Trump May Fire Mnuchin If Stock Selloff Continues: Reports

Let's be clear, Steve Mnuchin pulled one of the most hilarious self-owns in the history of finance on Monday. Within minutes of Mnuchin's Sunday evening tweet detailing calls he made to the CEOs of America's largest banks, most market commentators were already lampooning the Treasury Secretary. There was no "liquidity" emergency - or at least not if you define "liquidity" the way Mnuchin was defining it. Allow us a brief tangent. There is a liquidity emergency in terms of market depth (b

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8 thoughts on “Trump May Fire Mnuchin If Stock Selloff Continues: Reports

  1. It shld work the other way around. It is about time to fire Donald Trump as president. A sworn in person on the american constitution, should -never ever- go ahead authorising to spend billions while the government is shut down, lacking permission to rund, as neither the House, nor the Senate nor the Congress gave authority to comitt to spend that money yet

  2. The speed of the market decline makes me wonder at what point margin calls will turn this into a continuous spiral down. We may already be there. I believe that market-wide margin data is released just once a month, so there’s no ability to analyze day-by-day changes. For me, the question is whether the 2150-ish level will hold, which is where the S&P was at the election two years ago, before the sudden upturn. The question I don’t know is: How far BELOW that 2150 level does the market have to fall before those buyers will be forced to sell? I’m not a technicals guy, but it seems to me that is the bright line in the sand, below which the wheels could completely come off.

    Anyway, with likely lower volume over the rest of the week with the pros off for the holidays, there could be nothing to check the retail investors’ forced margin call sales. It wouldn’t surprise me one bit if the markets drop another 10% by New Years. We’ll see.

NEWSROOM crewneck & prints