As markets open for 1 day before Christmas, we are seeing a swath of equity indices falling over 20% since August 31st, including the Russell 2000, the S&P 500 Bank index and the FANG+ index (Facebook, Alphabet (Google), Netflix, Apple, Amazon and Twitter).
Treasury Secretary Steven “Duke” Mnuchin is checking with the big six banks on their liquidity positions and calling the plunge protection team (aka, Plungebusters!)
So who is Mnuchin going to call? PLUNGEBUSTERS!!
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