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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Forget China: This Extremely "Developed" Country Just Suffered Its Biggest Money Outflow Ever
Hot money leaving. Hot money covers a lot of quick in and quick out investments these days. Hot money built our housing bubble of the last decade and then left.
The Rich, The Poor, And The Rest Of Us
I would like to see a wealth tax, not every year, but once in awhile to even things out.
The Rich, The Poor, And The Rest Of Us
Bernanke is a thief and justifies it by voodoo economics.
Culture Wars: ECB Kicks Greek Yogurt Out Of EU
Lol.
Top 27 Excuses For Horrible Q1 Economic Performance
Lol, yes, perhaps men have too much estrogen in their bodies due to processed foods, and didn't have the courage to fight the crowds. :) I think the millennials are that way.
Banks Close In Rural Areas As World Cashlessness Advances
Oh yes, Hugh, there are so many issues. That is a big one. The issues are endless and as we think of more I hope to write about them. Thanks.
How We Got Here: The Fed Warned Itself: Part 2
I am not sure I follow all of this fascinating article. But collateral, and even debt as collateral, acts as an asset, at least. Maybe not as money, I don't know. You could, I guess, spend your treasury bonds in a clearinghouse and get a credit line from it,which creates more money. I want to hear more.
Long Bond CoT Discrepancy
The banks want the long bond to be cheaper so they can buy more. Maybe someone is playing with numbers. Surely there is massive demand for the long bond: www.talkmarkets.com/.../fed-weakness-future-insatiable-bond-demand-with-short-supply
So About That Musk Idea
Elon Musk may go down in history as a snake oil salesman. It remains to be seen, though.
The Real Tragedy Of The Crisis Was Congress, Not The Federal Reserve
I could believe this, Cullen, if the Fed was not paying interest on excess reserves to the banks. It is like the banks are kept from lending on purpose by the Fed. The Fed could do more, by simply not paying interest on the excess reserves.