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Treasury Secretary Mnuchin calls the CEOs of major banks amid market turmoil | CNBC |

Treasury Secretary Steven Mnuchin held calls on Sunday with the heads of the six largest U.S. banks to shore up confidence in the U.S. financial system amid the recent market turmoil.

"The banks all confirmed ample liquidity is available for lending to consumer and business markets," a statement from the Treasury said.

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.



Global Warming - distance between America and Europe is steadily increasing.
by Oui on Mon Dec 24th, 2018 at 07:48:42 AM EST
The US is on the edge of the economic precipice - Trump may push it over | The Guardian Opinion - Robert Reich |

On Friday, Donald Trump said: "We are totally prepared for a very long shutdown." It was one of his rare uses of the pronoun "we" instead of his preferred - and in this case far more appropriate - "I".

The shutdown is indubitably his. Congress offered him a way to continue funding the government without the money to build his nonsensical wall along the Mexican border, but Trump caved in to the rabid rightwing media and refused.

I was in Bill Clinton's cabinet when Newt Gingrich pulled the plug on the federal government in 1996. It wasn't a pretty picture. A long shutdown hurts millions of people who rely on government for services and paychecks.

Trump's shutdown also adds to growing worries about the economy. The stock market is on track for the worst December since the Great Depression. World markets have lost nearly $7tn in 2018, making it the worst year since the 2008 financial crisis.

The shutdown is stoking fears that Trump could do something even more alarming. He might fail to authorize an increase in government borrowing before the federal debt reaches the current limit, which Congress extended to 2 March. A default by the US on its obligations would be more calamitous than a government shutdown.

All this brings us closer to the economic precipice. It worsens America's most fundamental economic problem.

Investors, financial regulators, and now the FED are voicing concerns about the U.S. corporate bond market

JPMorgan CEO's 'Golden Age of Banking' Is Proving Short-Lived
A $9 trillion corporate debt bomb is 'bubbling' in the US economy

For stocks the worst month of December since ... 1929 :(

As fear rises on Wall Street, strategists warn the worst is yet to come | CNBC |

A bear market ... hmm!



Global Warming - distance between America and Europe is steadily increasing.
by Oui on Mon Dec 24th, 2018 at 07:03:44 PM EST
[ Parent ]
December 1929 isn't their mark. October 2008 is --something like 1800 pts over three weeks with no 'backstop'. Until Mr Obama put himself between the bank chiefs and 'the pitchforks'. Remember that?
o, look.
Wall Street selloff worsens on Mnuchin move, Washington drama
Treasury Secretary Steven Mnuchin called top U.S. bankers on Sunday amid the pullback in stocks and said he was calling a meeting of financial regulators to discuss ways to ensure "normal market operations."
[...]
Mnuchin spoke on Sunday with the heads of the six largest U.S. banks, who confirmed they have enough liquidity to continue lending and that "the markets continue to function properly."

But investors said his move to convene a call with the President's Working Group on Financial Markets [Mar. 18, 1988 EO UPDATE], known as the "Plunge Protection team," may have weighed on sentiment on Monday.

Whatever it takes.

Diversity is the key to economic and political evolution.
by Cat on Mon Dec 24th, 2018 at 09:06:09 PM EST
[ Parent ]
Trump resumes attack on the Fed as markets sink again | CNBC - Mon 24 Dec.|
Nikkei average dived 1,010 points, or 5 percent, to end at its lowest finish since April 25, 2017. | Japan Times  - Tue 25 Dec. |



Global Warming - distance between America and Europe is steadily increasing.
by Oui on Tue Dec 25th, 2018 at 08:57:30 PM EST
[ Parent ]

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