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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2017: The Year The World Economy Starts Coming Apart
There have been huge finds in Russia, of oil reserves. It is madness that the world would just ignore it by using globalization as a sledgehammer to bury perceived enemies. As long as the US considers Russia an enemy, and the neocons want a cold war with Russia, which is part of the reason Hillary lost the election, we will not benefit from the wealth of Russian oil reserves. It is madness.
The Well-Reasoned Basis Of Populism
But populists eventually get rejected as well as their solutions are not necessarily always successful.
Dear Mr President, My Suggestion For Infrastructure Spending
I am not a fan of some #robotics. I went to #CES and there was a robot with a girl's face, and it was pictured taking fast food orders. I would boycott any store that replaces cashiers. On the other hand, I am sure there are positive #robots. As far as government involvement in projects, Hoover Dam built Las Vegas, a city of 2 million people, Charles.
November 2016 Consumer Credit Headlines Say Year-Over-Year Growth Rate Accelerated
Yes, your last two #FRED charts show that consumer borrowing is actually a greater percentage of consumer spending than in the past. There is something dangerous about that, as you conclude, Steven.
What Wall Street And Capitol Hill Could Have In Store For 2017
Author asks a good question: Will #Trump and the #Fed play nice? I don't believe they will. While #InterestRates should be at the top of the ceiling, there is a ceiling which if breached will contract the deals and loans made, and ultimately contract the economy. I don't think Trump and his team really respect this fact.
The U.S. Empire Would Have Collapsed Decades Ago If It Didn’t Abandon The Gold Standard
Fascinating article. But I don't think fiat money is worthless. Fiat money is as good as a nation and its bonds.
What Should Trump Do With Free Trade?
#Tariffs could cause fewer people to buy durable goods. And bringing factories back only to be automated will eliminate all those customers in #China and elsewhere who make stuff and then buy American products. Automation is part of the reason that Christmas was so lame. If you eliminate customers anywhere, you eliminate sales. The world could be entirely automated and capitalism would probably fail and be overthrown.
BOE: Economic Forecasting In A World 'Tipped Upside Down'
At least the #BOE is more willing to accommodate than the #Fed. It will nip inflation going forward, IMO, because it has #TBTF banks too. At least growth is better than the #Eurozone, which is why having one's own currency is important.
Factory Orders Plunge 2.4% Taking Away Most Of Last Month’s Rise
This is more proof, along with Lambert's effective demand, tax receipts, and Christmas sales slowing, that labor is not spending, and that business will suffer from this spending decline.
Strong Jobs Report? Depends Upon Who You Ask
Nice charts. Many of these employment dropouts do take care of elderly parents. Others have the spouse staying at home, and both live with parents. Those who are available for work may not be in the correct geographical location. My kids moved around for work, but many choose not to do so. It will be interesting to see how many will take advantage of opportunities for jobs outside their comfort zones and/or geographical areas. And infrastructure is not permanent employment. Will it prove to be attractive?