Yikes! Trump’s Twisted Past Resurfaces After Bill Passes

Summary

The MeidasTouch Podcast Episode Summary

Episode Title: Yikes! Trump’s Twisted Past Resurfaces After Bill Passes
Release Date: July 5, 2025
Hosts: Ben, Brett, and Jordy Meiselas
Podcast: The MeidasTouch Podcast

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Introduction

In the episode titled "Yikes! Trump’s Twisted Past Resurfaces After Bill Passes," the Meiselas brothers delve into the resurfacing of former President Donald Trump's controversial history following the passage of a recent budget bill. Combining sharp political analysis with their characteristic humor and brotherly banter, the hosts examine how Trump's past business failures are being paralleled in the current economic policies being debated in Congress.

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Donald Trump's Business Failures and Resurgence in Politics

The discussion kicks off with a critical overview of Donald Trump's extensive history of bankruptcies and failed business ventures. The hosts argue that Trump's track record as a businessperson casts a long shadow over his political maneuvers.

• Political Commentator: Highlights Trump's repeated bankruptcies, listing entities such as Trump Magazine, Trump Vodka, Trump Airlines, Trump Stakes, Trump Water, Trump Mortgage, and Trump Casinos, emphasizing that "he is a failed business person" (00:59).

• Political Analyst: Provides detailed examples of Trump’s bankruptcies, specifically mentioning the Trump Shuttle’s financial struggles and the subsequent layoffs, stating, "Look, this is not financially sustainable. It became clear that the Trump Shuttle would not grow as an airline" (07:53).

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Connection to the Disastrous Budget Bill

The brothers draw parallels between Trump's past business strategies and the recently passed budget bill, which they describe as similarly flawed and potentially catastrophic for the U.S. economy.

• Political Commentator: Criticizes MAGA Republicans, particularly Ralph Norman, for their inconsistent stance on the budget bill, questioning, "What changed when you said this is going to bankrupt America?" (05:00).

• Political Analyst: Discusses how the budget bill mirrors Trump's business failures, suggesting that just as Trump's casinos failed to sustain financially, the budget bill could lead to similar economic downfalls: "It's about swelling up his ego" (06:39).

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Detailed Examination of Trump’s Casino Failures

A significant portion of the episode is dedicated to examining the collapse of Trump’s Atlantic City casinos, drawing lessons applicable to the current budget bill.

• Political Analyst: Explains how the Trump Taj Mahal Casino was over-leveraged and ultimately failed, stating, "The Taj would have to make close to a million three a day to break even. No casino in the world ever had that kind of number" (13:58).

• Political Commentator: Narrates the story of Marvin Rothman, a contractor who challenged Trump’s business practices and faced retaliation: "Rothman then sues his own company and then sues Trump" (12:24).

• News Reporter: Provides background on the Trump Taj Mahal’s grand opening and its eventual downfall, noting, "After a little over a year after it opened, the Taj Mahal filed for bankruptcy, and Trump's other two Atlantic City casinos followed suit the next year" (14:07).

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Implications for the United States Economy

The hosts argue that the same reckless financial strategies evident in Trump’s past are now threatening the U.S. economy through the new budget bill.

• Political Commentator: Draws direct comparisons between Trump's business failures and the budget bill, asserting, "He's not a good business person. He's the worst. You see the same tactics, fraud to pitch the disastrous budget bill as he did in the past" (18:36).

• Political Analyst: Points out that the budget bill includes substantial cuts and flawed economic assumptions, similar to how Trump's casinos were overhyped and financially unsustainable: "Those are just made up the same way Donald Trump would lie about his businesses" (16:22).

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Reactions from Political Figures

The episode features clips and discussions about reactions from political figures, showcasing the polarized responses to the budget bill.

• Political Analyst: Criticizes Democratic Congressmember McGovern’s support for the bill, describing it as "cult behavior" (05:15).

• Political Commentator: Highlights the disconnect between Republican promises and the actual content of the bill, particularly regarding Medicaid cuts: "There's no tax on Social Security. It's not mentioned anywhere or once in this thing" (17:58).

