While companies certainly have to recoup their research and development costs and earn a profit for investors — and the exclusive window before a generic version of a drug goes on sale is the optimal time to do so — those prices can sometimes get out of hand. That hike has resulted in a class-action lawsuit. President Donald Trump has vowed to unveil a system that would dramatically reduce the price Americans pay for prescription drugs. So far, that has failed to materialize. Citi analyst Andrew Baum, though, wrote the administration's failure to get enough votes to pass the GOP's first pass at a health proposal " increases the legislative risk to pharma pricing.
Should some method to combat high drug prices materialize, regardless of origin, it would still likely not go into effect for some time, given expected resistance from pharmaceutical companies and the general slow pace of government. For now, patients are stuck fighting their insurance companies to cover bills that can be jaw-droppingly expensive. GoodRx, which monitors the price of prescription drugs, has compiled a list of the most expensive ones on the market.
Prices listed are for a day supply and do not factor in insurance or discount coupons. Both of those factors can make a big impact on the out-of-pocket price consumers pay, but vary wildly from person to person. It's also important to note that what's reflected here are not the wholesale prices of these drugs, but rather prices taken from data gathered by GoodRx that is based on 'usual and customary' prices aka retail prices where pharmacies submitted four or more claims over a three-month period. Drug manufacturers Correction: After this story went to press, GoodRx's revised its list of the most expensive prescriptions in the United States.
Mytesi is a diarrhea treatment that has been studied specifically for HIV patients. Who makes it : Gilead Sciences. What it does: This hepatitis C drug has actually seen its price increase substantially in recent months. The price jump could be due to its extremely high effectiveness rate since patients no longer need treatment after finishing the to week supply. It also often doesn't need to be taken in combination with other drugs, and users require just a single pill per day, which has made it a popular choice among doctors.
What it does: Another popular and effective hepatitis C treatment, also available as a once-daily pill, is Sovaldi. It is slightly older than Harvoni. The President is also breaking his oath of office by not appointing a Special Prosecutor to go after these War Criminals. Prosecution for these crimes is not an option--it's the Duty of the President and Congress.
Not prosecuting is actually Obstruction of Justice. These people are guilty; we don't need a "Truth Commission," we know what happened, and anything I don't know I would like to discover from a Criminal Trial, not some Senate "pseudo trial" where everyone will get immunity from prosecution for their testimony. I mean, I'm not against offering low-level players immunity for testimony, but that should only be done at the discretion of the prosecutor, as part of the trial that MUST take place. Otherwise, the President is not "faithfully executing the laws of this nation.
It is not a mistake that President Obama has chosen the very architechs of this fraud to fix it. If he appointed real investigators, a lot of these bankers and CEOs would be getting prison sentences for fraud instead of massive amounts of taxpayers' money! He's owned by these interests! It's as obvious as can be, and telling yourself anything different is just wishful thinking. Obama's election was planned. He was chosen instead of a white man on purpose!
Because all the criminals in this fraud are white, the PTB powers that be decided that the people would think a half black man--especially a silver-tongued devil like Obama--would keep people from rioting for a longer period of time. Long enough for them to get all their detainment camps finished, perhaps disarm the people, etc. In fact, the whole Obama doctrine is just a re-branding game.
Nothing is actually supposed to change. Our government is completely corrupt, except for a very few, like Dennis Kucinich; that's why he was not allowed to speak. Look who the media supports to know your enemies, and who they despise to see who might be "for real. They show stuff that even Moyers won't touch--like the fact that the military has been using Depleted Uranium in its munitions which, when they impact, reduce this DU into particles as small, in ome cases, as.
A person wouldn't even be safe with most gas-masks in every war since the first Gulf War. This is the biological cause behind Gulf War Sickness. East's back yard via bullets! One has to prove that one's sickness is due to being in the military, which is very hard, especially when records get accidentally lost. If the VA actually acknowledged this problem If people knew exactly how radioactive the M. Iraqi birth defects have skyrocketed since the war; mothers now sometimes give birth to mere body parts.
Also, soldiers returning home, infact their loved ones, as the radiation poisoning is carried both on clothes and equipment, and in the bodily fluids of those infected, from semen to saliva. There's a documentarythat covers this story in-depth, with interviews from infected soldiers ,and scientists about the effects of DU. It's called "Beyond Treason," and I would love for Mr.
Moyers to show some of this and engage in a discussion about this. Like many of our actions, this, too, is against International law. Why does Professor Black believe Obama chose the individuals he did fo his economic team knowing they were involvd in favoring deregulation and pulling the levers that led us to this crisis:?
Posted by: barbara Gordon April 6, PM. Tells how the Tax Reform Act allowed the wealthy corporation to get out of paying there fair share of taxes pg. Thank you, paul. Posted by: paul s gorman April 6, PM. To continue with the information about the Federal Reserve, and the idea of Private Central Banks and bankers, in general, I hereby offer some quotes from some of our greatest Presidents and others:.
He is the only President in history to do this. The way our monetary system works now, if we paid all of our debts, there would be no money ircirculation, because our money is based on credit and debt. This what Woodrow Wlson meant when he said "a great industrial nation is now controlled by its system of credit. This where the idea of wealth creation was again institutionalized in the FED.
Of course, wealth creation is actually debt creation. This is what President Jackson said: "The bold efforts the present bank has made to control the government Of course, we were deluded into creating another bank like it--The Federal Reserve. Henry Ford once said, "It is well enough that people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorow morning.
Constitution, and our 4th President. Take it away from them, but leave them the power to create money, and with the flick of a pen, they will create enough money to buy it back again. However, take away from them the power to create money, and all the great fortunes like mine will disappear, and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers, and pay the cost of your own slavery, then let them continue to create money.
Finally, here's the last quote, from Abrahamn Lincoln, supposedly President Obama's favorite president. Too bad he's not listening to honest Abe: "The government should create, issue, and circulate all the currency. Creating and issuing money is the supreme prerogative of government, and its greatest creative opportunity. Adopting these principles will save the taxpayers immense sums of interest, and money will cease to be the master and become the servant of humanity. I think the fact that anyone bought into the idea that there was ever a "free market" is absurd, since we have a private corporation most people believe is a government institution called the Federal Reserve.
