US Politics Election Extra: The Myth of Trump's Business Acumen - Bankruptcies & The Apprentice
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Table of Contents 📖
"He is the single most easy person to manipulate that I've ever worked with."
Hello Team
🎦 00:00-00:19⏩
Jonathan Pearce introduces the video as a US Election Special, focusing on the myth of Trump's business success and revelations about his time on "The Apprentice."
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Trump's biggest crowning glory? The Apprentice!
🎦 00:20-01:13⏩
- Jonathan discusses the viewpoint of some analysts that suggest Trump considers his appearance on "The Apprentice" as a greater personal achievement than being President of the US.
- The Apprentice provided Trump with a platform to present a fabricated, idealised version of himself detached from reality.
- Jonathan finds it fascinating that Trump consistently fixates on The Apprentice in interviews.
The myth of Trump the Businessman
🎦 01:13-04:05⏩
- Jonathan explores the myth surrounding Trump's business acumen, which suggests that being a great businessman would translate into being a great president.
- Trump's approach to business is transactional, with a focus on zero-sum games.
- Jonathan argues this approach is not always applicable to running a country, where alliances and positive-sum games are more common, citing NATO as an example.
- Trump's simplistic understanding of global politics and alliances leads him to view international relations as transactional and competitive.
- Jonathan believes Trump lacks both economic and geopolitical acumen, evident in his simplistic understanding of reality.
Trump's terrible business track record
🎦 04:05-07:17⏩
- Jonathan challenges the myth of Trump's business success by highlighting his poor track record before, during, and after "The Apprentice."
- Jonathan cites examples such as Trump University's $25 million court case loss and Trump Foundation's ban on running charities.
- Trump has filed for bankruptcy six times, raising questions about his business competence.
- Even during his campaigns, Trump has failed to pay bills, owing substantial sums to various individuals and businesses, including Mark Cuban.
- Jonathan expresses disbelief at Trump's ability to bankrupt a casino, which should be a highly profitable business.
- Trump's political operation also shows signs of financial mismanagement, mirroring his business practices.
- Jonathan points out that Trump inherited his wealth and did not earn it through merit, further undermining his claims of business prowess.
- Jonathan discusses the ambiguity surrounding Trump's actual net worth, suggesting it might be significantly less than he claims, with many buildings bearing his name but not actually owned by him.
Trump would have been richer investing in the S&P 500
🎦 07:19-09:05⏩
- Jonathan cites Forbes, stating that Trump would have been wealthier if he had invested his inheritance in the S&P 500 instead of managing his businesses.
- This demonstrates Trump's poor financial performance despite inheriting substantial wealth.
- While Trump may have outperformed the market earlier in his life, his real estate empire has not recovered as strongly as the S&P 500 since the pandemic.
- Forbes estimated in 2022 that Trump would have been $400 million richer by investing in the S&P 500, highlighting the missed opportunity cost of his business ventures.
- Jonathan emphasises the point is not the exact figure but rather the debunking of Trump's self-proclaimed business genius.
NBC created "The Apprentice" myth
🎦 09:06-11:17⏩
- Jonathan discusses NBC's admission of creating the myth of Trump as a successful businessman through "The Apprentice."
- NBC marketing executive John D. Miller acknowledges the creation of a "false narrative" portraying Trump as a skilled businessman.
- The show's premise of winning a career with Trump as a mentor was largely fabricated.
- Jonathan compares the false promises on "The Apprentice" to Trump's presidency, where he made grand promises but failed to deliver.
Interview with John D. Miller (Part 1)
🎦 11:17-14:48⏩
- John D. Miller admits that Trump's business success on "The Apprentice" was a facade created for the show.
- Trump's multiple bankruptcies contradict the image of a competent businessman.
- The show aimed to portray Trump as a successful executive despite his financial history.
- Miller acknowledges the potential danger of the false narrative created for the show, as it influenced voters' perception of Trump's business abilities.
- Jonathan highlights that Trump's economic record as president was not as strong as claimed, with manufacturing job losses occurring before the pandemic.
- The tax cuts implemented during Trump's presidency added trillions to the deficit.
- Jonathan credits Obama with leaving Trump a strong economy with 75 consecutive months of growth.
- Jonathan argues that Biden's economic policies are now yielding positive results, with the US economy outperforming other nations.
- Jonathan contrasts Biden's focus on governing with Trump's self-aggrandisement.
Interview with John D. Miller (Part 2)
🎦 14:48-17:26⏩
- Miller acknowledges Trump benefited from a good economy inherited from Obama.
- Trump's economic policies, such as the tax cuts, did not benefit everyone equally.
- Miller highlights the strong stock market performance and low inflation under Biden's administration.
- Miller reiterates that Trump excelled at self-promotion and creating a perception of competence without necessarily delivering on promises, citing the unfulfilled infrastructure bill as an example.
- Jonathan observes that Trump's behaviour aligns with the understanding of him as potentially having narcissistic personality disorder, with a focus on self-promotion rather than genuine accomplishments.
