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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China Returns, ECB Record, Fed Minutes And The Week Ahead
Hard to feel sorry for Germany. It seeks superiority in the Eurozone but banks are weak there. Not much lending so who will buy Germany's products except China? Yet Germany is getting strict with China. That seems like a bad idea.
China Returns, ECB Record, Fed Minutes And The Week Ahead
The west wallows in the negative while China tries to grow. The west is missing out due to tariffs and fear of displeasing Trump. He simply isn't worth it. It isn't like we are giving up our democracy just to trade with China. Wake up Trumpsters.
Big Trouble In QE Paradise
Apparently, lower rates help zombie companies, but not much else.
Big Trouble In QE Paradise
The Taper Tantrum was a real whimper.
Self-Impeachment?
I said NYC. I would bet disruptions around Wall Street would be crushed immediately and harshly. Remember Harry, location, location, location. :)
US Jobs Report Boosts Case For Rate Cuts
Lowering rates for corporations will not help end demand. Helicopter money will help end demand. Thanks for confirming that end demand is the real issue here.
Self-Impeachment?
Interesting article. I am amused in considering that if what was happening in Hong Kong happened in NYC it would have been crushed long ago. Spanish banks sure are weak. So are German banks but Germany may be strong enough to bail out its banks. Not sure about Spain or Italy.
Is Steve Bannon Doing China A Big Favor?
Update 8: economics tells us that free trade is best. It is! But free trade does not mean we bow to Russia or any other nation. Election interference is a crime. Trump is repeating his crimes publicly in order to numb the American people. This is right out of a totalitarian playbook. Before Trump was elected he knew election interference was the road for him. He knew he could be impeached, but calculated it would help him. He may be doubting that strategy. Meanwhile, he is asking China to get dirt on Joe Biden, likely in return for some temporary trade deal he would scuttle next term anyway. The man has to go. He is abnormal in a multitude of ways.
ISM Spoils The Bond Rout Again
While we argue over the scarcity and non scarcity of bonds, the dealers from time to time stop using cash to buy them. Smells like manipulated spirit.
What The Hell Is The ECB Doing?
Absolutely. The article contains a mistake. Kocherlakota wanted a decline in rates, using the windfall from negative rates to fund #MMT! I implied that he wanted an increase in rates. I don't believe I was correct. Notice that Trump wants negative rates, wanting China to pay interest to us! Draghi seems to be doing this for Germany. So, I believe Germany is strong enough to bail out German banks. German banks put up with negative rates. American banks seemed opposed to negative rates. Perhaps they don't completely believe that America has their backs!