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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

‘Why Fox News Viewers Are So Ignorant’: Sean Hannity Destroyed for Claiming Democrats Support ‘Abortion After Birth’

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Fox News host Sean Hannity boldly defended President Donald Trump’s State of the Union address Tuesday night, by accusing Democrats of supporting “abortion after birth.”

There is no such thing as “abortion after birth,” as many on social media pointed out.

“It’s the party that wants to nationalize everything,” Hannity told his Fox News viewers. “Even supporting infanticide, and abortion after birth, as the Virginia governor told us.”

Again, there is no such thing.

Here’s how many responded to Hannity’s remarks.

 

 

 

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AMERICAN IDIOT

Trump Declares He Has the Power to Keep Iowa the Nation’s First Presidential Caucus (He Doesn’t)

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President Donald Trump on Tuesday declared himself in charge of which state gets to hold the first-in-the-nation presidential caucuses. Claiming it is an “important tradition,” Trump announced, “As long as I am President, Iowa will stay where it is.”

No president, including this one, has the power to unilaterally declare when the states hold their caucuses or primaries, and certainly not for both parties.

Iowa, under understandable and now tremendous pressure to relinquish its status as  first-in-the-nation presidential caucus state, is unlikely to give that up without a fight. It’s the law – literally.

“Since 1976, both parties have held their first presidential nominating contests in Iowa, and the Iowa state legislature passed a law saying that its caucuses need to be held at least eight days before any other nominating contest,” according to the National Constitution Center. New Hampshire, which like most states holds primaries and not caucuses, has a similar law.

This is the third time in a row Iowa has produced a disaster. In 2012 the Iowa GOP caucuses incorrectly handed the win to Mitt Romney instead of Rick Santorum, who weeks later was named the winner. The results were never fully counted. In 2016 the Sanders campaign doubted the results when Hillary Clinton won, given the thin margin.

Trump has no power over the process, nor should any president.

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AMERICAN IDIOT

‘We Should Make Money Off of Everything’ Trump Told His Top Military Leaders – While Calling Them ‘Losers’ and ‘Babies’

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Revealed: Why Tillerson Called Trump a ‘F—Ing Moron’

In the summer of 2017 Trump agreed to a meeting at the Pentagon with his top military leaders – his generals, as he liked to call them – along with then-Secretary of State Rex Tillerson, his top economic advisor Gary Cohn, and his chief White House strategist, Steve Bannon. Among the generals was Jim Mattis. Apart from Bannon, who was there to watch, Trump’s top aides had come together to educate the president about the world. Literally.

It did not go well.

In an article excerpted from their upcoming book, Washington Post reporters Carol Leonnig and Philip Rucker expose the depths of President Trump’s ignorance and warped world view.

“We should charge them rent,” Trump said, speaking about South Korea, upon learning the U.S. has a military base there with a $10 billion missile defense system. “We should make them pay for our soldiers. We should make money off of everything.”

Calling NATO worthless and “in arrears,” Trump blasted his generals.

“We are owed money you haven’t been collecting!” Trump said. “You would totally go bankrupt if you had to run your own business.”

Trump unleashed his anger at his general and the Iran nuclear deal, forged by President Barack Obama.

“They’re cheating. They’re building. We’re getting out of it. I keep telling you, I keep giving you time, and you keep delaying me. I want out of it.”

He moved on to Afghanistan, calling it a “loser war.”

That phrase hung in the air and disgusted not only the military leaders at the table but also the men and women in uniform sitting along the back wall behind their principals. They all were sworn to obey their commander in chief’s commands, and here he was calling the war they had been fighting a loser war.

“You’re all losers,” Trump said. “You don’t know how to win anymore.”

Trump continued his attacks on his generals.

“I wouldn’t go to war with you people,” he said. “You’re a bunch of dopes and babies.”

At one point during Trump’s berating of his commanders Secretary Tillerson had had enough.

Others at the table noticed Trump’s stream of venom had taken an emotional toll. So many people in that room had gone to war and risked their lives for their country, and now they were being dressed down by a president who had not. They felt sick to their stomachs. Tillerson told others he thought he saw a woman in the room silently crying. He was furious and decided he couldn’t stand it another minute. His voice broke into Trump’s tirade, this one about trying to make money off U.S. troops.

“No, that’s just wrong,” the secretary of state said. “Mr. President, you’re totally wrong. None of that is true.”

He wasn’t finished.

“The men and women who put on a uniform don’t do it to become soldiers of fortune,” Tillerson said. “That’s not why they put on a uniform and go out and die . . . They do it to protect our freedom.”

Later that day, “in the hall with a small cluster of people he trusted, Tillerson finally let down his guard,” the Post reports, leading to Tillerson’s now-famous words.

“He’s a f—ing moron.”

Image: DOD photo by U.S. Army Sgt. Amber I. Smith via Flickr and a CC license

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