NYT's Dishonest 'Scoop' on Trump's Taxes Left Out a Narrative-Ending Piece of Information
The New York Times desperately tried to paint President Donald Trump as an incompetent businessman for his losses from 1985 to 1994, but left out information about New York City’s own real estate crash.
Trump was one of the countless businessmen caught up in the New York City real estate crash that started in 1988, according to a study from the Furman Center for Real Estate & Urban Policy.
“Along with the rest of the country, New York entered a downturn at the end of the 1980s. Citywide, prices fell by nearly 30%, more than twice the drop witnessed between 1974 and 1980, and even in Manhattan prices fell significantly,” the study said.
“Nearly every major firm has laid off real estate investment bankers to rein in costs as deals dried up,” the Times reported in 1991. “Last year Morgan Stanley, Salomon Brothers and Merrill Lynch pared down the size of their real estate groups.”
“Even Goldman, which has dominated the business on Wall Street, is telling many of its real estate bankers to look for new jobs.”
This is extremely important information to note when discussing Trump’s taxes from that period, but the Times deceived their readers by omitting these key details.
“Mr. Trump was propelled to the presidency, in part, by a self-spun narrative of business success and of setbacks triumphantly overcome,” the Times reported Wednesday.
“He has attributed his first run of reversals and bankruptcies to the recession that took hold in 1990. But 10 years of tax information obtained by The New York Times paints a different, and far bleaker, picture of his deal-making abilities and financial condition.”
It’s common knowledge, however, that Trump’s businesses slumped through those decades.
I’m all for seeing Trump’s tax records, but I’m confused as to why it’s being portrayed as new or surprising that he endured major financial turmoil in the late 80s / early 90s. Everyone has known this forever. The tabloids covered it breathlessly at the time pic.twitter.com/uQnRMGcNji
— Michael Tracey (@mtracey) May 8, 2019
Trump even wrote a book, “Trump: The Art of the Comeback,” about how he recovered from his financial struggles.
Trump wrote a book about the turmoil and incorporated it into his (largely phony) public image. In the first episode of The Apprentice, Trump said: “About 13 years ago, I was seriously in trouble. I was billions of dollars in debt.” So… yeah. None of this was really hidden pic.twitter.com/fnGvWlChuN
— Michael Tracey (@mtracey) May 8, 2019
The establishment media desperately wanted the newly discovered “tax information” to be a huge scoop against Trump, but the information isn’t all that damning.
If the Times’ “tax information” is accurate, it only supports Trump’s image of a successful businessman who managed to bounce back from the disastrous real estate crash.
And despite the left’s attempts to characterize Trump as someone who doesn’t understand business, the United States economy is booming right now, with unemployment at historically low levels.
Trump is a smart businessman — it’s not a “scoop” that he reported losses during a real estate crash.
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