The Young Turks - Trump's BIG Secret Goes Public

Episode Date: May 9, 2019

Trump is a TERRIBLE businessman. Cenk Uygur and Ana Kasparian, hosts of The Young Turks, break it down. Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit megaphone.fm/adchoices

You're listening to the Young Turks, the online news show. Make sure to follow and rate our show with not one, not two, not three, not four, but five stars. You're awesome. Thank you. Hey, guys, you've heard of the Young Turks podcast because you're listening to it right now. But make sure that you subscribe and give it a five star rating if you like it. Thank you for listening. All right, welcome to the Young Turks. Jay Kugran and Kasparian with you guys, ready for a rock and roll show.

And that's it, we're just gonna do rock and roll. We've never played instruments before, but we're gonna try for the first time right now. Hey, roll over Beethoven, L. Chikosky, the news. Tell me. Okay, so we've got Donald Trump being a loser, literally, you're gonna hear that first. We've got cable news calling him a loser, us calling him a loser, who did that punch? Love told you segments, that's coming up. Then we got Megan McCain crying on TV, not literally but close, and her husband crying

even more online. And then we've got Jacob Wall, out clowning himself. I really, I don't know if this guy-balls to the wall. Well, I mean, I don't know if he's for real, like, is he purposely clowning himself to get more attention? I don't, I don't think so. I don't think it's on purpose. But wow.

But I love Jacob Wall stories, so you know we're gonna have fun. Yeah, it's gonna be hilarious. So great, great show ahead for you guys. Casper, good to be back with you after like what appears, what felt like seven months. Yeah, it was a long time. Yeah, yeah, so here we are. All right, so let's do it. All right.

The New York Times has obtained a decade's worth of information related to Donald Trump's taxes, and the information that has now been reported is devastating when it comes to any claim that Donald Trump has made regarding his business successes. Now, we had already known that he had gone bankrupt six times. That alone should be enough evidence that he isn't actually a great businessman. But the findings of this report gives you even more insight into how terrible he was at managing his own money. Now, the New York Times reviewed his taxes from 1985 to 1994, and here's what they found.

In 1985, Mr. Trump reported losses of $46.1 million from his core business. largely casinos, hotels, and retail space, and apartment buildings. They continue to lose money every year, totaling $1.17 billion in losses for the decade. So I wanna step in and clarify there. He lost money not in a combination of those things while making summer. No, he lost money in casinos. He lost money in hotels. He lost money in other properties.

He lost money in almost every single thing he did. And he didn't lose money one year but made another. No, he lost money every year, okay? And he kept on losing. There's a reason why we did a segment called Loser Donald before the elections. It was because that was the core of Donald Trump. He's been a loser his whole life. And this also talks about how his daddy bailed him out on several occasions, as we told

you. Now, a lot of this was public information before all of his bankruptcies, all of his failed businesses. I mean, guys, he couldn't run a casino. It's almost impossible not to make money running a casino. There's even a saying called, the house always wins. But it's got an asterisk now, unless clown-ass Donald Trump is running the house, okay? Which might also apply to the White House. So I will tell you two years he reported paid some taxes, not because he made money, but

because it was an alternative minimum tax. And even that was minuscule. In some of the years, he broke records for how much money he lost, number one in the country for how much money he lost. That's how big a loser he is. Now remember, the information that the Times reviewed was from 1985 to 1994. And in 1987, this is when he was already bleeding money, he gave an interview to Newsweek and said, quote, there is no one my age who has accomplished more.

He hadn't accomplished anything. He had inherited money from his father to the tune of $400 million, a little above that, right? So what did you accomplish? You inherited a ton of money. You committed tax fraud in order to prevent yourself from paying the taxes that you were owed or that you owed the federal government. And on top of that, you were bleeding money.

But let me give you more details on it. His core business losses in 1990 and 1991, more than $250 million each year, were more than double, double those of the nearest taxpayers in the IRS information for those years. So I want to be clear about that, because I also wondered, how do people know that publicly about how much money everybody lost? Turns out IRS does publish that information among the, for the top tax earners, but without their names. So you don't know who's who.

But once you can match the tax returns to the publicly available information, you get a sense of it. And so the New York Times does that because they now have the tax returns for those years. And it goes to those two years, ding, ding, ding, ding, name, Donald Trump number one, Donald Trump, number one, and to be fair to him, I guess he has accomplished that. He broke records for how much money he lost. He was number one in the country, both those years, and as Anna just read to you, double the second person.

It's insane. So I mean, it is astonishing what a miserable failure he is in business. And he goes out and says to his followers and they genuinely believe, no, he's like, no, it's actually great business to lose a billion dollars. No, but that is literally the argument that we're seeing from Trump defenders. And I promise you, we will get to that in a minute. But let me give you more details, because I think it's important to see how much he's lost and how little he was able to pay in taxes as a result of all of this.

So Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. And again, they're specifically looking at this time frame that I had mentioned earlier, 1985 to 1994. Also, last year's Times investigation, which we reported on, found that he had received at least $413 million in $2018 from his father, right? So they adjusted that figure for inflation to show you how much he had actually inherited from his dad. So again, he was handed over all that money and he proceeded to like serial bungler, as

Jenks says, bungle one business after the other. Okay, so one of my favorite examples out of this is not about a business. It just gives you a sense of how he's like the forced gump of losing money. Wherever you can lose money, Donald Trump shows up. Like you think, no, you can't lose money running a casino. Trump's like, hold my beer. Okay, so now this goes to that fact. Two weeks before the stock market crash in 1987, Trump bought a 282 foot yacht worth $29 million.

