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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Trade War With China Morphs Into Currency War: Biggest Loser Is The EU
EU may have to forge an alliance with China and bypass the USA. Then they can win and we will lose bigtime.
Hashing Through The Next To Useless Fed's July Beige Book Report
Once the Fed starts lying it is difficult for it to ever stop lying: www.talkmarkets.com/.../the-lowdown-federal-reserve-bank
TIC Confirms Pretty Much Everything
Money tightening. Small amounts but affecting the world.
Preventing Another ‘Armageddon’: Bernanke, Paulson, Geithner Warn On Deficits, Regulation Rollback, Populism
Those three helped create populism. I am surprised Geithner shows his face in public. If the economy crashes they will blame it on bad mortgages or too much debt, even though Japan has way more debt. They won't blame the Fed for failing to stimulate the economy, which, by the way, it failed to do under Bernanke himself!
Economic Collapse Will Be The Least Of The United States’ Problems
I sympathize with the author here. The world of finance is the world that is most corrupt, most self serving, with the Fed as it's ringleader. Yet, most Americans don't have either an aptitude or a desire to understand what the banking system is doing to us. No, there are no easy answers. Even if the Fed had made a half hearted attempt to reach out to mainstreet in the Great Recession, like the BOE did to the UK small businesses, our recession would have been tempered. But our Fed chose to sledgehammer the economy and then lied about it and is still lying about it: www.talkmarkets.com/.../the-lowdown-federal-reserve-bank
Is Subprime Contained?
George Selgin pretty much put a nail in the coffin of Fed incompetancy. He revealed that it was not incompetancy at all, but rather a deliberate takedown of the economy without even an effort to moderate the fall by countercyclical activity: www.talkmarkets.com/.../the-lowdown-federal-reserve-bank
US Money Supply And Fed Credit – The Liquidity Drain Becomes Serious
This is definitely a must read article.
Will The Fed’s Tightening Trigger Another Crisis?
The Fed tightened during the Great Recession by introducing interest on excess reserves which were not expansionary. And now, if excess reserves are dead money, reducing them may not be a tightening. But the Fed is still tightening in other ways. Jeffrey P Snider has argued that the world is not awash in dollars.
Warning: The Everything Bubble Is In Serious Trouble
That seems like one reason but Kashkari said it was all about wage inflation and the workforce which has gotten the short end of the stick over time.
The World’s Weird Self-Organizing Economy
Yes, nuclear may have its place. I just happened to be on the middle of a major earthquake out west and on the edge of another one. I think they should be avoided where the ground won't stay still.