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Post a Comment On: Steve Sailer: iSteve

"Sailer: "The Diversity Recession, or How Affirmative Action Helped Cause the Housing Crisis""

18 Comments -

1 – 18 of 18
Anonymous Anonymous said...

Terrific article.

Trouble is, you're not allowed to make policy under the assumption that there is a "bottom half," intelligence-wise. In fact, you're not supposed to even think that way. We're just supposed to... I dunno... slowly kill ourselves with bad idea after bad idea (see immigration reform).

6/23/08, 6:59 AM

Anonymous Anonymous said...

This says it all:

"The home construction industry lured in Mexicans to build new exurban houses for Americans trying to get their children away from public schools overrun by the children of illegal immigrants—in effect, a Ponzi scheme that had to break down eventually."

Good God what a country...

6/23/08, 8:22 AM

Anonymous Anonymous said...

The mortgage bubble was essentially a bet on the purportedly increased creditworthiness of the bottom half of the American population

No.

The mortgage bubble was the result of people realizing they can make massive amounts of money short-term by selling and repackaging and reselling worthless mortgage paper to unsuspecting idiots. Tyrone and Jose came on board at near the end of the cycle as a source of even more worthless mortgage paper, and extended the bubble maybe a year, but that's it.

For fuck's sake Steve, ITS NOT ALWAYS ABOUT RACE.

6/23/08, 8:44 AM

Anonymous Anonymous said...


For four decades, political leaders have viewed subsidizing minority home buying as insuring social peace.


Ummm, no. They have viewed it as a way to but votes with us paying.

6/23/08, 8:47 AM

Blogger albertosaurus said...

You are of course completely correct about the housing policy issue. Its not a new question at all. When I was in graduate school thirty years ago, I supported myself doing econometric models and statistical analyses of housing markets.

It was all rather silly. I was doing obscure math to try to bolster very obvious nonsense.

It had been noticed that home owners behaved better than slum dwellers. So it was decided that the government would just give lower class people a house. They expected them to suddenly reform and join the well behaved middle class. Ha!

This is roughly similar to observing that those students who earn A's are brighter than those who earn F's. But only an idiot would believe we could make people smarter by just giving everyone straight A's.

Wait a second! That's our education policy too - isn't it?

6/23/08, 10:27 AM

Blogger kurt said...

A very good article, Steve. Several friends and I talked about the housing situation about 6 months ago and came to the same conclusions (in much less detail) as to the root cause of the housing bubble as you did.

Once again, you shed truth that noone else will discuss.

6/23/08, 1:04 PM

Anonymous Anonymous said...

RE: For fu**'s sake...

I guess you have never been to Houston...

6/23/08, 2:56 PM

Anonymous anony-mouse said...

1/ America has long had a history of wanting poor people, period, to own their own houses, even if it made no economic sense. (See: 'Its a Wonderful Life'-I don't recall seeing any Hispanics or Blacks in Bedford Falls, except for the Bailey's maid.)

2/ One of Margaret Thatcher's successes was to give council housing to its residents. And now Britain too has a mortgage crisis-all without any help from anything American.

6/23/08, 3:02 PM

Anonymous Anonymous said...

"Sailer: "The Diversity Recession, or How Affirmative Action Helped Cause the Housing Crisis"

Yes, it's called paying for your own dispossession.

It's just one manifestation of the new reality: The white population of America is no longer being represented, protected or sustained by the elites who run the country. In fact, quite the opposite. White America is being purposely dispossessed.

White male America is being outright targeted and attacked.

The British model of making whites second class citizens in their own countries is the blueprint for the primary directive of the "global elite". Of course, to the extent that it is discussed, the entire time we're informed that it is white elites themselves who invented and funded the scheme. Funny that.

6/23/08, 3:18 PM

Anonymous Anonymous said...

I was stunned by the stat that the median net worth of black households is only $11,800, so I clicked on the link. That article by Henry Louis Gates Jr seems like alot of nonsense to me. But Gates teaches at Harvard and the article is in the New York Times, so I guess it must be true.

6/23/08, 4:47 PM

Anonymous Roger Chaillet said...

I used to sell new homes here in Texas. Almost all the construction crews consisted of nothing but illegal aliens. The only time I would see a white American or black American was when an electrician or inspector would arrive, when a truck driver would show up with a load of building supplies.