The Federal Reserve is really a cartel of banks; it is a unique entity. It is above the Federal government, and is not actually a true part of it. The Federal Reserve Act, passed in , gave the power to create money, circulate it, and assign its value to this private corporation of wealthy bankers and CEOs, such as John D.
Rockefeller, and J. The Act was sold to the people as a way to keep the "money trust" from further consolidating its wealth. So, since it was that very same money trust that wrote up the bill, they had to hide this from everyone. President Woodrow Wilson signed the bill into law, but later deeply regretted doing so, saying, "I have unwittingly ruined my country.
A great industrial nation is now controlled by its system of credit. We are no longer a government by free opinion and the vote of the majority, but a government by the opinion and duress of a small group of dominant men. Wilson, But asides from having the power to create money--or, rather, as a result of having this power, the FED also had the power to raise or lower interest rates and expand and contract credit.
No one knows who the shareholders of the Federal Reserve are. It is suposedly owned by its "member banks. They also claim to be a non-profit organization which would be funny were it not so sad , but they charge the government fees for "creating" our currency, whether by printing up F. Also, since we've gone off the "Gold Standard" under Nixon, our money is no longer backed by anything--gold or silver. Which is why the Federal Reserve Act should actually have required a Constitutional amendment. Anyway, when a cartel of banks, with secret shareholders, has the power to create money, raise and lower interest rates, and expand and contract credit, at will, as the Federal Reserve Board does, the idea of a "free market" is total insanity.
They benefit greatly from crisis, espeially war. Of course big oil and others are players, but the ones mentioned above are the real villians. The whole cycle of booms and busts is not a "natural business cycle" but the planned manipulations of the Federal Reserve, and its partners on Wall Street. First, they expand credit, and lower interest rates.
Then, they reel them all in, and when they feel they've got a good catch, they suddenly raise interest rates, and contract credit. Then, they go around and clean up for pennies on the dollar. The coup d'tat happened in What we are seeing now is an attempt at the coup de grace. Also, this wasn't caused directly by the FED, I don't believe. It's facilitated, but there have been many players in this end-game. President Obama has proven, by both his actions and Cabinet picks, to be completely owned by these banking interests-hiring the same people who created and designed this disaster to fix it!
This can also be seen in the drastic double-standard with which G. And Obama says he's looking out for working people! It's easier to save jobs that create new ones. So far, between the FED and Tresury, they've sunk 12 trillion a trillion is billion dollars into these banks, and with no oversight. Yet, Obama is going to probably force GM into banruptcy for want of a relatively minute amount of money: 30 billion.
As a result, millions of people, like my 78 yr old mother, will her lose health coverage, and a dollar pension. This will destroy my mother. There are so many people tied to GM The difference is, we're poor instead of rich, and the money must go to the rich. It only makes sense, right!? Some of these comments seem to have missed the point, as though they didn't hear what Black said, while others seem to just ramble on with their own mad ravings, and still others seemed to want to distill the concepts into some incomprehensible vapor which can't be handled.
This is my first post, I'll be back with more soon. Posted by: jo April 6, PM. I have to laugh at the idiot who keeps asking for an end to "capitalism. When you socialize losses you don't have a capitalist system. Those who are reckless and lose are supposed to go under and be replaced by the wise and resourceful. Like the fish that rots first starting with the head, our politicians from this President down, stand indicted for inaction and trying to maintain the status-quo.
Allow me to add my vote to those who are imploring Mr. Moyers or, in fact, any one who can get this information out, to read up on their history of central banking in America, and its most egregious result, the Federal Reserve System. I believe Mr. Black is close, but still a bit off, in his pointing of blame at merely the bankers, and collusion with politicians "when a crisis occurs. Remember that the same big banks are quite likely members of the Fed, which creates money from nothing in order to fund Government intervention. Please study and report on the history and downright destructive behavior of the Fed.
Simply changing bank CEOs or adding more regulators will not work, because they really haven't in the last 80 years. Posted by: paul April 6, AM. I think that the 2 questions posed at the top of this thread are dumb. Everybody knows the answers, and here they are, presented at a grade 2 level:. Irresponsible borrowers also bear some, but less, responsibility.
Some to the extent that they knew they wouldn't be able to pay back the loans. Less to the extent that, compared to the lenders, their awareness of and ability to assess risk was less. Americans not involved in these loans in any way are innocent victims of the greed of both the irresponsible lenders more so and borrowers less so. Also at fault are those who fostered the de-regulation that permitted this to happen.
Here in Canada, we have been protected from this fiasco by better regulation. I am disappointed that the questions at the top of the thread were not aimed at the more interesting components of the interview with Mr. Black, namely, the apparent scandal in the way that the Obama administration is dealing with the problem. Great show. Thanks for ruining my night. We all want the American dream.
We might be able to get our pound of flesh with investigations and indictments, but it won't change the system. Watching Michelle Obama in Europe makes me think that maybe we should go to her to get to the President, just like Eleanor Roosevelt. I think he will listen to her and maybe wisen up. That said, I am convinced that it doesn't matter what they do. The damage is done and we are in for the long haul. Good luck to all. Your guest referred to the "Pecora" effect. That is a reference to what Ferinand Pecora did to sort out the last major financial mess after the "Big Depression.
We do indeed need another "pecora. I wonder if Obama is afraid that if the American people knew the extent of the fraud and the insolvency of the banks and other corporate entities, if there would be a run on the banks and the currency would collapse? My beloved Americans, Thank you Bill Moyers for your insightful programs. Your program with W. For decates or sencuries, regardlles of what political persvations governments have been run the people who had voted the governmwent in the office, the result has been that the lives for the people have not changed much or very litle.
