Thomas Edison did have a business bankruptcy ONCE.
Quote:
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n 1889, Edison creates his own cement company which is hugely profitable. Some of his cement inventions are not. He tries to create mass produced readymade concrete buildings. He creates two floor, 1,500 square foot house casts requiring only plumbing and wiring to be added. But the average house costs just a few thousand dollars and Edison had managed to create a mass produced house that would cost over a hundred thousand dollars. He produced 11 before going bankrupt.
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Thomas Edison | HISTORY
But that is like comparing a peach with a prune.
What great innovation has Donald Trump given society?
Every business folds operating divisions or subsidiaries. However, declaring bankruptcy and paying creditors and bondholders pennies on the dollar and making non secured investor equities worthless is not to be admired.
News is, Trump is a risk taker -- that is OK in private business. However, there are almost 320 million 'stakeholders' in the country called the United States of America. So, what happens when political leaders fuck up with the 'business' of American government? Constitutionally the US Government has no bankruptcy relief of its debts.
The only alternative is to devalue the currency to reduce the debt. Nixon did that twice and the result was 30 years of bad inflation and 15 years of on again and off again recessionary cycles.
Result:
What cost $1 in 1965 would cost $7.59 in 2015.
Also, if you were to buy exactly the same products in 2015 and 1965,
they would cost you $1 and $0.13 respectively.
The Inflation Calculator
This is Bozo Economics
When will this clown show end already?