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Political Economy

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In the last few years, New Deal era "redlining" has come to be seen as one of America's most horrific historic sins, on par with slavery, due to the profound research of America's foremost public intellectual, Genius T. Coates, who made FHA redlining central to his argument for massive reparations to blacks. Not surprisingly, there... Read More
I like to collect academic studies documenting the interaction of America's love affair with Diversity and Immigration with the Housing Bubble/Bust of the 2000s. From the The Annals of the American Academy of Political and Social Science, July 2015: Variations in Housing Foreclosures by Race and Place, 2005–2012 Matthew Hall Kyle Crowder Amy Spring Abstract... Read More
For the last seven years, academics have been quietly compiling a mountain of evidence that the Housing Bubble and Bust was, like I've been saying since 2007, intertwined with contemporary America's sacred cow of Diversity. For example, from a 2015 issue of Real Estate Economics: Immigrants and Mortgage Delinquency Zhenguo Lin Department of Finance Mihaylo... Read More
The shadowy concept of a municipal coup goes back at least to the feds setting up and arresting Washington D.C. mayor Marion Barry in 1990. Similarly, the revival of New Orleans over the last ten years since Hurricane Katrina has some of the indications of a slow white coup overthrowing the old black/creole of color... Read More
An annual autumnal tradition here at iSteve is the crops-rotting-in-the-field stories about why we're all going to die unless farmers get to import more peasants from Latin America to work cheap for them from such agriculture-savvy outlets as the New York Times, Washington Post, and Wall Street Journal. In 2015, it's still summer, but from... Read More
Economist Scott Sumner offers some learned macroeconomic theorizing on Why has Germany's unemployment rate fallen 3 points since the end of 2007, while America's is still 2 points higher?I would suggest that one straightforward clue can be deduced from looking at population changes from 2000 to 2008 (assuming Google's handy time charts can be trusted)Germany's population... Read More
From the 2011 book Lost Bank by Kirsten Grind about Washington Mutual, which collapsed spectacularly in 2008: In mid-2003, a market researcher named Kevin Jenne is sent to Orange County and Illinois to conduct focus groups on WaMu customers who had recently acquired Option Adjustable Rate Mortgages. These allowed borrowers to choose anything from 15... Read More
From the New York Times:100 - 69 - 3 - 5 = 23% of new conventional mortgages going to whom?Access to financing that requires as little as 3.5 percent down is key for minority applicants, who on average have lower incomes and credit scores than whites, said Stan Humphries, Zillow’s chief economist. They also have... Read More
Via Kevin Drum, the Wall Street Journal says:Thank goodness we let in all those illegal immigrants to do the jobs Americans are just too disabled these days to do. Who knew that working class Americans would suffer an epidemic of vague back pain and balky knees after decades of business, political, and economist elites conspiring... Read More
The econosphere has been abuzz for several years with NYU professor Paul Romer's plan to bring the benefit of Good Institutions to Central America by building "charter cities" in the banana republic of Honduras. (Here's Romer's 2011 TED talk.) As economist Daron Acemoglu has explained, the only thing that differentiates a rich country from a... Read More
In the New York Review of Books, celebrity economists Daron Acemoglu and James Robinson write in to complain that reviewer Jared Diamond wasn't quite rapturous enough about their new book attributing virtually all differences in national wealth to their unfalsifiable theory that it's all caused by the White Man hogging the good institutions: rich countries,... Read More
For the longest time we've been hearing about how racism caused the subprime mortgage meltdown by causing financial companies to charge blacks and Hispanics more fees and interest. And that's why they couldn't pay back their loans: not because they didn't have enough money but because they were being charged too much for their loans.... Read More
From my new column in Taki's Magazine:Read the whole thing there. My old articles are archived at iSteve.com -- Steve Sailer
A few weeks ago I posted the analysis by Robert Fitch, an old white power-to-the-proles lefty, of Obama's role in Chicago's real estate wars.Now in the Daily Caller, Neil Munro has a long article shedding light on President Obama's role in Chicago's real estate disaster, using as a focal point the one case in which... Read More
Three years ago, I blogged about how the culture of the bond rating companies, such as Warren Buffett's Moody's, had been very slowly corrupted by the logic of the conflict of interest that went back to the 1970s by which they stopped being paid by buyers of securities and started being paid by issuers. This... Read More
