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Dow falls below 22,000 after Steven Mnuchin's odd statement fails to calm markets
New York (CNN Business)The Dow fell below 22,000 on Monday as Treasury Secretary Steven Mnuchin's attempts to calm investors backfired.
Mnuchin on Sunday released an unusual statement to say he had called the CEOs of the country's biggest banks. He said the executives assured him their banks are healthy and have "ample liquidity" to lend to consumers and businesses. "Markets continue to function properly," he said.
"This is the type of announcement that raises the question of whether Treasury sees problems that the rest of the market is missing," Cowen & Co. analyst Jaret Seiberg wrote in a note to clients. "Not only did he consult with the biggest banks, but he is talking to all of the financial regulators on Christmas Eve. We do not see this type of announcement as constructive."
Mnuchin plans to convene a call on Monday with the President's Working Group on financial markets, which includes the chairman of the Federal Reserve and top market and business regulators.
https://www.cnn.com/2018/12/24/investing/stock-market-today-dow/index.html
Achilleaze
(15,543 posts)from all their stinking lies and cheating - now coming home to roost.
UniteFightBack
(8,231 posts)because he gotta go like yesterday.
Cracklin Charlie
(12,904 posts)Why do they always crash the economy?
It has to advantage them somehow.
MineralMan
(146,288 posts)their chairs, too.
Docreed2003
(16,858 posts)Prolly while seated by the pool with an umbrella drink in his hand...that fucker knows exactly what he's doing and it wouldn't surprise me in the least if he's poised to make a killing on the market tanking.