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Conclusion and Final Thoughts

The Meiselas brothers conclude the episode by reiterating their skepticism about the budget bill, drawing on Trump's historical failures as a cautionary tale. They urge listeners to scrutinize the bill's implications for democracy and the economy, emphasizing the need for accountability and informed decision-making.

• Political Commentator: Summarizes the overarching theme by stating, "He's a fraud. He comes up with fake numbers. Like, that's his thing" (18:10).

• Political Analyst: Encourages listeners to "Hit subscribe let's get to 6 million subscribers," reinforcing their call for widespread awareness and support (19:14).

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Notable Quotes

• Political Commentator (00:59): "Donald Trump's dark past as a complete and total fraud, as a felon and a sexual abuser is once again resurfacing in light of this disastrous budget bill."

• Political Analyst (13:58): "The Taj would have to make close to a million three a day to break even. No casino in the world ever had that kind of number."

• Political Commentator (14:27): "He's not a good business person. He's the worst."

• Political Analyst (16:22): "Those are just made up the same way Donald Trump would lie about his businesses."

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Key Insights and Discussions

1. Historical Parallels: The episode effectively draws parallels between Trump's failed business ventures and the current budget bill, suggesting that similar fiscal irresponsibility is at play.

2. Critique of MAGA Republicans: The hosts critique the MAGA Republican faction for their unwavering support of Trump despite his questionable business history, labeling their behavior as "cultish."

3. Economic Implications: By highlighting the potential bankruptcy-inducing elements of the budget bill, the podcast warns of severe economic repercussions akin to Trump's business failures.

4. Call for Accountability: Emphasizing the importance of transparency, the hosts advocate for holding political figures accountable, using Trump's own disclosures as evidence of his unreliable business practices.

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Conclusion

In "Yikes! Trump’s Twisted Past Resurfaces After Bill Passes," The MeidasTouch Podcast provides a compelling critique of Donald Trump's enduring influence on American politics and economics. Through detailed analysis and engaging discussions, the Meiselas brothers warn listeners of the dangers posed by repeating failed business strategies in national policy, urging vigilance and informed participation in democratic processes.

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Note: Advertisements and non-content sections from the transcript have been omitted to maintain focus on the episode's core discussions.

Transcript

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[Political Commentator]

Is brought to you by Progressive Insurance. Fiscally responsible financial geniuses, monetary magicians. These are things people say about drivers who switch their car insurance to Progressive and save hundreds. Visit progressive.com to see if you could save Progressive Casualty Insurance Company and affiliates. Potential savings will vary. Not available in all states or situations. Donald Trump's dark past as a complete and total fraud, as a felon and a sexual abuser is once again resurfacing in light of this disastrous budget bill. Donald Trump is someone who has always bankrupted things in the past. And so when you hear MAGA Republicans say, oh, Donald Trump's the greatest business person, he has all of the solutions. He promised us this. He's a fraud, he's a felon, he's a liar, he's a bankrupter. And let me just give you very specific examples because I think it's important when you look at the disastrous budget bill, it has direct parallels to how he's always bankrupted businesses in the past and now the United States of America is his next mark. So I want to talk about how Donald Trump bankrupted Atlantic City, how he he bankrupted his casinos in Atlantic City, the exact same tactics and strategy he defrauded people then he's doing again right now. Let me read for you this list first though. Trump Magazine, Trump Vodka, Trump Airlines, Trump Stakes, Trump Water, Trump Mortgage, Trump Travel, Trump the Game, Trump Casinos, Multiple Trump University, Trump foundation, and now the United States economy. Those were all entities that went out of business or that Donald Trump had to declare bankruptcy for because he is a failed business person. And if you want to just look at Donald Trump's financial filings before the sec, regarding Trump Media, you have to disclose your bankruptcies and business failures by law. So they list it right there. I mean, to their credit, Trump's bankruptcies are listed in his financial filings for this one go back to February 14, 2025. And it talks about a number of companies that were associated with Donald Trump have filed for bankruptcy. And then this disclosure says, even though these are in different areas, Trump Media may go bankrupt the way his other entities did because there could be no assurances that they won't also be bankrupt. So you look right over here. Trump Taj Mahal built and owned by Trump. Chapter 11 bankruptcy 1991, Trump Plaza, Trump Castle and Plaza Hotel Chapter 11 bankruptcy, 1992 thcr founded by Trump in 1995, bankruptcy in 2004. The new name given to Trump Hotel and Casino resorts after a 2004 bankruptcy, declared bankruptcy in 2009. Then the disclosure goes on to list all of those companies like the Trump Vodka and the meats and the mortgages and the airlines that all went bankrupt as well. Read it for yourself. Screenshot it. You take it. This is Trump's own disclosures right there. So when we look at this disastrous budget bill and you hear MAGA Republicans like Ralph Norman who said, we can never support this bill, it's going to bankrupt the United States, then they're asked, well, why did you change your vote? You took a trip to the White House. What changed when you said this is going to bankrupt America? Because the language didn't change. The same language that you said will bankrupt America that the Senate gave back to the House. It was there. There was no changes. And watch what Ralph Norman says. Play this clip. Sir, what I don't understand, understand is you had a view that was negative about this bill yesterday. Is there something different about the bill today?

