So Much Winning, Christmas Edition

Trump Maladministration

We have just had the worst Christmas Eve trading day ever. So much winning.

Earlier today, Trump tweeted this.

Somehow I don’t think our problem is the Federal Reserve.

Emily Flitter writes for the New York Times: Stocks Close in on Bear Market as Trump and Mnuchin Fuel Christmas Eve Drop.

Wall Street extended its losses on Monday as President Trump continued to lash out at the Federal Reserve and an unusual weekend statement about the health of America’s financial system by Steven Mnuchin, the Treasury secretary, unnerved investors rather than calming them. …

…  Mr. Trump has become increasingly focused on the idea that the Fed chairman, Jerome H. Powell, is to blame for the markets’ slide after the central bank raised interest rates last week and indicated that it might keep doing so next year given signs of strength in America’s economy.

Stocks, already falling before Mr. Trump’s tweet, dropped further right after even as investors were still trying to interpret Mr. Mnuchin’s late Sunday statement.

The Treasury secretary said he had contacted the chief executives of six major banks to ensure that their operations were running smoothly, and that they had “ample liquidity available for lending.”

Although the assurance came during a rough run for stocks in the United States, analysts and economists have not cited a lack of cash for lending as a significant reason for the downturn.

Washington officials typically make such assurances only at times of financial crisis.

Instead of soothing investors, Mr. Mnuchin’s comments, along with Mr. Trump’s attacks on the Fed, added to a nervousness already running high as the stock decline continued to accelerate.

Paul Waldman:

When the new year begins next week, President Trump will have an acting chief of staff, an acting secretary of defense, an acting attorney general, an acting EPA administrator, no interior secretary, and no ambassador to the United Nations. The officials originally in all those positions have either been fired or have quit in various measures of disgust or scandal. His former campaign chairman, deputy campaign chairman, national security adviser and personal lawyer have all pleaded guilty to crimes. His campaign, his transition, his foundation and his business are all under investigation. The United States’ allies are horrified at the chaos Trump has brought to our foreign policy. The stock market is experiencing wild swings as investors are gripped with fear over what might be coming and what Trump might do to make it worse — a situation alarming enough that the treasury secretary felt the need to call up the CEOs of major banks to assure them that everything is under control.

And, oh yeah, the government is shut down.

This, my friends, is exactly what we were afraid of when Trump somehow managed to get elected president two years ago. This is what we warned you about.

So much winning.

Meanwhile, the government shutdown is expected to last into the new year, a shutdown that is happening because a bunch of Fox News and talk-radio hosts criticized the president for not being tough enough in fighting for his ludicrous border wall. Trump, always deeply insecure and eager to feed his base’s endless rage and desire for conflict, responded quickly to the accusation of weakness. “He spends ever more time in front of a television, often retreating to his residence out of concern that he is being watched too closely,” reports the New York Times.

I’d make a Captain Queeg joke except that we’ve been in Captain Queeg territory for quite a long time already, and it doesn’t seem to matter.

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12 Comments

12 Comments

  1. doug  •  Dec 24, 2018 @5:02 pm

    .I read there is/was a compromise offer floated by the White House that substantially reduced the amount for the wall, and called it a 'barrier' – like that makes it OK.

    Reminds me of the story about the lady approached in a hotel bar by a well-dressed man who bought her a drink and asked if she would make love to him in the penthouse for one million dollars.

    To which she said, "Yes, let's go!"

    His answer was a revised downward offer of one-hundred dollars.

    She replied in anger, "What do you think I am?!!"

    His answer, "We settled that – we're just haggling over the cost."

    The position of the Democrats needs to be no border wall, regardless of what Trump calls it. Otherwise they are whores on the ideals of the US as a haven for the downtrodden. If Trump wants to maintain existing barriers in populated areas, he needs to put DACA on the table. Until DACA is included in discussions, nothing except a continuation of funding at existing levels with NO money for walls or barriers.

  2. doug  •  Dec 24, 2018 @5:08 pm

    The twit filter disapproves of my vocabulary. It was a JOKE!

  3. Swami  •  Dec 24, 2018 @5:13 pm

    What, no Captain Queeg jokes? Then I guess no Jonestown jokes or Hitler's bunker jokes would be appreciated either. The evangelical element in Trump's base will soon be trotting out the Masada analogy. Claiming that in spite of the forces of evil aligned against Trump he just won't bow in he face of evil.

     I still think Mueller should indict Jr. …That would be the coup de gras.

  4. moonbat  •  Dec 24, 2018 @5:13 pm

    Sen. Bob Corker counter-tweets Alert the Day Care Staff

  5. Aj  •  Dec 24, 2018 @8:24 pm

    Don't you just love r Republican governance?

  6. Dan  •  Dec 24, 2018 @9:46 pm

    The Wall, called by him “My Wall,” is his legacy. He knows, deep down, that he both has failed and is a failure, and wants something big and permanent so he is not remembered as he knows he deserves. Think Great Wall of China and/or Pyramids. 

  7. Mike G  •  Dec 24, 2018 @11:58 pm

    I'll bet big money Mnuchin and Trump were short the S&P500 this morning.

  8. Mike G  •  Dec 25, 2018 @12:02 am

    At this stage the White House is basically the bunker scenes from Downfall with the soundtrack from Yackety Sax.

  9. csm  •  Dec 25, 2018 @12:12 am

    It doesn't help when they continue to lie, that everything is the greatest its ever been, and in so doing communicate zero sense of urgency when the reality is stuff is blowing up all around us.  Throw in Mnuchin's boneheaded comment, and how can anyone have confidence that Trump has a team in place to weather the brewing economic storm when according to them the sun is shining? Any wonder the stock market is in free fall?

    The entire country can burn down around us all but as long as his precious base believes the lies…so much winning!

  10. c u n d gulag  •  Dec 25, 2018 @11:26 am

    MERRY CHRISTMAS TO ALL!

    "So much winning?"  Bah-humbug.

    More like, 'so much whining!'

    All PresiDUNCE tRUMP wants for Christmas, is a new border wall.

    And he insists it be completed before 2020's election.

    I don't think all of the eminent domain law-suits will even be close to being done by then, let alone his idiotic wall.

    WHAT A LOSER!

    I have a new acronym that describes what's going on:  SNAtU.

    "Situation Normal, All tRUMP'd-Up!"

  11. grannyeagle  •  Dec 25, 2018 @2:39 pm

    All these "acting" people around the "acting" president.  One might think it was a reality show.  Trump tweeted that he was all alone in the White House and wanted sympathy.  Maybe all the ghosts will come out and keep him company.  They probably could give him some good advice.

    I don't really celebrate Xmas anymore but my daughter insists on doing something so she gives me a box of Sees candy every year and usually a little present.  This year I got the book "The President is Missing" by Bill Clinton and James Patterson.  Can't wait to get started on it.  I am behind on all my reading cause I watch too much TV.  Maybe that would be a good resolution for me. 

    Anyway, peace and good wishes to y'all. 

  12. CraigT  •  Dec 25, 2018 @5:08 pm

    The Wall is just another con game. Trump should not be given a $5 billion slush fund for forking out money to his new found cronies. Anyway, the cost of the wall would probably keep rising up to a total of $10 billion. Given that Trump is a con artist and now a sleazy politician, will anyone be surprised by "unexpected" higher costs?