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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Latest Comments
Interest Rates Are Not A Leading Indicator
I think soft data only makes sense in a robust economy. And it looks like robust is happening in other parts of the world more than in paycheck to paycheck America.
Retail Apocalypse: Everything You Need To Know
One of every ten dollars spent is online. And it could flatten at any time. It already has in India and other nations near India. It could do the same here.
Why Is The Fed So Fixated On The Inflation Rate?
I think slow growth has more to do with lack of inflation. I mean, if there is slack in the production facility, most companies would prefer to produce more than raise prices. They have to find a market for those products, though. If they cannot, then the product will cost more per unit. Slow growth could cause products to cost more per unit but those costs cannot be passed on. However, fast growth causes unit costs to go down, but greed sets in and strong sales bring the temptation to push for higher pricing.
This may not always happen, but it can and does happen.
Retail Stores Are Dying And We Should Let Them
I don't believe Amazon pays the ecommerce average. I question that chart. Also, it has been documented by the NY Times and others that ecommerce jobs at Amazon are dreadful. Ecommerce is overrated. It will not save the economy.
Defining Labor Economics
While I agree with the theme of this article, I grew up in a farming region. I know Americans won't pick enough product to qualify for piece work bonuses. It is hard work. It requires a lot of experience and conditioning. So, it isn't worth it to them to go out and pick at all.
Canada’s Soft Lumber And Dairy Are Easy Targets For Trump’s 'America First' Strategy
Trampling on Canada is not a win. Canada should look towards the East seeing how the USA is closed for business under Trump. I see a potential housing recession brought on sooner here by Trump's hair brained ideas.
The Most Precious Thing Is Patient Cash
Hoover was, like FDR, a hero to Main Street. But the Fed is a liquidator, and I do not believe it was by accident, both in 1932 and in 2007-2009.
It's Happening Again: When Media Loves Investing, Investors Should Worry
I have to add that Greenspan is the most perplexing economist. He says we are in too much debt, but he wants more treasury bonds and higher yields. Make up your mind, Greenspan.
It's Happening Again: When Media Loves Investing, Investors Should Worry
Bubblemucci works for Trump. Tony Robbins is a confidence guru. Isn't he out of his expertise? Nice article.
Does The Fed Have To Shrink Its Balance Sheet?
Exactly, Norman! Trouble is, the Fed doesn't do anything unsterilized. I don't why that is, other than it fears inflation in an irrational way.