It just keeps piling up on Donald Trump’s watch in the last week or so….
WTF would the Treasury Sec. be asking the banks is they Ok?
Doing so isn’t gonna make people happy who have their money in investments…
(The market has lost about 20% of its historic value)
Add to this?
Donald Trump talking about firing the Chair of the Federal Reserve….
Trump seems to moving to mess something ELSE besides trade, foreign policy and budgets….
Treasury Secretary Steven Mnuchin on Sunday spoke with the CEOs of the six largest U.S. banks, who assured him that they have enough cash to lend money and continue all market operations, according to a readout from the department.
Treasury did not say what motivated the statement, though it comes in the midst of a partial government shutdown and after the Dow Jones Industrial Average suffered its worst week since 2008.
Mnuchin in the past day has also sought to assure markets that President Donald Trump will not attempt to fire Fed Chairman Jerome Powell – a move that would ratchet up anxiety among already-skittish investors.
But if Treasury’s statement was intended to calm the markets, it risked having the opposite effect. It was met with widespread bewilderment and nervousness, given the department’s mention of a concern — the liquidity of the banks — that wasn’t even on the radar of many investors.
“Hoping the markets read this as strange instead of terrifying,” said Diane Swonk, the chief economist at Grant Thornton on Twitter. “I am completely baffled.”….