Trump - substance or hot air?

IT has been quite a few months since we first encountered Donald Trump the politician. Most people who take an interest in US business would have known of him and had some preconceived ideas. I confess that mine were that of an "Ugly American" - brash, self-centred and ultimately very successful. But not someone I would want as a friend.

To take a UK analogy which some in the financial sector will recognise - Mr Trump is an East End "barrow boy". If you need an example, Nick Leeson was one of these, but ended up very unsuccessful. He believed his trading skills were better than those around him and will still insist that it was only the Kobe earthquake that scuppered a major coup on the Nikkei futures index.

Mr Trump built and lost a property empire, burning a lot of fingers along the way. Using US bankruptcy laws to the full, he built another and along the way endeared himself to a big section of the US public with a hit television series. Then, to everyone's surprise, he remodelled himself as a politician aiming for the Republican candidacy, with policies designed to appeal to his television audience.