Dead Candidate Walking

The New York Times says that it’s probably not possible for the GOP to replace Trump as the nominee unless he resigns, dies or becomes incapacitated. And I don’t think he’s going to resign. He’s still got evangelicals, and he’s still got the mega-donors.

Elsewhere, though, it’s every Republican for her- or himself. I predict the RNC will leave Trump to his own devices and focus on congressional and state races. The Media Narrative at this point is that Trump may still be standing, but his campaign is toast. And then this ridiculous campaign season will finally lurch to its end.

Family Values Farce

A lot happened over the past several hours. Along with the release of the infamous Donald Lecherous Scumbag Trump video, apparently excerpts from Hillary Clinton infamous Goldman Sachs speeches have also been leaked, and as suspected she said things she is going to be pressured to disavow.

But I want to focus on Trump first. The current party line from the GOP is that Trump used bad language. Nobody should use bad language like that, especially about (sotto voce: white) women. We must denounce such use of language. But he’s still our candidate.

Will Trump be pressured to drop out? And would he? At this point, it doesn’t look like it. It’s way too late to replace Trump on the ballots. It probably would be possible for the GOP to announce that even though Trump is on the ballot his electors are free to vote for somebody else, but I’m not sure about that. I don’t think Trump would go quietly unless they paid him billions of dollars. Maybe not even then.

It’s fascinating, though, that a posse of “family values” evangelicals is standing by Trump. Here are Ralph Reed, Tony Perkins and Gary Bauer:

“Voters of faith are voting on issues like who will protect unborn life, defend religious freedom, create jobs, and oppose the Iran nuclear deal,” Faith and Freedom Coalition president Ralph Reed said in an email to BuzzFeed News. “Ten-year-old tapes of private conversation with a television talk show host rank very low on their hierarchy of concerns.”

Asked if he had any comment on the tape itself and if he was definitely standing by Trump, Reed said, “I think the statement is self explanatory.”

Tony Perkins, who leads the Family Research Council, also did not reject Trump in the wake of the revelations, but indicated that he doesn’t share Trump’s values.

“My personal support for Donald Trump has never been based upon shared values, it is based upon shared concerns about issues such as: justices on the Supreme Court that ignore the constitution, America’s continued vulnerability to Islamic terrorists and the systematic attack on religious liberty that we’ve seen in the last 7 1/2 years,” Perkins said in an email to BuzzFeed News.

“The comments are obviously disgusting and unfortunate,” Bauer said in an interview with BuzzFeed News. “But Donald Trump did not run as a evangelical or as somebody who ran the kind of campaign that a Pat Robertson would run.”

“We’ll still support him, still work hard for him,” Bauer said. “His policies are 100% better than Hillary Clinton’s for the country.”

“I don’t see how any values voter that is sensible would take a tape from 11 years ago with totally inappropriate language and says somehow that leads me as a voter to stay home or vote for Hillary Clinton or throw your vote away on a third party candidate,” Bauer said.

It’s beyond obvious that Donald Trump is a walking moral cesspool. Even Jonah Goldberg, who is a known idiot, realizes this. You cannot say you take the Ten Commandments — any of ’em — seriously and support Donald Trump. What’s wrong with these people?

I can think of two explanations. One, they think somehow they will maintain more influence in a Trump administration than in a Clinton administration. And maybe they would. Trump obviously doesn’t give a hoo-haw about religion, except when it can be made to reflect well on him somehow. He might very well support their anti-LGBT and anti-women agenda if they flatter him enough, because it’s obvious he doesn’t give a shit either way.

The other explanation is that these people have become so twisted that oppressing women and LGBT people is the only “morality” they care about any more, and all the stuff about lying, stealing, coveting, adultery , etc., are just details that can be sacrificed for their “greater good.”

Has He Gone Too Far?

There is talk Trump will be pressured to drop out of the race. I don’t think he will do it. Well, not unless the RNC offers to pay him tons and tons of money. What do you think?

Donald Is Dragging Us Down

I understand Hurricane Matthew is about to reach Jacksonville and is expected to make landfall in Charleston, so everybody hang in there.

Back to the Clown Show — Sunday is the next debate, and it appears Donald isn’t prepping for that one, either. I guess this is what one can expect from a man who has never had to work for anything. He doesn’t know how to work.

However, he does know how to bullshit. He’s telling people the “feds” are encouraging undocumented immigrants with criminal records to vote in November.

