‘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.
Steven Mnuchin, the Treasury secretary, is in the glitzy resort town of Cabo San Lucas, Mexico, during the government shutdown.
The Treasury Department’s funding has lapsed. https://t.co/wzHnVXruBp
— Jake Sherman (@JakeSherman) December 23, 2018
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.”
Image of SEc. Mnuchin: US Mint via Twitter
Enjoy this piece?
… then let us make a small request. The New Civil Rights Movement depends on readers like you to meet our ongoing expenses and continue producing quality progressive journalism. Three Silicon Valley giants consume 70 percent of all online advertising dollars, so we need your help to continue doing what we do.
NCRM is independent. You won’t find mainstream media bias here. From unflinching coverage of religious extremism, to spotlighting efforts to roll back our rights, NCRM continues to speak truth to power. America needs independent voices like NCRM to be sure no one is forgotten.
Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure NCRM remains independent long into the future. Support progressive journalism with a one-time contribution to NCRM, or click here to become a subscriber. Thank you. Click here to donate by check.
MyPillow CEO Mike Lindell Launches Paranoid Rant: ‘Had to Get on My Knees and Pray to God’ US Gov’t. Didn’t Kill Him
MyPillow CEO Mike Lindell defended his appallingly bad and debunked three-hour election conspiracy theory “documentary” called “Absolute Truth,” by saying he was so scared for his life during the Trump presidency that he prayed the federal government did not summarily execute him.
“Yeah, yeah, the ‘Absolute Proof,’ let me tell you the key part of that,” Lindell said. “This is probably the only time where I had a little fear and I had to pray, get on my knees and pray to God. This was 10 days before the impeachment trial. And let me tell you I’m 10 days before, and remember at the time that that was like the towards the end of January, you know the impeachment trials were Tuesday following like the February 8, okay?”
The second Senate impeachment trial of Donald Trump was February 9-13. The House impeached Trump for a second time on January 13 in a 232–197 vote.
“And this was about maybe January 25 or so. I’m sitting there I go, ‘Wow, They’re gonna impeach him,’ and I had word that they were gonna impeach him,” Lindell said, presumably meaning “convict,” given Trump had already been impeached.
“We were not going to be able to show evidence at that trial,” Lindell continued, although it’s unclear why he said “we” since he was not on trial and was not legally part of Trump’s defense.
He then went on to call the January 6 insurrection, for which well over 600 people have been arrested and charged a “big fake insurgency or whatever that you’re against the government.”
“And guess who was number one on that list to come and get? Me. And they were coming, I’m going, ‘God they’re gonna kill me.’ You know, they’re gonna put me and hang me. And basically is what I’m thinking and at that moment he said, You know, I got to put a documentary, just put the evidence out there and make it.”
It’s also unclear why he would think the Trump DOJ or other agencies of the Trump administration would murder him.
Mike Lindell says he had to rush to release his election fraud “documentary” earlier this year because he was afraid the government was going to kill him. pic.twitter.com/uhicAbP8Ha
— Right Wing Watch (@RightWingWatch) September 15, 2021
Gohmert Warns of ‘Exploding Flamers’ in Fear-Mongering Rant Claiming Green New Deal Will ‘Bring the Nation Down’
U.S. Rep. Louie Gohmert is warning the nation against “flamers” that “explode” in a rant against wind and solar energy and the Green New Deal.
For those wondering what “exploding flamers” are, according to the Texas Republican, they are birds cooked to death as they fly through the air.
In a One America News segment on Thursday called “Stopping the Left’s Communist Pipedreams,” Gohmert complained, “another part of that Green Deal is the huge solar farm that they have out on the border of California and Nevada, thousands of acres of concave mirrors that magnify the sun toward three towers, heat up the liquid in there and turn turbines, but they weren’t anticipating that there would be hundreds and thousands of what they would call ‘flamers’ because when the birds fly through, if they survived the windmills, then they hit that magnified sun, explode in flame, and down they go, bird guts all over the mirror, so that takes some cleaning up. This is the green stuff that’s just out of control and is going to bring the nation down.”
