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The Memo: Trump chaos pervades holiday season



President Trump Donald John TrumpPresident Trump, first lady attending Christmas service at National Cathedral White House says Trump has weighed dismissing Mnuchin: Bloomberg MORE As usual , Trump shows no sign of deescalating the situation. In a series of tweets Monday, he took aim at Democrats, the media and the Federal Reserve.

He did so in trump style, beginning one's tweet with the statement, "I'm all alone in the White House …. "

Other Trump targets in recent days have included Sen. Bob Corker Robert (Bob) Phillips CorkerTrump Hands out lumps of coal to enemies on Christmas Eve Trump rips 'Little Bob Corker,' US envoy McGurk over Iran deals New Hampshire GOP at odds over endorsing Trump in 2020, says veteran political reporter MORE (R-Tenn.) and Brett McGurk, who is expediting his departure as special envoy to the anti-ISIS coalition following Trump's decision to withdraw US troops from Syria.

The Secretary Sense, both friends and foes, is a president under pressure and lashing out.

James Mattis James Norman Mattis Trump has weighed dismissing Mnuchin: Bloomberg Trump's Fed feud roil's markets, alarms Republicans GOP senator on Syria pullout: 'Bad people' wants to fill the void MORE and chief of staff John Kelly [19659015] Robert Francis KellyMORE Robert Mueller Robert Swan MuellerSasse: US should applaud choice of Mueller to lead Russia sample MORE and the fact that Democrats want to take control of the House on Jan. 3.

Trump's complaints about the Federal Reserve on Monday were especially pointed. He tweeted that the central bank had the "only problem our economy has" and compared it, in a somewhat unclear analogy, to a golfer who can not putt.

That tweeted during a day when the major stock indices were declined sharply yet again , The Dow Jones Industrial Average and the broader-based S & P 500 each fell by more than 2.5 percent, with the Dow more than 650 points.

economy was in recession.

The market remains significantly on what it was when Trump took office, but it's off its October peaks. The S & P 500 is now officially in bear market territory, having dropped more than 20 percent from its record high.

things head south.

Trump evidences the Fed's action in raising interest rates four times this year has spooked the markets and choked off growth.

Speculation continues to buzz in the future of Jerome Powell, the Fed's chairman. Trump to push Powell could have been challenged in the courts.

Treasury Secretary Steven Mnuchin Steven Terner Mnuchin Trump has weighed dismissing Mnuchin: Bloomberg Trump's fed feud roils markets, alarms Republicans Dow has Worst Christmas Eve on record, S & P enters bear market MORE has said, via his own Twitter account, that Trump does not have the right to fire Powell.

Some people close to Trump believe Mnuchin could find his own position in peril, in part because of attempts to calm the markets back on Sunday.

To widespread surprise,

The liquidity of the banking system has not been much questioned by mainstream observers.

19659005] One GOP operative who spoke to The Hill was scathing about what he claimed as a clumsy effort by the Treasury Secretary.

"You just took a bad situation and you threw gasoline on it," this source said. "You're the Secretary of the Treasury and you're suggesting there's a problem with liquidity? Why would you do that? "

Once the Senate returns on Thursday, the

Trump will not get the $ 5 billion he has sought for the border wall, however.

The Hill has previously reported that compromise figure of $ 2.1 billion.

A return to normal business later in the week could also see renewed focus

Mattis resigned last week, in a letter that implicitly but fiercely rebuked the president for undermining US alliances. Mattis would have been replaced on Jan. 1.

Among Trump's political allies, though, the state of the economy and the market generates more anxiety than almost anything else.

If that proposition is kicked away, the president will be more politically vulnerable than ever.

Niall Stanage's The Memo Is a Reported Column, Dedicated to Donald Trump's Presidency.


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