Steve Mnuchin is no George Bailey. Merry Christmas, and hold onto your cash..
>Over the weekend, Mnuchin tweeted that he called the CEOs of J.P. Morgan Chase, Bank of America, Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup.
The executives assured him that “they have ample liquidity available for lending to consumer, business markets, and all other market operations," Mnuchin wrote.
“They have not experienced any clearance or margin issues and that the markets continue to function properly,” he added.
Mnuchin's comments seem to have been meant to assuage investors, economists and traders that there would not be a run on banks, which precipitated the last crisis.
However, the message may have had the opposite effect since it was not a concern of market watchers until his tweet.
“If this weren’t the end of December, I would have thought it was April Fools,” Jared Bernstein, former chief economist to Vice President Joe Biden, told The Washington Post. “The markets are already nervous enough. It’s like sending out a message saying our space shields can intercept incoming asteroids. Uh, I didn’t know there were any coming our way.”
"A run on the banks is when people are afraid money won't be liquid, so they start withdrawing money, like Lehman Brothers, so they had to go to the Fed for extra cash, which is essentially a bailout," U.S. Global Investors head trader Michael Matousek told ABC News.
"There's a difference between now and then because we didn't have stress testing like we do now," he added. "We have so much stress testing, they're so regulated, when I saw he was calling the banks, that just tells me the administration is a little unsure of what's going on."
The New York Stock Exchange (NYSE) closes early on Monday at 1 p.m. ET. It is closed on Tuesday for Christmas.
https://abcnews.go.com/Business/dow-jones-opens-170-points-lower-treasur...
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call" Knotesau
on Monday, December 24, 2018 – 11:23 am
The sky is falling!
The sky is falling!
Top of Page Bottom of Page PermalinkFull Name: Bluelight Odysseus
on Monday, December 24, 2018 – 01:02 pm
5 Brothers Fried Chicken &
5 Brothers Fried Chicken & Waffles in Patchouge is open tomorrow at 9am
Top of Page Bottom of Page PermalinkFull Name: That’s Nancy with the laughin’ face Nancyinthesky
on Monday, December 24, 2018 – 04:02 pm
No the sky is NOT falling,
No the sky is NOT falling, Donnie is NOT going to fire the Fed Chair, the banks will NOT run out of money, we are NOT headed for a depression. the government will NOT be shut down for long, and Everything is just fine.
Plunge Protection Team to the rescue!
https://www.cbsnews.com/news/mnuchin-calls-in-the-plunge-protection-team...
Top of Page Bottom of Page PermalinkFull Name: That’s Nancy with the laughin’ face Nancyinthesky
on Monday, December 24, 2018 – 04:13 pm
‘The only problem our economy
‘The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!’
Top of Page Bottom of Page PermalinkFull Name: jazfish Jazfish
on Monday, December 24, 2018 – 04:16 pm
He said that?
He said that?
Strange days are stranger.
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call" Knotesau
on Monday, December 24, 2018 – 04:16 pm
It's funny because he's
It's funny because he's talking about his own game.
Top of Page Bottom of Page PermalinkFull Name: Bluelight Odysseus
on Monday, December 24, 2018 – 04:28 pm
Many Chinese take out places
Many Chinese take out places are operating on their normal business hours on XMAS Day as well.
God takes off on XMAS Day; your kind off on your own.
Plus, turn your clock back on your kids clocks two hours, for additional sleep.
Any mini movie "Matinee" on youtube I have created in the last two weeks is kid friendly.
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call" Knotesau
on Monday, December 24, 2018 – 04:31 pm
The old black and white movie
The old black and white movie clips are horrible. Stick with the drone videos.
Top of Page Bottom of Page PermalinkFull Name: Bluelight Odysseus
on Monday, December 24, 2018 – 06:00 pm
They also require reading a
They also require reading a very good graphic and an understanding of the history cinema.
Is that for you Slacks?
https://www.youtube.com/watch?v=IqOSVUnnudc
Top of Page Bottom of Page PermalinkFull Name: Bluelight Odysseus
on Monday, December 24, 2018 – 06:02 pm
The kids ask questions, you
The kids ask questions, you can't answer, right?
"Daddy, who is Mae West?"
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call" Knotesau
on Monday, December 24, 2018 – 06:08 pm
Nobody cares about Mae West
Nobody cares about Mae West anymore.
Why didn't Julie Andrews appear in Mary Poppins Returns?
Top of Page Bottom of Page PermalinkFull Name: Bluelight Odysseus
on Monday, December 24, 2018 – 06:47 pm
understood
understood
have been focusing on the audio.
Back at the house the PC was Window's 7 & now its 10, it not as responsive and needs more engineering
Top of Page Bottom of Page PermalinkFull Name: Thumbkinetic (Bluestnote)
on Tuesday, December 25, 2018 – 12:57 am
So...Zuzu's Petals is a band.
So...Zuzu's Petals is a band. I wonder if IAWL spawned any other band names.
Mr. Potters' Wheelchair?
Uncle Billy's DTs?
Clarence's Wings?
Top of Page Bottom of Page PermalinkFull Name: Hitchhiker awaiting "true call" Knotesau
on Wednesday, December 26, 2018 – 05:38 pm
Stock markets staged a
Stock markets staged a miraculous comeback Wednesday following their worst-ever Christmas Eve. The Dow posted its biggest daily point gain ever.
The Dow rose 1,086 points, gaining 5%. The S&P 500 also soared 5%, and the Nasdaq was up 5.8%, pulling out of bear market territory.
The day marked the biggest percentage gain for all three indices since March 2009.