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
We Have Lift-Off
Saving the banks and selling bonds is what the Fed does. That is the unspoken dual mandate.
Bear Of The Day: Conns
Conn's is a pretty easy money outfit. So people aren't biting on the loans?
Will The Market Force Yellen Into ‘None-And-Done’?
If people used a gazillion bonds as collateral, and those bonds lose value, that shouldn't be main street's problem. I bet we may be surprised, as long bonds may hold up better than most people think.
The Revolt Of The Anxious Class
Don't be scaring us with San Bernardino, Robert. I don't like that, especially since multiple witnesses said there were 3 shooters, likely white, male, tall and athletic. But you are right, the government cannot be trusted these days.
Why Crude Oil Prices Will Remain Low And Volatile In The Near Term
There is always a risk of world war when you mess with Russia's income stream. They are able to cope now, but the west has a plan to overproduce oil, and eventually switch to electronic cars, all in an effort to topple Russia. i think it is a dangerous idea, a bad idea. But it is what is planned. Tesla would not be subsidized by the US government if it were not perceived to be in the national interest. But really, is it in the national interest if we end up in mass destruction?
Why I Am Never Going To Own A Home Again
Subject to change in the fortunes of the rich. And that is likely not a whole lot of downside, although some houses you never thought would go down did in the Great Depression.
Thursday Failure – The Middle Class Is Dying In America
Wealth is even more skewed than income. That is why an occasional wealth tax should be implemented. It doesn't even have to be yearly. But it would help build up America.
Donald Trump Is Not Presidential, But His Opinions Hit At America's Failures
Sorry, he said Mexicans coming across the border were rapists. I misspoke in the previous comment. That is a lie, from my experience of observing illegal aliens in the USA. Trump is a bigot regarding Muslims, and he has offended every race and women. He is what the Republicans deserve, however, as they push the envelope on Islamophobia and Trump is the result.
Donald Trump Is Not Presidential, But His Opinions Hit At America's Failures
Author note: at this late date Trump has indeed exhibited fascistic tendencies and has not backed off, but now wants all Muslims banned from America. I tried to give him a fair shake, I really did. But he is a dangerous fellow. I should have known when he said that Mexicans coming across the borders are racist. I was foolish to try to give the guy the benefit of the doubt. He deserves the benefit that Hitler would get, which is no benefit of the doubt.
Former CIA Deputy Director Gives A Stunning Reason Why Obama Has Not Attacked ISIS' Oil Infrastructure
Yeah, but it looks fishy. The stability of Africa seems like a noble endeavor. But not in the eyes of the west.