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Wilbur Ross: Trump's Economic Pitch Was 'Terrific'

Image: Wilbur Ross: Trump's Economic Pitch Was 'Terrific'

Wilbur Ross (AP Images/Mark Lennihan)

By    |   Tuesday, 09 Aug 2016 12:08 PM

U.S. billionaire investor Wilbur Ross thought Donald Trump’s economic speech was “terrific.” 

Trump had tried in that major policy speech at the Detroit Economic Club to turn the page on a dreadful stretch in his campaign by unveiling a revamped economic plan centered on far-reaching tax cuts.

“He looked presidential and I think this is the real Donald Trump coming out,” the W.L. Ross chairman and CEO told the Fox Business Network. “I think it’s a logic offering. I don’t think he’s doing it just to make peace with Paul Ryan though, that is a worthy idea. I think he did it because he believes in it,” Ross said.

 

Trump is seeking to quell concerns he lacks the discipline or policy know-how to make a competent president, even as the list of fellow Republicans deeming him unfit for the Oval Office grows, the Associated Press reported.

Some 50 Republican former national security officials have signed an open letter calling Trump the most reckless candidate in history, prompting a counterattack from Trump, who said the signers share blame with Hillary Clinton for making the world "a mess" and fueling the Islamic State group's formation.

Ross also said that Trump is right in saying that the U.S. needs balanced trade and that free trade is never free. “Free trade is like free lunch, there is no free lunch. Somebody wins and somebody loses and unfortunately we’ve been losing with these stupid agreements that we’ve made,” Ross said.

In his economic speech, Trump revised his previous tax plan increasing the rate he said the highest-earning Americans should pay. He also unveiled a new proposal to allow parents to fully deduct the average cost of child care from their taxable income, while insisting that when he's president, "Americanism, not globalism, will be our new credo."

Though Trump argues his "America First" policies will return the economy to the boom era of a half-century ago, his vision sidesteps massive changes that have since occurred in the global economy. The United States faces far more overseas competition now than after World War II, and manufacturing expenses for many goods are higher in the U.S. than in Asia, where wages are generally lower. 

An investor and businessman who made his billions advising bankruptcies and restructuring flailing companies, Ross was No. 20 in Newsmax's 100 Most Influential Business Leaders in America.

Ross is a force in the steel, coal, telecommunications, foreign investments, and textiles industries. He spent 25 years with Rothschild Inc.'s bankruptcy practice and then founded investment firm WL Ross in 2000. It was acquired by Invesco in 2006. He has spent the recent years turning around troubled banks, first the Bank of Ireland and then the Bank of Cyprus. 

Ross successfully bet on the Irish banking system when it was on the ropes. Ross is known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. As of June 2015, Forbes listed Ross’ net worth at $3 billion. 

Ross, who specializes in leveraged buyouts and distressed businesses, leads a group of investors who last year poured 1.3 billion euros ($1.47 billion), into Eurobank Ergasias, the third-largest bank in Greece, the New York Times said. 

(Newsmax wire services contributed to this report). 

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U.S. billionaire investor Wilbur Ross thought Donald Trump's economic speech was "terrific."
wilbur ross, donald trump, economy, speech
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2016-08-09
Tuesday, 09 Aug 2016 12:08 PM
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