The Fed knew about the housing bubble before it burst but lied and said they didn't: Bill HR 1424 to buy bad paper (eventually called TARP) was introduced in March 9, 2007, before there began to be bad commercial paper from private subprime RE loans, in August. I have published on two other ...
more The Fed knew about the housing bubble before it burst but lied and said they didn't: Bill HR 1424 to buy bad paper (eventually called TARP) was introduced in March 9, 2007, before there began to be bad commercial paper from private subprime RE loans, in August. I have published on two other prominent financial websites, Seekingalpha.com (as Gary A) and at Businessinsider.com. I muckrake the banking system and found premeditated causes for the housing bubble and subsequent meltdown. I am married with 4 grown children.
Specialties: Impacts of politics on the economy, interpreting economists, writing about the negative impact of some aspects of globalization and pros and cons of the new normal. I don't like tariff wars. Email bgamall at gmail
less
Latest Comments
How To Limit Your Exposure To The U.S.-China Trade War
If GDP is crumbling, it could be a mirage.
Three Trade Deal Scenarios And What They Mean For The S&P 500
Three is likely, because Trump ultimately wants to collect 100 billion dollars from the tariffs. That would take at least one full year.
5 Consumer Staples Stocks To Survive A Prolonged Trade War
Trump was hoping China didn't submit. He has always wanted tariffs. He is happy with them and said as much.
Mortgage Credit, Housing And GDP
Lots of problems in housing. Millenials do not want large houses. There are lots of large houses. Chinese may boycott US housing. Other factors may contribute to a slowing of this already unhealthy market.
It’s 12:01 AM And The Gods Of Global Growth Are Not Happy
Michael, stocks are often valued on growth potential. If a market of 1.4 billion people suddenly closes, growth for some companies is cut in half or more. That has to impact the stock price. And the uncertainty of US investors increases and that is impossible to measure, unless we start looking at some GDP now figures. Here is one: talkmarkets.com/.../a-gdpnow-chart-worth-watching
What Is A Bigger Alchemists’ Dream: MMT Or Transmutation Into Gold?
Pelosi and most Democrats oppose MMT and hopefully they will retain the majority of Democratic voters. Nice article!
Trade Wars Have Arrived, But It’s Trade Winter That Hurts
This pretty much explains it: "US consumers are buying less of everything, not just less from China." And all this about how strong the consumer is that we see played on CNBC, especially from Fast Money Guy Adami, over and over again, is just pure BS.
China Boycotts Shockingly Ugly, Tailing 10Y Auction: Indirects Plunge, Lowest Bid/Cover In 10 Years
Well, Trump wants to break the new normal, but then he wants lower rates, too. He wants it all, and can't have it all. Perhaps, in the long run, breaking the new normal will result in the mother of all recessions, and Trump can't have that with an election looming. Bond demand will likely come from elsewhere, but that is not certain. Maybe China does hold the cards for this hand.
Keynes Was Right, The More Evil Of The Two
The Fed thinks disinflation is no big deal, that wage inflation is the big evil of our time. I don't know how they arrived at this absurdity, but they have.
Inflation: The Fed’s False Flag
You could be right. But the Fed is obsessed with wages. This has been proven time and again. That is the opposite of lowering rates. The Fed may get around to lowering rates, but to do so quickly would be totally out of character.