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Trump: Feels Like Socialism … But I Like It
October 14, 2008
While the global plan to recapitalize banks will probably be bad for his business, driving prices higher at a time when he has the cash to buy, it is necessary and smart, real estate developer Donald Trump said Tuesday.
“We were headed for Great Depression No. 2,” Trump told “Squawk Box.”
As a free-market capitalist, Trump admitted feeling uncomfortable at the “artificial” injection of cash into banks, but said it was a much better idea than the original plan just to buy up distressed assets.
“It’s almost socialistic, but I like it, really like it,” he said. (Video: Trumps full comments)
Considering that bankers who are paid to study every aspect of bad loans couldn’t value toxic debt made the plan for the government to buy bad debt a non-starter, Trump said.
“Some government guy was going to buy all the bad loans — I don’t get it,” he said.
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