Okay. Smart. Yeah, he's always got all the angles. So if you're on, well, you know, because Trump defenders, he can lose a billion dollars on Fifth Avenue and they'll still defend them. So they're like, oh, no, it's actually good business to waste $29 million on a yacht before a crash. It's good business. No, later, his creditors took the yacht from him as he had to turn over a lot of his properties in yet another embarrassing bankruptcy.

But you know what, Jake, the bankruptcies were strong. They were the strongest bankruptcies that have ever been filed in U.S. history. Well, that actually is somewhat true. They were among the strongest bankruptcies ever. And I'm going to explain one thing that Donald Trump is actually good at that. So from 1986 to 1988, again, this is from the Times investigation, while his core businesses languished under increasingly unsupportable debt, Trump made millions of dollars in the stock market by suggesting he was about to take over companies. But the figures show that he lost most, if not all, of those gains after investors stopped taking his takeover talk seriously. So we kept lying to investors, and investors eventually were like, yo, homeboy, you're a one-trick pony,

we see what you're doing here. And no, we're not buying into this anymore. Okay, so here's how that scam works, right? And it's not necessarily a scam, it is run by people back in the day, right? They say, okay, I'm gonna buy a bunch of stock of this company, and I'm gonna do a hostile takeover. And so when people hear that, they think, oh, he's buying a bunch of stock, and then they'll have to buy a bunch of stock to counter him, so that'll raise the price of the stock.

Make sense. And so that's what corporate raiders did back in the day. But when you buy the stock originally and you put out the news, oh my God, he's going to take over the company and other people start to buy the stock because they're anticipating the rise, then you sell, which is what Trump did. It's actually a nice little scam. You don't care about morality, you don't care about truth, you don't care about any of that. He never intend to take over any of those companies.

I never did take over any of those companies. Okay, you think, well, okay, well played. You see, if you're one of the deplorables, you go, see, smart businessman, rips off other People, that's what smart businessmen do, right? Except he's such a clown, as always, a serial bungler. So the markets are like, hey, we saw you do that three other times, you never took out of the covers. So on the last time he tried it, they're like, yeah, no, nobody's buying the stock.

And it started spiraling downwards. And he said, no. Of course, and then he lost all the money he had made in the other stocks. Classic Donald Trump, classic loser. So I'm gonna give you Trump's reaction in just a minute. But, Jank, do you want to jump in and talk a little bit about the taxes? Yeah, so the taxes, he now says this, oh my God, this is a genius move to lose all that money, so I didn't have to pay taxes.

Yeah, I suppose if you never make money, you never have to pay taxes, that's true. But I would argue that is not a business genius move, genius business move. In fact, the genius business move, I know, hold on, MAGA guys, I know you're living alternative facts, but I hope you're sitting down, is to actually make money. Oh my God, somebody tell Trump. That sounds like fake news. I don't know. So he does, he carries these losses over in year after year after year, so he doesn't

have to pay taxes the next year. But the problem with Trump in this 10 year period is, he never gets around to making money. So he's just building up loss after loss after loss. So if it was a savvy move to save when you actually do make money later, I'm not sure he ever got to later. Right? So he just kept on piling it up until it was $1.17 billion in losses. And now if it's true that he, as he's saying on Twitter, well, I mean, I did this because

this was quote, sport to basically trick the IRS this way. At a bare minimum, you're celebrating a guy who is doing loopholes while you're paying taxes. You don't get to do these loopholes, and he's rubbing your face in it. I get to get away with stuff that you as an average American cannot get away with. That's his best case scenario. Yes. Another bad case scenario is no, you're doing tax fraud. You're telling banks you're worth a lot of money and then getting big loans, then you're

turning around and telling the IRS, you're not worth anything so you don't have to pay taxes. That is criminal fraud, that is not a good case scenario. But one thing that is clear through all of it that the taxes make now abundantly clear. We know a lot of this publicly, the taxes absolutely confirm it and have more details. He's a terrible businessman. Out of all of his projects, he only made money on one project. Everything else was a failure. And of course, the money that he made on that one project was a St. Moritz Hotel in Manhattan

in 1985. You had to go all the way back to 85 to find him making money, at least in the context of this 10-year period. And even that, of course, he lost so much money that year in other projects that he couldn't turn a profit. Now, of course, following this explosive report by the Times, there is more spinning happening than Baryshnakov in a ballet. So let me give you Trump spin.

He says the following via Twitter, of course. Real estate developers in the 1980s and 1990s, more than 30 years ago, were entitled to massive write-offs and depreciation, which would, if one was actively building, show losses and tax losses in almost all cases. Much was non-monetary, sometimes considered tax shelter. You would get it by building or even buying. You always wanted to show losses for tax purposes, almost all real estate developers did, and often renegotiate with banks.

It was sport, he says. Additionally, the very old information put out is a highly inaccurate fake news hit job. Okay. Well, which one is it? Exactly. Did you do the tax shelter or is it a fake news hit job? And also, are those casinos still around? Oh, no, right, they all went bankrupt.

