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?

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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