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
Hollande Declares "Economic Emergency" To Save Jobs - His; Mish Proposal To Create French Jobs
Cutting taxes has not helped our worker participation rate, Mish. Cutting taxes for wealthy people does not create jobs.
Hollande Declares "Economic Emergency" To Save Jobs - His; Mish Proposal To Create French Jobs
It beats war, Mish.
On The Probability Of Another 2008
Well, Cullen, we have an auto boom, and a junk bond boom that is in the process of busting as oil busts. Some say there is a problem. Others say slow growth continues.
The 1% And The Bond Market
Nice article. Fascinating, in fact. This adds to my claim that bonds are in massive demand for collateral. People are desperate to buy them, and if the rich aren't selling them, it just makes demand all the more intense. Thanks, John.
It also argues against the Fed pushing too much money to the top all the time.
Why The Theory Of Money Does Not Work
So tax rates on the wealthy used to be 90 percent and we prospered. Now the 1 percent can hide their money and pay little in tax, and you are blaming the government, Martin? I think the government is too weak to break the 1 percent and the TBTF banks.
The Secrets Of Billions
I have just been too sheltered in my life. Interesting read, to say the least.
The Ghost Of The Feds Past: Rate Hikes, Rate Cuts, And The Great Collapse
Amazing that.25 percent hike is destroying liquidity. Must be a pretty fragile financial system.
The Deflation Monster Has Arrived
One could argue that the Fed was slow to act in 2007-2008, making the crisis much worse.
Cleanup Already Begun
Auto inventory build is a real eye opener.
Could China's Housing Bubble Bring Down The Global Economy?
The Chinese decided long ago that Los Angeles was to be their roadmap to success. Was it a fatal error? Actually, I don't know that for a fact but nowhere in America is housing such a central part of an economy.