[Political Analyst]

Yeah, it is. We met with President Trump and, you know, he did a masterful job of laying out how we could improve it, how he could use as his chief executive office, use things to make the bill better.

[Political Commentator]

You heard that? He goes, we met with Donald Trump and he promised us all of these things. How ridiculous can you be? You must be in a cult. And what we saw yet, what we saw this past week on the House floor was cult behavior by these MAGA Republic. It's odd for me to watch. I'm like, what the hell am I even seeing here? So one by one, these MAGA Republican stooges, they would get up there with these photos of Donald Trump, these like weird AI and photoshopped images of him, and they would say stuff like, look how handsome he is. Look how strong. Look how strong he is. Look how powerful he is. You must follow this man. That's what they would say. I'm like, what the hell am I watching? If you watch this clip, Cult much As Democratic Congressmember McGovern says, play this clip.

[Political Analyst]

Choose to side with the American people.

[Political Commentator]

And deliver on the mandate that they gave us back in November. I urge my colleagues to put America first, support the rule and pass the one big, beautiful bill. And I yield back.

[Political Analyst]

Gentleman yells back gentlemen from Massachusetts, Mr. Speaker Cult Much. You know, I mean, that gentleman's poster says it all. It's not about American families. It's about. About one big party for Trump.

[Political Commentator]

It's about swelling up his ego.

[Political Analyst]

I now yield one minute to the gentleman from California, Speaker Meredith Ms. Pelosi.

[Political Commentator]

So when I see Trump and the MAGA Republicans saying things like this. No tax on Social Security, right? They post those memes, no tax on Social Security. That's not in the bill. We're going to protect you seniors. There's no tax on Social Security. It's not mentioned anywhere or once in this thing. It would cost $100 billion at least a year to do that. It just. It's just made up the same way Donald Trump would lie about his businesses. He would just make up things. He's a fraud. He comes up with fake numbers. Like, that's his thing. He was found liable for doing fraudulent valuations. So let's take a look. Let's look at Trump's past. I want to show you concrete and specific examples. The first example I want to show you is Trump Shuttle and what went down there. As our editor in chief, Ron Phillip Kowski explains, don't worry, the debt won't be that bad from the spill because the growth of the economy as a result of this in tariffs is going to be just like Trump Shuttle. Here, play this clip.

[Political Analyst]

Look, this is not financially sustainable. It became clear that the Trump Shuttle would not grow as an airline.

[Political Commentator]

Trump fired 100 employees just 18 months after the Trump Shuttle launched. The airline had already lost $128 million in 1992. Donald Trump decided it was time to bail. Okay, now let's talk about the Trump Taj Mahal Casino. The Trump Taj Mahal Casino, eerily similar to the disastrous budget bill. Donald Trump wanted the three beautiful casinos right next to each other in Atlantic City. And people were like, three. They're going to cannibalize each other. They're going to compete. Why do you want three what are you going to do there? And based on your debt structure, you're not going to be able to finance it. It's going to go bankrupt. But Trump said, trust me, I know how to do it. We're going to have a big splashy opening. The same way this budget bill is promoted. Big, beautiful budget. Everyone's going to get rich. Everyone's going to. And we're like, that's not. The data says. Shut up, shut up. Don't tell me I'm. Listen to dear leader Donald Trump. Watch this. This right here talks about the Trump Taj Mahal, how it was promoted as this big thing but then went bankrupt. Play this clip.

