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Stocks Plunge as Trump Assails Federal Reserve

HeadlineDec 26, 2018

On Wall Street, the stock market plunged more than 650 points on Monday, marking the worst December decline since the Great Depression of the 1930s. The latest selloff came after Treasury Secretary Steven Mnuchin spooked investors after revealing he’d spoken to the CEOs of the six largest U.S. banks in a bid to shore up confidence over the economy. This came as Trump renewed his attack on the Federal Reserve and openly criticized its chair, Jerome Powell, whom he appointed. On Christmas Eve, Trump tweeted, “The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders.” We’ll have more on the Trump administration and growing economic turmoil after headlines with economist Richard Wolff.

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