Oh, that's interesting, huh? Well, if it was a tax shelter, you shelter your profits and you continue to make them. You can't continue to make money from a casino that is shut down because you're a loser ass bankrupted it. Exactly. Okay, so that's the reality of it. And again, your best case scenario here is a Republican president say, yeah, since I'm rich, I get to do tax shelters, and I don't pay taxes like you stupid average guy.

for paying taxes, while I pay nothing. Absolute best case scenario, but the reality is, of course, that's an excuse. In fact, I'll give you a sense of that. He mentions depreciation a lot. He says, oh yeah, in real estate, you have depreciation and it's magical. And yes, depreciation does help with your taxes. But as the New York Times points out, even in an example that he gave an art of the deal, which by the way he wrote in 1987, while he's bleeding out and he's a disaster, he writes a book

about, oh, I'm such a great person in making deals. And he knows in reality, every one of his deals has lost money except one. But he still has the temerity to write a book about how awesome he is at deal making, right? Of course he does have that temerity. Yeah, which is gonna get to his strength in a second. But he's losing all that money and he says, oh, no, it's okay, I'm doing depreciation. But in the art of the deal he talks about, gives an example. And it shows, which is common, the depreciation is about 4%.

A billion dollars in losses ain't 4%. Okay, you could do the math on his assets. You could do the math on how much money he lost, and it ain't anywhere near 4%. This is just not, this is not normal depreciation. That would be a much, much smaller number, it would be a fraction of this. So now there are the facts, and then there's the spin, and so we've gotten the spin from Trump. I want to move on to the spin from Fox and Friends.

Okay, well, hold on, before we do that. So I did promise you one thing about what he is. good at. You know, after reading this whole thing, I thought, you know, maybe I've been a little unfair to him. Come on. I often say he's a buffoon, a serial bungler, all the things that you've heard me say, loser, et cetera.

Have I said enough? Okay, but he is actually good at one thing. Lying? Kind of, yes, largely. He is actually a world-class con man. So con man and a grifter, you know, they shuffle the cards around until you don't know what's under what cards, so you don't know what his, that's why he wanted to hide his tax returns. And he did keep moving the ball along, you know, and he would go and do this over-the-top

marketing while knowing that there's nothing behind that facade. And it does take some guts to go out there full well knowing what a loser you are and claim you're the biggest winner there ever was. And to write a book about what a great winner you are. And to fail so miserably in school that you have to hide your grades and threaten lawsuits and criminal action against former principals, if they reveal your grades, to be that dumb, an unaccomplished in school, but to yet start Trump University, as if you know everything. And what was Trump University, a scam?

Another thing that's revealed in taxes, he's like, oh, don't give so much money to charity. It turns out in those 10 years gave almost nothing to charity. Of course. And that's what actually triggered it for me. I'm like, you know what? He tricked a whole half the country into believing that he's a successful businessman, that he is a strong leader when he's so obviously, deeply insecure, and all the other things that he tricked them into.

And to this day, they all go around and go, yep, you're losing a billion dollars. It's great. A leader is so smart. What a great businessman. Man, the way he lost that billion dollars was genius, right? Well, you know what? You gotta hand it to him. That's a hell of a con man.

To be that incompetent, that much of a loser, and yet convince other people that you're a big winner. So I do congratulate him on that. Well, it shows the failure of the media. Remember, the New York Times had famously written that profile on him decades ago, making him out to be some, you know, sex symbol in New York, and he's the most successful man ever. I mean, it shows you the failure of the media dates back decades ago, because it's not enough to just take someone's words at face value.

Is he really successful? Now, there was some suspicion that he was actually bleeding out, right? But the way that he was written about did not reflect that. And more importantly, I always ask myself, does Donald Trump, has he convinced himself? Has he persuaded himself that he's this big success? Because I think in order to successfully convince the world, you have to somehow believe it yourself. And then I remember how incredibly thin-skinned he is and how sensitive he is to anything and everything.

And look, the best part about becoming wealthy is, yes, the economic stability. Right? But I would argue the best part is that you have the resources and you have the FU money to do whatever you want and not let people get under your skin. But Trump lets people get under his skin all day, every day. That is his number one emotion being triggered. Yeah, and he reveals it in his text. He often ends the text with sad.

Back in the day when he was writing for president, he would also add baby. Like he'd be sad, baby. What a weird thing for a grown ass man to write. I mean, at that point, he's almost, he's almost 70, I believe, as he was writing for president. And he's writing sad, baby, with exclamation points on his Twitter. Why? As I've speculated before, but as you've seen, a lot of my speculation has come back to be exactly right. Probably that's what his dad called him.

And the tax returns also show, again, his dad bails him out on several occasions. So when he's up against the wall and he's got no money left, he goes, daddy, I screwed up again. And that's part of why his dad gave him $413 million. And in fact, he then got onto the richest people in America list by pretending his dad's money was his own money. That's right. Oh, that's so sad, baby. We'll be right.

We need to talk about a relatively new show called Un-Fing the Republic or UNFTR. As a young Turks fan, you already know that the government, the media, and corporations are constantly peddling lies that serve the interests of the rich. powerful. But now there's a podcast dedicated to unraveling those lies, debunking the conventional wisdom. In each episode of Un-B-The-Republic or UNFTR, the host delves into a different historical episode or topic that's generally misunderstood or purposely obfuscated by the so-called powers that be. Featuring in-depth research, razor-sharp commentary, and just the right amount of vulgarity, the UNFTR podcast takes a sledgehammer to what you,

thought you knew about some of the nation's most sacred historical cows. But don't just take my word for it. The New York Times described UNFTR as consistently compelling and educational, aiming to challenge conventional wisdom and upend the historical narratives that were taught in school. For as the great philosopher Yoda once put it, You must unlearn what you have learned. And that's true whether you're in Jedi training, or you're uprooting and exposing all the propaganda and disinformation

you've been fed over the course of your lifetime. So search for UNFDR in your podcast app today and get ready to get informed, angered, and entertained all at the same time. Get back. All right, back on a young church's hop-asai, right, sit in the member section. Hillary just called out the press. We're calling it 50-50.

at a panel at Dartmouth College, she also called them to step up their game when it comes to Trump lies. Maybe she's a secret TYT member. Please. Well, that would be quite a secret. Hopasai, how do I know you're not Hillary Clinton? Okay. Pork Shop Express, or is that Hillary Clinton?

