Tuesday, October 14, 2008

The Diversity Recession

clipped from www.vdare.com
 As I've
 argued, the Bush
Administration wanted to turn
Hispanics
into Republican voters by

making them homeowners through easy credit. George W.
Bush and
Karl Rove don't deserve all the blame, however. Their

lax mortgage policies were largely a continuation of
trends to boost minority and low income mortgage access that
were
well under way in the Clinton Administration—as I
pointed out in my June Takimag.com article on
"The
Diversity Recession." These lax mortgage policies
also had the secondary effect of encouraging residential
real estate speculation—“flipping”—by
minorities and non-minorities alike.
Right now, the elite
consensus (as in the 1930s) is that the free market failed.
The truth, to which we blinded ourselves in an orgy of
political correctness, is that the America of 2008
doesn't have the human capital to justify the valuations of
wealth it thought it had.
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