Morning Money – Trump’s dangerous dance with Wall Street
By BEN WHITE and AUBREE ELIZA WEAVER – 03/25/2020
CNBC reported that President Donald Trump and Vice President Mike Pence held a conference call on Tuesday with big Wall Street investors to discuss re-starting the economy during the coronavirus crisis. Titans on the call reportedly included Third Point’s Dan Loeb, Blackstone’s Stephen Schwarzman, Vista Equity’s Robert Smith, Intercontinental Exchange’s Jeffrey Sprecher and Paul Tudor Jones, hedge fund manager and co-founder of JUST Capital.
So what happened with markets? Cumberland’s David Kotok (who warned very early on to MM readers about the likely coronavirus impact): “It was stimulus from the most deeply oversold market in a century. … POTUS is so full of himself. That is where we are. This is a wartime footing for the nation and its markets. We need trusted leadership, not an apprentice.”
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