It's crucial to note that GW Bush's role in Housing Bubble was not forcing cautious lenders to give more minority mortgages. Instead, Bush used Racial Equality rhetoric to discourage his fed regulators from reining in wild man lenders like Angelo Mozilo's Countrywide.
@mtaibbi
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Ha! As proof of his brilliant insight, he posts a link to an article HE wrote. That’s genius right there.
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My new article on how America's Diversity Infatuation was an overlooked root of the Housing Bubble/Bust comes with links to academic research on the very high default rates among Hispanics. Please check it out for yourself:http://takimag.com/article/the-wisdom-of-dan-quayle/#.W5shQQ5GJ24.twitter …
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W was a continuation of very early Clinton policy threatening mortgage lenders for "discriminatory lending" against minorities lacking the net worth of white Americans with similar incomes.
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But a subtle distinction in housing policy was that Clinton punished banks pessimistic about lending to minorities, while GW Bush encouraged lenders optimistic about lending to minorities, especially Hispanics. So Clinton got GOP pushback, but nobody complained about Bush Push.
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Wasn’t the root back in the 70s when the activists threatened to sue banks for not giving loans to unqualified borrowers? (That’s meant as a question and not a statement; I only know what I’ve read and been told about it.)
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But when Democrats try to push for more loans to the Democrat base, Republicans are suspicious so scale was small. But the 2002-2004 Bush Push for more loans to minorities by reducing regulation wasn't protested by either party. Nor did lenders protest. Everybody was happy!
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The hilarious part is the Democrats could EASILY have blamed him and republicans for the housing crash based on this but they couldn’t because they 100% support it.
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why would that stop them? Wagner ran for Mayor on a platform of 'cleaning up he mess in City Hall." As an incumbent. And won.
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Hahaha
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Wait, so Hispanics ("which are naturally Conservative") got this sweetheart deal from W & still didn't pay or vote Republican. Ay, Dios mío!
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The Community Reinvestment Act of 1977 (Carter) is the root of the problem. The Financial Services Modernization Act of 1999 (Clinton) made the problem worse. Bush screwed up, but others paved his path.
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Extending credit to the 𝗶𝗱𝗹𝗲 & 𝗾𝘂𝗮𝗿𝗿𝗲𝗹𝘀𝗼𝗺𝗲 as opposed to the 𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 & 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗼𝘂𝘀, as John Locke teaches, is a perilous fiscal & national policy: Madison recalls how debtors hate & seek to expropriate the accumulated wealth of the citizens.
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In Taibbi’s earlier articles about the crash, I remember him referring to the Homeowners as unreliable meth heads. This characterization was dropped as the new angle of “POC Homeowners hardest hit” was developed
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“enough unemployed meth dealers willing to buy million-dollar homes for no money down”https://www.google.com/amp/s/www.rollingstone.com/politics/politics-news/how-wall-street-is-using-the-bailout-to-stage-a-revolution-177251/amp/ …
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We can both agree that the problem are loans and usury.
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Strange comment from Taibbi. "It had nothing to do with housing. It was because of mortgages" He has been one of the better guys on the left so it's sad to see him engaging in the typical Orwellianisms
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