The Tarriff Hype.
- Thread starter petros
- Start date
P
So how about historicAl figures being cancelled , names are always changing and evolving .
Are you in favour of that? Just curious…The federal government is replacing its counter-tariffs on seafood with 50 per cent levies on a series of other American goods, according to Finance Minister Frankie Bubbles office. Newly added to Canada’s list of counter-tariffs include:
Wood charcoal;
Printed matter, including printed pictures or photographs;
Articles of plaster or of compositions based on plaster, including boards, sheets and tiles;
Materials used in the conveyance or packing of goods, including bottles, flasks, jars and pots;
And copper wire.
…& no, I am not in favour of Canadian tariffs on American goods, though I do respect boycotting Products when possible, so Canadians themselves can vote with their wallets.
Canada reveals newly added items to list of U.S. counter-tariffs — CTV News
The federal government is replacing its counter-tariffs on seafood with 50 per cent levies on a series of other American goods, according to Finance Minister François-Philippe Champagne’s office.
I wonder if this.is personal? Carney was running the Bank of Canada in 2008 when the derivatives and subprime scam hit.
Canadian Banks armed with a CAD worth $1.15 USD and super low Carney bank of Canada interest rate swooped in and bought banks and real-estate for pennies on a superior CAD
Trump didn't fair well.
**Yes, Donald Trump reported large business losses around 2008–2009 tied to the broader economic fallout from the financial crisis (often linked to complex mortgage-related derivatives and the housing/credit markets), but these were primarily from his real estate and casino operations—not from direct personal trading or investments in derivatives.**
According to New York Times reporting on his tax records:
- He declared more than $1 billion in losses for 2008 and 2009, largely related to the final failure of his Atlantic City casino investments (Trump Entertainment Resorts faced ongoing problems and filed for bankruptcy in early 2009).
- Other sources describe total core business losses in the range of roughly $1.4 billion across those two years.
- He used these losses (under tax rules allowing carrybacks/carryforwards and refunds in some cases) to claim a roughly $72.9 million federal income tax refund of taxes paid in prior years (mainly 2005–2007, during peak *Apprentice* earnings). He paid no federal income tax in 2008.
Key problem areas during the crisis included:
- **Chicago Trump International Hotel & Tower**: Construction finished amid the downturn with many residences unsold. He had large construction loans (hundreds of millions, with a personal guarantee on a portion from Deutsche Bank). He sought extensions, then sued the lenders (claiming the crisis was a “force majeure”/act of God that should excuse payment and seeking damages), while the bank countersued. Debt restructuring and later forgiveness/write-downs occurred; some forgiven debt was reported as income but offset by other losses.
- Atlantic City casinos continued their long pattern of poor performance and high debt, culminating in another bankruptcy filing.
- Broader real estate and licensing deals were hit by the recession (slower sales, empty commercial space, etc.).
Trump was not a major player in derivatives trading or structured products like the big Wall Street firms, hedge funds, or banks that took direct hits from CDOs, credit default swaps, or related instruments. Public records and reporting from the period show no evidence of significant personal losses from derivatives speculation. His businesses were exposed to the real-economy effects of the credit crunch and recession (tighter lending, falling property values/demand, reduced travel/gambling).
He also generated substantial income during these years from *The Apprentice*, related licensing, and branding deals (tens of millions annually in that period), which helped offset some pressures. Forbes estimates of his net worth showed a dip around the crisis years before later recovery as the economy improved. He has publicly said he tends to do better in downturns by finding opportunities, though contemporaneous reporting indicates he was primarily focused on managing debt and distressed properties rather than making large opportunistic gains from the crisis itself.
In short, the crisis contributed to (and amplified) real operating and valuation losses in his core businesses that he reported on his taxes, but these were not losses from trading or holding the derivatives that were central to the Wall Street meltdown. Tax rules allowed him to turn those reported losses into significant refunds of prior taxes paid.
Canadian Banks armed with a CAD worth $1.15 USD and super low Carney bank of Canada interest rate swooped in and bought banks and real-estate for pennies on a superior CAD
Trump didn't fair well.
**Yes, Donald Trump reported large business losses around 2008–2009 tied to the broader economic fallout from the financial crisis (often linked to complex mortgage-related derivatives and the housing/credit markets), but these were primarily from his real estate and casino operations—not from direct personal trading or investments in derivatives.**
According to New York Times reporting on his tax records:
- He declared more than $1 billion in losses for 2008 and 2009, largely related to the final failure of his Atlantic City casino investments (Trump Entertainment Resorts faced ongoing problems and filed for bankruptcy in early 2009).
- Other sources describe total core business losses in the range of roughly $1.4 billion across those two years.
- He used these losses (under tax rules allowing carrybacks/carryforwards and refunds in some cases) to claim a roughly $72.9 million federal income tax refund of taxes paid in prior years (mainly 2005–2007, during peak *Apprentice* earnings). He paid no federal income tax in 2008.
Key problem areas during the crisis included:
- **Chicago Trump International Hotel & Tower**: Construction finished amid the downturn with many residences unsold. He had large construction loans (hundreds of millions, with a personal guarantee on a portion from Deutsche Bank). He sought extensions, then sued the lenders (claiming the crisis was a “force majeure”/act of God that should excuse payment and seeking damages), while the bank countersued. Debt restructuring and later forgiveness/write-downs occurred; some forgiven debt was reported as income but offset by other losses.
- Atlantic City casinos continued their long pattern of poor performance and high debt, culminating in another bankruptcy filing.
- Broader real estate and licensing deals were hit by the recession (slower sales, empty commercial space, etc.).
Trump was not a major player in derivatives trading or structured products like the big Wall Street firms, hedge funds, or banks that took direct hits from CDOs, credit default swaps, or related instruments. Public records and reporting from the period show no evidence of significant personal losses from derivatives speculation. His businesses were exposed to the real-economy effects of the credit crunch and recession (tighter lending, falling property values/demand, reduced travel/gambling).
He also generated substantial income during these years from *The Apprentice*, related licensing, and branding deals (tens of millions annually in that period), which helped offset some pressures. Forbes estimates of his net worth showed a dip around the crisis years before later recovery as the economy improved. He has publicly said he tends to do better in downturns by finding opportunities, though contemporaneous reporting indicates he was primarily focused on managing debt and distressed properties rather than making large opportunistic gains from the crisis itself.
In short, the crisis contributed to (and amplified) real operating and valuation losses in his core businesses that he reported on his taxes, but these were not losses from trading or holding the derivatives that were central to the Wall Street meltdown. Tax rules allowed him to turn those reported losses into significant refunds of prior taxes paid.