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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Markets Are All About Flows
Another article warning of future bond #inflation. Sigh. #ArtCashin has said collateral demand keeps bond yields low, and that he is a yield bear. So far Cashin has been right.
The Canadian Credit Markets Put A Large Damper On The Housing Market
Dreadful charts, Prof. Rollover mortgages must be terrifying for many.
Meng's Arrest Vs. The Rule Of Law
Update 5: #iPhones are inferior to #Samsung and #Huawei. Poor cameras, can't handle heat. The list of best phones is in the article. And iPhones are overpriced. The cult of #Apple, the cult of #Tesla, the cult of #Trump may all be failing. The cult of America is a cult of power. Prosperity is more important than power. China appears to want prosperity more than power. Power without prosperity is doomed to failure.
Some Thoughts On What Is Happening
Greenspan created the New Normal with financialization, hoarding and derivatives, Carol. That is either a stroke of genius or absolutely diabolical. I don't like it, but in an advanced society, protecting collateral seems to be important, especially when that collateral is debt.
Is This The Worst Thing The WSJ Has Ever Published?
In fairness, the Fed said IOR was a stimulus but it wasn't. George Selgin is pretty pro Fed, but when he caught the Fed red handed trying to seal history on how IOR was a stimulus, when it wasn't, he went ballistic. The Fed fooled people and tried to sign off on the deception after the fact.
Is This The Worst Thing The WSJ Has Ever Published?
Nice article. But banks may have made more loans without IOR giving them free interest. And IOR was contractionary, while the Fed touted it as expansionary according to George Selgin and Scott Sumner.
Happy New Year! Let's Evolve
CBD does wonders for dogs!!! Good call, Roger.
Trump Hails "Big Progress" On Trade Deal With China
If China is made to bow, the Chines will quit buying American. Many have done so already over Meng.
Fake Markets And Return Of The “Plunge Protection Team”
Light trading days are up. What a joke. It is obvious that Trump will not make a real agreement with China but Trump is expert of doing the fake agreement. North Korea is totally fake.
The Dawn Of A New Big Tech Regulatory Era?
I find it interesting and a good thing that self driving companies are beginning to see the limitations of their technologies. Failure to continue down this road will result in a justified backlash towards this over promised technology.
It is great that rules against cashlessness is popping up. Cashlessness is a reckless idea whose time to be exposed has come.