Tuesday night, Marco Rubio and Ted Cruz attacked each other while Donald Trump essentially ran unopposed for the GOP presidential nomination. Since neither man is willing to take Trump on, they deserve to lose. While Mr. Trump has made a habit of saying that America doesn’t win anymore, Sen. Rubio and Sen. Cruz have provided the proof for Mr. Trump’s statement. There isn’t a serious pundit out there that thinks either senator is playing to win.
That isn’t to say that neither can win. Donald Trump isn’t the winner he claims he is. Kevin Williamson’s article provides proof that Trump isn’t the master negotiator/businessman that Trump insists he is. Trump’s been known to say that when he’s president, America will win so often that the nation will get sick of winning. If his business record is a guide to how successful he’ll be, people shouldn’t get their hopes up.
Thanks to Mr. Williamson’s research, we know that Trump’s business career is filled with him repeatedly making the same major mistakes. For instance, “Trump’s first bankruptcy was in 1991 after he borrowed a stupidly irresponsible amount of money to finance that monument to excruciatingly bad taste known as the Trump Taj Mahal in Atlantic City.” That’s just the start of that story. Here’s more details from that bankruptcy:
Trump had financed the $1 billion project largely with junk bonds, which meant very high interest payments. Trump did not make enough money to meet his interest payment and so was forced into bankruptcy.
Sen. Cruz and Sen. Rubio should be tag-teaming Trump with this bombshell material. They’ve been given a golden opportunity. If they’re serious about winning, they should jump all over this opportunity. If they don’t maximize that opportunity, they should bring this up at the next debate:
Trump’s second bankruptcy came with his acquisition of New York City’s Plaza Hotel. The great deal maker did essentially the same thing with the Plaza that he had done with the Taj Mahal: He borrowed too much money, at rates he could not afford. Once again, Trump was unable to make his debt-service payments. Once again, he lost much of his ownership stake — 49 percent went to Citibank — and, once again, he found himself having to run for the doors as parties with deeper pockets and more managerial acumen took over to clean up his mess. In the case of the Plaza, that was CDL Hotels International, of Singapore, and Prince Walid bin Talal, of Saudi Arabia. The Saudi prince laments that he was twice forced to “bail out” Donald Trump, whom he describes as a “disgrace to the United States.”
Trump’s business acumen will be challenged. If Cruz and Rubio doesn’t hit him with this information, Hillary Clinton will hit him with it. If there’s anything that’s guaranteed other than death and taxes, it’s that the Clinton machine play hardball during a presidential election.
Cruz and Rubio should stop pulling their punches. If Trump hits them and they lose, then they can at least argue that they put up a fight. At this point, neither man could credibly make that argument. At this point, they both look like they’re fighting for a contested election. At this rate, that strategy will disappear by mid-April. Finally, there’s this:
In 2004, Trump Hotels and Casino Resorts, a holding company for various Trump properties including the Taj Mahal and a riverboat-gambling company in Gary, Ind., went into bankruptcy, having acquired $1.8 billion in debt while raising only $130 million through an initial public stock offering. Same story: Trump had borrowed too much money, at a rate he could not afford (15 percent, in fact, which lets you know how credit-worthy the market deems Trump to be), and once again he was obliged to give up most of his ownership stake.
In 2004, credit cards were charging lower interest rates than 15%. Trump’s appetite for splashy headlines apparently outpaces his willingness to learn basic lessons. How could he do the same thing 3 times, fail 3 times and not learn from it? Is Mr. Trump that ignorant? Or is it that his ego prevents him from learning?
If Cruz and Rubio don’t learn that you can’t win anything if you don’t fight for first place, then they will have proven that they’re just as ignorant as Mr. Trump.