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
Reaction To The Bank Of Japan Decision To "Do Nothing"…
Poor Japan. Considering they were sideswiped by Basel 1, I don't think their central bank is doing terribly. However, time to try real Helicopter Money, not more QE.
The Second American Industrial Revolution
Entertaining article. Hope for the future. I wouldn't put that hope into Elon Musk, but the other stuff sounds great. But most millennials probably don't know who Cybil Shepherd is, lol.
“A Historic Bull Market”
Gary, what do you think about helicopter money? This is a real expression of how it works, unlike what some Fed people say about it: www.talkmarkets.com/.../eric-lonergan-precisely-defines-helicopter-money
Chart Of The Day: Japan’s Money Multiplier Has Dropped Like A Stone Since Kuroda Went Wild
So, looks like people aren't borrowing or the banks are afraid to lend. Better to use real helicopter money than just more QE: www.talkmarkets.com/.../eric-lonergan-precisely-defines-helicopter-money
Federal Reserve Mandates Slow Growth. So Fed Must Finance American Infrastructure
Yes but how can base money issued at zero lower bound hurt? Look, it would be of short duration. It would not be paid for by bonds. It would be base money in the money supply, but the resulting economic activity would be good. It would not require the Fed to buy bonds already in massive demand. Negative rates on bonds, on retail savings accounts and a cashless society, those are the can of worms! Lonergan explains it better than I and I hope you read this: www.talkmarkets.com/.../eric-lonergan-precisely-defines-helicopter-money
Redacted Version Of The April 2016 FOMC Statement
The only reason rates should be higher is fear of zero lower bound. Tightening for the sake of a slow growth economy is not a good reason in and of itself.
Central Bankers To The Masses: "Let Them Eat Rate!"
If Bernanke could figure out how helicopter money really works he might be onto something. Then in the next downturn, Yellen could correctly apply it.
The Pendulum Of Inflation Complacency
It is the conspiracy of summer, Michael!
More Greece "Uncertainty": Default Looms In July, EU Rejects Greek Emergency Summit
A tusk is an elephant or rhino horn that can do great damage. I think the Eurozone Mr Tusk is capable of great damage. Greece should know that by now.
March 2016 Social Security Enrollment Numbers
And most of that money finds its way back into the banking system. So, it isn't as if it is useless for society. Interesting article.