The ratio between the rich and an average income earner used to be in the fifties. Now the ratio is about to - The establishment or the elite has made ubseen profits over the decates and shown very lite social consciousness or social responsibility. If you combined this with what some of the published books revealed about the CEOs beiing mostly psychopaths, than you have a better picture who is running your affairs.
It boils down to a simple principle that has been practiced for very long time by the elite. All governements from lef to right have suported this modus operandi. My beloved Americans, we must change this modus operadi and instal government of the people, by the people , and for the people. In otherwords, democracy cannot survive without the active participation of its citizents.
The democratic sociaty cannot be run by the elite or secret sociaties. Once you alow it you will face dictatiorship, fascisim, or the New World Order. I pray for your health and well being. Love, RWE. Posted by: Jim April 6, AM. Moyers - I really admire you but this interview made me sick. I am so tired of this lame argument that everyone who has ever touched the banking industry is a crook and that CEOs of the auto industries that have totally failed are somehow victims or that there is a conspiracy by the Obama administration to go after the autoworkers.
This offends me as a thinking liberal who has also been in a management position in business. The employees of these companies are used every bit as much or more as the autoworkers. But enough with calling for Geithner's head. Are we all supposed to follow Paul Krugman off the nationalization cliff? Posted by: Janet April 6, AM. Mark: Interesting article about Elizabeth Warren. Also interesting that this news came - not from US news sources, but the UK, instead I first saw her on NOW way back when you were hosting it.
Finally it makes sense. What can the avarage American do to bring about justice and hold these tyrants accountable? It becomes very clear that Fairfield Greenwich, who had the responsibility for ensuring that audits were carried out re what the financier was doing with its customers' money, turned out to be a new version of the fox protecting the henhouse. It's not enough to have a firm call the auditor to find out if an audit had been done--and take the auditor's word for it without corroboration, we need regulations that will ensure that proper, need this be said?
And that conflicts of interest are avoided. Posted by: brendab April 5, PM. The majority of people commenting here are cognizant of the big picture; unfortunately, a large number still believe:. The dollar is being devalued, the US will declare "force majeure" in a few months and the new global currency will be foisted upon us all. Any other currency except perhaps silver, gold etc be considered obsolete. Did Moyers and Black talk about this? Fat chance! For heaven's sake GW is a scam! The elite want to tax our very breathing-they want to precipitate humanity back to a feudalistic state.
In some places, man's oldest and most reliable source of heat, the wood fire, is now illegal. Read what the thousands of REAL scientists have written. Don't take the word of a millionaire politician who owns several mansions! Check: Chemtrails and "Owning the Weather by " military proposal to government. More good will come from that, I assure you. Remember Obama curtsied and bowed to the Queen, not likely Jefferson would have.
Those weren't built for nothing, people. See: Baxter live flu virus vaccines. A good site to visit is called "What Really Happened". Moyers: Your act of attrition includes hosting shows that honestly delve into one, preferably all, of the above mentioned. The information is on the Internet, for the time being. The Internet, as it is, is next on the elites to-do list. Let's apply our knowledge well said, who ever you are to fight this next attack on our freedoms. Good luck to all, Truth. Posted by: bebe April 5, PM.
It becomes very clear that Fairfield Greenwich, who had the responsibility for ensuring that audits were carried out re what the financier was doing with his customers' money, turned out to be a new version of the fox protecting the henhouse. In other words, we need more than values; we need regulators that will ensure that, for example, those who are designated auditors actually ensure that audits are done!
Greed on every side.
OK, go ahead and restructure whatever social structure you wish: capitalism, socialism, facism Now, you'll have to put all those people back together again in some new structure - to get food and goods distributed, healthcare, etc. Very soon you'll see the same old processes reborn: greed, selfishness, croney-ism, competitiveness, and the like. Until we can regain by a strong, concerted effort: honesty, decency, morality and genuine concern for our neighbor we will all continue to wallow in this mess.
I thought the interview with William Black was excellent and I like the fact Bill Moyers was really, really listening to what Black was saying "A cover up? Are you saying And, jumping up and down, banging ones fist on the table, making a point that this is insane, criminal, of the magnitude of any governmental cover-up the U. What Mr. Black was saying, if you really really listened to him is in fact due ultimately, to the lack of moral absolutes this country has. There are no moral absolutes in this country. Everything is relative. What's morally wrong for you is not necessarily morally wrong for me, one man's greed is another man's profit.
When there are no moral absolutes and everyone does what is right in their own eyes, the culture is crouching at the door of complete and utter collapse. We have a couple more of these type of cultural catastrophes coming down the road lest you get bored with this one. The Internet Let's look at serious criminal activity in this country and those involved usually had some degree of addiction to pornography look at any interview with serial killers and child sex abusers, hands down.
We also minimized regulations for those in the Pharmaceutical industry, Big Pharma. This is another billion dollar industry. They can advertise on TV, in magazines on the radio, wherever they want. Similar to introducing fast food restaurants in America forty years ago and wonder why we now have an obestity epidemic on our hands, in twenty years from now, the new crisis will be How did we get all these people hooked on pharmaceutical or prescription medications?
It all comes down to this no matter what the topic.. Before answering that question you need to examine the number of individuals occupying prison cells, the number of law enforcement organizations and the fact crime cuts across all socio-economic boundaries, as exhibited with this crisis and those similar to it. Mankind needs moral absolutes. For most men and women, it comes down to a matter of pride. No one wants to be held accountable to a higher authority. Man wants to be his own god. The master of his own world and destiny. He doesn't want to be convicted about his behavior for God forbid, he may have to change something in his life.
There is a way which seems right unto a man, but in the end it is the path that leads to destruction. I can't help but think that many who were involved in this fiasco may have thought that some of what they were doing was good and righteous. I wonder what they are thinking now? Posted by: C. LoPresto April 5, PM. Won't someone tell the president about Mr.
I am trying to believe the best of our president that he is following Geithner, Summers and Rubin's advice because he truly wants to avert a meltdown and because he is scared. When I look at this program and many others I now believe a global violent revolution is inevatable. Sooner than later the explosion will take place. It will be felt worst in the United States the largest home of human injustice.
