About this time, during the early days of the last recession, the fraudsters-in-charge told us the economy and the banks had never been stronger. Then the bottom fell out. You might recall.
They would likely repeat the lies but for the machinations of an orange-haired bragger from their own town.
U.S. President Donald Trump’s Treasury secretary called top U.S. bankers on Sunday amid an ongoing rout on Wall Street and made plans to convene a group of officials known as the “Plunge Protection Team.”
The Treasury said in a statement that Mnuchin talked with the chief executives of Bank of America (BAC.N), Citi (C.N), Goldman Sachs (GS.N), JP Morgan Chase (JPM.N), Morgan Stanley (MS.N) and Wells Fargo (WFC.N).
“The CEOs confirmed that they have ample liquidity available for lending,” the Treasury said.
Mnuchin “also confirmed that they have not experienced any clearance or margin issues and that the markets continue to function properly,” the Treasury said.
By the time they notice these things or admit them, it’s already too late. At least they’re on record this time.
UPDATE: If you want to really overanalyze this on a Christmas Eve, then look at Option 3.