US Treasury Secretary is launching a ‘Plunge Protection Team’ due to the recent market troubles.
Today I convened individual calls with the CEOs of the nation’s six largest banks. See attached statement. pic.twitter.com/YzuSamMyeT
— Steven Mnuchin (@stevenmnuchin1) December 23, 2018
The Mainstream Media and left-wingers are losing their minds over this but they are failing to see the main point of what Mnuchin is doing.
The Treasury said Mnuchin will convene a call on Monday with the President’s Working Group on Financial Markets, which includes Washington’s main stewards of the U.S. financial system and is sometimes referred to as the “Plunge Protection Team.”
The group, which was also convened in 2009 during the latter stage of the financial crisis, includes officials from the Federal Reserve as well as the Securities and Exchange Commission.
Notice the last time this was convened, ‘the latter stage of the financial crisis’. This is nothing more than reassurance tactic from Mnuchin.
The Fed has done a number on the stock market over the past few months and the market has dipped over 21% since mid-August.
A slight dip is fine as long as the resurgence is strong and comes soon.
It has been reported that Trump thinks the Stock Market is his key to a victory in 2020.