Monday, December 24, 2018

View From The Edge Of The Abyss: From CNBC

stock market 122418 00000

“Markets responded to turmoil in Washington. Multiple reports said President Donald Trump is discussing how to remove Jerome Powell from his position as chairman of the Federal Reserve. That discussion, as well as the recent market volatility, spurred Treasury Secretary Steven Mnuchin to call the leaders of the six largest U.S. banks over the weekend. Additionally, Defense Secretary James Mattis announced he would step down at the end of February, saying his views do not align with the president’s.

Trump resumed his attack on the Fed on Monday, tweeting that the central bank is “the only problem” with the U.S. economy.

“They don’t have a feel for the Market,” Trump said in the tweet.

All 11 sectors of the S&P 500 are now negative for December, the fourth quarter and the full year.

Last week the Dow lost 1,655 points, or 6.8 percent. That was the Dow’s worst week of trading since October 2008 during the financial crisis. The S&P 500 also lost 7 percent for the week. The Nasdaq Composite is now 22 percent below its record reached in August and is in a bear market.”


Apparently the fact that the United States has no President, just a nominal entity known world wide as “That Fucking Moron” aided and abetted by a hoard of poorly qualified lackeys and camp followers has finally come home to roost.

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