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
China's Belt And Road Initiative: The Perils Of Being A Subprime Global Lender
Great article. However, the World Bank and the USA have done diddly squat when it comes to third world infrastructure and therefore should not be jealous of China's intent. After all, the base reason China does belt and road is to keep the Chinese populace employed. There are only so many cities that China can build. Belt and road makes a whole lot more sense.
GDP Revised To Show A Slowdown
Interesting article. Have to call out that older Millennials were born in 1982. The homeowners from 35 to 44 are mostly NOT Millenials. Millennials go up to age 37-38.
China’s Big Risk(s): Running Out Of Room To Tackle
China has a few things going for it that are not mentioned in this article. Jeffrey doesn't write much about them but they should be mentioned. First, China has purchasing power parity. Therefore Chinese, who were starting to be loyal to USA products before the genius not took to the White House, have substituted their own products for less cost to them. This advantage cannot be overestimated. Second, the Chinese will never mark to market or do anything stupid like that. They will just carry the bad debt to the end. China will issue perpetual bonds to increase banking liquidity under Basel III.
Investors Need To Start Planning For A No-Deal Brexit On October 31
I am torn. I don't like the isolationism of the UK. But the EU was going to ultimately force the euro on the Brits. It is a can't win choice.
India Economic Survey: Challenges Accepted
India has great purchasing power parity. Down the road it could stand to benefit from China's new cleaner coal plants.
This Is What Americans Spent The Most Money On In The Second Quarter
I think the cheating went beyond RV sales growth. Catching this lie throws the entire process in doubt. Remember, this 2.1 busted past all Fed estimates.
US Leads World In Natural Gas Production And CO2 Reduction
Welk, it isn't the nightmare it could be because of their latest superior coal technology. It isn't like London of old as old plants are being shuttered. It is a question of Asia prospering or not.
This Is What Americans Spent The Most Money On In The Second Quarter
This manipulation of GDP upward should be a serious warning for investors and consumers alike.
US: Appetite To Spend Fuels 2Q GDP Growth
Tax returns were delayed Consumer spending may not be sustainable.
A Recession Is Coming Or Is This Just Hyperbole And Fear Mongering?
Just a standard figure. Could have changed. But Seth does not factor other drags on the economy like the explosion of rents and prices in re as well as for huge increases in health insurance as well as pesky student loans remain.