Treasury Secretary Mnuchin Spent His Weekend Calling Top Bank Execs Post Shutdown
U.S. Treasury Secretary Steven Mnuchin confirmed that he called the heads of the six largest U.S. banks following a tumultuous week that saw a dive in the stock market and partial government shutdown.
In a statement posted to Twitter on Sunday, Mnuchin said that each of the CEOs “confirmed they have ample liquidity for lending to consumer, business markets and all other market operations.”
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
Mick Mulvaney, President Donald Trump’s incoming acting chief of staff, on Sunday predicted the shutdown could continue into 2019.
Mnuchin said during the shutdown, the Treasury “will have critical employees to maintain its core operations.”
“We continue to see strong economic growth in the U.S. economy with robust activity from consumers and business,” Mnuchin said. “With the government shutdown, Treasury will have critical employees to maintain its core operations at Fiscal Services, IRS, and other critical functions within the department.”
The treasury secretary spent some of his weekend attempting to reassure financial markets, particularly after reports surfaced that Trump was considering ousting Federal Reserve Chairman Jerome Powell.
(1/2) I have spoken with the President @realDonaldTrump and he said “I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute terrible thing to do at this time,...
— Steven Mnuchin (@stevenmnuchin1) December 22, 2018
(2/2) especially in light of my major trade negotiations which are ongoing, but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”
— Steven Mnuchin (@stevenmnuchin1) December 22, 2018
Despite his best efforts, Twitter users aren’t buying Mnuchin’s assurances that everything is fine.
“Nothing to worry about folks! Just a routine call from a beach in Mexico on Christmas weekend with the heads of every major bank after a week of market instability. Everything is fine!”
— Rogue WH Snr Advisor (@RogueSNRadvisor) December 23, 2018
Yes, nothing inspires confidence like a panicky press release to detail a panicky round of phone calls to assure your boss that nothing's wrong. Thank God none of you stable geniuses were around in 2008.
— Jon Austin (@jmaustin) December 23, 2018
This is amazing. It's as if Mnuchin was trying to create a panic over something nobody was worried about until this release 1/ https://t.co/YJsGnEyOQD
— Paul Krugman (@paulkrugman) December 23, 2018
Alternatively, Mnuchin could just be an idiot 2/ pic.twitter.com/5nvS5yQzhD
— Paul Krugman (@paulkrugman) December 23, 2018
MNUCHIN: WHAT FIRE? THERE IS NO FIRE!
MARKETS: ... who said anything about a fire?
MNUCHIN: NO FIRE! DO NOT PANIC!— SPIKED EGGNOG MUGATU (@SuperMugatu) December 23, 2018
— Mario Berky (@MarioBerky) December 23, 2018
Mnuchin:
ᵗʰᵉʳᵉ ᶦˢ ᵈᵉᶠᶦⁿᶦᵗᵉˡʸ ⁿᵒᵗ ᵃ
WE'RE ALL OUT OF MONEY
ᶜʳᶦˢᶦˢ— Dave Itzkoff (@ditzkoff) December 23, 2018
"Hello, JP Morgan Chase, how can I help you?"
"Hey! Steve Mnuchin here. There's no need to panic."
"...Sorry?"
"Don't panic. Everything's fine. With the...you know...America stuff. Money."
"You're freaking me out."
"Nah, it's all good. I'm in Cabo. It's niiiice here. Ok, later." https://t.co/mIpp1o74gi— Ken Tremendous (@KenTremendous) December 23, 2018
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This article originally appeared on HuffPost.