Re: And the pollies let it happen.
Some Americans view bankruptcy as a form of economic gain.
I have known people who go bankrupt every 8 or so years. The key thing is to work your finances and finical security in such a way that you don't need to live off of credit. The American system fails because it allows people who are older with good pay to build up credit really fast even if it is clear that they were previously bankrupt.
Trump is one of these such people. His team has gone one step above however. They would push out payments to those (small non-Chinese) suppliers/builders who they owe money to in such a slow drip feed and tie up what was owed with legal paperwork. Those suppliers would go bankrupt, and then that debt would never be chased again.
What is also highly laughable is that the losses that allow trump to not pay tax was likely all based off of foreign loans to build US buildings. So he pays no tax in the US due to defaulting on Foreign loans.
Protectionism is bad, he is not the first person to try this hard for it. Some people benefit, those being protected, but everyone else has to pay the cost. Yes you can save jobs mining coal - at the expense of the solar industry. Yes you can bring back car manufacturing jobs - at the expense of car company profit, final product cost, and a larger risk to the finance sector. Protectionism is bad, but if it helps you then you like it.