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
Services Sector Disappoints
Export orders are really slowing. I am surprised the authors did not give mention to that significant info they provided in the chart.
Can Government Stimulus Bring Us Out Of Recessions?
A credit crisis is the time where credit must be made available to help banks that have made loans that appeared to be good but have turned bad. And as far as getting money into the hands of people that will spend, I don't see the central banks doing much of that anyway. As for fiscal stimulus, many people were thankful that FDR saved their lives and gave them hope for the future. Mises would have been Hoover?
Manufacturing Slowdown Apparent, But No Contraction
Certainly, manufacturing wages compared to before the Great Recession are far lower. That concern is not captured in the chart, but has apparently been captured by sluggish retail sales.
A Green Shoot Amid The Dirtied Shirts?
Stocks went up yesterday as hope in China manufacturing bumped up. Trump cannot have it both ways. He cannot have a strong stock market and a weak China. But he wants both!
A First Look At Why Greater Demand For Scapegoats Than Rate Cuts
It will be interesting to see when bad US numbers will cause Wall Street to look at the US economy. Right now, all is well on Wall Street because China manufacturing is increasing. That could save the racist's presidency, as long as tariffs don't ruin the Chinese economy.
Canada’s Household Debt Is Still Very High, Insolvency Is Creeping Up
This article is reporting alarming news for sure, Prof.
Time To Abandon The 2% Inflation Target
Finding that bonds work as collateral in the derivatives environment certainly has changed things. The collateral must be protected. So normal cannot materialize. The austerity on mainstreet is a byproduct, though. Trump wants to return to normal, without higher rates. He wants to break the new normal by massive growth, yet would object to higher rates. That is scary.
Kroger Shares Slide As Whole Foods Slashes Prices On Hundreds Of Items
Morale is low at Whole Foods stores from what I read. Can't find anyone when I go in there. I can't see how they are better than any Kroger related store. And I like Sprouts the best anyway. Whole Foods is not as nice as the new Albertsons either.
China’s Stimulus Is Working But Debt And External Political Pressure Is Growing
Good insights. China central bank targets liquidity to small businesses. They create the jobs. Our Fed would not do that in a million years. The Chinese appear to have a better grasp of capitalism than does the USA!
US Banks Are Worried And Are Tightening Credit
It could just be the overbuilt retail bumping up against a weakened consumer, prof. Things seem to be perking up this month, but is it sustainable, prof?