No, okay. Pork Shop Express, right, Sid. Quote from a conservative I work with, it's better to run a business into the ground than to have never run a business. This is how his supporters think, frightening. Well, couldn't anyone make that claim then? I mean. Like, I wish his supporters understood that no one would make that claim about them, right?

Right. That if any of them had gone bankrupt ever in their lives, they would be deadbeats, they would be losers, in fact. The leeches of society. In fact, Don on Twitter writes in, today Trump accidentally confessed in a tweet that tax breaks were quote, entitlements he took advantage of, yet he wants to cut entitlements for the poor and the disabled. And these are entitlements that we've paid into, mind you.

Yes, so two different sets of rules, and if you're sharing that on, you've got a lot of problems. And last one is, no, I'm gonna read two more because they're so good. Nasty Habits says, I propose we forgive Trump's tax problems, all he has to do is resign. Well, look, I've said that that was gonna be the deal since the day he walked in. He's gonna have a ton of tax problems, legal problems, his kids are gonna have legal problems. We're in a story we're gonna get to in a minute. And the deal is, we've looked the other way as long as you're off. And we'll see if we're right about that eventually.

And then Xenofrinia, last one says, we have been conned by the media equating wealth with intelligence and worth as a human being. The media is owned by the rich, convincing us every day that they are the great people of the world because they have money. In fact, that's gonna transition perfectly to what Fox and Friends said about Donald Trump. And well, if someone gave you $413 million, then I guess they, you would be you would be You would be great, all of a sudden, you would go from, oh, not worth anything, and, you know, because you don't have money, so you must not be smart, you might not, must not be successful,

you must not be any of those things, to all of a sudden, overnight success, because your dad handed your $413 million. That's, of course, not how it works, and it's an affront to all people who happen to be born in poor and middle class families. Yeah. All right. If you don't know coding, you don't know how to build a web page, you don't know anything about HTML, that's all right. I'm in the same boat as you, but that's the reason why I went

to Squarespace. And Squarespace helped me build my website. The great news is, since you watch this show, you get 10% off if you go to Squarespace.com slash TYT. Go to Squarespace.com slash TYT. Sign up for a website. It's super easy. They have endless templates, and I absolutely love it. So check them out. All right, moving on. Following details of how Donald Trump lost over $1 billion in the time span of one decade, of course, Fox and Friends has decided to spend the entire story and make Donald Trump out to be some sort of business success. Take a look. It is an interesting look, though, at how New York City real estate developers work in the 80s and

the 90s. If anything, you read this and you're like, wow, it's pretty impressive, all the things that he's done in his life. It's beyond what most of us could ever achieve. I don't know that there's any suggestion that he broke the law. Yeah. I think the suggestion is simply that he used the tax laws to its benefit. As if if you buy something and it doesn't pan out right away or ever, you're a loser.

No, you take shots, you have an opportunity to do things. Yeah, as if investing in casinos that go under, even though casinos are usually in a situation where the odds are in the favor of the casino, I mean, it's almost as if like you're a winner if you lose that casino, right? It's almost as if you're a winner if you go bankrupt. These Republican presidents are bad photocopies of one another. We started with Ronald Reagan, who was an actor who acted with monkeys. Did he really act with monkey?

Yes, he did. And so he was given a script, and he just read his script and people thought he was a bit of a dummy. Compared to these guys, he's a genius. Then you go to George W. Bush, who couldn't make money in the oil business. Then you go to Donald Trump, who couldn't make money in the casino business. You know how record-breaking dumb you have to be to get to a point where you couldn't make money in those two industries?

And by the way, while both of them were booming. So now, how do they spin it? I thought there was a no spin zone at Fox. Please. It's nothing but spin zone. Yeah. So how do they spin it? Like, oh no, man, look at all the interesting things he's done with his life.

I mean, he was so interesting when he lost money in the casinos and so interesting when he lost money at the hotels and so interesting when he lost money in the apartment buildings. What an interesting guy. And yes, Brian, eventually if you're a good businessman, you're supposed to actually make money. It's not like, hey, I got this cool little trick. I lose money for the rest of time and somehow that makes me a good businessman. It's not a thing, it's not a thing. You're covering for his ass in a way that is both pathetic but also admittedly hilarious.

Well, we're just getting started. We have more from Fox and Friends. Let's hear what they have to say. When we go out to do man on the street and ask people if they care if they want to see his tax returns, about 50% say yes, 50% say no, but does it really matter now? He's already elected. People like what he's doing with the economy. Maybe it's just information that would be interesting, but will it really sway voters? That's from 20 and 30 years ago. The New York Times, the headline says core business is absorbed over a billion dollars in Reading from 85 through 94. And when you look at the New York Times story, what's interesting is they do say that they got the information. 10 years with the tax stuff from someone with legal access. And the question is, who would that person be? Would it be somebody, could it be somebody in the family?