There is a report dating back to 2014 about “streamers,” which echoes the conditions Gohmert described.
Buty his larger argument that the Green New Deal is “going to bring the nation down” is baseless fear-mongering.
Gohmert is a far right wing conspiracy theorist likely most famous for coining the term “terror babies.” The Texas Republican lawmaker a decade ago baselessly claimed undocumented, pregnant immigrants were sneaking onto U.S. soil to give birth then raise those American citizens to be domestic terrorists.
Rep. Louie Gohmert warned OAN viewers about the “hundreds and thousands” of “Flamers,” aka birds who survive windmills but wind up spontaneously combusting after flying over solar farms in the Southwest US. This is how the green new deal will bring the nation down. pic.twitter.com/FYaw8ivElT
— Bee (@mount_bees) August 12, 2021
Pat Robertson: Critical Race Theory Tells Black People to Take the ‘Whip Handle’ and ‘Rise Up and Overtake Oppressors’
Technically, critical race theory is an academic framework for examining the ways in which systemic racism shapes and influences national and social institutions. But to right-wing activists who refuse to understand this, it has instead become a catchall phrase used to attack anything they dislike. This has created a vicious cycle whereby right-wing commentators misrepresent what critical race theory is and instead attribute to it a cavalcade of hypothetical horrors that, in turn, generates panic and outrage among other right-wing activists over something they don’t understand.
Predictably, televangelist Pat Robertson got into the act on “The 700 Club” Thursday, where he claimed that critical race theory is “a monstrous evil” that is encouraging people of color to “rise up and overtake their oppressors.”
“What is it?” Robertson said. “That the people of color have been oppressed by the white people, and that white people begin to be racist by the time they’re 2 or 3 months old, and that therefore the people of color have to rise up and overtake their oppressors. And then, having gotten the whip handle—if I can use the term—then to instruct their white neighbors how to behave. Now, that’s critical race theory.”
“This is the way the communists take over; they try to destroy the children,” he added. “It is a monstrous evil. And you hear, ‘Oh, critical race theory, that’s OK.’ No, it’s not. [You don’t] want to have your children in the third grade indoctrinated into a hate group so that he’ll wind up hating people or hating himself. And so the white people are supposed to feel guilty, and they’re supposed to have white guilt, and the people of color are supposed to cleanse them of that guilt by taking over. It is a monstrous evil.”
This article was originally published by Right Wing Watch and is republished here by permission.
- TOO BAD SO SAD2 days ago
Eric Trump Melts Down on Fox News Because He’s Getting ‘Subpoena After Subpoena After Subpoena’
- RIGHT WING EXTREMISM1 day ago
‘Brutal’: Far Right Commentator Who Threatened ‘Lead Injection’ for Anyone Trying to Vaccinate Him Contracts COVID
- RIGHT WING EXTREMISM2 days ago
Trump Supporter Wearing Dead Animal Refuses to Believe Jan. 6 Was Violent — Even After CNN Showed Him Video
- WHITE PRIVILEGE1 day ago
Watch: Texas ‘Christian Woman of God’ Derails School Board Hearing in Attempt to Ban Book That Mentions Anal Sex
- AMERICAN IDIOT1 day ago
‘Let Me Explain to You Again Peter How Our Process Works’: Psaki, Growing Tired, Forced to School Doocy Again
- CRIME1 day ago
NY Prosecutors ‘Aggressively’ Pursuing Trump Tax-Fraud Probe as Weisselberg Returns to Court: Report
- RIGHT WING EXTREMISM1 day ago
Supreme Court Schedules ‘Major’ Case That Could Overturn Roe and Allow Bans on Abortion
- RIGHT WING EXTREMISM22 hours ago
Texas AG Ken Paxton Sues Biden Admin Over LGBTQ Policies He Falsely Claims Put ‘Women and Children at Risk’