Donald Trump on Oil 15 comments
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CNBC viewers had the "privilege" to get Donald Trump's thoughts on the economy, oil and OPEC yesterday morning. Click here to view the video. One of Trump's proposals was to "tax the oil companies into oblivion" since they're making so much money now.
Joe Kernen eventually went on to ask Trump if he would support the same taxes on real estate if it was as hot as oil was right now. Trump's response, "Yeah, but the fact is it's not hot like oil. You know, oil's been hot forever...I tell people to go into the oil business because since I've been growing up, literally, it's never had a down tick. I mean, it had one year where it was a little bit down, but basically it's never had a down tick." Kernen went on to ask about the long periods when oil didn't go anywhere, but Trump wasn't having any of it.
Below we highlight the inflation adjusted performance of oil and new home prices from 1970 to 2000. As shown, oil did nothing but tick down from 1981 to the late 90s, while real estate stayed in a pretty nice uptrend over the 30 year period. We realize these are residential real estate prices, but the trend was pretty much the same in commercial, which Trump is involved in. While oil has had its fun this decade, it definitely hasn't "never had a down tick."
click to enlarge
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This article has 15 comments:
I am sure that his Trump Towers in las vegas has problems- who would buy a condi next to a railroad track that has trains running by it every three hours or so--I can hear the train coming! He is clueless and it is all about "the Donald"
Great idea tax the oils until they all leave- you idiot!
Back in 98 when oil was $11.00/barrel- I guess they planned that as well! We have not built a refinery in 30 years, cannot drill anywhere in the US that has potential huge reserves and cannot build a Nuclear Power plant either-America deserves its problems because it has created them. We produce ethanol for the way to energy independence--we get corn prices exploding- We need to drill more everywhere! When the last time we had a oil field failure ? Donald- I would suggest that you start your pre-package bk now! Oh! get a new hairdo--interesting oil and gas plays--kaz and abg.to
Furthermore Donald Trump promoted real estate right up until the crash. Specifically he promoted residential as well. Got to make the sales when you can. To heck with the fact he knew it had to come down.
Regarding Oil. Donald Trump will often sound like the tough populist when it suits him. He serves only his self interest and his alone. Truth shall not get in his way. On politics he's even worse. He support both candidates, ride the fence, and then in the end say he knew how it would end all along.
The Donald will go bankrupt again. While I support bankrupcy laws to encourage risk taking its ridiculous when single persons can own lots and lots of mini corporations. Bleed one dry to support another then declare bankrupcy in one and not really lose a dime of his own money. This is how the Donald made his millions. He's not an investing genius. He is good at marketing his brand name but that is about it.
The good thing about that episode of CNBC, was "the donald" got "trumped" by T. Boone Pickens who came on right after and, when asked by Kernen what he thought, said Trump "should stick to real estate." I mean, who you gonna believe on energy, Trump or Pickens? Pah-leeeze.
Like him or loathe him fuel cost's will definitely pull a economy down, if you don't think so just go ask a few truckers if they expect to make their repayments this month and do they see themselves absorbing the cost's of fuel much longer.
Over here truckers charge a fuel surcharge on top of GST and freight costs. That charge is in general 10% but fuel has gone up in the last 2 months by 35% at the pump, does that mean this latest increase in fuel of 35% can be absorbed and ignored by an already bleeding industry. The smaller operators that are the last left standing suppliers of service and reliability will surely go to the wall this time and the big operators will clean up and raise their prices. Who will be left to keep the buggers honest?
House of cards?...maybe, more likely just a bad hair facade.
Seriously, how often in history has taxing an industry reduced prices? Drill.
The facts are in... The Govt stated Gas prices fell last month when they went up 12%!!!!!!!!!!!!!!!!! (IN A MONTH).
When asked about it the Govt mentioned "seasonal adjustments" HUH?
So as Mark Haines pointed out, we can go up to the pump and ask for the "Seasonally adjusted price".
Apparently food inflation is somewhere in the neighborhood of 40% now.
People need to wake the heck up. Cant anyone do simple math?
In any case Im tired of yelling about it, I give up the morons rule
Marty