Could it be somebody at the Trump organization? Could it be somebody who's in his accountancy firm, a lawyer? Could it be somebody in the federal government? Okay, I have to say two things real quick. So first of all, it starts off with, you know, Ashley, whatever her name is, saying like, yeah, Ainsley, yeah, weirdest name. I don't know how to pronounce it, I don't care. So she, like, starts off by saying, like, we went and talked to some people,

Doesn't name any study in particular, and 50% say they care, 50% say they don't. So that's their way of trying to minimize like how important it is that the President of the United States has consistently lied to the American people over and over and over again about his own successes, right? It is important because he has lied to us and he continues to lie to us over and over again. And I think it is important to know what his character is. I mean, we know, but I think the vast majority of his supporters are completely clueless on who he really is.

The second part is, you know, what was mentioned, I just lost my train of thought. Okay, let me come back to that in a second. So to be fair, Ainslet Earhart, maybe a slightly strange name, not quite as strange as as Jank Yugar or on a heat. Hey, hey, hey, hey, my stage name is different, okay? Okay, okay, all right. Now, imagine if the shoe was on the other foot. And we just found out that Barack Obama had lost $1.17 billion in over a decade and almost

Every business he did was a colossal failure. No, they would talk about how it's not a big deal and that it's super impressive that he's been able to accomplish so many things throughout his life. That's exactly how they would treat it right. They would come out and they'd be like, that was so bold of Barack Obama to lose all that money. Yeah. Or I wonder if they would take a slightly different take.

Actually, I don't have to wonder because some of you might remember this, but it's a little while back. There was a liberal radio network called Air America. We were also briefly on it. We didn't manage it, we were just hosts on it as well as. Rachel Maddo, Mark Maron, El Franken, et cetera, right? And back then, it was under, to be honest, terrible management, okay? Now, the management didn't have anything to do with the hosts, and they had incredible

talent there that they squandered. But you should have seen Fox News and Rush Limbaugh and every conservative ballot. You see that? Liberals don't know to make any money. Liberals are so stupid. They can't run a business. liberal, labor, business, what happened? I thought we were bold and interesting.

And now, and that was a fraction, a tiny, tiny amount of money compared to what Donald Trump is lost. Yes. You lose a little bit of money running a liberal radio station. You're, of course, all liberals can't ever do business. But their beloved Donald Trump clowns away over a billion dollars, they're like, bold and interesting, that's how you do business. You lose, lose, lose, that's the way to go.

Also, I just wanted to note, so Steve Ducey mentions the leak. Now the New York Times apparently did not receive the actual tax returns. They were able to corroborate the information they received in regard to his tax returns. But the leak came from a person who has legal access to the tax returns. So Ducey mentions the leak and questions where the leak came from. And I think that's an important part of this story to follow, because this is what the right wing does, and I would argue this is what they do successfully. they will deflect and avoid actually talking about the heart of the story, and then they'll

start placing the blame on the leaker. Oh, who's this leaker? This terrible leaker. Is it someone who works for the federal government? We need to find out who the leaker is. And so then they'll start lobbying for investigations into the leaker instead of actually looking at the heart of the story. I mean, that was successfully done when it came to Edward Snowden, right?

All of the conversation that we saw in the mainstream media, and to be fair, it wasn't only Fox, but all the conversations we saw in the mainstream press was, is this espionage? We need to talk about whether or not this is espionage. How about we talk about the fact that the majority of Americans right now are indiscriminately being spied on? So when Republicans say racist or bigoted things, they say, freedom of speech, freedom of speech. When someone leaks information about the president, they're like, shut it down, shut it down,

find a criminal who's speaking when they shouldn't be speaking. Which one is it? Okay, one more clip, because I love this, okay, and I love the twist. that they take here. Let's watch. He's a bold businessman, which is chronicled here. There's nothing about this article that should surprise anybody that got the Daily News in New York Post throughout the last 10 years. Just give details.

Here's an example. He said pass-through income. So, for example, there might be an incentive to go buy that building to buy that casino because I'll take a loss this year in order on my tax returns because I want to buy for a rainy day. I have the resources. He goes, there was a time that he was actually building his empire. The information focused year by year at a time of gathering loss.

He bought his partners out at Trump Tower. The Trump Plaza Hotel and Casino. He bought an apartment building in West Palm Beach for $43 million. And business losses for $68.7 million. For us, or at least for me, I can't imagine having that much money, spending that much money and being in debt. For him, it makes sense. He's buying now, building it up because he had confidence. He knows the properties would be worth more.

The properties began to build in 86. He bought, and excuse me, in 87, he spent $29 million on a yacht. The market crashed the next day. So no problem. He held on to it. He bought a shuttle operation. It didn't do too well, but he held on to it. But when he sell it, he takes the loss on his taxes.

He's bleeding money. He's in a lot of trouble. And then he takes out more loans, no problem. And then he buys a yacht and the more economy crashes. No problem. He holds onto that yacht, except I don't think he did hold onto that yacht. No, he didn't. In fact, let me quote the New York Times here.

Mr. Trump ultimately agreed to turn over that stock and most of his other assets, including the yacht, the Trump shuttle, and his stake in the Grand Hyatt to his lenders. Because it is not a bold move to take it to buy a $29 million yacht before the market crashes. It's a dumb move. And then you have to give that yacht over. There was no secret plan. He didn't get the yacht back. And then finally, how did he do all that?