Over at Marginal Revolution, Tyler Cowen links to a study of why child labor expanded so much during the laissez-faire era of the industrial revolution. The comments are mostly the usual libertarian chest-pounding, leading up to Roy Swanson's:Well played, sir. On second reading, I've come to believe this is a pitch-perfect parody of 21st Century libertarianism.... Read More
The late Robert Fitch, a veteran critic of New York real estate insiders, gave a speech to the Harlem Tenants Association on November 14, 2008 applying his brand of analysis to the history of Obama's rise in Chicago. And in the 1980s, the argument began to be made that the public housing needed to be demolished... Read More
Economist Christopher Foote of the Boston Fed, who debunked the Freakonomics abortion-cut-crime theory in late 2005 by pointing out that Steven D. Levitt's results stemmed from a couple of dumb mistakes in his programming, and two colleagues have a paper arguing against the mortgage meltdown being, in the words of the Oscar-winning documentary, an Inside... Read More
Jack Strocchi offers another theory of why corporate elites favor immigration besides keeping labor costs down and labor unions weak:Say you are the head of the American division of a big, fairly capital intensive toilet paper company with major operations in the U.S. You want sales to grow so you can run your already-built factories... Read More
A commenter writes:All of the biggest and most powerful interest groups in America support continued
There's nothing like thinking about local real estate to turn the most liberal into race realists:Westchester is ahead of schedule in building the 750 affordable residences required by the settlement,
From the NYT:The British defense of Singapore after Pearl Harbor is famously (although not necessarily all that accurately) said to have suffered from the long-held assumption that Singapore's big guns must point out to sea to defeat an attack by an enemy navy. Yet, the Japanese army, not the navy, came by way of the... Read More
Steve Camarota has done a very useful piece of research for the Center for Immigration Studies:Of newly arrived immigrants who took a job in Texas, 93 percent were not U.S. citizens. Thus government data show that more than three-fourths of net job growth in Texas were taken by newly arrive
A distinguished reader points to this from CNN:Fortunately, Bloomberg has long used his massive political, media, and financial influence to increase the supply of marginally employed workers / potential rioters in the U.S.From UPI in 2006:Deepdale is "maybe the most reclusive club in America," and it "hosts maybe ten rounds per day," according to golf... Read More
An op-ed in the New York Times by Princeton sociologist Douglas S. Massey, "Isolated, Vulnerable, and Broke:"Not really. I've looked at least as many socioeconomic indicators as Professor Massey over the last 39 years, and the keynote is relative stability. But, to the extent that Hispanics fell relative to blacks on socioeconomic indicators, it's largely... Read More
From a new study of Census Bureau data by the Pew Hispanic Center:Whites: The drop in the wealth of white households was modest in comparison, falling 16% from $134,992 in 2005 to $113,149 in 2009. White households were also affected by the housing crisis. But hom
Yesterday, Microsoft announced it had made net income of $5.87 billion in the latest quarter, but had reduced its tax rate from 25% a year ago to 7%. Annualized, that would be about $4 billion incremental in tax avoidance just over the last year. You're probably saying to yourself, "Hey, I'd like to reduce my tax... Read More
From a Washington Post article on Microsoft's quarterly earnings announcement:Can I get my personal income taxed at the rate of some random foreign country? For example, I became a lifetime foreign member of the Ballybunion Golf Club in 1987, so therefore I should be able to take advantage of any tax breaks Ireland happens to... Read More
Paul Sperry (whose book The Great American Bank Robbery is pretty good) writes in Investor's Business Daily:Istook calls Holder's crusade an "egregious overreach by the government." He says many of the targets are smaller banks without the resources to fight a pro
From The GlobalistA. “Most disturbing is that the average income of U.S. households headed by 25-ye
From the Washington Post:Other recent
Here's David Brooks's column, "Who Is James Johnson," in the New York Times on Gretchen Morgenson's new book on the mortgage meltdown, Reckless Endangerment.And here's my VDARE column from 12 days ago on the same book. My question is: Who is more even-handed, non-partisan, reasonable, and just plain moderate on this crucial topic: David Brooks or... Read More
From Politico:My old articles are archived at iSteve.com -- Steve Sailer
My VDARE column reviews the new book Reckless Endangerment on the origins of the mortgage meltdown by Gretchen Morgenson of the NYT and financial analyst Joshua Rosner.My old articles are archived at iSteve.com -- Steve Sailer
The New York Times appears genuinely surprised to discover that racial activists like La Raza and the NAACP are teaming up with big mortgage lenders to try to undermine prudent regulation of home loans. Who could imagine such a thing?From the New York Times: Now, as banking regulators are rewriting the rules for the mortgage market,... Read More
