Posted on 09/25/2008 9:53:22 PM PDT by newbie2008
Uncovering the roots of the disastrous home mortgage bubble that popped last year will keep economic historians busy for decades. Yet, one factor has so far been largely overlooked: the bipartisan social engineering crusade to drive up the rate of homeownership by handing out more mortgages to minorities.
More than a negligible amount of the blame for the mortgage meltdown can be traced back to multiculturalism: government-mandated affirmative-action lending, demographic change, illegal immigration, and the mind-numbing effects of political correctness.
The chickens have finally come home to roost.
About half of all mortgages for blacks and Hispanics are subprime, versus roughly one-sixth for whites (see chart above). Not surprisingly, the biggest home price collapses have occurred in heavily Hispanic cities such as Las Vegas, Miami, Phoenix, and Los Angeles.
The mortgage bubble was essentially a bet on the purportedly increased creditworthiness of the bottom half of the American population. After three decades of the home ownership rate stalling at around 64%, a series of federal initiatives to increase minority and low-income ownership helped push the rate up to just below 70%.
It’s hilarious how people are tap dancing around this and are afraid to say anything for fear of being labeled a “racist.” LOL!!!!
Sorry I don't know html for the link.
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First the purveyors of PC took over our educational institutions. Then our governmental institutions. And they infiltrated the HR depts of corporations.
Little wonder they have now wrecked the economy.
This guy has been reading my posts- except I can't prove it now (yet)- they're floating around cyberspace right now. (Is that the reason they call it ethernet?)
Ok. So half of all mortgages to Blacks and Hispanics were subprime. Blacks comprise 11% of the population, Hispanics a little more. How does this sink the economy?
Well, I think we have only ourselves to blame, we didn’t shout the loudest when we logically knew it was wrong. We didn’t write our lawmakers enough because we were too busy working to pay for all the social programs that “PC” has generated. It is just sickening to see our nation destroy itself.... because we don’t want to hurt anyone’s feelings.
Vote McCain/Palin! If you don't want to see the White House being foreclosed on. And hear the politicians on capitol hill complaining about how the neighborhood has really gone downhill.
It doesn’t. What does sink the economy is the Chicken Littles calling this the death of America and a Depression to rival the Great Depression...
Most don’t stop and think about the magnitude of money we’re talking about. Yes this may be a $1 trillion bailout. But that’s just 7% of the annual GDP of the nation. Could you handle a one-time, single-year-only cut in income by 7%?
To put it further into perspective, at most it’s only 60% amount of deficits racked up by President Clinton, and 50% of the deficits racked up in the last 4 years.
Yes, it’s a lot of money, but in the big scheme of things it’s not a death blow. What will make it a death blow is the incessant overstating of the impact and the way the media and the Slavery Party (my name for the Democrat Party) minions hyping it to beyond reason just to score cheap political points.
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