He made his rise into the public eye in the early 80s and by the early 90s was seen as a grand symbol of wealth, excess, and economic rise and fall.
Donald Trump as many already know started with one foot already in the door leading to the world of the economic game and power, his family was relatively well off and by no means economically struggling, this already put above most people of the time. His father was a self-made man who owned many properties from which he made his living. Trump started his career in 1968 at his father’s real estate development company, the company owned middle-class rental housing in New York. He slowly climbed the ranks of the company and by 1971 he was named president of the family company and even decided that he must rename it. He renamed it TheTrump Organization.
He quickly picked up interest in high-end hotels and by 1978 he bought and renovated the Commodore Hotel. By the early 1980s trump’s hotel, career took off and he started renovating many more high-end hotels. He also took up a great interest in casinos and In 1984 opened Harrah's at Trump Plaza hotel and casino. In 1985 Trump opened Trump Castel, another hotel and casino that he had his wife manage. T
Trump then ran into some economic trouble as he got highly involved with junk bonds and the era of mass spending was coming to an end. He symbolized many aspects of the mass spending and mass fortune some possessed in the 1980s and with that fortune also the economic downfall. In 1988 a casino he had spent 645 million went bankrupt in just under a year and he was forced to sell some of his properties. Although he still held onto most of his wealth it is still uncertain of what his net worth truly is, he will forever be one of the great symbols of wealth of the 1980s.
This was a really interesting and informative blog. I only really knew that Trump was a business man before going into politics, so your post has really deepened my knowledge on our current president. It's really interesting that even these great symbols of wealth in the 80s lost huge sums of money during the late 1980s. While he surely has had business success, I wanted to do some further research into his bankruptcies and business failures. Like you mentioned, most of his bankruptcies occurred shortly after the economic downfall, including the Trump Taj Mahal, Trump's castle, plaza casino, and Trump's plaza hotel. Later, in 2004, Trump's Hotels and Casino Resorts also went under, leaving him with filings listing about 1.8 billion dollars in debt. Clearly, even some of the richest business men have great fails in our history.
ReplyDeletehttps://www.snopes.com/news/2016/08/01/donald-trumps-bankruptcies/
I thought this post was very insightful and sheds a different light on Donald Trump. There is a lot of controversy over his political agenda but before he was a pretty successful business man. Despite filing for bankruptcy and reportedly lost 1 billion dollars in taxes, he came back from that massive deficit. He used his name, licensing it ranging from condominiums to steaks and neckties. From that he began to continue to acquire real estate and become extremely wealthy again.
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I think it's interesting to learn about the past of our current President. Something interesting to note is President Trump's long lasting ambition to achieve his current position. He's teased becoing President for a long time--on the Oprah Winfrey show in 1988, he declared that he wouldn't rule out running fr president, and that he would probably win the office if he ran. And later on the David Letterman show, when asked if he would run for President, he replied, "I don't know." Followed by, "Do you want to see America become a winner?"
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Deletehttps://www.theatlantic.com/politics/archive/2016/01/the-decade-when-donald-trump-became-a-celebrity/422838/
It is interesting to learn about Donald Trump in the 1980s as the person who was before who we know now. He was a symbol of the 1980s, in a sense: a rise into power and money, and a crash into bankruptcy and scandals. Nonetheless, Trump managed to hold on to the bulk of his wealth and eventually made some profits, until he became President of the United States.
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