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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Universal Basic Income: Preliminary Results From The Finnish Experiment
Helicopter money, a one time large gift to everyone, remains superior to UBI because it would come from the Fed, not add to the government debt, and not be inflationary.
ECB Acknowledges European Banks Are Not Doing Well
Wow, the ECB will treat the banks like Greece. It is a tragedy but there is a certain humor in it. Only difference between Greece and the banks is that the bank leaders will fare better than the little nation that was tortured by the ECB.
Have We Already Passed World Peak Oil And World Peak Coal?
Sobering, yet fascinating read. I suppose subsidies for energy producers, subsidies for energy buyers, or even helicopter money would be needed if the decline continues. Even lightweight cars with durable protection could reduce the energy needs of many.
Asia Is Bonding, Opposite Of Trump's Hope
Update: The weak link in Asian cooperation remains India and Pakistan. If those nations would think globally, and some in both nations have, instead of being at each other's throats over terrorism, Asia could move forward at a faster pace towards a comprehensive growth. Asia's strength is in its potential for massive growth and prosperity.
Step Aside Volkswagen: Ford Finds "Problem" With Emissions Testing; Stock Slides
There is nothing that breeds confidence like a car company that does not know what it is doing.
How Soon The Recession?
Interesting news about Deutsche Mess.
Not Even PBOC Supports Yuan’s Reserve Role
Chinese companies have huge dollar denominated debt. Weaken the currency and those companies wag the dog, the USA! If Trump tries to run roughshod over China, that will be a likely result.
Rising Debt And Falling Spending Are Troublesome
There is doom and gloom because a lot of these folks are tied to student loans, not just higher taxes. So it is a double down effect.
How Bond Vigilantes Really Think
Well, I question this article. Art Cashin warned bond vigilantes a few months ago to behave. That means they exist, but they are cautiously unwilling to buck Cashin, since Cashin''s main concern is to protect the collateral.
Canadian Lagging Exports And The Future Of The Canadian Dollar
Prof, suppress wage gains? That is what the Fed has been doing a long time. Why did the Bank of Canada favor workers? Well, it was the right thing to do, but it blew a giant housing bubble and also made Canada less competitive due to unforeseen changes. I am sorry, but Trump as also done a number on Canada and it is a very disgusting way to treat your neighbor.