“I’m sure you’re not going to write it,” Trump told reporters covering the meeting, according to a transcript posted by NBC’s Ali Vitali. “To me that’s— they’re letting people pour into the country so they can go vote.”

Trump was responding to a statement from Art Del Cueto, the vice president of the National Border Patrol Council, a union representing border patrol agents that has endorsed Trump, according to the Los Angeles Times.

Cueto said that “they’re checking the records, they’re noticing that they have criminal records but they’re setting them aside because at this point, they’re saying immigration is so tied up with trying to get people that are on the waiting list — hurry up and get them, their immigration status corrected, make them citizens,” according to Vitali.

Trump asked why that was the case, and Del Cueto answered, “So they can go ahead and vote in this election.”

Nate Silver has the Clinton-Trump chances of winning at about 80 percent to 20 percent, respectively, this morning, with less than a month to go. Barring an unforeseen calamity of some sort, Clinton will win. Will Trump concede, or will he throw a tantrum and claim he was cheated? He could be setting the country up for some long-term domestic upheaval.

Winner and Winners of the Veep Debate

The Veep debate had multiple winners, depending on what you mean by “winning.” For example:

I’d say Mike Pence won in the category of Likely 2020 GOP Front Runner. Word is that the Republican establishment is weeping and wailing today that Pence isn’t at the top of the ticket instead of Trump.

Mike Pence also arguably won in the category of Coming Across as More Reasonable Than He Really Is. Pence actually is a five-alarm whackjob who got into politics after hosting an Indiana radio show, apparently as a softer-spoken version of Rush Limbaugh. He is anti-women, anti-science, anti-LGBT rights, anti-Black Lives Matter, and pretty much anti-modern secular society. But the Crazy Vibes didn’t come through the teevee monitor.

And Mike Pence probably won the Sympathy category, since Kaine came across as something of an over-eager attack dog, especially in the first 30 minutes or so of the debate.

I believe Tim Kaine won Most Effective Sound Bites, which probably is what he was going for. Examples:

“So it’s smart not to pay for our military, our veterans and our teachers? And I guess all of us who pay for those things are stupid.”

“Donald Trump can’t start a Twitter war with Miss Universe without shooting himself in the foot.”

“If you don’t know the difference between dictatorship and leadership, then you’ve got to go back to a fifth grade civics class.”

Mike Pence, on the other hand, had the Most Talked-About Sound Bites. These were “I try to spend a little time on my knees every day” and everyone’s favorite, “Senator, you whipped out that Mexican thing again.”

Stephen Colbert: “That Mexican thing? That Mexican thing? It has a name governor,” Colbert said. “I call it Pedro. And it taught me Spanish.”

Not touchin’ that.

TimKaine won the Fact-Checker Award. According to Politifact, 79 percent of Kaine’s statements were true or mostly true, versus 31 percent of Pence’s statements.

Pence was at a disadvantage, of course, because time and time again Kaine challenged him to defend some dumb thing Trump had said, and Kaine had little recourse but to pretend The Donald hadn’t actually said those things. Here’s a run-down.

I’ll be really astonished to not see a television ad showing Pence denying things Trump had said, followed by the video of Trump saying them. Bottom line, Pence is at least self-aware enough to know that he couldn’t defend Trump directly without looking ridiculous. His debate performance amounted to throwing Trump under the bus while pretending he wasn’t really throwing Trump under the bus.

More winners:

The Unintended Irony Award goes to Donald J. Trump. While Mike Pence was rejecting the charge that Trump was running an “insult-driven campaign,” Trump was on Twitter, posting insults.

Elaine Quijano gets the award for First Asian-American Woman to Moderate a Vice Presidential Debate. I thought she did pretty well; definitely better than Matt Lauer, and no worse than Lester Holt.

Now, who won the debate? I’m hearing people say Pence won on style and Kaine won on substance, and I can’t argue with that.  I don’t think it will move the needle much, if at all. I agree with the FiveThirtyEight crew, that this debate will be quickly forgotten.

Well, except for the Mexican Thing. That’ll be with us for awhile.

Media Feeding Frenzy, and Donald Is Chum

The staffs of both the New York Times and the Washington Post are working overtime to dig deeper into Donald Trump’s business affairs. And it’s getting juicier and juicier, mostly because the known facts are not adding up. WaPo explains:

In 1995, Donald Trump was in the midst of a spending spree. He had recently bought a 727 jet for personal use, added a skyscraper to his Manhattan real estate portfolio and snapped up properties in Telluride, Colo., and Palm Beach, Fla., financial records show.

