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DOW Plunges After ‘Moron’ Treasury Secretary Mnuchin’s Message From Mexico Spooks Markets

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Treasury Secretary Steven Mnuchin‘s strange announcement late Sunday that there was no reason to worry about bank liquidity is being seen as responsible for extending market loses Monday morning as the DOW plunged more than 400 points less than an hour after opening.

Secretary Mnuchin is being called an “idiot” and “clueless” by award-winning winning economist Paul Krugman.

Dartmouth Economics professor Danny Blanchflower, who is a Bloomberg TV contributing editor, called for Mnuchin to “resign,” saying posting the statement on banks was the “dumbest action” he’s ever seen by a Treasury Secretary. He also called Mnuchin a “moron.”

Mnuchin’s statement on banks caused many to worry about banks, despite there having been no concerns about banks. In short, he created and introduced another reason to worry for markets that are on track to deliver the worst December performance since the Great Depression. Last week alone was the worst week for the DOW in 10 years.

RELATED: ‘PANIC FEEDS PANIC’: MNUCHIN SPOOKS MARKETS WITH PRE-CHRISTMAS MESSAGE THAT WAS SUPPOSED TO INSPIRE CONFIDENCE

Mnuchin posted his statement from his vacation in Cabo San Lucas, Mexico.

As of this writing the DOW is down 313 points, and very volatile.

image via Wikimedia 

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AMERICAN IDIOT

Trump Is ‘Untethered to Reality’ and His Thanksgiving Rant Proves It: CNN’s Berman

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CNN host John Berman on Friday lit into President Donald Trump for going on an unhinged Thanksgiving rant about the 2020 election in which he once again falsely claimed that he won.

Berman in particular zeroed in on Trump’s seething anger at Reuters White House correspondent Jeff Mason, who asked the president on Thursday if he’d concede that he lost the election.

“He was yelling at Jeff Mason, who is the most mild-mannered reporter in America, who was asking one of the most obvious questions in America, which is, ‘Will you concede the race that you lost?’” Berman said. “I think it gave a window into where the president is this morning and how untethered to reality he may be.”

Guest Ron Brownstein shared Berman’s assessment and talked about the harm it’s doing to the United States.

“[He’s] doing real damage,” Brownstein said. “You’ve seen the polling: Three-quarters of Republicans now believe the election was stolen. We’ve never seen anything like this, an effort by a president to systemically undermine the results of the election.”

Watch the video below.

 

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AMERICAN IDIOT

USAID Acting Administrator the Latest Governmental Employee to Test Positive for COVID-19

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Acting administrator of the United States Agency for International Development (USAID), John Barsa, has tested positive for coronavirus, Axios reported Wednesday.

Staffers told Axios that they barely wear masks in their office and that Barsa is the latest in a series of senior administration officials to contract the virus. H

“The acting Deputy Administrator has been isolating since he began exhibiting symptoms late Monday, Nov. 23, and will continue to until a retest is conclusive,” spokesperson Pooja Jhunjhunwala said in a statement.

Barsa was planning to travel to Honduras this weekend after the country was ravaged by recent hurricanes. Administration officials say they expect that trip won’t happen as he quarantines.

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AMERICAN IDIOT

One-Third of Americans Will Ignore CDC Warnings This Thanksgiving: Report

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A new study shared exclusively with Axios has revealed that approximately one-third of Americans say they’re likely to ignore health officials’ warnings about the risks of getting together for Thanksgiving.

The coronavirus pandemic is creating an overflow at hospitals around the nation — a real threat of being turned away for needed care is possible if the course of the virus is not altered within the next few weeks.

“Solid majorities said they’re likely to follow CDC guidelines and avoid traveling or gathering with people who don’t live in the same home,” Axios reported Wednesday. “But the 25-30 percent who don’t plan to follow those guidelines represent millions of people. And when millions of people are traveling or gathering indoors, that represents a real risk of new or worsening outbreaks — especially right now, when infections are at an all-time high.”

“Postponing travel and staying home is the best way to protect yourself and others this year,” the guidance says.

“[We’re] further clarifying that the safest way to celebrate Thanksgiving this year is at home with the people in your household. If people have not been actively living with you 14 days before you’re celebrating, they’re not considered a member of your household and you need to take those extra precautions,” Erin Sauber-Schatz, lead on the Community Intervention and Critical Population Task Force at the CDC, said.

The study also revealed that Democrats were more inclined to adhere to the CDC’s guidelines and stay home versus Republicans. Approximately 40 percent of Republicans said they’re unlikely to heed the CDC’s warnings against gathering with people outside their immediate household, compared to 23 percent of Democrats.

“One of our concerns is people over the holiday season get together, and they may actually be bringing infection with them to that small gathering and not even know it,” Henry Walke, the CDC’s COVID-19 incident manager, said on a call with reporters. “We’re very concerned about people who are coming together sort of outside their household bubble.”

The study noted that young people are less likely to follow the public health guidelines than their older counterparts.

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