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Steve_Sailer's profile
Steve Sailer
Steve Sailer
Steve Sailer
@Steve_Sailer

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Steve Sailer

@Steve_Sailer

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unz.com/isteve
Joined October 2010

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    1. Steve Sailer‏ @Steve_Sailer Sep 14

      Steve Sailer Retweeted Matt Taibbi

      Mozilo of Countrywide and his board member Henry Cisneros (Clinton Cabinet secretary) campaigned long and hard to persuade regulators that CW's shoddy down payment and documentation standards were actually Fighting Racism By Closing Homeownership Gap: https://vdare.com/articles/countrywide-s-angelo-mozilo-he-warned-us-but-washington-didn-t-want-to-know …https://twitter.com/mtaibbi/status/1040742820385050624 …

      Steve Sailer added,

      Matt TaibbiVerified account @mtaibbi
      The same thing happened to Mozilo, who managed to sell off 87% of his inventory (according to the FCIC) and surely would have sold much more had Moody’s not finally downgraded him in August of 2007, causing most of his customers to bail. https://twitter.com/Steve_Sailer/status/1040728400657244160 …
      2 replies 16 retweets 48 likes
      Show this thread
    2. Steve Sailer‏ @Steve_Sailer Sep 14

      After GWB denounced traditional downpayment and documentation credit standards at his 10/15/02 White House Conference on Increasing Minority Homeownership, Mozilo of Countrywide pledged $600 bn in 2003 in "multicultural" lending if regulators cut him slack on his dubious loans.

      1 reply 3 retweets 15 likes
      Show this thread
    3. Steve Sailer‏ @Steve_Sailer Sep 14

      Mozilo used Diversity rhetoric about "race gaps" and "redlining" to intimidate regulators and GSEs into letting him profiteer off trashy loans to marginal borrowers. That's what Bush wanted in his "ownership society" to make Hispanics into GOP-voting homeowners.

      3 replies 6 retweets 34 likes
      Show this thread
    4. Steve Sailer‏ @Steve_Sailer Sep 14

      Strikingly, GW Bush apologized in his 2010 memoir for how his "ownership society" initiative set off the Housing Bubble/Bust. But almost nobody has noticed: http://www.unz.com/isteve/george-w-bush-launches-mortgage-bubble/ … @mtaibbipic.twitter.com/Sw8c2q75T9

      2 replies 24 retweets 57 likes
      Show this thread
      Steve Sailer‏ @Steve_Sailer Sep 14

      Here's GW Bush launching the Housing Bubble at his 10/15/2002 White House Conference on Increasing Minority Homeownership, in which he told his federal regulators that old-fashioned credit standards like down payments & documentation caused race gaps: https://youtu.be/mJphsJYkfmE pic.twitter.com/oMAKmN4WYc

      4:58 PM - 14 Sep 2018
      • 14 Retweets
      • 48 Likes
      • Ignatius J. Reilly Bill Hickey John Shepherd Smith 🇺🇸 Chris Hadrick Ray Sawhill Johnlat Summa CONOR MCGROYPER Robert W Kearney
      3 replies 14 retweets 48 likes
        1. New conversation
        2. John McCarthy‏ @JohnMccarthyyy Sep 14
          Replying to @Steve_Sailer

          Oh wow look, empty political rhetoric from a president. That settles everything. It’s definitely black grocery workers’ faults the world economy collapsed in 2008. You’ve really sunk the final nail with this one.

          1 reply 0 retweets 0 likes
        3. Steve Sailer‏ @Steve_Sailer Sep 14
          Replying to @JohnMccarthyyy

          It wasn't empty rhetoric. GW Bush in 2002 repeatedly told his own federal regulators that imposing traditional credit standards on mortgage lenders for down payments and documentation worsened racial inequality in homeownership. White lenders like Mozilo & Arnall exploited this.

          1 reply 0 retweets 1 like
        4. John McCarthy‏ @JohnMccarthyyy Sep 14
          Replying to @Steve_Sailer

          Yep it was the “black part” of the MBS’s that REALLY messed everything up. I know the refrain. I’ll just forget that Republicans and neoliberals wanted and got deregulation for decades, I mean, why go there when you can tell us that one Miramar subdivision broke the world.

          2 replies 0 retweets 0 likes
        5. Steve Sailer‏ @Steve_Sailer Sep 14
          Replying to @JohnMccarthyyy

          Republicans like Bush & Rove used political correctness and the Fight Against Racial Inequality to cut traditional regulation of mortgage lending. Bush in 2002-2004 said old downpayment and documentation requirements keep Hispanics and blacks from getting enough mortgages.

          1 reply 0 retweets 0 likes
        6. Nom DeGuerre‏ @DeGuerre_Nom Sep 15
          Replying to @Steve_Sailer @JohnMccarthyyy

          Fannie Mae and Freddie Mac inflate bubbles by rewarding malinvestment, the Federal Reserve buying mortgage backed securities almost guarantees housing will be a part of the next bubble

          1 reply 0 retweets 1 like
        7. John McCarthy‏ @JohnMccarthyyy Sep 15
          Replying to @DeGuerre_Nom @Steve_Sailer

          “Malinvestment.” So you’re an Austrian. The only Malinvestment is the time youve wasted reading Peter Schiff screeds.

          1 reply 0 retweets 0 likes
        8. Nom DeGuerre‏ @DeGuerre_Nom Sep 15
          Replying to @JohnMccarthyyy @Steve_Sailer

          Are some investments wise and some unwise? Or is Keynes correct that as long as velocity is high wise or unwise is immaterial? (alien invasion defense force, digging ditches with spoons, Tarp)?

          1 reply 0 retweets 0 likes
        9. John McCarthy‏ @JohnMccarthyyy Sep 15
          Replying to @DeGuerre_Nom @Steve_Sailer

          It’s really amusing to me that you think you can use Twitter to convince people about your superstitions (whoops I meant economics), when you are too chickenshit to even use your actual name. Good luck with hyperinflation, let me know how it pans out. Any day now, right?

          1 reply 0 retweets 0 likes
        10. 1 more reply
        1. New conversation
        2. Pale_Primate‏ @PALE_Primate Sep 14
          Replying to @Steve_Sailer

          I don't think GW Bush 'launched' the housing bubble, but he did make it a LOT worse. If you look at housing prices relative to rents or relative to incomes, they started taking off in the second half the the 1990s under Clinton.

          1 reply 2 retweets 7 likes
        3. Pale_Primate‏ @PALE_Primate Sep 14
          Replying to @PALE_Primate @Steve_Sailer

          If you look at charts that show the relationship between housing prices and rents, and housing prices and incomes, you see in the decades before the second half of 1990s that they stayed in a range. But under Clinton, housing prices took off much higher relative to other factors

          1 reply 2 retweets 3 likes
        4. Pale_Primate‏ @PALE_Primate Sep 14
          Replying to @PALE_Primate @Steve_Sailer

          But GW Bush made things much, much worse.

          0 replies 1 retweet 2 likes
        5. End of conversation
        1. younis zubchevich‏ @youzoob Sep 15
          Replying to @Steve_Sailer

          I thought that was @BarackObama who did that????? :))

          0 replies 0 retweets 1 like
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