Was it like, okay, but I take the losses now and later I make even more money. No, how did he get on his feet? Because their answer is always like, yeah, but he's turned out to be an incredibly rich guy. Well, first of all, we don't know that at all, because we haven't seen his tax returns from recent years. That's just him saying it, like he told us in the middle of these incredible losses. He wrote a book called Art of the Neal where he said he was making incredible money, almost as if he's a liar.

Okay, no, this is how he got back on his feet. Quoting the New York Times, Mr. Trump secretly leaned on his father's wealth to continue continue living like a winner and to stage a comeback. Loser. So sad. So speaking of losers, let's talk about how the mainstream media is handling this news, because it's interesting. After giving Donald Trump hours and hours of free advertising during the 2016 election, it appears

that the mainstream media and cable news outlets are finally waking up to the fact that Donald Trump is what he really is, a giant loser. And so all of this reaction follows news that he had lost over a billion dollars in a little under a decade in the 1980s and 90s. Take a look. And shows that, well, I've got to say, we could just do the short version. Biggest loser, yes. I mean, no one has lost as much money.

The man who ran for president on his reputation as a billionaire business, genius. was a really, really, really lousy businessman. He lost more than double the next biggest loser in this country. In 1991, Donald Trump lost more than a quarter of a billion dollars each year. A quarter of a billion a year. Are you saying that of all the people who file taxes in the United States of America over this decade, that Donald Trump lost more money than every other American? I mean, back then, that's like 250 million people.

Than anyone. Well, he is special. He's literally the biggest loser. He was actually the biggest loser to use a term he would use. And it is stunning, except for maybe the people who knew him. And you know what? It wasn't that stunning for people here at TYT who knew he was a loser while he was running. continued calling him a loser throughout his tenure as president.

In fact, we had an entire segment. Jenk had an entire segment titled Loser Donald, if you can recall. Let's take a look at that. I've been doing these Loser Donald segments. I know how insecure he is. But I don't get credit for it because I don't get to do a told you segment. People are wondering, why am I doing this on the weekends and doing it live? Because we want to do 100 of these before the election.

And we started 100 days before the election. So we're going to do one every single day. He's got such thin skin. He's got such little confidence in himself. So that's why he struts around and does the whole thing like, oh, I'm very, very strong. I'm phenomenal. I have many, many wins. I'm a winner.

No, really, I'm not a loser. How did Donald Trump ever run a business? Well, we know how he did it. He bankrupted everything he ever touched. So here we go again with loser Donald. Now this is a scam that he's running in the middle of the campaign. Now, there's two particularly egregious parts of this. One is he's ripping people off. And the other is, again, what kind of two-bit scam artist needs to rip people off on his presidential campaign and possibly get in trouble? Now, what billionaire would bother

to do this? The guy doesn't have that much money. He just doesn't. So, Jank, you finally get to do your told you so segment. So look, part of the reason we did the loser Donald segments is because it was driving me crazy in the lead up to the election that the media was not focusing on the number one issue with Donald Trump, which is not that he was, you know, a terrible guy. I get it. It's a huge issue and became enormously important when he's president, when he said there There was very fine people on the Nazi side of Charlottesville, et cetera.

But people needed to know how grossly incompetent he is. That he has never effectively managed anything in his life. And handing over the presidency to a guy who has no idea how to manage anything is a terrible idea. And look at what happened. He refuses to read national security briefings past the page. He doesn't read them on most days. And they have to put pictures in it and his name to get him to pay attention.

That's why he went into negotiations with North Korea and said, I don't have to know. anything about North Korea, I'm gonna be able to tell whether we're gonna have a deal within one second. No, he said, it's my touch, it's my feel. Yeah, okay, no, that's what a clown says. And how did your touch and your feel turn out in your businesses, disastrously? And so a lot of this was already public record. And it was, secondly, it was my frustration with the Hillary Clinton campaign.

They kept going back to the well. But for a lot of his voters, the bigotry, the racism, the anti-establishment, populist, Fervor was not the bug, it was the feature, and you kept doubling down on it. Why, they were looking at her from their perspective. Well, boy, everyone I know is not gonna like this, so I'm just gonna keep on saying it. No, you had to undercut his supposed strength, and his strength was, I'm rich and I'm really good at managing. And we knew the reality, because we'd already seen the six bankruptcies.

That's why, and I did it on purpose, it was to be, make sure that it was not clever. Loser Donald is not a clever turn or phrase. It's exactly the kind of thing that Trump did, you know, a crooked Hillary, right? There's no pun, there's nothing clever, you know, et cetera. So we gave him a taste of his own medicine and went after his number one problem. It's that he's an unbelievable loser. So now three years later, four years later the rest of the media is caught up, okay, great. But when we do those things, understand there's a reason why we do them.

And the main reason is, because it's true. Yes. We're going to take a break. When we come back, William Barr, he has been voted in contempt of Congress. We're going to give you more details on that and more when we return. Apparently the day. At TYT, we frequently talk about all the ways that big tech companies are taking control of our online lives, constantly monitoring us and storing our data.