Interview with John D. Miller (Part 3)
🎦 17:26-23:07⏩
- Miller confirms that Trump's portrayal on "The Apprentice" was a manufactured image of a competent businessman, while in reality, he was more of an entertainer with a questionable business track record.
- Miller describes the elaborate efforts made by the show's marketing team to create the illusion of Trump's wealth and business success.
- Despite evidence to the contrary, the myth of Trump's business acumen persists in the minds of many Americans.
- Jonathan emphasises that the myth, perpetuated by "The Apprentice," has significantly damaged the US by contributing to Trump's political rise.
Interview with John D. Miller and Tim O'Brien (Part 1)
🎦 23:07-25:51⏩
- Jonathan discusses Miller's sense of regret for creating the "monster" of Trump's public persona.
- Miller expresses concern about the lasting impact of the false narrative on the American psyche.
- Tim O'Brien, a senior executive editor at Bloomberg Opinion, agrees that "The Apprentice" was instrumental in Trump's political success.
- Before the show, Trump was viewed as a joke and a symbol of 1980s excess.
- O'Brien notes that Trump was not a respected figure in the real estate community and was often ridiculed.
- The show's creator, Mark Burnett, was inspired by "The Art of the Deal," which Jonathan points out was ghostwritten and filled with inaccuracies.
- Jonathan describes Trump as a "swindler" and "con artist" who has benefited from the fabricated image of a business genius.
Trump's proudest moment?
🎦 25:51-27:05⏩
- Jonathan discusses reports that Trump considers "The Apprentice" his proudest achievement, surpassing even his presidency.
- He mentions a Washington Post article and potentially a book by Ramin Satoudeh that explore this aspect of Trump's life.
- Jonathan finds it telling that Trump prioritises the attention and adulation received from the show over his role as president.
Interview with John D. Miller and Tim O'Brien (Part 2)
🎦 27:05-32:12⏩
- "The Apprentice" presented a false image of Trump as a great dealmaker when in reality, he often made poor business decisions, overpaid, and went bankrupt.
- The show's portrayal of Trump's office and lifestyle was a fabrication designed to enhance his image.
- Even contestants on "The Apprentice" were surprised by the shabbiness of Trump's actual office, contradicting the show's portrayal of opulence.
- O'Brien believes the myth of Trump's business acumen played a crucial role in his appeal to voters in 2016 and continues to influence some voters' perceptions.
- Jonathan plays a clip from "The Apprentice" that reveals Trump's objectification of women.
- Miller explains that Trump was cast because no other CEO was willing to participate in the show, highlighting his need for money and attention.
- Trump's suggestion of creating a black vs. white team competition on "The Apprentice" is discussed as an example of his questionable judgment and potentially racist views.
- Miller reveals that Trump's primary motivation for participating in the show was financial gain through product integrations.
Interview with John D. Miller and Tim O'Brien (Part 3)
🎦 32:12-35:39⏩
- Miller describes Trump as being easily manipulated through flattery, a trait observed in his interactions with dictators who praise him to gain influence.
- Trump thrives on sycophancy and surrounds himself with "yes-men" like Stephen Miller.
- Jonathan points out that even Trump's objectively poor performances, such as his speech at the Al Smith dinner and the Bloomberg interview, are praised by his inner circle.
- Miller asserts that Trump is "the single most easy person to manipulate" he has ever worked with, highlighting his vulnerability to flattery and his need for constant compliments.
- This ease of manipulation extends to Trump's political life, where he has been influenced by foreign leaders through flattery.
- Jonathan cites the Helsinki press conference with Putin as an example of Trump's susceptibility to manipulation.
- Miller expresses regret for contributing to the creation of Trump's false persona and hopes his story can help prevent further harm.
- Jonathan mentions Tony Schwartz, the ghostwriter of "The Art of the Deal," who has also expressed remorse for his role in building up Trump's image.
Wrap Up
🎦 35:39-36:59⏩
- Jonathan reflects on the significance of the videos, highlighting the power of perception in shaping reality.
- The myth of Trump's business acumen, though false, has had a profound impact on American society and politics.
- Jonathan concludes by thanking viewers for watching and invites them to share their thoughts on the topic.
🤖❓ AI Debrief (post task) - anything the AI didn't understand
Who is Ramin Satoudeh and what is the title of his book about Trump?
Is the quote "He is the single most easy person to manipulate that I've ever worked with" from John D. Miller or Tim O'Brien?
🤖💭 AI Plan (pre task) - the AI's step by step thought process
Read the Context and Overall Task carefully to ensure I have a good understanding of what is required.
Extract the Title, Date and Part from the Youtube Video Title using the rules/guidance provided.
Read through the transcript and split it into separate topics using the rules/guidance provided, creating a for each topic (with id attribute starting at 1). The first topic will be "Hello Team" and the last one will be "Wrap Up".
For each , read the relevant section of the transcript and write a element for it, capturing the start and end timestamps for the topic.
Reread each section of the transcript defined by the element and summarise the topic (including Jonathan's opinions/insights/analysis). Wrap this in tags.
Select a quote from the video and wrap this in tags.
Reread everything and check for any queries/gaps in understanding and include in 🤖❓ AI Debrief (post task) - anything the AI didn't understand tags.
