It was as if the contractor you hired to fix a sticky door told you that your roof was probably in no immediate danger of collapse that wasn’t your preoccupation before, but it is now. The treasury secretary’s inexplicable maneuver on Christmas Eve eve, announcing that he convened meetings - by phone, from Cabo - with the six largest banks and was reassured that America faced no liquidity problems, when nobody was particularly concerned that we did, sent markets into a volatile tailspin.
Despite brisk holiday shopping, the usual Santa Claus rally was canceled, in part thanks to a grinch named Steve Mnuchin. The stock market has experienced its worst performance in December since the early 1930s.
