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
Panic Below The Surface: "Banks Are Selling Energy Loans At Cents On The Dollar To Ensure Their Own Survival"
It is so odd that corporations recently portrayed as wallowing in cash suddenly are in debt up to their eyeballs. Were corporations hiding debt like Enron used to do? Isn't that fraud?
The Great Unicorn Die-Off: Tech Crashes, Much More To Come
Not sure SF is ready to crash just yet. Lots of Chinese want their money out of the country.
Widespread And Worse
US demand always kept the world economy going, but our leaders and bankers abused this consumer demand and this consumer. And yet those folks expect the consumer to still spend. That is a dangerous game for big finance to play.
Steen Jakobsen: The End Of The Debt Cycle
Wait until the rates go so negative that banks pass them on to retail accounts. The banks will demand the end of cash if folks start taking the cash home.
Widespread And Worse
I look at it as a conspiracy to destroy wages and even bring in a cashless society. Remembering Stevie Nicks I say bankers only love you when they are banking.
Global Economies Face Continued Challenges
Central bankers want deflation. That washes out wages and brings in the possibility of banning cash. But how do you control deflation? Time to ramp up real production.
A Dangerous Moment For Social Security
This idea that social security is a Ponzi scheme is like saying business is a Ponzi scheme because it requires customers to buy in order for the company to order more product. That is the ultimate Ponzi scheme under this ridiculous definition. There will always be workers. In a Ponzi Scheme, there are not always investors to take the place of the ones that are scammed. Even the Madoff Ponzi came to an end. This is a very disappointing article.
A Dangerous Moment For Social Security
This is a bit deceiving. Social Security is part of the 72 percent, but almost 80 percent is funded and it could be easily funded by a slight increase in Social Security tax. But lazy politicians and Republican ideologues would rather run up the deficit than collect needed taxes. Meantime, the elderly, who would spend increases, are not permitted increases while Koch even says the rich have too many breaks in the tax code.
The Last 2 Times "Financial Stress" Was This Extreme, The Fed Unleashed QE
How can there be QE on treasuries when there are massive shortages of the long bonds? I don't know what the Fed can buy? They don't seem to be able to buy physical assets.
The Yield Curve: Is A U.S. Recession On The Horizon?
I am with you. The long bond demand is so massive that the yield curve is blinking false signals. One can't be sure but demand for bonds as collateral is immense.