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
Tip Of The Iceberg: Emergency Repos Stretch To 2020 Q2
I think it is more about rates. 10 year may have hit its low in the USA. That means, for people wanting collateral, cash is suddenly better than bonds. Long bonds make investors happy when yields are declining, not rising.
Fed Announces QE4 One Day After BIS Warns QE Has Broken The Market
Asset inflation is not working, yet helicopter money is ignored. It would cure end demand woes.
Recession Dead Ahead
What is it?
The Consequences Of ‘Transitory’
Central Banks and the BIS say negative rates are just fine. That seems to be false, as Euro banks are in bad shape. My question is, how much more negative can they go before it isn't fine.
Self-Impeachment?
That is interesting, Vivian. Eventually swat and teargas were used at UCSB, especially off campus in Isla Vista after the Bank of America was burned down. I was there so I witnessed it first hand. And no, I didn't do it. In Hong Kong many commercial structures are being destroyed, it appears.
MMT Isn’t Helicopter Drops
I think helicopter drops could be better than negative interest rates but the author is right, they are not MMT. MMT locks in a high level of spending over time. Helicopter money according to Lonergan is a strategic infusion of money into citizen bank accounts in a short time frame so as not to be inflationary like MMT.
Confidence Drives The Economy & Trump’s Trade War Is Killing It
Yes, you hit the nail on the head. You cannot convince a Rrump fanatic that Trump trade wars are wrong and are deepening potential recession. And when the recession comes, the Trump base will blame the Fed. Insanity prevails. But this will just make China stronger. Trump's base cannot see that either.
Somebody Should Look Into Wage Inflation Targeting
Charts show that it appears the Fed has targeted wages in the past whether they would admit it or not. In the days of derivatives, doing so may put those derivatives at risk.
Markets Face Major Paradigm Shifts As Recession Approaches
I don't know any consumers in America who will be switching to EVs. Maybe in China, but not here.
The Coming European Crisis
Simple but crucial advice.