Christmas is in the rear view mirror…..shopping has replaced religious thoughts with the dreams of “deals”….so what has this world wrought?
In case you were too busy trying to decide what to buy for Uncle Cletus…..the financial markets have taken a beaten…..down 1600+ points just last week….and the news does not look any better for this week….
So much for the Santa rally on Wall Street. The stock market tanked again Monday in a short trading day, making for one of its worst Christmas Eves on record, per the Washington Post. The Dow fell 653, or 2.9%, to 21,792; the S&P 500 fell 65, or 2.7%, to 2,351; and the NASDAQ fell 140, or 2.2%, to 6,192. The day’s selloff worsened after President Trump took to Twitter to blast the Fed as “the only problem our economy has,” notes the Wall Street Journal. The bleak numbers also came after Treasury chief Steven Mnuchin tried to soothe the markets before they opened, but his reassurance might have backfired.
Our dynamite Sec Treasury….that Mnuchin dude tried to soothe the savage economic beast by calling around…..
Treasury chief Steven Mnuchin made an unusual move over the weekend in an attempt to soothe rattled financial markets. But based on the stock market’s open, it appears that Mnuchin’s call to the CEO of the six largest US banks didn’t help. In fact, one financial analyst tells CNN that the call—meant to reassure the banks that all was well—might have actually spooked markets even more. Whatever the reason, the Dow plunged more than 400 points in the first hour of trading, threatening to dip below 22,000. As of 10:20am, the Dow was down 332, or 1.5%, and the S&P 500 (1.5%) and Nasdaq (1.1%) were similarly in the red. (The market woes reportedly have President Trump wondering about firing the Fed chief.)
It appears that the blame is Fed Chair and now the Sec Treas Trump is ranting that these people are to blame…..
Treasury Secretary Steven Mnuchin could become the latest White House official to get the boot. President Donald Trump has been souring on Mnuchin for some time now and the continued decline in the stock markets could be the final straw, reports Bloomberg. One source told Bloomberg that the president has considered firing Mnuchin while another said that whether he stays on or not will depend in large part on what happens to the markets.
Mnuchin is not someone that I would ever support but in this case this toad is NOT to blame…..it is the disgusting economic policies of a person that tells everyone he is a genius…..and the markets do not trust him either……his attempt to calm things cost the markets another 600 points.
And if that does not work then he is considering firing the Fed Chair…..another person that did not create a terrible market atmosphere…..
I love when egocentric slugs blame people around him for the problems the fool created…..
The markets will be a telling story….
How fast can Mr. Trump tap dance?