It will be felt in all the countries in the Northern hemisphere more or less depending how they taken care of there citizenry. We are sitting here in Russia or France waiting for the explosion and with the same arrogant leadership who believe they can do anything to anybody. It is so good to hear your piece.
How can we all make the government do what it suppose to do?? Black should sent his book to the President. Fascinating how lame-stream "news" talk-shows etc. This is corporate-owned medias' long anticipated swan-song: "Prestigious" newspapers are shutting down in droves; Hollywood is the "elites'" propaganda machine; and only the voluntarily comatose still watch tv trusting they are getting the "facts.
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Their excuse for decades of deception? The "great unwashed," the "useless eaters" that's us, folks can't handle the truth! Naw, we can. It's they who can't handle their due punishment as traitors. So-called in-depth news analyses shows, such as Moyers's, have only just begun to layer in a few truths over the usual mounds of manure they throw at us, because of the hot breath of enraged populations steaming down their necks.
Why just yesterday anyone who spoke of black helicopters, loss of freedom etc. Today, "respected" journalists are clamouring to make the same announcements. The masses urgently need to be placated, is all. So, please, let's not doff our hats off to Bill just yet. He, and others of his ilk, still have much reparation to make. After all - IT is the entity that it guilty of the greatest scam in the history of our country. The organizers say that they "formed to mobilize, transform, and democratize the Fed and its money-creating powers, to save the free enterprise system, and channel new money and credit from the grassroots into a more just, productive, and participatory market economy.
Posted by: chris dorf April 5, PM. How will this problem be addressed when the people charged with looking into it do not want to reveal the true depth or nature of the fraud that has been perpetrated on the American people? Its terribly depressing to think the Obama administration's vow to bring "change" to America was so quickly jettisoned when the reality of this disaster was revealed. If Black's assertions are correct, I think its likely Obama will be a one term President followed by an even more bitter and fractious political campaign that will see a deeply divided country dragged through a decade of stagnation and recrimination.
Meanwhile America's overseas enemies will sit, watch and wait for the inevitable opportunities that will arise with a financially weakened America. Hey Bill - you might want to do a story on The Federal Reserve, instead of this distraction. The bankers tare in collusion with The Fed - along with our own Treasury Department. Do the math. This kind of story only serves to distract, while making it look like the bankers alone are the culprits.
The real culprit is The Fed itself. Read House democrats work to address the subprime mortgages.. U N RES. What is it? Posted by: s. Truly stunning. A system designed to fail from the beginning. The pyramid scheme to top them all, how are the people that helped create this problem trying to lead us out? Posted by: nahummer April 5, PM. We are trying to live in an economy of wants. We were living in a state of ignorant bliss. Natural law dictates that we can only live in an economy based on meeting needs, if that economy is to be maintained and stable.
Aside from the obvious needs of - food, water, and shelter — what are our other needs? These last needs are non-material. Work, risk, and sacrifice we often set as virtues, but also get another set of signals to avoid, if not to be abhorred in what we see as a pragmatic view of life. This is the basis for our consumption based economy which necessitates ever increasing levels of consumption. The real satisfaction of the underlying needs is not being found, and the need to consume continues. Why the need for ever increasing levels of consumption?
We can produce what we need today with many fewer hours of human work. We therefore invent jobs to employee those who are not needed to provide for real needs. As we live in a closed system, this can not go on indefinitely. One solution may be to put more people to work for fewer hours producing the products and services that meet real needs. Who are the beneficiaries of ever increasing levels of consumption?
We are being encouraged to help our economy grow. How far can an economy grow, forever? What if the paradigm was for a stabile, balanced economy? Posted by: songweasel April 5, PM. I do not exaggerate when I say that our country is under attack from our most dangerous opponent and if we do not respond appropriately we are opening the way for defeat and extinction. Why do I say this? If you look down the course of history you will discover time and again that the defeat of the most powerful nations on earth took place from within. They may have ultimately succumbed to outside forces but only after they weakened their position to defend themselves and brought themselves to the point of vulnerability.
If you look at the last 50 years it is clear that we are destroying ourselves from within. We ignore the signs of vulnerability and proceed as if the threat was nonexistent. A combination of irresponsibility and arrogance prevails and the false sense of invincibility permeates our society. We have experienced a severe wakeup call in our present crisis, but our response to it simulates past responses, inappropriate and misguided action and a deep sense of denial. We have had wakeup calls over the last 50 years but we fail to respond adequately.
These have been centered on issues concerning energy, healthcare, education, welfare, jobs, housing, racial divide, and the economy. Our response is one of a band-aid approach at best.
We choose complacency and leave the hard choices for another time in place of profits, popularity, and manipulate consensus. We move selfish agendas grudgingly forward by pitting one group against another. In fact elements in the society use this time of turmoil as an opportunity to advance their own selfish hidden agendas of prosperity and greed. And worst of all we give it passive acceptance referring to it as capitalism at work, morality never enters the equation.
As each crisis approaches and passes we deepen the severity of the next. This present crisis has culminated into the perfect storm, a storm that was just waiting to happen. Through the efforts of increasing profits and the dispensing of goods and services to a vast number of individuals not entitled by their lack of readiness, we have weakened these individuals and in turn society. We have created far more problems than we solved by empowering people under false pretenses. Instead of empowering people by education and increasing their job skills to obtain jobs that would earn their way to the top, we allowed them to take shortcuts via credit to self-serve the greed of capitalists and create a false sense of wealth.
At the same time we reduce the prospects of good paying jobs as well as the sustaining secondary jobs necessary as intervening steps to the ultimate job goal or lifestyle. This perfect storm comes at a time when we face our greatest threat from the outside. It weakens our position to protect ourselves against our most powerful outside enemies.
