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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Judge Rules Virtual Currencies Are Commodities: Correct Ruling?
Gold will always be a commodity even when used as money. Bitcoin is a commodity and it is not digital government currency.
New CEO Moving Quickly To Stabilize Wynn Resorts Shares
Steve Wynn is why las vegas is what it is. I think changing the name would be foolhardy.
Central Bankers Never Get It Right
Everyone should, whether you agree or disagree, should read this article. Finding out about the dilemma of the Riksbank alone is worth it. Not sure about this supercycle stuff, but clearly, the Fed views 2 percent as a ceiling, not a target. They talk up inflation, but fear wage inflation like the plague.
Housing Liquidity Crisis Coming: Debt Deflation Follows
Mispriced risk leads to credit freezes. And yet Trump wants to roll back consumer protection. He wants to shove that deflation off of his watch through allowing a few years of reckless lending. The question remains, will the Fed liquidate the economy after the bubble bursts as it did last time and in the Great Depression? Great article.
What A Dictator Wants
Most people don't know that Reagan signed the Thatcher like St Garns Bill that ultimately allowed the housing bubble in the next millennium because it allowed toxic, liar loans. So, what Reagan did for America in foreign policy he took away by making finance more important and predatory than it had ever been before.
With Trade Deficits Soaring: Who Will Buy US Treasuries?
Well, Moon, there is a whole lotta money in the stock market that will go to purchase treasuries when the time comes. Not so good for the stock market, though.
Winners And Losers From Global Trade
I don't think you can say a man's heart is in the right place when he wants to tax the poorest in our society with stiff increases for products. Other than that, an interesting article!
Trump's First Big Economic Mistake
Brazil and South Korea are our friends. Makes no sense to apply these tariffs to those nations.
Turkey Threatens Exxon Mobil & The US 6th Fleet Off Cyprus
US Greed versus NATO Stability.
Inflation Is Back, Part 1: Does This Mean Spiking Interest Rates?
The Fed may be letting wages pop a bit. There is nothing wrong with that. Problem is, people are shorting treasuries and the unintended effect of letting wages run will be fear in the long bond markets. The Fed will then have to act. JMO.