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
China Is About To Take Control Of Global Oil Markets
So, with this great article you have shared, Kent, there is no way that China will comply with Basel. Too much on the line: www.talkmarkets.com/.../china-could-be-the-next-basel-victim-or-not
Lessons From Japan: Decades Of Decay, Unavoidable Collapse
There is a way that monetary policy would work better, but it would be for the people: www.talkmarkets.com/.../pros-and-cons-of-helicopter-money-bernanke-misunderstood
Why NYCERS Should Reconsider Exiting All Hedge Funds
Most people wonder why the pension funds have tolerated hedge funds as long as they have.
Extend And Pretend
Not sure China has a limited amount of projects. And besides, the Chinese buy bad paper off the banks to prevent a bad downturn, unlike our crusty old Fed.
The Status Quo Has Failed And Is Beyond Reform
There is one more thing that they can try, Charles: www.talkmarkets.com/.../pros-and-cons-of-helicopter-money-bernanke-misunderstood
Alternative Thinking On The Panama Papers, Marijuana Holidays, The Brexit, And Hedge Funds’ Bad Q1
It would be nice to find out the richest people in the world, but so many hide their money we are stuck with Buffett and Zuckerberg in all the lists of the richest. But there are trillionaires in the world, I have no doubt.
The Alchemy Of Turning A Negative Into A Positive
I don't think negative bond yields are such a good idea, but it is the BOJ's way of getting investors to pay Japanese debt, like in the Eurozone. But negative interest on reserves did work for a little while. Still, even that may not work. Better to use base money to cut taxes for everyone. That would be better strategy on the part of the BOJ than efforts to move to a cashless society, like we may see in some Scandinavian nations.
Greece Fails To Reach Deal With Lenders: Lagarde Flip-Flops, Sees "No Need For Greek Debt Haircut"
Wow, Lagarde and the IMF are so political. Stand your ground and give Greece a break.
Federal Reserve Should Focus On Inflation
Author says: "Consumers will absorb rising pump prices without cutting back spending in other areas of discretionary spending—such as new car purchases, home improvements, clothing and vacations—because they pocketed most of their savings from lower gasoline prices."
I would like some proof of this, since I think people won't necessarily use savings from oil prices to spend recklessly, IMO.
Interesting that some banks will store cash in vaults. I don't think that is widespread in Europe. But you would think banks would just lend, rather than store money in vaults, because negative interest on reserves is different than negative interest rates. Negative IOR should motivate lending. If it doesn't then something else is restraining the banks or maybe nobody wants loans.
"This Is Going To Be A National Crisis" - One Of The Largest U.S. Pension Funds Set To Cut Retiree Benefits
So it makes sense that people will start focusing on wages. You can't trust a capitalist. That is bad PR anyway you look at it.