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With the federal government working up a new housing ploy, I figured it's timely to dredge up the 2008 short story I published in The American Conservative:   Unreal Estate Memorial Day Weekend, 2005 “So, this guy joins a monastery where he’s not allowed to talk.” Travis, your brother-in-law, is telling a joke. He’s told... Read More
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I've long been fascinated by the Affordable Housing racket. Josh Barro writes in the NYT: So that's a discount of about $75,000 per year or so, presumably for many years. After all, how anxious would you be to move if you were getting $75,000 per year, tax-free, each year for staying in your luxury apartment?... Read More
The novelist William Faulkner once said: “The past is not dead. In fact, it's not even past.” I was reminded of that last week while reading what is likely the best narrative history so far of the causes of the current recession: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon by... Read More
The May issue of the conservative magazine American Spectator features The True Story of the Financial Crisis by Peter J. Wallison, [Email him]an American Enterprise Institute fellow and one of the ten members of Congress'sFinancial Crisis Inquiry Commission, which reported in late January. Wallison dissented [PDF] from the final report. His article demonstrates the strengths... Read More
We keep satirizing this, but now a Washington Post news story really is headlined Minorities hit harder by foreclosure crisis “Minority homeowners have been disproportionately affected by the foreclosurecrisis and stand to lose homes at a faster pace than white borrowers in the future, according to a report released Friday by a nonprofit research group.... Read More
Recently, I've been trying to answer the question that nobody else wants asked about the causes of the Great Recession: what percentage of defaulted mortgage dollars did minorities account for? In doing so, I've stumbled upon another important conundrum: As the Federal Reserve continues to take on more power, are the twelve regional Federal Reserve... Read More
Our Lot: How Real Estate Came to Own Us by Alyssa Katz, [Emailher] a liberal journalist and NYU journalism professor who writes for Mother Jones, is the best book yet on how the sacred cause of “diversity” merged with pedal-to-the-metal capitalism to bring us the Great Mortgage Meltdown. The book hasn't garnered the attention it... Read More
The Securities and Exchange Commission filed an insider-trading civil suit earlier this month against perhaps the most widely loathed wheeler-dealer of the Housing Bubble: Angelo Mozilo, co-founder and longtime CEO of Countrywide Financial Corporation, the largest mortgage lender at the peak of the boom. The Economist writes: “As is the way these days, the SEC's... Read More
What went wrong with the economy? Lots of things, obviously. Yet, there is one thread of cause and effect that is more central than any other. I've begun, with the assistance of a sociologist, a sizable statistical analysis of the causes of the crash. First—what happened? We can observe the crash all the way back... Read More
[See also Time For Another Pujo Committee? by Peter Brimelow] During the Republican Presidential primary campaign in 2007 and early 2008, Congressman Ron Paul (R-TX) insisted on talking about suchoutré topics as the dangers of the Federal Reserve System and fiat money, for which he was widely snickered at. Back then, everybodyjust knew that the... Read More
Was the mortgage meltdown the fault of Republicans or Democrats?Was it caused by the ideology of deregulation or of regulation? Questions like that are fun to debate because they follow the usualfault lines that divide the country into fairly equal and thus intensely rivalrous halves. But let's think about the Housing Bubble from a more... Read More
“He who writes history determines the future”. So said former Senator Phil Gramm [R-TX] at an American Enterprise Institute panel discussion on “IsDeregulation a Cause of the Financial Crisis?” Acondensed version Gramm's speech was published in theWall Street Journal on Friday, February 21, 2009 with the subtitle Loose money and politicized mortgages are the real... Read More
[See also The Minority Mortgage Meltdown (contd.): How The Community Reinvestment Act Fits In ] You've heard over and over about how the 1977 Community Reinvestment Act (CRA) could not bear any blame for the mortgage meltdown that began in 2007 because the time lag was too vast. As the New York Times editorialized on... Read More
The mortgage fiasco devastating America's big banks has many causes, but perhaps the least understood is the complex impact of the 1977 Community Reinvestment Act (CRA). There has been some hoopla over the CRA in recent months, but nobody seems to have noticed the subtle way the CRA actually exacerbated the disaster. I'll demonstrate using... Read More
The ongoing financial crash was caused by overleveragingat all levels of society, from Wall Street to Main Street to the slums. The initial cause, however, was the popping of the subprime mortgage bubble. At their bubblicious peak, American homes were theoretically worth $24 trillion. The amount of wealth that has evaporated in the popping of... Read More
Whose fault is it? Last week, the mainstream conservative punditry finally picked up an idea I had first put forward in August 2007 (and developed with more detail last June): that an underestimated factor in the financial crisis set off by the mortgage meltdown is our reigning ideology of multiculturalism and diversity. In other words,... Read More
The weird thing about the tumbling of the latest financial house of cards is that the cornerstone, such as it was, was confidence in the increasing ability of the bottom half of society to pay backunprecedentedly large debts. Underlying these vast pyramids of debt was, all too often, a promise by a single mother who... Read More
Why did the housing market turn into America's economic cancer—growing out of control before recently killing economic growth? It's is a difficult question to answer—but not because there is a shortage of reasons. Instead, all the causes are interconnected——just as all the players in the game, from the top of society to the bottom, egged... Read More
The American economy is sinking under the weight of trillions in dubious home loans, as exemplified by this month's failure of Pasadena-based mortgage lender IndyMac and the Treasury Department's plan for a taxpayer bailout of the privately-owned but"government sponsored" Fannie Mae and Freddie Mac. Savers are increasingly finding the value of their assets inflated away... Read More
Now that the triumphalism rampant within the GOP after last November's election has died down, and Republicans realize that their current ascendancy is not a historical inevitability but a tenuous margin that needs careful cultivating, it's time to review the fundamental factors making some states red (Republican) and others blue (Democratic). The key reason why... Read More
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Steve Sailer
About Steve Sailer

Steve Sailer is a journalist, movie critic for Taki's Magazine, VDARE.com columnist, and founder of the Human Biodiversity discussion group for top scientists and public intellectuals.


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