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
Cash Is Toilet Paper
Helicopter money would be better than government debt. We face deflation. Gold seems to do better in inflation.
Here’s When The Coronavirus Sell-Off Will End
Biden would likely be open to helping small business. Republicans frittered tax cuts, opened trade wars, allowed obsessive stock buybacks that are wasted. That isn't business friendly. That is the casino WallStreet friendly which does not filter to real business. It is pretend business.
Weekly Commentary: Please Don't Completely Destroy...
I have to disagree. Even conservative George Selgin said the Fed reacted way too slowly in the Great Recession. The Fed will likely be too slow in this crisis as well.
My Grim Reaper Coronavirus Prognostication
Something has to be done about public transportation in New York.
Trump's Right: Congress Should Give Americans $1,000 Right Now To Fight The Coronavirus Recession
It is Mnuchin who is right. I have never liked that foreclosure king. But he gets it. People have spent disposable income on necessities and now have no disposable income. Congress should speed the process.
Keep An Eye On The Corporate Credit Market During The COVID-19 Crisis
Hedge funds are likely in bad shape. Not much appetite for bailing out Boeing which should never be allowed to buy back stock ever.
Las Vegas Pandemic Disappeared. Trump Knew
Update 8: Because some hotspots like LA and NYC have failed to obtain adequate test kits, death rates and signs of overflowing hospitals are the only measures investors have to observe the direction of the virus. If the hotspots can be tamped down, the virus will present a decreased risk.
The Economic Tsunami That Has Begun And The Drive For Cash
Great article Marc. Capitalism has beaten up on labor but financialization still made money. But now workers are devastated, and it puts collateral and leverage in danger.
Coronavirus: Unlike 2008 Crisis This Originated In Real Economy
I think the 2008 crisis originated in the real economy. Mortgages are part of the real economy. When mainstreet gave up on housing the financial system that had bet on those mortgages went bust. The crisis that resulted in the Great Recession was mainstreet woes which exposed bad collateral and leverage. The exact same thing is playing out today!
Las Vegas Pandemic Disappeared. Trump Knew
Update 7: Fema is making NYC an emergency disaster zone. Unlike Las Vegas, hospital beds are filling up in that hotspot. Until these hotspots are contained, the virus remains a danger.