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View Full Version : Mnuchin Did Not Preclear Big Bank/Plunge Protection Team Calls With Trump




Swordsmyth
12-24-2018, 03:11 PM
Amid some confusion whether Mnuchin acted independently on his own initiative, or at the instructions of president Trump, when he called up the CEOs of the top 6 US banks on Sunday and the President's Working Group on financial markets, i.e. PPT, Bloomberg reports that Mnuchin did not pre-clear the calls with Trump, citing an administration official. Mnuchin also convened the Plunge Protection Team without coordinating with Trump, and instead both actions were done in normal capacity of his job, the official said.
Which is surprising because at the same time, CNBC reported that the Treasury was not concerned about liquidity when Mnuchin called the big banks (which clearly should have been find considering they all passed the latest stress test without a hitch).
Why does this matter? Because suddenly everyone's ire is focused on Mnuchin's Sunday afternoon "liquidity is fine" tweet which instead of calming markets has only exacerbated the rout. And if Trump was indeed not behind Mnuchin's initiative to take a break from his Cabo vacation and not only call up the US banks - and then publicly disclose it ahead of Monday's open - but also announce it publicly, then Mnuchin may have just painted a big, red bullseye on his back when Trump is looking for the next scapegoat to "justify" the latest market drop.

https://www.zerohedge.com/news/2018-12-24/mnuchin-did-not-preclear-big-bankplulnge-protection-team-calls-trump


Good Bye Munchkin?

Swordsmyth
12-25-2018, 03:22 PM
President Donald Trump on Tuesday expressed confidence in Treasury Secretary Steven Mnuchin amid worries over a weakening economy and a stock market slump, but repeated his criticism of the U.S. Federal Reserve, saying it has raised interest rates too quickly.Speaking to reporters in the Oval Office after a Christmas video conference with U.S. troops deployed abroad, Trump also said U.S. companies were "the greatest in the world" and presented a "tremendous" buying opportunity.
Asked if he has confidence in Mnuchin, Trump said: "Yes, I do. Very talented guy. Very smart person," he said. His comments came after Mnuchin on Monday held a conference call with U.S. regulators to discuss plunging U.S. stock markets.

More at: https://news.yahoo.com/trump-again-hits-fed-rate-rises-says-u-165004761--business.html

But he has done this before with other people who ended up gone within a few months.

Zippyjuan
12-25-2018, 03:46 PM
If rising stocks are all due to Trump, falling stock prices cannot possibly be due to Trump. He has to blame somebody. (Trump mantra- claim all credit for good things and blame somebody else for the bad ones).

Presidents get both too much blame and too much credit for what the economy does.

oyarde
12-25-2018, 05:12 PM
If rising stocks are all due to Trump, falling stock prices cannot possibly be due to Trump. He has to blame somebody. (Trump mantra- claim all credit for good things and blame somebody else for the bad ones).

Presidents get both too much blame and too much credit for what the economy does.

Stocks were over valued by a huge percentage before he was elected . But , yeah they probably are going to slide more and not recover to this years high between now and Oct of 2020 if I had to guess .

TheCount
12-25-2018, 05:50 PM
It's adorable watching Zerohedge squirm. Now that their Trump hype and their perpetual-market-doom are in direct conflict with each other, they have no idea what to write.

enhanced_deficit
12-26-2018, 01:57 PM
He should have stayed out of politics and stuck to economics, plunge protection areas etc. Although no proof that he's a hardcore puppet of neocons or war crime lobbies, his star has been sinking ever since he appeared in this controversial photo.


Recently there has been lot of buzz about NK's KJU and Trump winning Nobel Peace prize but chances for Trump's Peace Prize seem to have diminished after controversial NYDailyNews cover (http://www.ronpaulforums.com/showthread.php?522238-US-embassy-in-Jerusalem-opens-Mon-Ivanka-arrives-Bachmann-apologizes-for-Jews-conversion-rem&p=6628676&viewfull=1#post6628676)about killing of large number of Palestinian civilians went viral.

https://theintercept.imgix.net/wp-uploads/sites/1/2018/05/051418_ivanka-1526310465.jpg