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
less
Latest Comments
Why The US Treasury Should Issue Zero Coupon Consols
In the midst of all the bad ideas floating around in Trump's head, this one makes good sense and he should listen to Mnuchin.
Bond Yields Are Crashing
Tantrums come and go. Hopefully pension funds and insurance companies picked up some slightly higher yields from this one.
Fed Up: Culture Shock
I think the Fed was actually too weak, too passive. I think the Fed allowed the whole economy to die because 4 states had massive housing bubbles. In the UK, the BOE did no such thing. It didn't let the economy crumble because of bad loans in real estate that froze securitization. I think depressions are bad, really bad. They are unnecessary. Sure, you could also blame the world economy for not allowing wages to remain at a high level. But even with that, I bet Milton Friedman would never have thought the Fed was out of ammunition. The BOE understood Friedman and helped small and medium business in the UK. But the Fed didn't do that here. The Fed treats Americans very harshly, and did so both in the Great Recession and Great Depression. I think it answers to big finance in the UK and in the US and could care less about the real economy. JMO.
Who Is Going To Buy Treasuries Now?
Nicely written, Norman. I have to believe banks worldwide own way more UST's than FRED says.
Is This The Best Way To Profit From The Electric Car Boom? (SPONSORED POST)
That could well be true, Joe. I am seeing a backlash against electric cars, though. People just don't like them.
Will Japan's Declaration Of Bitcoin As Legal Tender Accelerate Cryptocurrency Mainstream Adoption?
I read quite a few articles by Mr Middleton. Look forward to more!
Three Things Are About To Derail Trump's Fiscal Plan, Goldman Warns
If you consider Goldman Sachs as likely being one of the main representatives of the Square Mile, London, you can come to the possible conclusion that high finance in the City of London does not want to risk much on America, its citizens or its infrastructure. The paralysis that existed under Obama has been extended to Trump. He will simply not be allowed to double cross the new normal, created by high finance. He probably still doesn't even know this. JMO.
Back To The Past: Steen Jakobsen Asks Did Trump Change Anything?
Also driverless trucks will not be able to drive in the,city or through mountains or stop a runaway truck or handle holiday traffic
Back To The Past: Steen Jakobsen Asks Did Trump Change Anything?
Great article but I am not riding in a driverless taxi. And if big trucks go without drivers we will have lost our minds.
Here Come The Robots – And They Are Going To Take Almost All Of Our Jobs
I use self check out lines but not with vegetables or if they are overloaded. I like a checker and use them often. Also, I shop at Albertsons often, and they eliminated self checkout because it took up too much retail space. I would never go to a coffee shop without a barista because I like to customize.