Some economists estimate that for every family that goes bankrupt, there are about 15 more who are in the same amount of financial trouble and would profit from bankruptcy but just haven't filed.
You will learn more about Donald Trump by going down to the federal elections, where I filed a 104-page essentially financial statement of sorts, the forms that they have. It shows income - in fact, the income - I just looked today - the income is filed at $694 million for this past year, $694 million. If you would have told me I was going to make that 15 or 20 years ago, I would have been very surprised.
Bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We're a nation of debtors.
Reliable numbers about the amount of dirty money around the world are difficult to come by. But according to an estimate by the nonprofit Global Financial Integrity group, $1 trillion vanishes from the developing world's economies every year.
Once you get to your forties or fifties in this society, very few people haven't had at least one body blow - financial, bankruptcy, divorce, relationship disaster, addiction, trouble with a child, trouble with a parent. Most people take some blow.
Economists and financial analysts are not like steelworkers or people in other occupations. They don't get evaluated based on their performance. They can mess up every day of the week through their whole careers, and this would be just fine, as long as they messed up in the same way as their peers.
I probably lived more of a rock-star life when I was 15. I got in trouble a fair amount. I cared more about hanging out and skipping school than studying.
People get jaded in every profession, but for some reason, I feel as passionate as when I was 13 years old and just released my first album. I feel the same amount of adrenaline in my blood, and the same amount of curiosity as well. Curiosity about why I'm different.
I probably lived more of a rock-star life when I was 15. I got in trouble a fair amount. I cared more about hanging out and skipping school than studying. Which I am not recommending teenagers do if they read this.
Every individual forms his own estimate of himself and that basic estimate goes far toward determining what he becomes.
In the West, if a city faces financial difficulties, it'll go bankrupt. But in China, cities will be subsidised by the Ministry of Finance. So some small- and medium-sized cities aren't worried about going bankrupt. They figure the central government will help them out.
In 1978, we adopted a new Bankruptcy Code in the United States, and a principal part of this was designed to adjust to the new corporation, to find ways to let a corporation that had gotten into financial trouble reorganize itself. A big part of the selling point on this bankruptcy law was, 'It will preserve jobs.'
These are stupid people that say, ‘Oh didn’t Trump declare bankruptcy? Didn’t he go bankrupt?’ I didn’t go bankrupt.
I don't want Scotland to be more important than England. There's just a cancer of low self-esteem in Scotland and a general feeling that if we were to break away it would be game over and we would be bankrupt. If that is the case then that's exactly what we should do. Why are we, a country that would be bankrupt, leaching off another one?
We need to reverse three centuries of walling the for-profit and non-profit sectors off from one another. When you think for-profit and non-profit, you most often think of entities with either zero social return or zero return on capital and zero social return. Clearly, there's some opportunity in the spectrum between those extremes. What's missing is the for-profit finance industry coming in to that area. Look at the enormous diversity of the for-profit financial industry as opposed to monolithic nature of the non-profit world; it's quite astonishing.
Mister, I don't want no trouble. I just came downtown here to get some hard rock candy for my kids, some gingham for my wife. I don't even know what gingham is, but she goes through about ten rolls a week of that stuff. I ain't looking for no trouble, Mister.
Economists talk about profit motive, but nothing motivates modern man more than a chance to avoid taxes!