US markets: Mnuchin to convene crisis team amid White House chaos

[nitpicker]

Source: The Guardian

Staff and agencies

Mon 24 Dec 2018 03.32 GMT

The US Treasury secretary has sought to calm market jitters about White House dysfunction and the government’s partial shutdown, calling the heads of the nation’s six largest banks and gathering the “plunge protection team” that formed after the crash of 1987.

Steven Mnuchin called the bank CEOs on Sunday in an apparent attempt to reassure financial markets. In the unusual move, Mnuchin disclosed that he had spoken to the heads of Bank of America, Citi, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo.
(snip)

On Monday, Mnuchin will convene the president’s working group on financial markets, a group that includes Jerome Powell, the chairman of the Federal Reserve, and the head of the Securities and Exchange Commission. The group, created following the stock market crash of October 1987, is known more commonly as the “plunge protection team” and met in 2009 in the latter stages of the financial crisis.
(snip)

Read more: https://www.theguardian.com/business/2018/dec/24/us-markets-mnuchin-to-convene-crisis-team-amid-white-house-chaos

[Hugin]

1. Only representatives from the private banks?

That's supposed to fix the economy as a whole or is it to prop the stock market back up?

I'll fall back on, "We cannot solve our problems with the same thinking we used when we created them." - Albert Einstein.

Their advice doesn't matter anyway, Old Yeller's gut is smarter than the lot of them. Anything they do will be short term and a band aid on a sucking chest wound.

[regnaD kciN]

2. Why do I get the sense the market WON'T be reassured...

...by an announcement that we’re reconvening this group for the first time since the Great Recession of ‘08?



“We’d like to reassure the public that there is no threat to the United States. All is calm and peaceful. And to make sure it remains so, we’re calling a routine meeting of all U.S. government officials, Congressional members, and Supreme Court justices, to be held immediately in the nuke-proof shelter inside that mountain in Colorado. No need to worry; all is under control.”

[Achilleaze]

3. "You know you can, um, trust us. right?" - KGOP republicans

[beachbum bob]

4. Looking for more plunge protection help

[LakeSuperiorView]

5. Would you be reassured by this guy?

He makes many Don Knotts characters seem suave and debonair. He likely smells of lilac water and flop sweat.

[SWBTATTReg]

6. Too little, too late, and rump's administration has lost all credibility w/ just about everyone...

So, have your seat belts on, the ride is going to get bumpy, when these idiots being assembled under Mnuchin will do idiotic things in an attempt to goose the markets. Won't work.