Politics Trumps Truth – Ep. 166

  • Today I really want to talk more about Donald Trump, in particular, the firestorm that I think I lit with respect to Trump comments with respect to defaulting on the National Debt
  • Now I really believe that I am the first guy to have picked up on that because, when he originally talked about that on CNBC, and Becky Quick said, “Wait a minute, are you talking about compromising¬† our credit rating?”
  • That’s when Donald Trump said, “No, no, no, I’m not talking about defaulting I’m talking about refinancing and Becky Quick let it go, she accepted the explanation, and nobody else on CNBC at the time said anything
  • Later that day, I was contacted by CNBC – I had already agreed to do Futures Now on CNBC.com in reaction to the article I had written at the end of last week on Donald Trump and I said, “Hey, wait a minute, why don’t we also talk about his comments today about defaulting on the debt
  • And the producer said, “What are you talking about?”
  • I described his comments and said, go get the clip and we’ll talk about it on the program
  • She had no idea that Trump had said anything like that and nobody was talking about it, but I had tweeted about it in real time as soon as I heard Trump say that, as he was still in the studio talking
  • I heard nothing about it until after my CNBC interview took place and then there were articles about it – even the New York Times wrote a big article about it
  • In fact, so much was written about it that Donald Trump had to officially respond to the idea that he said he wanted to default on the debt
  • Which of course he never actually did – he never actually said it, but it’s clear to me that that is exactly what he meant – he wasn’t just implying it, that’s what he was thinking
  • But Donald Trump is not a career politician, so he’s not always thinking about the political ramifications of just speaking off the cuff, and talking honestly, which is what he was doing
  • All of a sudden, when he put his presidential candidate hat back on, when Becky Quick called him out and all of a sudden he had to process what he let slip, then he back tracked
  • I think he would have died right there, had it not been for me
  • Of course Donald Trump doesn’t want to be the candidate advocating default
  • Even though we can’t possibly repay this debt, I guess there are some truths that even Donald Trump is afraid to utter when you’re running for President, so he immediately started to back track
  • But I wanted to talk about why his explanation makes no sense at all and it shows that I was 100% right about what he was thinking, and all he’s doing now is spin, he doesn’t want to deal with the genie that he just let out of the bottle
  • I think the press, in general will probably accept his explanation, because they don’t really know very much, but let’s go into it
  • First of all, he said, “Of course we’re not going to default on the debt – why would we default? We print the money!
  • Now, when he was talking about the debt, he wasn’t talking about printing money, not at all
  • In fact, if anything, he acknowledged that printing money would be a problem, because he said, “We have to keep interest rates low but if inflation picks up we have a real problem