Left unsaid is that the home builders here donated heavily to Republican candidates. Many threatened to withhold contributions if there was ever a crackdown on illegal immigration. http://bayareahouston.blogspot.com/2008/05/repulican-donors-embracing.html

Yet now the NAHB wants Uncle Sam's assistance. http://bigpicture.typepad.com/comments/2008/02/builders-no-sou.html

Heads I win...

...tails you lose.

6/23/08, 5:24 PM

Blogger Ronduck said...

Long conservatively run and an engine of the post-World War II suburban housing boom, the FHA program was liberalized shortly after the 1968 urban riots to encourage lower-income black home ownership (‘if they own it they won’t burn it’ was the maxim of the time).

Whoever said that should go to Detroit now.

6/23/08, 5:49 PM

Anonymous J- said...

"For fucks sake,its not always about race.." I thought Steve made it clear that race was ONE aspect of the problem. One that has been completely ignored by the media,academics and politicians addressing this issue.Maybe thats why he chose to bring it up...?? The comment about the home builders demanding Republicans go soft on illegals is really sickening. Oh,but,arent we ALWAYS blaming the Republican fat cats???

6/24/08, 9:54 AM

Anonymous simon newman said...

anony-mouse:
"2/ One of Margaret Thatcher's successes was to give council housing to its residents. And now Britain too has a mortgage crisis-all without any help from anything American."

1. She didn't give them the council housing. They had to buy it, albeit at a discounted rate. Their mortgages weren't subsidised.

2. There has been no spike in defaults in the UK. The UK mortgage crisis is *entirely* due to the US subprime crisis drying up the cheap money supply from the international money markets on which UK lenders depended.


And these two are entirely unconnected. If there's a local UK factor, it's overbuilding of overpriced and often cramped & shoddy flats (apartments) intended for the buy-to-let market.

6/24/08, 11:54 AM

Anonymous none of the above said...

Anon:

I think the households are different between blacks and whites in enough ways that the difference in median net worth is probably more complicated than it looks. There are differences in average age, fraction of single-parent families, and number of children, all of which probably make the quoted statistic kind-of meaningless. There's no question that blacks have lower net worth on average, note, just a question of how to measure the difference and what your measure means.

6/26/08, 9:41 PM

Anonymous none of the above said...

Is there any evidence of anti-redlining rules/policies having a large impact, here?

It looks to me like there are two causes behind this crisis:

a. With the separation of writing mortgages from owning them, a whole cost-shifting game became possible, between mortgage brokers and ultimate owners of mortgages. The mortgage brokers more-or-less won this game, by managing to get paid for writing mortgages that were very unlikely to be paid back. (The buyers of the mortgages knew the game, too, but appear to have broadly gotten screwed.)

b. Everyone's assessment of default risk was screwy, largely because everyone seemed to believe that up markets would go on forever.

6/26/08, 9:48 PM

Anonymous Anonymous said...

The Nation has a cover article out titled "The Subprime Swindle." The subtitle is "How the mortgage industry stole black America's hard-won wealth." Yes, you read that right. The subprime mortgage was a tool devised by the banking industry to raid the oh-so-very deep pockets of black America.

My head is swimming. Yes, I know it's The Nation, but still.

6/27/08, 7:54 AM

Anonymous Greg Bacon said...

Gosh, I didn’t know that all of those WALL STREET firms that helped blow up this real estate bubble were owned by shiftless darkies!!

Like at Bear Sterns, who made a ton of money selling those MBO’s back and forth to one another, kinda like a financial version of musical chairs, except when the music stopped, Bear Sterns didn’t have a seat to sit on.

Guess those indolent darkies brought guns along when they applied for home loans--you know how THOSE people are--and forced the bankers to give them “liar loans,” a loan in which the bank doesn’t verify the amount of money the borrower makes.

Yeah, that must be it.

Those hordes of dusky-skinned natives forced their way into firms like Goldman Sachs and Lehman Brothers and forced the owners at gunpoint to give them shaky loans.

Gee, thanks for explaining all of this for me.

Hell, i had thought it was just a bunch of greedy bankers.

6/27/08, 11:27 PM

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