Top Trump official calls banks amid market rout
- Thread starter ajacobson
- Start date
Treasury Secretary Mnuchin held calls with the CEOs of major banks to discuss the market turmoil
- Treasury Secretary Steven Mnuchin spoke with J.P. Morgan Chase CEO Jamie Dimon, Bank of America's Brian Moynihan, Goldman Sachs' David Solomon, Morgan Stanley's James Gorman, Tim Sloan of Wells Fargo and Michael Corbat of Citigroup.
Too bad he doesn't realize that strong US economic growth depends on the American economy buying shit on the cheep, from places like China and other super-low-wage countries. What a maroon. Can't anyone in the current administration piece all this together?
America wants cheap, fast, NOW solutions. The majority of the buying power of this country depends on the cheep crap from China. If you tax the hell out of it, then people will NOT flock to higher-priced US goods...They will simply stop buying, period.
get out of here with your facts and reasoning. "Hey guys, let's decimate the buying power of the public by redistributing to the high earners". "And let's also expect them to buy overpriced American as well."
You'd expect this news to really do some work to the market going into Monday. Talking about sufficient liquidity seems to imply (at least to me) some degree of fear that what we're experiencing now could get worse. Right now ES on the daily is up nearly 1% (at the time of this posting). Granted, the real market hasn't gotten started yet - but it seems the market doesnt care about this news at all?
Things fell apart after the Fed spoke and raised interest rates. I don't think China is the primary driver of the market volatility since October. QT and interest rates are a much bigger deal. Behind that would be less foreign investment and then probably trade tariffs.
Keep drinking that kool aid
It’s a combination of China, rates, government shutdown, and trumps increasingly erratic behavior mixed with the fact that valuations are stretched.