Looks like ‘Mnunchkin’ woke up with ‘Christmas Past 08’ rattling chains at the foot of his bed.

Quote:

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Dow falls below 22,000 after Steven Mnuchin's odd statement fails to calm markets

Source: CNN

The Dow fell below 22,000 on Monday as Treasury Secretary Steven Mnuchin's attempts to calm investors backfired. Mnuchin on Sunday released an unusual statement to say he had called the CEOs of the country's biggest banks.

He said the executives assured him their banks are healthy and have "ample liquidity" to lend to consumers and businesses. "Markets continue to function properly," he said.

"This is the type of announcement that raises the question of whether Treasury sees problems that the rest of the market is missing," Cowen & Co. analyst Jaret Seiberg wrote in a note to clients. "Not only did he consult with the biggest banks, but he is talking to all of the financial regulators on Christmas Eve. We do not see this type of announcement as constructive."

Mnuchin plans to convene a call on Monday with the President's Working Group on financial markets, which includes the chairman of the Federal Reserve and top market and business regulators.

Stocks are on pace for their worst December since the Great Depression. On Friday, the Dow ended its worst week since 2008. The Nasdaq is in a bear market .

Read more: https://www.cnn.com/2018/12/24/investing/stoc...index.html
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Apparently Munchkin's expertise ends with foreclosing on the mortgages of retired people.

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