The Independent: US treasury secretary calls CEOs of six biggest banks as stocks plummet
S&P 500 on track for biggest percentage decline in December since Great Depression
Donald Trump‘s treasury secretary has called the CEOs of six of the biggest banks in the United States and made plans to convene a “plunge protection team“ amid an ongoing fall in American stocks.
US shares have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index on track for its biggest percentage decline in December since the Great Depression.
“Today I convened individual calls with the CEOs of the nation’s six largest banks,” treasury secretary Steven Mnuchin said on Twitter shortly before financial markets were due to open in Asia.
US equity index futures dropped late on Sunday as electronic trading resumed to kick off a holiday-shortened week. In early trading, the benchmark S&P 500’s e-mini futures contract was off by about a quarter of a percent.
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WNU Editor: I am not involved in the stock market, but people that I do know have suffered heavy loses in the past 5 months. As for he future .... the FED Chairman is still on the record that he will continue to raise interest rates in 2019.
More News On The Current U.S. Economic/Stock Market Crisis
Top Trump official calls banks amid market rout -- Reuters
Top Trump official calls bankers, will convene 'Plunge Protection Team' -- Reuters
US Treasury secretary speaks with big bank CEOs about market stability -- Politico
Treasury Secretary talks to bank CEOs amid Wall St. jitters -- AP
Mnuchin calls big US banks after huge stock market falls -- BBC
Trump blasts Fed as 'only problem' in U.S. economy, crisis group convenes -- Reuters
Trump assails Fed as the ‘only problem our economy has’ -- AP
The Longest Bull Market In History Is Over - S&P Enters Bear Market -- Zero Hedge
6 comments:
That FED chairman managed to wipe out 2 trillion dollars single handedly.
I'd love that kind of job security.
When the Democrats win the house and the Feds hike the interest twice and the market subsequently tanks, we know it is the fault of the Fed and Pelosi.
It’s weird to think that the economy used to dictate the stock market, now it’s the other way around.
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Pay attention to the FED when Trump leaves, bet you money they'll lower int. rates again at that time.
CatholicDragon... I agree.. and when the chairman said that "politics didn't play a role" in it, he is lying through his teeth.
Trump is actually quite right in it, when he suggested to "feel the market"...the stock market is very much driven by psychological forces, like investor, business and consumer confidence... that's also the reason why Trump always talks up the economy. He knows it's all about psychology (if the rest is relatively healthy).. but these idiots on the Democrat side rather have the economy tank, and China take over, than get on board and share the success. It is so unamerican, so unpatriotic, so dangerous, it sickens me.
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