Jabin Botsford | The Washington Post | Getty Images
President Donald Trump reportedly held a call Wednesday about the plunging stock market with the CEOs of the three biggest U.S. banks, according to Bloomberg News. The Dow plunged 800 points, or 3%, in its worst day of the year on Wednesday amid a recession warning from the bond market. Trump held a conference call with J.P. Morgan Chase CEO Jamie Dimon, Bank of America's Brian Moynihan and Citigroup's Michael Corbat, according to the report.
Bank stocks were among the most hammered that day after the yield curve inverted, an unusual event where yields on longer-term bonds fall below that of short term ones. That's because falling rates pressure the industry's profit margins, and also the signal typically means that a recession is coming, which would lead to increased loan defaults.
How did they contain their laughter during the call?
He was trying to get a loan before he crashed them. I hope they were smart enough to reject the conman.
“Sooooo, when should we sell?”
If he had assembled an economic TEAM with true expertise and the willingness to give him nonpartisan, honest advice, he'd be prepared to address the issues. Heck, he'd have fewer issues to address. Chickens roosting...
To tell them how he had no path to 270?
Yea. Gotta make sure THEY don’t lose any money. We would hate to see the millions in bonuses shrink.