This Was The Worst Week For The Stock Market Since The Financial Crisis Of 2008

[CaptUSA]

https://www.chicagotribune.com/business/ct-steven-mnuchin-bank-ceos-20181223-story.html

Treasury Secretary Steven Mnuchin startled financial analysts, bankers and economists Sunday by issuing an unusual statement declaring that the nation's six largest banks had ample credit to extend to American businesses and households.

Mnuchin made the statement on Twitter after calling the leaders of the six banks, seeking to address an issue that had attracted little concern ahead of the treasury secretary's tweet.

The statement came hours before Asian markets were set to open and after a sharp sell-off that made last week the worst for U.S. markets in a decade. President Donald Trump has been furious at the sell-off, and efforts by Mnuchin to inspire confidence in the market have so far failed.

Several analysts said Sunday night that his outreach to the banks and subsequent statement were likely to backfire and drive even more concern.

"Panic feeds panic, and this looks like panic in the administration," said Diane Swonk, chief economist at Grant Thornton. "Suggesting you might know something that no one else is worried about creates more unease."

There are many different components in the economy and financial markets, and they don't always move in tandem. For example, a sliding stock market does not necessarily mean there are problems in the banking system. And there can be problems in the banking system that aren't reflected in the stock market's performance.

In Mnuchin's statement, which was posted while he was vacationing in Mexico for the holidays, the treasury chief said the chief executives told him they "have ample liquidity available for lending to consumer, business markets, and all other market operations," according to the Treasury statement. Mnuchin said the CEOs added "that they have not experienced any clearance or margin issues and that the markets continue to function properly."

more at link

 

[Krugminator2]

"Panic feeds panic, and this looks like panic in the administration," said Diane Swonk, chief economist at Grant Thornton. "Suggesting you might know something that no one else is worried about creates more unease."

Okay. It is easy to see why Mnuchin would put out this statement. For example,
https://www.zerohedge.com/news/2018...n-first-time-2008-not-single-junk-bond-prices

She is a liberal idiot, who will never miss an opportunity to trash a Republican. She spoke to my college macro class, so I take note when she gets quoted. The only thing I remember about her were her politics. She hated Steve Forbes and she called him ugly. She is the NPC meme of economists, which is the whole reason anyone gives her a forum.

 

[oyarde]

We have 1270 Gold , silver around 14.90 , Dow could still go down another 2700 or not . Still over valued . Anyway I am hoping for 1300 Gold and 15 silver by this time next week . Soon the one yr forecast on oil could be 50 or lower . West Texas Light Sweet is about 45 1/2 , Brent Crude is under 54 , Copper still hanging around 2.70 , Nat Gas still high at nearly 3.85 , wholesale gasoline at under 1 1/3 , heating oil under 1 3/4 .

 

[Stratovarious]

It took dumbya 8 years to accomplish what Trump has done in two, F' up the US economy. When does the next round of tariffs & sanctions start?

What did Trump do to f' up the US economy?

 

[Zippyjuan]

What did Trump do to f' up the US economy?

Nothing. Tariffs. Trade wars. The tax cut stimulus wearing off.

 

[Stratovarious]

Nothing. Tariffs. Trade wars. The tax cut stimulus wearing off.

You're saying it wasn't Trump that ruined the economy?

 

[devil21]

Well, shit. This can't be good: https://www.reuters.com/article/us-usa-treasury/top-trump-official-calls-bankers-will-convene-plunge-protection-team-idUSKCN1OM0LJ

But but but CNBC told us in 2008 that the PPT was a conspiracy theory!



The numbers they're talking sound so low!

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Lehman is well capitalized.

 

[Influenza]

Oh, and of course The Fed raising rates again.

We used to be opposed to The Fed dicking around with the economy around here as well.

Guess that's on the back burner too.

weird how the "bolsheviks" had the white house for 8 years and that didn't stop the stock market from growing

 

[Stratovarious]

But but but CNBC told us in 2008 that the PPT was a conspiracy theory!



The numbers they're talking sound so low!

----------------------

All of it is conspiracy until we catch them red handed, then it's; oh yea we've always done that, we are authorized to
lie, cheat, steal , murder, and be Oathbreakers at every step of the way, you paid your taxes,
you told us we could.

 

[Stratovarious]

weird how the "bolsheviks" had the white house for 8 years and that didn't stop the stock market from growing

Obama was responsible for the markets and a strong economy , are we talking about
the same 57 state, Hawaii is in Asia, you can keep your doctor, your rates won't go up
Barrack Obama , the Muslim Faith ''I'm against the mandate'' ,
#44 Bama' ?

 

[RonZeplin]

Plunger Team

What did Trump do to f' up the US economy?

In addition to the tariffs and sanctions, he and Mnuchin have been talking down the economy, and now more of the same The Plunge Protection Team. The market senses their fear and panic.

Top Trump official calls bankers, will convene 'Plunge Protection Team'

 

[Zippyjuan]

But but but CNBC told us in 2008 that the PPT was a conspiracy theory!



The numbers they're talking sound so low!

----------------------

If there really is a PPT, they suck. Markets should only be going up forever.

 

[devil21]

If there really is a PPT, they suck. Markets should only be going up forever.

The primary purpose of the stock markets is to remove currency from the productive people and transfer it back to the originators and special entities like the Vatican, who the originators work for. Cyclical drawdowns are required in order to transfer it back to the originators. That is why it does not go up forever and will not.

 

[r3volution 3.0]

The President has a stylus and an iphone.

He's going to tweet us into prosperity (the laws of economics are just a Mexican conspiracy to steal our vital fluids).

 

[oyarde]

Gold is about to Roll up to 1273.00 looks like tonight on the Asian market . Probably puts the 2019 forecast somewhere around 1350.00 if I had to guess .

 

[angelatc]

If there really is a PPT, they suck. Markets should only be going up forever.

CBO said the effects of the Obama budgets would begin to screw us this year.

 

[Anti Federalist]

weird how the "bolsheviks" had the white house for 8 years and that didn't stop the stock market from growing

So another leftarian who loves the Federal Reserve, eh?

 

[Swordsmyth]

So another leftarian who loves the Federal Reserve, eh?

And somehow he decided to haunt a webforum dedicated to the #1 opponent of the Fed.

I wonder how that happened?

 

[Stratovarious]

In addition to the tariffs and sanctions, he and Mnuchin have been talking down the economy, and now more of the same The Plunge Protection Team. The market senses their fear and panic.

How did Tariffs against 'Tariffers' and Sanctions 'bring down' the economy?

 

[RonZeplin]

Zimbabwe economics

How did Tariffs against 'Tariffers' and Sanctions 'bring down' the economy?

Read my lips, too many tax hikes. And many threats of more tariffs & sanctions. Run away inflation and debt, tax, borrow & spend, print money....

And President Trump wants the fed to lower rates, yet another tax increase via inflation. END THE FED. Austrian economics, NOT Zimbabwe economics!