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
Doves Rules The Roost Except In Oslo
The Fed does not worry about 1 to 1.5 percent inflation. Former VP of the St Louis Fed, Williamson essentially said or implied this on his blog.
The Federal Reserve: A Little History, Functions, The Dual Mandate, & A Little More
If the Fed wanted serious inflation, it would not prune wages every chance it gets. It wants very little inflation. It does not want labor to make too much money. You can't have much inflation if the jobs created are low paying. Powell is amusing when he says consumer spending is strong. If consumer spending was strong there would be more investment.
"Powell Throws In The Towel": Gold, Global Stocks Soar, S&P At All Time High As Yields Tumble
Powell is holding the towel. He has not actually thrown it into the ring yet.
BP Warns Of An Unsustainable Path
China cannot replace coal, so...
Wealth Should Trickle Up, Not Down
Brilliant must read.
My Take On US-China Trade Negotiations
I will be surprised if the US settles for less than the humiliation of China. That would be Trump betraying his radical base and Bannon. If China is not humiliated Trump has not won his trade war, and that would actually be a good thing.
Will A False Flag Iran War Cause A Financial Crisis?
1954, the Lavon Affair. No one was killed but it was still a proven false flag. In the '70s the author mentioned Cointelpro which was a proven plan for fomenting violence among peaceful protestors. The FBI was raided and the plan discovered. You could add Operation Northwoods, stopped by JFK, and many modern similar activities that were allowed to proceed that have destroyed our government credibility. Seems like every president since the new millennium has to prove himself by allowing some sort of attack on the people.
The American Dream Is Alive And Well - In China
Cost of living in China is lower than in the USA. This is the fault of the Fed and of politicians who cater to the wealthy. Eventually, this could come back to bite the USA.
The Misery Index: What Its Saying About The US Economy These Days
Chinese are happier than Americans. Hopefully, it won't get worse for us.
US IP: May Was A Good Month And It Was Still ‘Manufacturing Recession’
If Powell wants to keep his job in the next administration he may have to tighten things up even though things are slowing. That would protect the integrity of the Fed, which is under attack by Trump, who would surely like to get rid of Powell if he gets reelected.