Yet, the enemy from within remains the biggest threat, not only because it is corrosive but ignored and condoned. The perplexing problem is that when attacked by outside enemies our responses are focused and unified. Our technology and military force is for the most part up to the task. The attack from within is far more complex. It is layered with deceit, greed, patronage, institutions, bureaucracy, power and self interests. To go after the perpetuators is to go after our own citizens. This causes potential hardship to a large number of innocent people who are connected to the situation as employees, shareholders, or suppliers.
But the perpetrators themselves walk away only with a slap on the wrist. We have the means to fend off this attack but it has been manipulated and crippled by those in power rendering it ineffective for the most part. The channels for active responses are laborious, lack cohesiveness, are limited to individual responses for the most part and thus lead to uncoordinated efforts lacking the proper support for success. Even though our constitution provides the process, it has been diluted and circumvented by the political ranks.
We are rapidly reaching the point of no return. Perhaps we are already there. In any case time is short, at best, and those who can must act now to turn the tide. We cannot be distracted from this problem. As always, the political structure will try to divert our attention from the real issues by injecting hot button issues to attempt to shift our focus. As important as these hot button issues may be they will receive little resolve without a firm foundation of financial support and will.
The firm foundation of financial support does not exist and what will remain is as weak as ever.
The current course we are on further lessens the hope of victory. Thanks for the information. Much of which had been figured out by other folks like me. The question I have is, What can be done about the situation? I am fed up with the members of our congress. I believe they are as corrupt as any of the people who they may or may not, investigate.
Shouldn't this be a matter for the justice dept, or do you suppose they are so neck deep in aligators, they just don't have the will to do any of the required foot work? I applaud Mr. Black and Mr. Yes, the lenders and banks are at fault. They were the experts who were supposed to advise the citizen getting a loan. But I like to be accommodating. The minute I get back to my office, 1 start returning calls. I want to get as much done as 1 can now, because I have to leave early for Trenton, to attend a retirement dinner for a member of the New Jersey Casino Control Commission. In the letter I explained to Marty that I'd recently purchased a fan- tastic site and was in the midst of designing a building with eight motion picture theaters at its base, and I wondered if he might be interested in making a deal for them.
As I anticipated, when I get Art Barron on the phone, he wants to set up a meeting to discuss the theaters. We make a date for the following week. Three weeks ago, Arthur called to say he had some foreign clients who were interested in buying the West Side yards. If you can get them higher, I might be interested. To me, those one hundred acres overlooking the Hudson River are the best undeveloped real estate site in the world. Buying Mar-a-Lago was a great deal even though I bought it to live in, not as a real estate investment. Mar-a-Lago was built in the early s by Marjorie Merri weather Post, the heiress to the Post cereal for- tune and, at the time, Mrs.
Edward E Hutton. Set on twenty acres that face both the Atlantic Ocean and Lake Worth, the house took four years to build and has rooms. Three boatloads of Dorian stone were brought from Italy for the exterior walls, and 36, Spanish tiles dating back to the fifteenth century were used on the exterior and the interior. When Mrs. Post died she gave the house to the federal government for use as a presidential retreat. I first looked at Mar-a-Lago while vacationing in Palm Beach in Each time that happened, I put in another bid, but always at a lower sum than before. Apparently, the foundation was tired of broken deals.
They accepted my offer, and we closed one month later. It just goes to show that it pays to move quickly and decisively when the time is right. For what it costs each year, you could buy a beautiful home almost anywhere else in America. All of which is a long way of explaining why I take this call from the pool contractor. The call takes two minutes, but it will probably save two days of work — and ensure that the job doesn't have to be ripped out and done over later. The idea got off the ground after I sat next to the Soviet ambassador, Yuri Dubinin, at a luncheon held by Leonard Lauder, a great busi- nessman who is the son of Estde Lauder.
They have asked me to go to Moscow in July. He happens to be a very charming guy — wonderful looking, wonderfully dressed, with one of those great Texas drawls that make you feel very comfortable. He calls me Donny, a name that I hate, but which he says in a way that somehow makes it okay. He was trying to put together a group of wealthy people to take over a small oil company. This is a no-Iose proposition.
I was all set to go forward. Oil went completely to hell several months later, the company his group bought went bankrupt, and his investors lost every dime they put up. That experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. Instead, I tell him to send up the papers. In reality. She also happens to be a very nice woman. Trump Tower is the setting for her latest novel. Now Judy is calling to say that the scene, with Valerie Bertinelli, came off well.
What happens, for example, if I see a piece of distressed property that I want to buy on my own but that might also be good for the fund? Fm driven to the 60th Sheet heliport, in time to catch a helicopter and be in Trenton for cocktails at p. I tell Abe I understand how he feels, but that the governor is a good guy, and that in any event it would look ridiculous for Abe, who is a Democrat, to suddenly turn around now and endorse a Republican.
Abe has always been consid- ered difficult. But I like him and his family a lot. The market is down 25 points less than an hour after opening. The other part of me wants it to go up, because at this point, every time the stock rises a point, l make a lot of easy money. Harvey is an incredible trial lawyer. He took a case in which no one gave us a prayer going in, and he managed to win on antitrust grounds, even though we were awarded only token damages. Even so, Fve wondered, since the trial, whether perhaps Harvey was just a little too sharp for some of the jurors.
Wynn at the Golden Nugget. Do you want to say hello? This morning all of the papers had stories about our press conference. I sit down with a reporter from Fortune who is doing a story about real estate and the new tax laws — with me on the cover. I just try to be very selective, Norma must turn down twenty requests a week from all over the world.
Also, when I do give an interview, I always keep it short. This reporter is in and out in less than twenty minutes. A friend of mine, a highly successful and very well known painter, calls to say hello and to invite me to an opening. A few months back he invited me to come to his studio. He picked up a large open bucket of paint and splashed some on a piece of canvas stretched on the floor.
Then he picked up another bucket, containing a different color, and splashed some of that on the canvas. He did this four times, and it took him perhaps two minutes. Tve just earned twenty-five thousand dollars. Let's go to lunch. His point was that plenty of collectors wouldn't know the difference between his two-minute art and the paintings he really cares about. They were just inter- ested in buying his name.
