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Post a Comment On: Steve Sailer: iSteve

"The past is an unknown country"

15 Comments -

1 – 15 of 15
Anonymous Anonymous said...

When Wall Street, MLK Street, and Cesar Chavez Street are aligned, folks on Main Street better watch their backs.

6/1/11, 9:00 PM

Anonymous Wes said...

I'd say there was some willful ignorance on the NYT's part. It's amazing how powerful the urge to stay true to "The Narrative" is among the elites and media folks.

6/1/11, 9:32 PM

Anonymous glib, facile n snarky said...

I love the smell of a good piggy back loan in the morning.

It's great that you can magically waive that 20% down payment by paying interest on the amount you couldn't come up with on top of the actual home loan. Yea, Yippie, Wow, Zowie!

6/2/11, 3:25 AM

Anonymous Anonymous said...

Those who write and comment at the NYT are either on average of below average IQ or willfully ignorant. There is no other way to explain the stuff that rag produces.

6/2/11, 4:47 AM

Anonymous Anonymous said...

willfully ignorant.
you have to remember all they read is huff post, npr etc.. and they know only 'racists' would point such a think out as the racist steve did.

Ideology makes one blind to reality.

6/2/11, 6:52 AM

Anonymous Anonymous said...

I do some work with foreclosed homes and all my work orders have the name of the former owner on them. I would estimate 75% of the foreclosures I work on were owned by Guatemalans and Salvadorans.

I see I won't be going out of business any time soon.

6/2/11, 7:02 AM

Blogger Marc B said...

Banks are either predatory lenders or redlining racists. I guess side of the bed the professional grievance activists wake up on determines the fight du jour.

6/2/11, 8:02 AM

Anonymous Plato's Cave said...

When I recently told a DC inlaw that profiting parties were trying to revive high-risk loans to NAMs, they refused to even consider it. Nothing so evil could possibly happen under the holy reign of Obama, peace be upon him.

Our higher education and SWPL enclaves produce far too many under-informed, intellectually incurious, and overly self-assured sheeples.

As has been said, we are educating far too may people beyond their intellectual abilities. It's creating a mass illusion of free will, knowledge, and competence among the masses who are being led off the cliff by our philosopher kings.

6/2/11, 9:18 AM

Anonymous Anonymous said...

"Advocacy groups...are joining together to fight rules they say could make home loans less affordable for minority and working-class Americans."

The new rules won't make homes more expensive for responsible people of any class or race. After all, the old, easy money rules were the rules in place during the last big real estate bubble.

The new rules will make homes less expensive by removing demand from the marketplace. Our would-be "saviors" are only looking after their own bottom lines.

Who got hit the worst during the last real estate bubble? People who bought near its peak, but who kept paying on their loans. Those people were most likely to be those who made a 20% down payment, or those who out of a sense of responsibility kept making payments despite being upside down.

6/2/11, 9:52 AM

Anonymous AnotherDad said...

The NYT lying and spinning to keep "the Narrative" alive ... par for the course.

What's really sad here is the regulatory proposal is for lenders have to keep 5% on their books. Five percent. How about ... the whole loan on their books!

The way this market should work is to have very large well capitalized mortgage lending corporations, lending their *own* capital -- raised in the stock and bond markets. They can easily develop internal compensation policies that reward based on the long term profitablity of the loans individuals write (or are written in a managers division). And the stock and bond markets will be way better indicators of the soundness -- and hence risk to capital -- of these companies than the rating agencies could ever do with CMOs.

I want a politician who'll just stand up and say "shut down Fannie and Freddie and CRA and "Fair Housing", and let the market work."

Where the heck is a Republican who isn't a twerp? Heck, the Democrats even use Fannie and Freddie as their favorite feeding trough for their "public service" hacks to loot the public ... and no Republican says "shut these down". This is supposed to be the middle class party? Protecting my interests?

The really sad thing here, we got through this mortgage meltdown debacle -- drags down the entire economy into a recession -- and we as a society can draw *no* lessons from it. None.

When you reach the point that your society can't even learn from experience -- that's the whole genesis of science and modernity --you are toast.

6/2/11, 9:54 AM

Blogger Geoff Matthews said...

It does make you wonder if the folks involved learned nothing from this debacle.
Yeah, it sucks that the poor will have a harder time buying a home. But guess what? It sucks to be poor. That's why people should do whatever they can to not be poor.
Or, at the very least, do what they can so their grandchildren won't be raised poor.

6/2/11, 10:57 AM

Anonymous Marlowe said...

How long ago did Wolfe write Mau mauing the flak catchers?

6/2/11, 12:08 PM

Anonymous john williams said...

Lenders appear to have a very blinkered view that they were not to blame for the credit crisis and whether irresponsible lending needs to be controlled. Whilst borrowers should always be sure they can afford the repayments, lenders should always make sure they have advised correctly. I was a mortgage broker over 20 years ago and I would not sign up a deal which I was not satisfied the borrower could afford. However the recent crisis showed the lenders to be acting recklessly and irresponsibly and since they will never police themselves ethically they must be forced to take a more ethical and long term view.

6/2/11, 12:20 PM

Blogger David said...

"Former foes" could mean just recently when all the "minorities hit hardest" stuff started up, or it could be a conceptual artifact of assuming a fundamental hostility between Fanny and the NAMs. The assumption is white = anti-NAM; since bankers are mostly white, it "follows" that anything they do hurts minorities.

6/2/11, 12:45 PM

Blogger Assistant Village Idiot said...

David, I would add that the narrative is Business = conservative, NAM's = liberal, so they are historic enemies.

That way, white liberals can think well of themselves no matter how much money they make.

6/2/11, 7:46 PM

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