That same year, he said he had negative $916 million in “federal adjusted gross income,” a claim that gave him the prospect of avoiding federal income taxes for years to come.

So how could he be thriving and avoiding taxes at the same time?

That’s the central mystery behind the state tax documents filed in New York by Trump for 1995 and disclosed this weekend by the New York Times.

Hmm. Well, another WaPo story says this:

Trump’s bid for the White House relies heavily on his ability to sell himself as a master businessman, a standout performer in real estate and reality TV.

But interviews with former shareholders and analysts as well as years of financial filings reveal a striking characteristic of his business record: Even when his endeavors failed and other people lost money, the presumptive Republican presidential nominee found a way to make money for himself, to market his Trump-branded products and to pay for his expensive lifestyle. …

… Trump’s campaign did not make him available to respond to specific questions about the company, but in a recent Washington Post interview, Trump said he “made a lot of money in Atlantic City,” adding, “I make great deals for myself.”

Josh Marshall explains:

He avoided personal ruin in part by getting the banks who backed him to forgive a lot of the debt. But he also tricked members of the public into taking over his failed businesses….

… the gist is that Trump set up his first major public company Trump Hotels and Casino Resorts. It was listed on the NYSE and members of the public, including quite a few individual investors, bought the stock. It was an IPO of a mature, indeed already failing company. But Trump used the allure of the Trump name to entice people in.

Over the next several years the businesses swirled down the drain and Trump was able to sell his other distressed casinos to the public company. In other words, he was both the buyer and the seller. So he sold the deeply indebted and already failing Trump Taj Mahal and Trump Castle to the company at a price of his choosing. While he was doing this he continued to pay himself tens of millions of dollars a year as the company’s CEO in addition to using the company to help out his other businesses. By all these machinations he managed to have the company’s major expenditures be paying off or at least servicing the debts he had racked up before the public company came into existence. At the end of the day basically everyone who invested in Trump company lost everything.

The company launched in 1995, the same year Trump claimed almost a $1 billion in losses on his tax return. Clearly these two things were related. Indeed, the Casino business was the essence of Trump’s business empire at that point. We just don’t know precisely how it all fits together because unlike the public company which had to make all the filings every public does, Trump’s personal finances are private and remain that way because he’s refused to release his tax returns.

The Times has more details about Trump’s bad investments. At one point, when he was about to go belly up, his father gave him a “loan” by sending “a lawyer to the Castle casino to buy $3.3 million in chips and leave without cashing them.”

Now, I don’t know if any of this is illegal, but it certainly isn’t good.

Oh, and Julian Assange’s big announcement was a bust. He had nothin’. I’m guessing Vladimir decided Trump was a lost cause and stopped feeding him leaks.

Update: From September, but related — Trump’s Riches and the Real-Estate Tax Racket.

Update: Fortune magazine says that Trump’s presidential campaign is destroying his “brand.”

Over the past 12 months Trump has almost certainly been devaluing his brand among the customers who are most important to his businesses – high-income individuals plus the corporations that rent space in his office buildings and hold conferences and meetings in his hotels or hotels that have licensed his name.

Trump’s supporters in the election tend to be less educated and poorer than voters overall; they’re not his customers. By contrast, he’s losing heavily among college-educated voters, a group that includes most of his individual customers. Corporate customers find it increasingly difficult to associate themselves with Trump-branded real estate because of his astonishing ability to offend assorted groups – Latinos, Muslims, women, the disabled. No mainstream corporation wants to offend those groups by occupying space with Trump’s name in shiny gold capital letters on the front.

There’s evidence that Trump’s brand devaluation is happening. Bloomberg cites research showing that among consumers earning over $150,000 a year, the Trump brand’s value had plummeted by the end of last year. Other research finds that the market share of Trump casinos, hotels, and golf course plunged 14% from July 2015 to July 2016.

Bigly, Yuge Derp

It’s stupendous, I tell you …

I’ve been wondering something else, though, and Josh Marshall spells it out:

The key question is how much of the Atlantic City losses did Trump absorb in real terms? How much of those losses were forgiven or written off formally? And perhaps most importantly, how much of those losses were squirreled away or ‘parked’ in places which effectively put them in a sort of limbo or suspended animation – neither truly absorbed nor forgiven?