The art world is so ridiculous that the revelation might even make his paintings more valuable! Not that my Mend is about to risk finding out. A group of us meet in our conference room to go over the latest plans for the West Side yards project, which we're scheduled to show to the city tomorrow morning.
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There are perhaps fifteen people at this meeting, including Robert and Harvey Freeman, and Alexander Cooper and his team. I do know that he wasn't getting anywhere with the City Planning Commission. Today Alex has brought preliminary drawings of the layout we've agreed on. Then, heading north, there are the residential build- ings, facing east over a boulevard, and west over a huge eight-blocfc-long shopping mall and out at the river.
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Every apartment has a great view, which I believe is critical. I am very happy with the new layout, and Alex seems happy too. This site is only going to get more valuable. No matter whom you've met over the years, there is something incredible about sitting down to dinner with the cardinal and a half dozen of his top bishops and priests in a private dining room at St. As we leave, I tell lvana how impressed I am with the cardinal. We meet with die city on the West Side yards project. The only time the density issue comes up — how tall the buildings will bet— Alex just says we're still working it out.
The meeting includes frank Williams, my architect on the project, Andrew Weiss, the project m anag er, and Blanche Sprague, an executive vice president, who is in charge of sales. Frank, who is very soft- spoken, is a fine architect. Blanchette — my nickname for her — is a classic. I like to tell her that she must be a very tough woman to live with.
The truth is I get a great kick out of her. We start by talking about what color to use on the frames of the windows. After almost a half hour, we finally agree on a light beige that will blend right into the color of the stone. They are richer and more elegant than primary colors. I pick up the phone and dial the guy in charge of demolition at Trump Parc. I just want you to get the job done and get out. If you try screwing me on this job, you won't be getting a second chance. I ask Andy for the number of our concrete guy. I get the number-two guy on the line.
So do me a favor. Get this thing done right. The market is still taking a drubbing. But Holiday is off only a point. She is furious. Blanche wants to use a line drawing that shows the building and its panoramic views of Central Park. Also, I want a drawing that shows more of the building. While Fm signing, Norma asks who I want to use as character references.
I finish signing the forms, and we go. Fugazy T s business is limousines, but he really should have been a broker. The guy knows everyone. Fugazy asks me how dinner went last night at St. Before we hang up, we set a golf date for the weekend. He is carrying drawings. In truth.
First of all, 1 practically doubled the size of what I have by taking over die adjacent apartment. Everything is made to order. For example, we had the finest craftsmen in Italy hand- carve twenty-seven solid marble columns for the living room. I want the best, whatever it takes. I look over the drawings with John and mark up a few changes. He tells me he has a deal he'd like to discuss. We set a date. Nick Ribis calls from Australia. Nick fills me in on the details and says that we should know more by the following Monday. I say sure. Five minutes later, Letterman walks in, along with a cameraman, a couple of assistants, and a very nice-looking married couple from Louisville.
We kid around a little, and I say what a great town I think Louisville is — maybe we should all go in together on a deal there. Letterman asks me how much an apartment goes for in Trump Tower. You must not have much to do. Absolutely nothing to do. It's in the genes. Somewhere out there are a few men with more innate talent at golf than Jack Nicklaus, or women with greater ability at tennis than Chris Evert or Martina Navratilova, but they will never lift a club or swing a racket and therefore will never find out how great they could have been. Unfortunately, life rarely works that way, and most people who try to get rich quick end up going broke instead.
As for those among you who do have the genes, who do have the instincts, and who could be highly successful, well, I still hope you won't follow my advice. Because that would just make it a much tougher world for me. Think Big I like thinking big. I always have. Most people think small. And that gives people like me a great advantage. My father built low-income and middle- income build- ings in Brooklyn and Queens, but even then, I gravi- tated to the best location.
And so 1 began to look toward Manhattan, because at a very early age, I had a true sense of what I wanted to do. I was looking to make a statement. I was out to build something monumental — something worth a big effort. Plenty of other people could buy and sell little brown- stones, or build cookie-cutter red-brick buildings. What attracted me was the challenge of building a spectacu- lar development on almost one hundred acres by the river on the West Side of Manhattan, or creating a huge new hotel next to Grand Central Station at Park Avenue and 42nd Street.
The same sort of challenge is what attracted me to Atlantic City. It's nice to build a successful hotel. One of the keys to thinking big is total focus. I think of it almost as a controlled neurosis, which is a quality I've noticed in many highly successful entre- preneurs. I prefer to own slot machines. It's a very good business being the house. If you plan for the worst — if you can live with the worst— the good will always take care of itself.
It almost worked, through our antitrust suit, but when it didn't, I had no fallback. That meant I had to pay the canying charges for a longer period, but before 1 spent hun- dreds of millions of dollars and several years on construction, I wanted to make sure I got my gaining license.
Holiday Inns came along and offered to be my partner. Why give up fifty percent of your profits? My choice was whether to keep all the risk myself, and own percent of the casino, or setde for a 50 percent stake without putting up a dime. It was an easy decision. But then, two months before the hotel was scheduled to open, Hilton was denied a license. He ended up selling to me at the last minute, under a lot of pressure, and without a lot of other options.
Maximize Your Options I also protect myself by being flexible. I never get too attached to one deal or one approach. If Fd been turned down for licensing in Atlantic City, 1 could have sold the site I'd assembled to another casino operator, at a good profit. Perhaps the best example I can give is the first deal I made in Manhattan. My origi- nal proposal was to build middle-income housing on the site, with government financing. Unfortunately, the Hump Cards: The Elements of the Deal - 51 city began to have financial problems, and money for public housing suddenly dried up.
I didn't spend a lot of time feeling sorry for myself. Instead, I switched to my second option and began promoting the site as ideal for a convention center. Steven Spielberg has it. Lee lacocca of Chrysler has it, and so does Judith Krantz in her way. Woody Allen has it, for the audience he cares about reaching, and so does Sylvester Stallone, at the other end of the spectrum.
