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?

GREAT JOURNALISM, SLOW FUNDRAISING

Our team has been on fire lately—publishing sweeping, one-of-a-kind investigations, ambitious, groundbreaking projects, and even releasing “the holy shit documentary of the year.” And that’s on top of protecting free and fair elections and standing up to bullies and BS when others in the media don’t.

Yet, we just came up pretty short on our first big fundraising campaign since Mother Jones and the Center for Investigative Reporting joined forces.

So, two things:

1) If you value the journalism we do but haven’t pitched in over the last few months, please consider doing so now—we urgently need a lot of help to make up for lost ground.

2) If you’re not ready to donate but you’re interested enough in our work to be reading this, please consider signing up for our free Mother Jones Daily newsletter to get to know us and our reporting better. Maybe once you do, you’ll see it’s something worth supporting.

payment methods

GREAT JOURNALISM, SLOW FUNDRAISING

Our team has been on fire lately—publishing sweeping, one-of-a-kind investigations, ambitious, groundbreaking projects, and even releasing “the holy shit documentary of the year.” And that’s on top of protecting free and fair elections and standing up to bullies and BS when others in the media don’t.

Yet, we just came up pretty short on our first big fundraising campaign since Mother Jones and the Center for Investigative Reporting joined forces.

So, two things:

1) If you value the journalism we do but haven’t pitched in over the last few months, please consider doing so now—we urgently need a lot of help to make up for lost ground.

2) If you’re not ready to donate but you’re interested enough in our work to be reading this, please consider signing up for our free Mother Jones Daily newsletter to get to know us and our reporting better. Maybe once you do, you’ll see it’s something worth supporting.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

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

Subscribe

Support our journalism

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

Donate