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
The Fed Prepares To Dive
Yes Moon, it makes no sense that the banks are lending like crazy but there is no inflation. Here is proof, though: research.stlouisfed.org/fred2/graph/?g=3xG8
Why Globalization Reaches Limits
So, US debt is lagging behind while USA banks are lending like they never have before. Something simply does not make sense: research.stlouisfed.org/fred2/graph/?g=3xG8
Are Central Banks Exaggerating Deflation Risks?
As long as it is deep it doesn't worry Stephen Williamson, and therefore it likely does not worry the Fed. It worries, Krugman, Roubini, etc. Others would like the Fed to be more active to avoid deflation. But it doesn't worry the Fed. Is that a mistake in the long run? Don't know.
Can Wall Street Change Its Stripes?
Bernie Sanders is not interested in the sort of socialism that ruled the Kremlin. That is a bit of a stretch. But surely he wants banks regulated as they were prior to the great housing bubble and subsequent Great Recession. I think most people want banks regulated.
Can Wall Street Change Its Stripes?
Wall Street was so abusive in the Great Depression that I remember my mom and dad, who experienced it firsthind, saying in the '60s that stocks were for the rich, and that everyone else will just lose. While it isn't quite true, and a small dabbling may be appropriate, return of capital is more important, overall, for their peers, than return on capital.
Gold And Derivatives
But no one will release or massively forgive debt. Very interesting article. Banks are lending like no tomorrow and yet there is no inflation. I find that very odd, Bruce.
The Fed Prepares To Dive
Banks are lending like crazy. I should think negative rates could cause banks to pause a bit. Not sure, but if banks are lending there should be inflation. But then it never hits the real world.
Argentina Has A New President: What The Future Holds
Just to let you know. Argentina, a sovereign nation, has beaten Paul Singer, a shameless vulture hedge fund owner. Griesa ruled in the favor of Argentina.
So, as corrupt as Argentina may be, it is still sovereign and was right to stick to its guns.
"We Are In A Recession": Dallas Fed Respondents Admit The U.S. Economy Is In Freefall
I don't think California gives a rats behind if Texas falls into recession. Bank lending is exploding. Other than for cars, most of it is not going to regular Americans, however.
Larry Summers 100 Dollar Bill Ban And Westfalia Lost
They want to give you the choice of a wad or going cashless. They don't care about your needs. They only care about themselves.