[News Reporter]

Hotel was advertised as the eighth wonder of the world when it opened in 1990.

[Political Commentator]

One step beyond your wildest imagination.

[News Reporter]

A symbol of Donald Trump's meteoric rise as a real estate tycoon. Filled with Trump's signature glitz and gold, it cost nearly $1 billion to build.

[Political Commentator]

Is it necessary to build on such a scale?

[Political Analyst]

The scale, Charlie, is what brings the people, the opulence, the size, the everything is what really is going to make the Taj Mahal I think, the most successful hotel anywhere in the world.

[News Reporter]

But Monday at 5.59am, the doors were locked at the Taj after 26 years, leaving thousands of middle class workers with without jobs. So how did Trump's crown jewel go from this?

[Political Analyst]

I'm really happy with what I'm seeing to this.

[News Reporter]

I gotta show you a picture of what the casino looked like. It was pretty remarkable. Take a look at this.

[Political Commentator]

Wow, it's eerie.

[News Reporter]

What do you think is the significance of the fact that the Taj Mahal ended in bankruptcy and was just deserted?

[Political Analyst]

It was a signature development for him.

[Political Commentator]

A signature moment for him and a signature disaster for him.

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[Political Commentator]

Now, great segment right here as well, right from abc. And they're talking about over here how there were three casinos right next to each other and how many people feared if you do three casinos and the debt is so vast, you're not going to be able to pay back your loans. But play this clip.

[News Reporter]

He set his sights on Atlantic City, gobbling up three casinos and stamping his name on every one, the Trump Plaza, Trump Castle, and the grandest of them all, the Trump Taj Mahal, which he got for a song after the original owner couldn't complete construction, he threw a grand opening as lavish as the hotel itself. The whole spectacle captured for Robin Leach, journalist to the stars, the guest of honor, Michael Jackson.

[Political Analyst]

75,000 fans nearly swept away supermodel El McPherson. But they didn't stop the casino tape.

[Political Commentator]

Topping $2 million for the day. Now, there was one individual who called Donald Trump out. His name was Marvin Rothman. Rothman calls Trump out, and then Trump calls Rothman's boss, gets Rothman fired for saying exactly what was going to happen. Rothman then sues his own company and then sues Trump. And then Trump settles with Rothman. Listen up.

[Political Analyst]

I said, well, why would you want to have three casinos? One is going to cannibalize the other.

[News Reporter]

Just weeks before the casino opened, he told the Wall Street Journal, when this.

[Political Analyst]

Property opens, he will have had so much free publicity, he will break every record in the books in April, June and July. But once the cold winds blow from October to February, it won't make it. The market just isn't there.

[News Reporter]

These are the quotes that made Donald Trump angry.

[Political Analyst]

Live it.

[News Reporter]

What came next made headlines. Nightline covered Rothman's story.

[Political Analyst]

You apparently saw things with some clarity, at least as far as the Taj Mahal was concerned. And yet when you spoke out on.

[News Reporter]

That, you got canned Donald Trump was so upset with Rothman's grim prediction for the Taj Mahal that he is said to have called up his boss and said, either make Rothman apologize publicly or fire him.

[Political Analyst]

He fired me on the spot.

[News Reporter]

Rothman says what really worried him about the Taj Mahal was how he says Donald Trump had financed it with an extremely high interest loan.

[Political Analyst]

The Taj would have to make close to a million three a day to break even. No casino in the world ever had that kind of number.

[News Reporter]

But Rothman turned out to be exactly right about the Taj. It could not bring in enough money. And a little over a year after it opened, the Taj Mahal filed for bankruptcy, and Trump's other two Atlantic City casinos followed suit the next year. Was he a good businessman when it came to casinos and gaming?

[Political Analyst]

Absolutely not.

[News Reporter]

Rothman went on to sue his employer for wrongful termination, and a judge found in Rothman's favor, awarding him $750,000. He also sued Donald Trump for defamation of character. Trump settled that suit out of court with no admission of wrongdoing.

