Question you have to ask yourself, @mtaibbi, is: Why, out of all the financial instruments in the world, what actually set off The Crash was bad mortgage lending in heavily Hispanic "Sand States (CA, NV, AZ, FL)?
A. GWB's 2002 WH Conference on Increasing Minority Homeownership.https://twitter.com/mtaibbi/status/1040742820385050624 …
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I wonder if we’re looking for political & cultural faults when the culprit is plain greed. Just as Bushes & company orchestrated & profited from the S&L crash, was the mortgage crash another transfer of wealth to them?
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The Bush Dynasty expected to profit politically by bribing Hispanics with easy mortgages to vote Republican. Jeb Bush speaks Spanish at home and his son George P. Bush, GHW Bush's "little brown one," was penciled in for the White House in the 2030s. Elect a new electorate!
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Good analogy.
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Similarly, Sand State Mortgage Meltdown that grew out of Bush's "Increasing Minority Homeownership" push was to the 2008 Global Financial Crash as the October 1929 NY Stock Market Crash was to the Great Depression. We shouldn't overemphasize it but we shouldn't ignore it either.
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Because you say blasphemy! Diversity and that in service to it was, is, and shall always be Our Greatest Strength.
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Debate and dispute with the un-educable is squandering one's important resources. "𝘓𝘪𝘴𝘵𝘦𝘯 𝘵𝘰 𝘦𝘷𝘦𝘳𝘺𝘰𝘯𝘦. 𝘉𝘦 𝘱𝘪𝘰𝘶𝘴𝘭𝘺 𝘴𝘪𝘭𝘦𝘯𝘵. 𝘋𝘰 𝘢 𝘧𝘳𝘪𝘦𝘯𝘥 𝘢 𝘧𝘢𝘷𝘰𝘳. 𝘕𝘰𝘵𝘩𝘪𝘯𝘨 𝘵𝘰 𝘦𝘹𝘤𝘦𝘴𝘴. 𝘜𝘴𝘦 𝘵𝘪𝘮𝘦 𝘴𝘱𝘢𝘳𝘪𝘯𝘨𝘭𝘺" - the Delphic Oracle
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For the same reason, Steve, that the Hispanic family in “The Big Short” was shown to be dutifully paying off its mortgage. When facts and the Narrative diverge, print the Narrative.
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Yea people get edgy when you bring it up
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And yet Buffett and Munger still walk free.
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There is only the narrative. Everything is political gamesmanship. The Community Reinvestment Act, inarguably, was the catalyst for 2008 crisis.
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