Courtesy of ZeroHedge View original post here.
“When it’s serious, you have to lie… or call the CEOs of the nation’s biggest banks.”
Amid the drop in US equity markets on Wednesday – culminating in a ‘Markets In Turmoil’ special on CNBC – President Trump appears to have hit the panic button and grabbed the big red Plunge Protection Team bat-phone.
As The Dow dropped 800 points, the 4th largest point drop in history, Bloomberg reports that Trump held a conference call with three of Wall Street’s top executives – JPMorgan Chase & Co.’s Jamie Dimon, Bank of America Corp.’s Brian Moynihanand Citigroup Inc.’s Michael Corbat.
The three chief executives were in Washington for a previously scheduled meeting with Treasury Secretary Steven Mnuchin on banking secrecy and money laundering, according to people familiar with the matter. On a conference call, they briefed the president, who was at his resort in Bedminster, New Jersey.
So Trump panicked with stocks a mere 5% below all-time-highs? What happens when we enter a bear market?