[Political Commentator]

And then Donald. Doesn't this sound so eerily similar to the disastrous budget bill? And here is Martin Rosenberg, a contractor from Atlantic Plate and Window Glass who got screwed. Let's play it.

[Political Analyst]

It was the toughest construction job I've ever had. Toughest construction job most people have ever seen.

[News Reporter]

One of those involved in the Taj's construction was Martin Rosenberg.

[Political Analyst]

Had I known that Trump was going to take over the job, I would have never done the job.

[News Reporter]

He says the Taj job nearly cost him his company, which was contracted to provide glass, mirrors and doors.

[Political Analyst]

He promised if we did a good job, we would get paid.

[News Reporter]

He says Trump owed him over $1 million. And he wasn't alone. Rosenberg says Trump didn't honor the contracts of over 100 contractors who helped complete the Taj Mahal.

[Political Analyst]

The man didn't pay us because he didn't have money. Bottom line.

[Advertiser]

It's Marjorie McAfee with ABC News.

[News Reporter]

I wondered if you might consider doing.

[Advertiser]

An interview with me.

[News Reporter]

Getting other people like Rosenberg to talk to my producer for this story was extraordinarily difficult. I sent him an email to confirm, you know, date and time for this past weekend, and.

[Advertiser]

And he just. He literally vanished.

[News Reporter]

But Rosenberg would speak because he's already gone head to head with Donald Trump. You took on Donald Trump.

[Political Analyst]

Somebody had to do it.

[News Reporter]

Rosenberg and six other of the contractors banded together on behalf of the entire group and forced a meeting with Trump.

[Political Analyst]

I had a telephone call from Mr. Trump's personal attorney. I said we want to get paid. He says, well, how can I stop this meeting? I said it's relatively simple. Give me a check.

[News Reporter]

After several rounds of negotiations, Rosenberg says he and the other contractors settled with Trump for less than what they were owed with devastating results.

[Political Analyst]

Some went bankrupt, some lost their businesses. We survived because we were very busy in Atlantic City.

[Political Commentator]

Now here is a video clip from two months ago with Donald Trump saying that he would have vetoed the Republican bill if it included Medicaid cuts as fact. Post says, bookmark this, bookmark this because we know when we read the bill there's like a trillion dollars in cuts to Medicaid. It says it in the bill. Now they want to say, oh, we're only going after Those able bodied 29 to 35 year old men who are playing video games. What are you talking about? Medicaid doesn't make them rich. Like what world are you living in? Medicaid pays to reimburse for medical stuff and for medication. What 28 to 35 year old is like, you know, I'm playing my video, I'm playing my Grand Theft Auto video game right now. And you know what I really need right now? I need a micro dissection and my L5S1. Oh yeah, I'm gonna make Medicaid pay for it. What? I'm going to be so rich with my microdissection and my Medicaid. What do we. That's not the way it works. All they are doing with this work requirement is they're going to make the paperwork so difficult that most Americans are on Medicaid aren't going to be able to fill out the paperwork. So then they get kicked off their Medicaid. That's the plan. But watch Donald Trump say it. Here, play this clip. What happens if it comes to your.

[Advertiser]

Desk and has the tax cuts but also cuts to Medicaid?

[News Reporter]

Would you veto that?

[Political Analyst]

We're not doing that. No, that I would if they were cutting it, but they're not cutting it. They're looking at fraud, waste and abuse. And nobody minds that if illegal immigrants are in the mix, if people that aren't supposed to be there, people that are non citizens are in the mix. Nobody minds that waste, fraud and abuse. But we're not cutting Medicaid, we're not cutting Medicare and we're not cutting Social Security.

[Political Commentator]

Okay, so I think we put together this presentation. He's not a good business person. He's the worst. You see the same tactics, fraud to pitch the disastrous budget bill as he did in the past. He's been found liable for fraud. He's been. He's been criminally convicted of a bit in a business records case. You have the evidence right there. It's lined up. Lined up. Hit subscribe let's get to 6 million subscribers. New VITAs Merch Drop Check out the latest Pro Democracy sticker packs, T shirts, sweatshirts and more, [e-mail] touch.com.

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