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Donald Trump had a conference call Wednesday with the CEOs of America’s largest lenders while the stock market was in a free fall.
They were meeting with Treasury Secretary Steve Mnuchin when they phoned the president, who was at his Bedminster golf club at the time.
The article goes on to state the following:
JPMorgan Chase & Co.’s Jamie Dimon, Bank of America’s Brian Moynihan and Citigroup’s Michael Corbat were all on the impromptu call, a White House official confirmed to DailyMail.com.
As the president left Thursday evening for New Hampshire, he insisted that the U.S. ‘is going to have a very long period of wealth and success’, and it’s China’s economy that’s suffering under the weight of his tariffs.
Trump denied that the tariffs, which he says have generated $60 billion in revenue, would send the U.S. economy into a downward spiral and a recession.
Bank of America’s Moynihan appeared on Bloomberg Television on Friday also downplayed the prospects of a recession.
‘We have nothing to fear about a recession right now except for the fear of recession,’ he said.
He did attribute the slow down to Trump’s trade war with China and the adjustments that businesses have had to make to offset tariffs, however.
Donald Trump held conference call with CEOs of America’s three largest banks on day the Dow lost 800 points amid mounting recession fears https://t.co/GCLI49fnNp
— RogueNews (@roguenews1) August 17, 2019
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