tag:blogger.com,1999:blog-1110014885778996459.post2186164044867815832..comments2024-03-18T15:15:35.230-07:00Comments on Idiosyncratic Whisk: Housing: Part 323: Construction Employment during the crisisKevin Erdmannhttp://www.blogger.com/profile/07431566729667544886noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-1110014885778996459.post-45660677699200285062018-11-13T18:32:59.170-07:002018-11-13T18:32:59.170-07:00- I didn't read Tooze's book but I think t...- I didn't read Tooze's book but I think the article makes one major mistake. The article mentions that the FED bailed out the european banking system because there was a shortage of US dollars in Europe. And that's outright wrong. By bailing out the european banking system the FED also bailed out ........ the US (!!!) financial system. Because Europe did have US dollars but these US dollars were/are invested in US T-bonds. (think: currency reserves). The european banking system was able to cough up US dollars but that would have meant that Europe was forced to sell their US T-bond holdings. Just guess what would have happened when Europe and other countries abroad would have dumped their US T-bonds. Rising USD and rising US (!!!) rates anyone ?Willy2noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-1330552798508397772018-10-10T10:56:24.594-07:002018-10-10T10:56:24.594-07:00happy new year everyone quotes<a href="https://gohappynewyearsms.com/advance-happy-new-year-2019-wishes-quotes-images/" rel="nofollow">happy new year everyone quotes</a>Hi Brohttps://www.blogger.com/profile/18266259626754138570noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-86669522710405406302018-09-29T15:14:15.469-07:002018-09-29T15:14:15.469-07:00- Do these numbers include the illegal mexican tha...- Do these numbers include the illegal mexican that helped to build all those houses ? I assume they don't because these illegal workers are not registered anywhere.Willy2noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-85890525480773280012018-09-27T05:44:07.149-07:002018-09-27T05:44:07.149-07:00Well, below is a view you will like even less, so ...Well, below is a view you will like even less, so why I am referring to it?<br /><br />http://cepr.net/blogs/beat-the-press/response-to-bernanke-on-the-bubble-versus-financial-crisis-story-of-the-great-recession<br /><br />I think the comments on non-residential construction and values are worth pondering. Even a wino sometimes has some insights. <br /><br />Dean Baker seems to have never heard of the monetary policy, btw. At least he never mentions it in this post. <br /><br />Boy, Kevin Erdmann needs flamethrowers to burn through the thickets of agenda and premise that cover the 2008 Great Recession terrain. Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-81605908587609568672018-09-27T05:32:06.876-07:002018-09-27T05:32:06.876-07:00Do a blog post. Do a blog post. Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-82624549437571950772018-09-26T22:50:10.417-07:002018-09-26T22:50:10.417-07:00I haven't read Tooze's book yet, but my in...I haven't read Tooze's book yet, but my initial reaction to that article is that it is fundamentally wrong and is burdened by what Geithner calls "Old Testament thinking".Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-59197199924348400922018-09-26T21:32:27.185-07:002018-09-26T21:32:27.185-07:00As always, thought-provoking post.
Yes, the vast ...As always, thought-provoking post.<br /><br />Yes, the vast bulk of homebuyers pre-2008 were making what had been one of the safest investments of the last 50 years, were buying a tax-advantaged place to live, and would (it is usually suggested) sink roots into their communities, and become better citizens. <br /><br />After 2008, one prominent narrative was that it was urban residents (dog whistle) and the Clintons, armed with the CRA, that tanked the global economy, by strong-arming banks to lend to high-risk borrowers. <br /><br />Since ten years ago the number and complexity of explanations of the 2008 Great Recession has multiplied with each passing year. Many narratives have agendas. <br /><br />http://theweek.com/articles/797114/quiet-authoritarianism-bank-bailout<br /><br />This above is another explanation, It is a bit heavy on the "evil bankers" but it has some interesting observations on how little the bailouts helped ordinary homebuyers. The international angle is interesting too. <br /><br />And yes, one does not have to be cynical or a leftie to suspect regulatory agencies become captured by the industries they regulate. Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.com