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ExpressVPN is rated number one by CNET and Wired magazine. So take back control of your life online and secure your data with a top VPN solution available, ExpressVPN. And if you go to expressvpn.com slash t-y-t, you can get three extra months for free with this exclusive link just for T-Y-T fans. That's E-X-P-R-E-S-S-V-P-N dot com slash T-YT. Check it out today. We hope you're enjoying this free clip from the Young Turks. If you want to get the whole show and more exclusive content while supporting independent media,

become a member at t-y-t.com slash join today. In the meantime, enjoy this free set. Second. All right, back on Young Turks, Anna's got a message for you guys. I do. I think personal finance is incredibly important, and I think that you should make your money work for you. And the easiest way to do that and the low risk way to do that is to put your money in an

account in a very moral and ethical financial institution like aspiration and earn 2% interest. Like you guys, understand something like you put your money in the account. And then you just earn 2% interest. You don't have to have a minimum balance. They're not going to charge you fees. It's bananas. So go to aspiration.com slash t-y-t. What I love most about this financial institution is the fact that they do not invest any money

in some of the companies that we have problems with, like fossil fuel industry, you know, all those unethical issues that we talk about on the show on a regular basis. So please check out Aspiration Bank by going to Aspiration by going to Aspiration.com slash TYT. I'll let me say one more thing about that. You don't have to transfer all your money. you could actually put a little bit of money in there and check it out. So, because I think some people are awed by like, oh my God, I gotta do this huge giant transfer.

No, try it out, see if you like it, and you will, because we're not making it up. If you want, you could put more money in there. I mean, in order to do a huge giant transfer, you gotta have huge giant funds. I know, right? Yeah, so. But just check it out. I really like it. I think it's a really good and moral place to keep your money.

All right. Dr. K.S.M.D. says, killmate is right. All people need is to inherit millions of dollars so they can afford to keep failing until they become successful. I can't believe I never thought of that. You know what? I didn't think of that either, Dr. K.S.M.D., knucklehead should have thought of it. I bathe in Devin Nunes, his tears says Fox and Friends, wow, it's impressive that he lost a billion dollars. It is impressive. I am Steven Scales, writes in, miss those Loser Donald segments. Seeing them now reminds me of slightly less insane times. Stephen wrote that on Twitter. And Julian Mahoney wrote it on YouTube super chat. Trump loses billions

and he's money smart. But when a poor person buys a coffee in the morning, it's irresponsible. Okay then, Fox, if you say so, dearie. And that is a great point. And I have to read one more tweet. This didn't have the hashtag TYT Live, but I think it's important to give credit where credit is due. Kelly Highway writes in and says, hey guys, great job tonight. I just wanted to remind you guys, David K. Johnson said Trump didn't write any of his books. They were ghostwritten, which is, which is true. And David K. Johnson actually has been reporting on how much of a business failure Trump really is for a while now. Yes.

So he's been on the conversation, which is the last hour of the Young Turks. He's been on damage report many times. Check out David K. Johnson's reporting. And he also talked about how he was actually one of the first people to get any of Donald Trump's tax returns, David K. Johnson was. And so those are all good points. All right, let's keep going. All right. Lots of big news when it comes to the Judiciary Committee.

The House Judiciary Committee has officially voted and has decided to hold Attorney General William Barr in contempt of Congress. This is following Barr's decision to refuse to release the unredacted Mueller report. Now, the move by the Judiciary Committee was followed by Donald Trump, asserting executive privilege to prevent the full report from being released to the public. So to give you more information on how this vote went down, the committee's 24 to 16 content vote marked the first time that the House has taken official action to punish a government official or witness amid a standoff between the legislative and executive branch. I'm going to give you more details into that, but first, let's take a look at what Representative

Nadler had to say about this. Today, we consider a report recommending that the House of Representatives hold Attorney General William Barr in contempt of Congress for defying a valid subpoena issued by this committee. This is not a step we take lightly. It is the culmination of nearly three months of requests, discussions, and negotiations with the Department of Justice for the complete unredacted report by Special Counsel Mueller into Russian interference in the 2016 election, along with the underlying evidence. In response to our latest good faith offer, the Department abruptly announced that if we move

forward today, it would ask President Trump to invoke what it refers to as a protective assertion of executive privilege on all of the materials subject to our subpoena. Just minutes ago, it took that dramatic step. So it's, of course, as usual, a poor strategy by the Trump team to say, we're not going to give you anything you're subpoenaed in a blanket fashion. And the courts will, it's so obvious, if you know anything about the law, we'll say that that's an unreasonable thing to do. Because you have to at least make a case for, in this particular instance, even though it is a legal official subpoena from Congress, there was an excellent and overwhelming reason why we did not listen to that subpoena.

If you then go around like a jackass and go, I don't know, I'm not going to listen to any of their subpoenas, nah, nah, nah, nah, nah, nah, the coach sir are going to be like, well, that's definitely not a good reason. So it makes him losing the case far more likely. Yet another episode in the tapes of the serial bungler, Donald Trump. Now, the way that the Republican Party and William Barr specifically is spitting this is they're attempting to make it appear as if Democrats are asking Barr to unilaterally release the unredacted report. But that is not what's going on. What the Democrats are asking for is for William Barr to join them in petitioning the courts

to release the unredacted report. Because remember, there's grand jury information there that is sensitive. Republicans are also arguing, well, I mean, look at these Democrats, they're definitely gonna leak it, which is likely, I'm gonna keep it real, it is likely that it'll be leaked. No, no, I wanna be clear about a couple things. So when they say unredacted report and we want it, it doesn't mean it becomes public. So if you're thinking, well, look, the grand jury proceedings should be secret, there's a good reason for that, you're right. But the Democrats on the committee getting it doesn't mean that it's printed all over the papers.

Now, will they leak some of it even though they shouldn't? I agree with Anna. I'm sure that they will, right? Yeah. But that doesn't mean they're gonna leak the grand jury proceedings. Right, yeah. They could just leak the things that are damaging to the Trump administration that shouldn't have been redacted in the first place.

