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Entry: The Diversity Recession, or How Affirmative Action Helped Cause the Housing Crisis Link: http://www.takimag.com/site/article/the_diversity_recession_or_how_affirmative_action_helped_cause_the_housing#30658 Post contents: Steve Sailer is a fool who has the same disease the lefty-academics he mocks have - he simply cannot stop seeing race in everything. He also loves to pontificate on topics he knows nothing about. Put those together, and you get this piece of shit article. My god, he really thinks that the bubble is a result of a few government minority program! You know, it was the government that pushed loan originators to sell option-ARMs, HELOCS, and stated income loans to people. And these loans were only made to blacks and hispanics! And these originators didn't make a pile of money selling them to banks, nope, this was out of the kindness of their hearts to help poor folk. And the banks didn't make a dime selling them to firms who turned them into mortgage back securities. And these firms couldn't get an AAA rating for them and then sell them for megabucks to institutional investors, who believed 100% in the AAA rating. This never happened in Steve Sailers world, cause in Steve's world all our problems come from trying to help black people. I say this as a white and as a racist: The bubble happened because some greedy whites and jews saw a window of opportunity to make a mint. Just like any bubble. They offered loans first to wealthier whites (prime loans), then when they ran out of them they offered to middle class whites (alt-A), then when they ran out of them they offered to nogs, spics, and white trash (subprime). When its unwinds, first the subprimes fail, then the alt-A's, then the primes. The greedy whites and jews don't care about "bailouts", cause they made their money already. Please get your bubble information from reputable sources, not some dilletant hack. First read this series of articles, which covers the mechanics of the industry in great detail: http://calculatedrisk.blogspot.com/2007/07/compleat-ubernerd.html Sent at: 2008 12 01