Markets plunge following Mnuchin outreach to banks

[DonViejo]

BY NIV ELIS - 12/24/18 10:27 AM EST

The Dow Jones Industrial Average plunged more than 400 points Monday morning, following a weekend attempt by Treasury Secretary Steven Mnuchin to calm the markets.

Mnuchin said Sunday that he spoke with the heads of six major banks — Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo — and reported that they had "ample liquidity."

He also said he would convene a call with the president's working group on financial markets and a group of key regulators. But the unusual message may have backfired, with analysts noting that the group Mnuchin was calling together was the same as the "Plunge Protection Team" that met at the height of the 2009 financial crisis.

Markets have also been spooked by reports that President Trump is looking to fire Federal Reserve Chairman Jerome Powell. The move would be seen as undermining the Fed's institutional independence, which is a key element in the country's financial system.

U.S. stock markets early Monday continued a decline that last week saw the Dow's worst trading week in a decade. Traders will have a shortened day on Christmas Eve and markets will be closed on Tuesday for the Christmas holiday.

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https://thehill.com/policy/finance/422730-markets-plunge-following-mnuchin-outreach-to-banks

[beachbum bob]

1. talking to banks about liquitity issues is ridiculous and the market is responding

the markets know the issues and they all stem from trump and the GOP policy failures galore

[duforsure]

2. The banks don't have the cash to back themselves up with if there is a run on them.

And we'll be left holding the bag when thy tell us we can't have OUR money we gave them back. The government won't back us up either with the money. Not this government we have now .

[Bucky]

3. Aw, Jesus, what Republicans are always doing to my retirement funds

Every penny of growth that it's done in the last two years is now wiped out. Those motherfuckers.... Good gravy, why do they hate me personally?

[Yo_Mama_Been_Loggin]

4. You mean Mr. Dollar Bill Wallpaper couldn't help them?

[EleanorR]

5. I'll bet trump was mad that Mnuchin was in Cabo while trumpie was stuck at the White House

Mnuchin probably wanted to show trump he was working oh so hard on the issue so trump wouldn't yell at him. dumbass

[First Speaker]

6. By the time the morons running this country are thru...

...Wall Street will revert back to being a cow pasture, like it was 300 years ago...

[G_j]

7. −653.17 (2.91%)

At closing

[Hugin]

8. It's not like the economy is a handicapped elderly woman Steven "Goldman Sachs" Mnuchin can...

foreclose on over a dime. He's totally out of his depth. As are everyone in this malodorous malfeasant misappropriating administration of buffoons by the Buffoon.



Maybe, he should give back a couple of the missuses fur coats.