The Treasury Secretary, Steven Mnuchin, is about to convene a "plunge protection team" to handle the financial issues. This action spooked the markets after the formation news was out because this formation would usually occur during a financial crisis.
Is Steven trying to signal to the market that a financial crisis is in the offing?
No wonder the stock markets crash like hell!
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https://www.channelnewsasia.com/news/business/explainer---plunge-protection-team--to-convene-amid-wall-street-rout-11060936
I don't know why the new FED, Powell, doesn't explain to Steven about the financial liquidity issues in the US.
Look like the top honchos don't know what's happening in the financial markets.
https://sg-stock.blogspot.com/2018/09/a-roundup-of-us-economic-situation.html
We did a brief US economic situation on our blog previously. Steven should read our post first to have a basic understanding of the financial market in the US instead of calling the 6 major bankers to convene a "plunge protection team".
He should also ask Powell first before approaching the 6 bankers. Look like Powell and Steven cannot get along and they don't want to talk to each other.
Wall St sold off becoz Trump & his inner circle are proving that they know nuts about economics & financial markets; they're basically a clown team. LOL!
There is absolutely no liquidity issues in the US or even global markets, so investors are scratching their heads why Mnuchin would call the top bankers to ask about liquidity, and providing answers that nobody is asking questions about??
Ditto also for calling the PPT when fundamentally the US economy is still strong, and all economic indicators are a long way from approaching recession. Investors are asking WTF is that guy doing?? LOL!
People are becoming more concerned that the Trump clown team will be damaging the economy thru political & geopolitical actions, rather than natural economic cycle.
However history also shows that market crashes due to geopolitics are often good times to invest!
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