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
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A Different View Of Venezuela’s Energy Problems
Oil companies generally do not make a huge profit compared to other sectors of the economy. If they did, Venezuela would have more flexibility.
The Shortest (And Best) MMT Primer You’ll Ever Read
Frightening. Private banks create broad money in the accounts of the borrowers by lending. When they pull back lending, the economy slows. The government is the source of base money only, through the Fed.
The Fed's Dimmer View Of The Economic Forecast
Consumer weakness does not appear to be temporary. That could be the ultimate problem. Hopefully, not.
Will Canadian Boycott Start With Kentucky Whiskey?
Update: US whiskey exports worldwide are crumbling. Europe, which accounts for 60 percent of US exports, fell 13 percent in the second half of 2018 after rising 33 percent in the first half of the year. Tariffs are biting and Trump is failing.
Monetary Policy Takes Center Stage: MMT, QE Or Public Banks?
I think public banks have a place. But MMT is not the vehicle that will give public banks a good reputation.
Reentry From Out Of The Labor Market
Very helpful article. New hires are still willing to work for low wages, since they have been out of the work force so long. But this does not help consumer spending.
Wealth, Consumption, And Income: Patterns Since 1950
Labor share of the wealth is not keeping pace. It shows in consumer spending and defaults. But hopefully we could have a soft landing. China may come into play. Dollar stores are warning that the bottom of the economy is in big trouble.
The Chair Of The Federal Reserve Just Used The Term “Slowdown” To Describe What Is Happening To The U.S. Economy
I would say Trump tax cuts were misdirected. So he bears some responsibility for the downturn. He treats labor like he used to treat his private employees. The Fed put the breaks on the casino mentality, which it said it would do, but both have hurt the economy
Fed Takes Sharper-Than-Expected Dovish Turn, Stocks Yawn
The consumer is weak.
3 Charts Foretelling A Gruesome Future For Automakers
Very disturbing charts show sales are declining just as Trump is losing the trade war. That loss will magnify USA auto sales failure going forward.