learned mattis will leave earlier than the expected photoco february 28th date because the president is upset with the extensive coverage of mattis s resignation. the treasury secretary playing clean up after he considered firing the head of the reserve. he realizes he doesn t have the authority to do that. mnuchin calling executives of large u.s. banks after rate hikes and historic market drop, raising concerns about the overall economy. all of this coming as the government shut down shows no signs of ending soon. the president s top negotiators now expect the standoff to go past christmas and likely into the new year. more on the breaking news and the president s new secondiacti
guilty to tax fraud and financial implications in a courtroom in new york. a few weeks later, there was a bombshell report that cohen agreed to plead guilty and cooperate with the special counsel. at the end of november, president trump s lawyers submit written answers to questions from the special counsel. nine days later, michael cohen pleased guilty in the mueller investigation to lying to congress about his work on plans to build a trump tower in moscow and a flurry are of developments yesterday, george papadopoulos walking out of prison after completing his 14-day sentence for lying to investigators about his contacts with russians and mueller filed the explosive sentencing documents for manafort and cohen. go back to that new york post cover mentioning other facets of the day that were bad for president trump including the market drop, as well. when it comes to this
boeing, caterpillar and apple do a lot of business in china plunging. seeing biggest loss sings brexit when the britain voted to leave the european two years ago. with the severe market drop investors ran for the safety of government bonds. and that led to a drop in rates on the 10-year treasury note. another red flag for the market. treasury secretary steve miewmpleggen says that investors should take these dramatic market moves in stride. markets move too far in both directions. it is important to take this information in but i don t see the market being an indicator as the future of the economy. now december has historically been a positive month for stocks with the s&p advancing over 70% at the time what the markets call a santa claus rally. with the volatility we have seen in the opening days of
europe and china is. but blaming the pression for this is just misguided. they seem very positive and confident. one more question, do you think part of the market drop today could be related to an understanding of tariffs? when the president tweeted earlier today on the tariffs, he talked so much about tariffs, you know, i wonder and i thought earlier on cnbc from diane swann, that does the president understand tariffs, those who get hit are the u.s. consumer? i think the president does understand that. one of the things that the president s been very consistent now, even going back 20 years, is that he has had a problem with trade. he feels there s a trade imbalance. most economists would say trade is only one aspect of the global economy. and that putting too much emphasis on, for example, trying to balance trade at all costs of everything else, including looking at companies in the u.s. who export and make a significant amount of money
in the end it doesn t come down bad deals that the united states made in the past it comes down deals that donald trump want to make in the future when he leaves as a one term president and tries to cash in on the presidency. okay. and john harwood thank you for being in. before you go what do you think of the market drop and trump blaming it on the fed? the fed is doing precisely what donald trump said it should do when barack obama was president. he said that janet yellen and ben bernanke kept rates, low created a bubble in the stock market for political reasons. okay. everyone on the right has been arguing for years that the stance of the fed should be phased out. now that that is happening and it is having an effect on the stock market, they don t like it. it s not again as with trump, there s nothing that is consistent and principled and