He knows what the public wants and he delivers it. I like to t hink I have that instinct. I do my own surveys and draw my own conclusions. It's a natural reflex. In the end, it has no conclusion and takes so long to com- plete that if the deal you were considering was a good one, it will be long gone. What very few of them have is any feeling for what the public wants. Thimp Tower is a building the critics were skeptical about before it was built, but which the public obvi- ously liked. Use Your Leverage The worst thing you can possibly do in a deal is seem desperate to make it.
The best thing you can do is deal from strength, and leverage is the biggest strength you can have. Leverage is having something the other guy wants. Or better yet, needs. Back in , in an effort to get the city to approve my deal to buy the Commodore Hotel on East 42nd Street, I convinced its owners to go public with the fact that they were planning to close down the hotel. My leverage came from confirming an impression they were already predisposed to believe.
Keeping the television networks in New York — and NBC in particular — is something the city very much wants to do. Losing a network to New Jersey would be a psychological and economic disaster. Leverage: don't make deals without it. Enhance Your Location Perhaps the most misunderstood concept in all of real estate is that the key to success is location, location, location.
Just as you can create leverage, you can enhance a location, through promotion and through psychology. But even there, I took it a step further, by promoting Trump Tower as something almost larger than life. Location also has a lot to do with fashion. You can take a mediocre location and turn it into something considerably better just by attracting the right people. Today Third Avenue is a very prestigious place to live, and Trump Plaza is a great success. You can get killed doing that, just as you can get killed buying a bad location, even for a low price.
You need to generate interest, and you need to create excitement. Also, I achieved a lot when I was very young, and I chose to live in a certain style. The result is that the press has always wanted to write about me. Some- times they write positively, and sometimes they write negatively- But from a pure business point of view, the benefits of being written about have far outweighed the drawbacks. It's really quite simple. Television City is a perfect example. In- stantly, it became a media event: the New York Times put it on the front page, Dan Rather announced it on the evening news, and George Will wrote a column about it in Newsweek.
Every architecture critic had an opinion, and so did a lot of editorial writers. The other thing I do when 1 talk with reporters is to be straight. I try not to deceive them or to be defen- sive, because those are precisely the ways most people get themselves into trouble with the press. The final key to the way I promote is bravado. People may not always think big themselves, but they can still get very excited by those who do. I call it truthful hyperbole. Fight Back Much as it pays to emphasize the positive, there are time s when the only choice is confrontation.
But when people treat me badly or unfairly or try to take advantage of me, my general attitude, all my life, has been to fight back very hard. When the city unfairly denied me, on Trump Tower, the standard tax break every developer had been get- ting, I fought them in six different courts. It cost me a lot of money, I was considered highly likely to lose, and people told me it was a no-win situation political- ly. I would have considered it worth the effort regard- less of the outcome. In this case, I won — which made it even better.
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When Holiday Inns, once my partners at the Trump Plaza Hotel and Casino in Atlantic City, ran a casino that consistently performed among the bottom 50 per- cent of casinos in town, I fought them very hard and they finally sold out their share to me. Then I began to think about trying to take over the Holiday Inns company altogether. Even if I never went on the offensive, there are a lot of people gunning for me now.
One of the problems when you become successful is that jealousy and envy inevitably follow. You can create excitement, you can do wonderful promotion and get all kinds of press, and you can throw in a little hyperbole. But if you don't deliver the goods, people will eventually catch on. I think of Jimmy Carter. After he Lost the election to Ronald Reagan, Carter came to see me in my office.
He told me he was seeking contributions to the Jimmy Carter Library. I asked how much he had in mind. But that experience also taught me something. Until then. The answer is that as poorly qualified as We was for the job, Jimmy Carter had the nerve, the guts, the balls, to ask for something extraordinary. That ability above all helped him get elected president. Ronald Reagan is another example. He is so smooth and so effective a performer that he completely won over the American people.
Only now, nearly seven years later, are people beginning to question whether there's anything beneath that smile. When flump Tower became successful, a lot of developers got the idea of imitating our atrium, and they ordered their architects to come up with a design. The draw- ings would come back, and they would start costing out the job. What they discovered is that the bronze escalators were going to cost a million dollars extra, and the waterfall was going to cost two million dollars, and the marble was going to cost many millions more.
The dollar always talks in the end. I'm lucky, because I work in a very, very special niche, at the top of the market, and I can afford to spend top dollar to build the best. I promoted the hell out of Thump Tower, but I also had a great product to promote. Contain the Costs I believe in spending what you have to.
But I also believe in not spending more than you should. When I was building low-income housing, the most important thing was to gel it built quickly, inexpensively, and adequately, so you could rent it out and make a few bucks. That's when I learned to be cost-conscious. At the time I built Thimp Plaza in Atlantic City, banks were reluctant to finance new construction at all, because almost every casino up to then had experienced tens of millions of dollars in cost overruns. We brought Trump Plaza in on budget, and on time. As a result, we were able to open for Memorial Day weekend, the start of the high season.
By contrast, Bob Guccione of Penthouse has been trying for the past seven years to build a casino on the Boardwalk site right next to ours. All he has to show for his efforts is a rusting half-built frame and tens of millions of dollars in lost revenues and squandered carrying costs. Even small jobs can get out of control if you're not attentive.
For nearly seven years 1 watched from the window of my office as the city tried to rebuild Wollman Rink in Central Park. At the end of that time, millions of dollars had been wasted and the job was farther from being completed than when the work began. But Fun I don't kid myself.
Life is very fragile, and success doesn't change that. If anything, success makes it more fragile. Anything can change, without warning, and that's why I try not to take any of what's happened too seriously. Money was never a big motivation for me, except as a way to keep score. The real excite- ment is playing the game. Except that I've had a very good time making them. I learned a lot from him. I learned about toughness in a very tough business, 1 learned about motivating people, and I learned about competence and efficiency: get in, get it done, get it done right, and get out.
