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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 Offers Blame and False Hopes During Lie-Filled Coronavirus Press Conference

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President Donald Trump may not be holding campaign rallies any time soon but he’s found a new – and free – venue to address the American people even more frequently: the podium of the once-dormant White House press briefing room.

Trump realized his vice president was making good use of that room, holding daily coronavirus task force briefings, and the President quickly co-opted those short reports to the press, extending them into hours-long symphonies of false promises, blame, lies, and self-congratulation.

Thursday’s coronavirus task force briefing was attended by few task force members. At one briefing there were 17 officials huddled on stage. Thursday, just four. It wasn’t to observe social distancing – they were all still standing too close together.

The President took many questions, his answers once again spooking the markets. The DOW went from up around 400 points, approaching close to flat as Trump droned on and on, filling the room with falsehoods while again telegraphing to Wall Street what little grasp of the crisis he has. Once the press conference ended the market gained some ground.

Trump repeatedly blamed state governors for the federal government’s inability to provide respirators and ventilators – but then bragged that he’s getting cruise ships to come to harbors to be used as medical facilities.

Trump said – falsely – that his administration was “very prepared,” and then wrongly blamed “the media” for being unfair.

And he offered false hope instead of facts, which helps no one. Americans will not be getting “back to normal” any time soon. Many may never see “normal” again.

Perhaps worse of all, Trump delivered tremendous false hope, and he touted several old drugs, one used for malaria, as possible treatments for coronavirus. He appeared to suggest the FDA has already approved them for treatment of COVID-19, which it has not. There are some tests, but nothing that definitively says they are effective against the virus. The FDA has started testing and is allowing “compassionate use” of the drugs when asked by doctors.

 

 

 

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AMERICAN IDIOT

Louie Gohmert Single-Handedly Holds Up House Coronavirus Bill Before It Can Be Sent to Senate

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Rep. Louie Gohmert (R-TX) on Monday reportedly blocked “technical corrections” to a House coronavirus relief bill that was scheduled to be sent to the Senate.

Gohmert told Bloomberg’s Laura Litvan that he didn’t know if his concerns could be resolved in time to vote on the technical corrections on Monday.

Read some of the tweets from congressional reporters below.

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AMERICAN IDIOT

Self-Quarantined GOP ‘Monster’ Blasted for Joking About Giving Justice Ginsburg Coronavirus: ‘Your Family Hates You’

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One of the Republican lawmakers who self-quarantined after coming into contact with a coronavirus patient joked about exposing Justice Ruth Bader Ginsburg to the contagion — and he was met with furious outrage.

Rep. Paul Gosar (R-AZ), whose own siblings endorsed his Democratic opponent in 2018, and Sen. Ted Cruz (R-TX) each chose to isolate themselves as a precaution after meeting an individual at CPAC who was later diagnosed with the virus.

The Arizona Republican joked on Twitter about scheduling a joint meeting with Cruz and Ginsburg, who turns 87 on Sunday and has recently battled cancer — placing her among the most vulnerable populations in the outbreak.

Gosar’s attempted joke fell flat, and social media users said they understood why his siblings urged voters to reject him.

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