And that's really what they're most fearful about. Because apparently, I mean, look, again, we don't know for sure. We don't know exactly what's in that report. We don't know what's in the, you know, unredacted version of that report, but what we do know is that the actions by the Trump administration and the attorney general's, you know, very aggressive attempts to protect Trump, make it appear as if there are things in that report that look really, really, really bad for Trump. And so this is a dumb move all around. And so the big question is, now that he has been held in contempt of Congress, what are the consequences? The reality is this could be a long, drawn out process. It doesn't mean that he's gonna go to prison, but-

Lock him up, lock him up. It means that this is gonna have to go through the courts. Yeah, and so look, two things about that. One is just saying, hey, someone might leak evidence they have right to see or information they have right to see is not a good reason not to give it to them. So for example, grand jury proceedings are available to judges. The judges leak them? Yeah, they could.

Does that mean we shouldn't show grand jury proceedings to judges? No, of course not. They have a legal right to see it, and so does Congress. So that's a very poor excuse. Now, secondly, in terms of locking him up, unfortunately, this is another one that the Obama administration opened the door they shouldn't have opened. So Eric Holder did not comply with a subpoena from the Republicans in Congress, and then they held him in contempt.

And then it went to the court system. But the court system, two years later, that's what Anna's talking about, drawn-out process, said that there would be no consequences for Eric Holder. That was a bad precedent to set back then, and now it's coming back to bite the Democrats. And that is why you should act on principle and not based on convenience, which unfortunately the Obama administration did do from time to time. And I also want to just draw some attention to what some non-establishment Democrats are saying about all this.

Bernie Sanders did tweet about it, and here's what he had to say. The House Judiciary Committee is doing the right thing by voting to hold Mr. Barr in contempt of Congress for denying a subpoena. No attorney general is above the law, Mr. Barr must testify the American people have a right to know. And so, look, for me personally, the most important part of all of this, if you don't care about the Mueller report, okay, I mean, do you, boo? But you should care about ensuring that we have a system in place where we support and

protect checks and balances. And right now, there is more and more power getting consolidated within the executive branch. And if we just allow William Barr or Donald Trump to get away with everything that they've been doing, that sets a dangerous precedent moving forward. So I wanna explain the context, because there is such a thing as executive privilege. Now, I'm gonna speak in overly broad terms, but I think you'll understand what I'm saying. So Congress is supposed to do oversight over the executive branch. That is part of their core duties.

So that is why they are allowed to subpoena White House officials, and that is why the White House must comply with their subpoenas. Sometimes you can assert executive privilege, but let me give you a kind of an outlier case to give you a sense of why that even exists. If the president and his advisors are talking about D-Day, an invasion of the invasion of Normandy, right? How they're going to land on Normandy. And Congress says, I want those records and I want to know where the troops are going to move,

and you're worried that somebody's that's somehow going to become public, et cetera, or whatever your reason for worrying about that, you can say, hey, listen, I really, this is not the time for me to give you that information about how we discuss troop movements, okay? Now, not normally what it's used for, but it gives you a sense of extraordinary circumstances where you could say, I am not going to comply with Congress. congressional oversight like I'm supposed to do in the Constitution. Does this look like those kind of circumstances? No, this is obviously the president saying, well, I did something wrong, and if you read

the full redacted report, you'll see the most damaging parts about me. So I don't want you to have that information. That is not the point of executive privilege, super clear. And then finally, Nancy Pelosi did finally step out of her cave and say today that the attorney general should be held in contempt. Oh, wow, very bold. I know, she'd been hedging all the way up until yesterday, I don't know, do I have to make a decision, what does the most conservative Democrat in Congress think, I'm gonna do exactly

whatever they tell me to do, et cetera. But apparently she saw a shadow today, she was like, oh, okay, fine, I guess we're gonna hold him in contempt. Maybe that shadow was your op-ed in the hill, calling her out for not being progressive. Yes, let's talk about that in the post game, because I wrote an op-ed called Nancy Pelosi's not a progressive. And the two different reactions to that inside Washington and outside Washington is amazing. So t.t.com slash join to become a member.

And then the last half hour of the young turks is just for members. And that's where we'll talk about that. I'm actually going to end on a totally irrelevant point, just fun, okay? Now I live in a glass house on appearances, so I'm not trying to make fun of his appearance overall. But it is kind of amazing that the attorney general that Trump picked looks like Pepe the Frog. And I don't know why no one has made that point before.

And it looks like a literal, like, or I guess it was metaphorical. Oh my God. Representation. There he is. Oh, my God. There he is. No, you just, you're right, you're right. I thought he looked like one of the Muppets, but I couldn't put my finger on it.

But yeah, I see it, I see it. So Pepe the Frog is the, of course, if you don't know, first of well, welcome to the internet. No, if you don't know, how do I hang out with you and live your life? Yeah, that'd be great, right, to not know that. But of course, a caricature cartoon picked up by the alt-right to represent the alt-right and all the hateful things that they believe. And then Trump goes, oh yeah, get a load of the real-life Pepe the Frog. I'm not saying that William Barr's alt-right, just making it amusing observation, that's all.

When we come back from the break, Don Jr. has been subpoenaed, and I'm gonna tell you why. Thanks for listening to the full episode of the Young Turks. Support our work, listen ad-free, access members-only bonus content, and more by subscribing to Apple Podcasts at apple.com slash t-y-t. I'm your host, Shank Huger, and I'll see you soon.