Gretchen Morgenson of the New York Times has an important new book out on the role played by Fannie Mae in the mortgage meltdown, Reckless Endangerment. I hope to review the whole thing shortly, but I wanted to quote from a small section of the book:That reminds me of why you might wish to send... Read More
Here's a story in the Washington Post about a groundswell of support in NY-DC for a particular non-European candidate to head the IMF that is pretty funny if you Get The Joke. (But who does, these days?)See, since the post-WWII era, America and Europe have had a deal: the head of the World Bank is always... Read More
All these years after the mortgage meltdown, most well-informed Americans have yet to hear about the existence of the mortgage diversity industry. The number of activists and academics employed by the mortgage diversity biz isn't huge, but it's not insignificant either. And it has a major impact on molding reporting on mortgage and diversity issues.... Read More
Other than not mentioning word minority?See my new VDARE.com column.My old articles are archived at iSteve.com -- Steve Sailer
The centerpiece story on NYTimes.com is:Perhaps Willie Sutton could have explained this strange phenomenon.Reading this article reminds me that there is a sizable infrastructure of academics, activists, corporate staffers, and government officials whose jobs revolve around checking up on mortgage lending to make sure enough money is going to the right sort of people. We... Read More
A reader writes with some experience in SoCal financial circles writes:-- Essentially, Michael Milken felt a certain level of guilt and agreed to go to jail. That sense of guilt seems lacking with the current crew.-- I have been informed that the reason Countrywide would not be the ideal firm to get a judgment against... Read More
Australians have been deeply worried in this century about two problems: running out of water and potentially rising seas due to carbon emissions. As Jared Diamond pointed out in Collapse, one obvious step is to take the pedal off the metal when it comes to immigration to Australia. The more people in Australia, the less... Read More
The Fed wants to concoct some more money: "Quantitative Easing II."I don't get it. To avoid a recession, the Fed dreamed up more money followed the bursting of the subprime bubble in the summer of 2007. The biggest effect of printing more money was, apparently, to drive up the price of gasoline to almost $5... Read More
Here's a 2010 article by economists Atif Mian, Amir Sufi, and Francesco Trebbi on how Congresscritters voted in 2002-2007 on Housing Bubble-related bills:The global financial crisis has its origins in the failings of the US housing market – and, some believe, those of the US government. ... Indeed, government intervention is often well intentioned and... Read More
Excerpts from my new VDARE.com column: Economic inequality has been much in the press lately. ...But, generally, the discussion about inequality has been missing half of the puzzle.On the one hand, it’s safe to say that over recent decades, the very rich have gotten very much richer. ...On the other hand, for most American and... Read More
Here's the opening of my new VDARE.com column:For decades, American economic sages, such as Larry Summers, Tom Friedman, and Alan Greenspan, have implied that manufacturing stuff was more or less obsolete—that the building blocks of the economy of the future would be cheap labor and  expensive finance. The Chinese will make everything, while Americans will... Read More
From the New York Times:President Obama on Friday will promote a longtime economic adviser, Austan D. Goolsbee, to chairman of his Council of Economic Advisers, signaling continuity even as a high unemployment rate has left much of the public dissatisfied with administration policies. ... Mr. Obama’s decision to elevate Mr. Goolsbee, a left-of-center economist, to... Read More
At Mother Jones, Kevin Drum quotes economist Giovanni Peri's latest study correlating immigration levels by state and income up through 2007. (Don't worry about what happened in high immigration states like California after 2007. I'm sure all the trends stayed the same.)If these patterns are driving the differences across states, then in states where immigration... Read More
From the NYT:As HUD Chief, Cuomo Earns a Mixed ScoreBy DAVID M. HALBFINGER and MICHAEL POWELL As Andrew M. Cuomo campaigns for governor, he points to his leadership of the Department of Housing and Urban Development during the Clinton administration as proof he possesses the ability and vision needed to lead New York out of... Read More
Barack Obama went to Austin today and gave a speech demanding the country increase the number of college graduates by eight million that is eerily similar to the one George W. Bush gave at a similar point in his first term (October 15, 2002) demanding the country increase the number of minority homeowners by 5.5... 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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