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‘Panic Feeds Panic’: Mnuchin Spooks Markets With Pre-Christmas Message That Was Supposed to Inspire Confidence

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‘Today Could Be a Bloodbath’

Secretary of the Treasury Steven Mnuchin, from his Mexico vacation in Cabo San Lucas as the federal government was shutdown, Sunday night issued a statement that was supposed to help calm jittery investors.

It did not. In fact, it did the opposite.

The Trump stock market has tumbled over the past weeks, losing all of its 2018 gains and more, pulling into bear market territory. Last week was the worst in a decade and the markets are tending to have the worst December since he Great Depression. Investors are worried and some average Americans, especially those with 401(k) retirement plans, are panicked.

When the markets first started to drop, despite what the Federal Reserve and others say is essentially a strong economy with low unemployment and low inflation, President Trump issued a statement, saying the market was just “taking a little pause.”

Since that October 30 claim, the markets have plunged.

Trump blames his hand-picked Federal Reserve Chief, Jerome Powell, who has been raising interest rates, costing the president personally big bucks – not to mention American taxpayers.

There are reports Trump has talked about firing him, which would be unprecedented. It’s unclear that he even has the authority to do so, something Mnuchin announced last week in an attempt to calm investors.

While that did little to help, Mnuchin’s Mexico message has spooked the markets.

Mnuchin announced in a statement posted to Twitter, that he had just spoken with the CEOs of several of the nation’s top banks, and they told him, “they have ample liquidity available for lending to consumer, business markets, and all other market operations.”

The Treasury Secretary went on to say, “they have not experienced any clearance or margin issues and that the markets continue to function properly.”

Well, that’s great news, but no one was worried about the stability of the banks.

Until Mnuchin mentioned it.

“Mnuchin startled financial analysts, bankers and economists,” The Washington Post reports, with his “unusual statement.”

Market economists denounced the move.

“Panic feeds panic and this looks like panic in the administration,” Diane Swonk, chief economist at Grant Thornton, told the Post. “Suggesting you might know something that no one else is worried about creates more unease.”

“It’s going to raise the question of whether Treasury and Mnuchin know something the markets don’t,” said Brian Gardner, Washington research director at Keefe, Bruyette & Woods. “Without clarifying further, it’s going to weigh on the markets.”

“If this weren’t the end of December, I would have thought it was April Fools,” added Jared Bernstein, former chief economist to Vice President Joe Biden. “The markets are already nervous enough. It’s like sending out a message saying our space shields can intercept incoming asteroids. Uh, I didn’t know there were any coming our way.”

Even Trump’s advisors know Mnuchin’s move was bad.

“No one thought we were at crisis level,” one of his advisors told the Post. “It’s going to create more of an issue than we had already.”

The Post’s Damian Paletta separately adds via Twitter, “today could be a bloodbath.”

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Image of SEc. Mnuchin: US Mint via Twitter

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WTH?

In First Interview Since Loss, Trump Goes Off the Rails and Suggests FBI Is ‘Involved’ in Stealing Election

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In his first interview since losing to President-elect Joe Biden, President Donald Trump repeated false claims about voter fraud and suggested that the FBI was “involved” in stealing the election.

Trump made the claims while speaking to Fox News host Maria Bartiromo.

“They send millions and millions and millions of mail-in ballots,” Trump opined. “I’m sure you know people that got two, three, four — because I do. They got four ballots. They got one at a country home. Dead people were seeing ballots. But even worse, dead people were applying to get a ballot. They were making applications to get ballots. Many. And we’re not talking about 10 people, we’re talking — there are a lot of dead people that so-called voted this election.”

“This is total fraud,” he continued. “And how the FBI and Department of Justice — I don’t know, maybe they’re involved. But how people are allowed to get away with this stuff is unbelievable. This election was rigged. This election was a total fraud.”

Trump also suggested that the judicial system had been rigged against him.

“We go to judges and people don’t want to get involved,” Trump remarked to Bartiromo. “The media doesn’t even want to cover it. I mean, you’re doing something. You’re actually very brave.”

Watch the video below from Fox News.

 

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‘Make America 1950 Again’: Trump Mocked for Final Pitch to ‘Suburban Women’ on ‘Getting Husbands Back to Work’

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“Free Subscriptions to Good Housekeeping”

President Donald Trump is doing three rallies a day in the final week before Election Day, and he’s finalizing his closing message. Trump is desperately trying to get back a demographic he lost: those he calls “suburban women” – the same group of voters he earlier called “suburban housewives.”

By all accounts he’s under a curious belief that in 2020 women stay in the home and men go out to work – which may explain one of the reasons he lost them.

On Tuesday Trump telegraphed that strange concept when he told voters his own daughter, whose been granted the title Senior Advisor to the President, would “be very happy being at home with the kids.” He added, “but we’ve got her working.”

Later on Tuesday Trump told his “suburban women” not to worry, “we’re getting your husbands back to work.”

They are remarks straight out of the 1950’s, or perhaps an episode of “Mad Men.”

Many responded with charges of misogyny and outrage.

 

 

 

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Donald Trump Jr. Says Dad’s ‘Next Move’ Is to ‘Break Up’ FBI: ‘He Has to Get Rid of These Things’

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Donald Trump Jr. on Sunday called on his father to “break up” the FBI if he wins a second term.

During an interview on Fox News, host Maria Bartiromo asked the president’s son what his father would do if the FBI does not do his bidding by smearing the son of Democratic nominee Joe Biden and by preventing Democrats from increasing the use of mail-in ballots.

“We have to keep fighting,” Trump replied. “We’re fighting with one leg and two arms tied behind our back. You know, we don’t have the mainstream media that’s willing to at this point, not even just boost the other side, but literally run cover for what would arguably be the biggest corruption scheme in American political history. This is the stuff that makes Watergate look like kindergarten.”

According to the younger Trump, the FBI tried to “knowingly peddle” information about his father’s connections to Russia.

“They refuse to acknowledge their own corruption,” he explained. “And the reality is, I think, when Donald Trump wins, he has to break up the highest level of the FBI. He has to get rid of these things. And more importantly, maybe break up the swamp in general.”

“You know, why is the Department of the Interior headed out of Washington?” Trump asked. “Why don’t we spread all of those things up throughout America?”

“That’s Donald Trump’s next move,” he predicted, “if I’m him and if he wins, which I think he will. Because what’s going on is disgusting. This is the stuff of communist China!”

Watch the video below from Fox News.

 

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