For example, we know he stiffed a lot of his vendors wholesale; paid pennies on the dollar of what he owed them, or not at all. Some of that might have been part of a bankruptcy settlement, but I believe much of it wasn’t. Did he write off bills from vendors as losses and then not pay the bills? Is that possible?

If you sustain real capital losses, you can apply those losses to cancel out future income/profits and reduce your tax liability. But if your losses are canceled out by debt forgiveness, the debt forgiveness is counted as income. That cancels out the losses that would provide you with the tax benefit. In other words, you can’t have your cake and eat it too.

But there are many ways to be crafty and end up with both – some of those may simply be aggressive and sleazy and others may be clearly illegal. Bigly. The most obvious way would be to create some new business entity which you technically continued to owe vast sums of money to but which never actually tried to collect – in other words, you ‘park’ your debt somewhere it will never be heard from again. Any place on the spectrum would go a long, long way to explaining both Trump’s abject refusal to release his tax returns and almost perennial audits.

The question is: did Trump really lose almost $1 billion of his own capital in a single year? He definitely took a bath in Atlantic City. So maybe he did. But that number at least strains credulity, especially given how he was subsequently able to recover.

I know this isn’t going to discourage True Trump Believers. I know this because over at the blog of Jim Hoft, The Dumbest Man on the Internet®, the mouth breathers were outraged that the Clintons had also claimed business losses to reduce their income taxes. Although they still paid a lot of taxes. And also, they’ve released several years’ worth of tax returns. But the Clintons are just are worse, anyway! And the mouth-breathers who read Hoft don’t think people should have to pay federal income taxes, anyway. Yeah, like who needs a navy, right?

And you don’t need a link to that nonsense. You can find it yourself if you want to read it.

But Nate Silver now has the chance of winning at 70.8 percent Clinton, 29.1 percent Trump, which is still too close for my taste, but it’s a lot better than it was on September 25, when it was 58 and 42 percent, respectively. And Trump is running out of time to turn things around.

Mr. Multiple Deferments also pissed off a bunch of veterans today by saying people with PTSD are just “not strong.”

And there’s this:

The office of the New York attorney general, Eric T. Schneiderman, has issued a “notice of violation” to Donald J. Trump’s foundation, ordering it to immediately stop soliciting charitable donations in the state.

However, tomorrow Julian Assange promises to release something that will destroy the Clinton campaign. He changed the announcement venue out of “security concerns,” which triggered a rumor that Hillary Clinton had wanted to take him out with a drone. So we’ll see. “Wednesday Hillary Clinton is done,” he said. I believe he has said that before.

A Tale of Trump’s Taxes

Today in Trump News, the NY Times somehow got its hands on a copy of part of Trump’s tax returns from 1995 that show some, um, losses.

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

Most people, I suspect, would consider losing nearly a billion dollars in one year an indication that one is something of a screw-up. But not Trump and the Trumpettes.

Trump and his surrogates, meanwhile, tried Sunday to turn the story into an asset, saying that reports he avoided paying taxes for years prove his business acumen and deep knowledge of the tax system.

“He’s a genius at how to take advantage of legal remedies that can help your company survive and grow,” former New York City Mayor Rudy Giuliani said on ABC’s This Week.  “I want a man who’s a genius at figuring out how to take this country, that’s moving in the wrong direction.”

Christie told Fox News Sunday that it was a “very, very good story” for Trump, and noted that “he’s already promised in his tax plan to change many of these special interest loopholes and get rid of them, so you don’t have this kind of situation.”

Yes, losing a billion dollars is genius. What else can one say? Meanwhile, the Washington Post has a story up about Trump having another public meltdown yesterday after this news broke. A couple of highlights:

He told the crowd to get a group of friends together on Election Day, vote and then go to “certain areas” and “watch” the voters there. “I hear too many bad stories, and we can’t lose an election because of you know what I’m talking about,” Trump said. “So, go and vote and then go check out areas because a lot of bad things happen, and we don’t want to lose for that reason.” …

… “Hillary Clinton’s only loyalty is to her financial contributors and to herself,” Trump said. “I don’t even think she’s loyal to Bill, if you want to know the truth.”

The crowd gasped and many shouted: “Ohhhhh!”

Trump shrugged.

“And really, folks,” Trump continued, “really, why should she be? Right? Why should she be?”

Back to the Times — publishing a tax return without authorization to do so is against the law, and the Times may end up paying a penalty for it. But I’m sure the Times editors knew this and decided the benefits outweighed the costs. That was gutsy of them. Credit where credit is due.