Posted on 12/24/2018 10:13:38 AM PST by SeekAndFind
Treasury Secretary Steven Mnuchin called the CEO's of the nation's six largest banks on Sunday amid a continued precipitous decline in the markets in recent weeks.
The Treasury said in a statement that Mnuchin talked with the chief executives of Bank of America (BAC.N), Citi (C.N), Goldman Sachs (GS.N), JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Wells Fargo (WFC.N).
“The CEOs confirmed that they have ample liquidity available for lending,” the Treasury said.
Mnuchin “also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly,” the Treasury said.
Mnuchin’s calls to the bankers came amid a partial government shutdown that began on Saturday following an impasse in Congress over Trump’s demand for more funds for a wall on the border with Mexico. Financing for about a quarter of federal government programs expired at midnight on Friday and the shutdown could continue to Jan. 3.
Of course, the Treasury Department knows that the banks have "ample liquidity" so this call was just a dog and pony show to help calm nervous investors.
The same could be said of Mnuchin's plan to convene the "Plunge Protection Team," which last met in 2009 at the end of the recession.
The Treasury said Mnuchin will convene a call on Monday with the president’s Working Group on Financial Markets, which includes Washington’s main stewards of the U.S. financial system and is sometimes referred to as the “Plunge Protection Team.”
The group, which was also convened in 2009 during the latter stage of the financial crisis, includes officials from the Federal Reserve as well as the Securities and Exchange Commission.
(Excerpt) Read more at americanthinker.com ...
Search is your friend. This got mulled over pretty good last night.
Not a pleasant topic to have up again.
This article has only been posted once.
So you’re saying that once anything has been posted on a topic that topic should be avoided from that point on?
“So you’re saying that once anything has been posted on a topic that topic should be avoided from that point on?”
I have never had a problem with duplicate articles. In most cases I never saw the first post. If I did, I can skip over it and, somehow, it never annoys* me. I can’t understand why a duplicate post seems to get some people up in arms.
* Of course, I’m an old geezer and not much of anything annoys me now.
There was absolutely no evidence or indication that the banks didn’t have the liquidity. Buy by asking them Mnuchin has thrown another scare into the markets.
When I read about Mnuchin doing that, first thought was amateur hour. Guess he learned nothing from his experience at Sears.
Fire this Globalist bastard. The one mistake PT has made, is not hiring American firsters at the begining.
If Mnuchin wanted to create a panic, he couldn’t have done better.
Plunge Protection Team = Bankster Protection Team
Let them suffer the consequences of their own actions. Stop rescuing banksters at the expense of Everyman.
Down with Wall Street, Up with Main Street. That’s the key to a prosperous country. And the damned banksters get rich either way I don’t know why they are so determined to screw us for every possible dime.
So he is consulting all the crooks that created the whole mortgage tranche scheme that lead to the crash in 2008?
And I thought this Administration would be different.
Indeed, worry about the real economy. Not the casino where insiders go to defraud outsiders.
Plunge Protection Team - sounds like a stopped up toilet.
That’s appropriate, because Washington, D.C. is a cesspool.
Maybe they are preparing to defend against a cyber attack on the markets by China, as their backs are pushed against the wall in the trade war.
2019 seems to be on track to be the main engagement of the trade war, with the really big tariffs. China has to have something up their sleeve for the worst case.
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