The Stock Market Crashed Today. Thanks Donald!

For reasons that are a mystery to everyone, Treasury Secretary Steven Mnuchin called up the country’s six biggest banks on Sunday and asked them if their liquidity was OK. Everybody was a bit nonplussed by this, but they said sure, everything’s fine. Any particular reason you’re asking?

Well, no, apparently there wasn’t any particular reason Mnuchin was asking about this, but it sure got everybody curious. Is there a problem with bank liquidity? Does the Treasury know something the rest of us don’t? What’s going on?

No one knows. The best theory seems to be that President Trump is enraged that the stock market is down, so he ordered Mnuchin to call all the banks and then issue an assurance that everything was hunky dory. That should calm the markets, right? As you can see, it had precisely the opposite effect:

The S&P 500 fell about 3 percent today and has now lost nearly all of its gains since Trump was inaugurated. Nice work, Donald! You really understand financial markets better than anyone.

Of course, this cannot be allowed to be Trump’s fault, which means it must be Mnuchin’s fault. How long will it be before the axe starts to fall on his old pal?


The more we thought about how MoJo's journalism can have the most impact heading into the 2020 election, the more we realized that so many of today's stories come down to corruption: democracy and the rule of law being undermined by the wealthy and powerful for their own gain.

So we're launching a new Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption. We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We'll publish what we find as a major series in the summer of 2020, including a special issue of our magazine, a dedicated online portal, and video and podcast series so it doesn't get lost in the daily deluge of breaking news.

It's unlike anything we've done before and we've got seed funding to get started, but we're asking readers to help crowdfund this new beat with an additional $500,000 so we can go even bigger. You can read why we're taking this approach and what we want to accomplish in "Corruption Isn't Just Another Scandal. It's the Rot Beneath All of Them," and if you like how it sounds, please help fund it with a tax-deductible donation today.

We Recommend


Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.


Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.