He did very well building rent-controlled and rent-stabilized housing in Queens and Brooklyn, but it was a very tough way to make a buck. His story is classic Horatio Alger. Fred Trump was bom in New Jersey in , His father, who came here from Sweden as a child, owned a moderately successful restaurant, but he was also a hard liver and a hard drinker, and he died when my father was eleven years old.
The oldest, also named Elizabeth, was sixteen at the time, and the youngest, John, was nine. My father was the middle child but the first son, and he became the man of the house. Almost immediately, he began taking odd jobs — everything from deliveries for a local fruit store to shining shoes to hauling lumber on a construction site. Middle-class people were just beginning to buy cars, few homes had attached garages, and my father was soon able to establish a very good new business building prefabricated garages for fifty dollars apiece.
He was better with his hands than most, but he also had some other advantages. For starters, he was just a very smart guy. Even to this day, he can add five columns of numbers in his head and keep them all straight. Between his night courses and his basic common sense, he was able to show the other carpenters, most of whom had no education at all, shortcuts, such as how to frame a rafter with a steel square.
In addition, my father was always very focused and very ambitious. Most of his co- workers were happy just to have a job. My father not only wanted to work, he also wanted to do well and to get ahead. Finally, my father just plain loved working. As soon as he sold his first house, he used the profit to build another, and then another and another, in working-class Queens communities like Woodhaven, Hollis, and Queens Village.
They were gobbled up as fast as he could build them. Instinctively, my father began to think bigger. By , aiming at a more affluent market, he started building much larger homes. Instead of tiny brick houses, he put up three-story Colonials, TUdors, and Victorians in a section of Queens that ultimately be- came known as Jamaica Estates — and where, eventu- ally, he built a home for our family. When the Depres- sion hit and the housing market fell off, my father turned his attention to other businesses.
He bought a bankrupt mortgage-servicing company and sold it at a profit a year later. Next, he built a self-service super- market in Woodhaven, one of the first of its kin d. All the local tradesmen — butcher, tailor, shoemaker — rented concessions in the space, and the convenience of having everything available under one roof made the operation an immediate success. W ithin a year, how- ever, eager to return to building, my father sold out to King Kullen for a large profit. By the Depression was finally beg innin g to ease, hut money was still tight and so my father decided to go back to building lower-priced homes.
This time he chose the depressed Flatbush area of Brooklyn, where land was cheap and he sensed there was a lot of room for growth. Once again his instincts were right. In three weeks he sold 78 homes, and during the next dozen years, he built 2, more throughout Queens and Brooklyn. He was becoming very successful. In my father married my wonderful mother, Mary MacLeod, and they began a family.
Perhaps because my father never got a college degree himself, he continued to view people who had one with a respect that bordered on awe. We had a very traditional family. My father was the power and the breadwinner, and my mother was the perfect housewife. There were five children in all, and besides taking care of us, she cooked and cleaned and darned socks and did charity work at the local hospital. We lived in a large house, but we never thought of ourselves as rich kids.
We were brought up to know the value of a dollar and to appreciate the importance of hard work. Our family was always very close, and to this day they are my closest friends. My parents had no pretensions. My father still works out of a small, modest back office on Avenue Z in the Sheepshead Bay section of Brooklyn, in a building he put up in She graduated with honors, began with a private firm, worked for five years as a federal prose- cutor in the U S.
Maryanne is really something. My younger sister, Elizabeth, is kind and bright but less ambitious, and she works at Chase Manhattan Bank in Manhattan. My older brother, Freddy, the first son, had perhaps the hardest time in our family. My father is a wonder- ful man, but he is also very much a business guy and strong and tough as hell. My brother was just the opposite. Handsome as could be, he loved parties and had a great, warm personality and a real zest for life.
He went to work with my father reluctantly, and he never had a feel for real estate. Because my father was so strong, there were inevitably confrontations between the two of them. In most cases, Freddy came out on the short end. He moved to Florida, became a professional pilot, and flew for TWA. He also loved fishing and boating. Perhaps I was just too young to realize that it was irrelevant what my father or I thought about what Freddy was doing.
What mattered was that he enjoyed it. Along the way, I think Freddy became discouraged, and he started to drink, and that led to a downward spiral. At the age of forty-three, he died. In many ways he had it all, but the pressures of our particular family were not for him. I only wish I had realized this sooner. Fortunately for me, I was drawn to business very early, and I was never intimidated by my father, the way most people were. I stood up to him, and he respected that. We had a relationship that was almost businesslike. Even in elementary school, I was a very assertive, aggressive kid.
The difference now is that I like to use my brain instead of my fists. I was always something of a leader in my neighbor- hood. Much the way it is today, people either liked me a lot, or they didn't like me at all. In my own crowd I was very well liked, and I tended to be the kid that others followed. As an adolescent I was mostly inter- ested in creating mischief, because for some reason I liked to stir things up, and I liked to test people.
Vd throw water balloons, shoot spitballs, and make a ruckus in the schoolyard and at birthday parties. My brother Robert likes to tell the story of the time when it became clear to him where 1 was headed. Robert is two years younger than I am, and we have always been very close, although he is much quieter and more easygoing than I am. One day we were in the playroom of our house, building with blocks.
I wanted to build a very tall building, but it turned out that I didn't have enough blocks. I liked it so much that I glued the whole thing together. And that was the end of Robert's blocks. When I turned thirteen, my father decided to send me to a military school, assuming that a little military training might be good for me. I stayed through my senior year, and along the way I learned a lot about discipline, and about channeling my aggression into achievement. In my senior year I was appointed a captain of the cadets. There was one teacher in particular who had a big impact on me.
Theodore Dobias was a former drill sergeant in the marines, and physically he was very tough and very rough, the kind of guy who could slam into a goalpost wearing a football helmet and break the post rather than his head. If you stepped out of line, Dobias smacked you and he smacked you hard. Most of my classmates took the opposite approach and became nebbishes.
They never challenged Dobias about anything. I took a third route, which was to use my head to get around the guy. I figured out what it would take to get Dobias on ray side.