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Post a Comment On: Steve Sailer: iSteve

"Updated: Ground Zero of the Mortgage Meltdown"

32 Comments -

1 – 32 of 32
Anonymous Anonymous said...

Your article cuts off in the middle

4/12/09, 1:40 PM

Anonymous Anonymous said...

When did we all become "non-Hispanic whites?" Can I still use just plain "white?"

susan@spinning

4/12/09, 1:40 PM

Blogger Jim Bowery said...

A high school classmate of Paulson's (Christian Scientist) I know believes it was retirees buying second homes in sunbelt states rather than Hispanics. My impression is this is the lie the political class is telling itself behind closed doors so it is never subjected to much scrutiny.

4/12/09, 2:12 PM

Anonymous Captain Jack Aubrey said...

When did we all become "non-Hispanic whites?" Can I still use just plain "white?"

Agreed. Most of the people we're referring to aren't "white," but a mixed race group that is at best part white and part American Indian - or Asian, if American Indians aren't considered to be their own race.

I like the term Mestizo. It's the most accurate and least confusing term we have.

Keep in mind that the Bush Administration was actively promoting riskier lending to minorities, such as by calling for the elimination of down payment requirements.

We will never, never, ever hear that from the MSM. Never. As much as they hate Bush they will never blame his immigration/AA policies for the debacle, partly because that would also be blaming the left.

Remember, it's those damn xenophobic, conservative pro-life Christians who are responsible for this mess, not the socialists and neofedualists!

A high school classmate of Paulson's (Christian Scientist) I know believes it was retirees buying second homes in sunbelt states rather than Hispanics.

Thus all the stories of homeless retirees.

Wait - there are no such stories

4/12/09, 2:57 PM

Anonymous Bob said...

Great work, especially producing graphs like this.

The easy lending, which was often followed by huge cash-out refinancing, likely increased the number of immigrants further, not to mention all the construction jobs.

You need to hit the GOP interest groups behind this more however. Sure the minority activists were happy and gave their blessing to this massive fraud, but the people with serious money and political muscle behind this were GOP interest groups, especially the real estate developers, realtors, and independent mortgage bankers. Between them, these three groups control the Republican parties of every Western state.

Jim: Eastern LA suburbs are NOT a retirement destinations. It is more polluted, expensive, crowded, and crime-ridden compared to FL, AZ, and coastal California. The only people that retire to the LA area from Illinois, etc, are those with kids in the area.

Retired UAW couples with a modest pension and social security could not afford to retire there during the bubble there even if they wanted to. Basic 4-bedroom houses with 1/6 acre yards were going for $750,000 at one point.

Now there is so much empty housing and prices have fallen as much as 75% this area might be an OK retirement spot, but it is still less desirable than Phoenix and Florida.

4/12/09, 3:23 PM

Anonymous testing99 said...

The dollar amount of the Mortgage crisis is approximately 3 trillion dollars lost.

In the Dot-Com implosion, it was 10 trillion.

Last time I looked, 10 Trillion > 3 Trillion.

So why is the sub-prime mortgage so much more harmful than the Dot-Com implosion?

Answer: the sub-prime Mortgage crisis was global, from Iceland to Hungary to San Bernadino, and it had lots of insurance written against it.

The real liabilities likely far exceed 10 trillion. Who knows what they are?

But blaming just the Hispanic sub-prime is not particularly accurate. They didn't help, but by their own measure they don't measure up to even the Dot-Com crisis.

Unless 3 > 10. I must have missed that math class.

4/12/09, 4:17 PM

Anonymous Anonymous said...

You picked one of the most Hispanic metros of one of the most Hispanic states in the country, and it still shows whites accounting for half the mortgage activity at the peak. That's not terribly convincing.

4/12/09, 5:00 PM

Anonymous Anonymous said...

t99,

The only way to provide an aftermarket for all the high-risk mortgages to Hispanics was to bundle them with other mortgages and that's the heart of the problem: with all the different layers of risk in one instrument, nobody knows what it's worth. The bad apples spoil the whole barrel.

There is also a qualitative difference between schleps ruining their own credit in day trading and multi-national investment banks pyramiding loans on top of toxic assets. That's why the dot-com/day trading bubble didn't explode into a global crisis.

Steve explained this as well, but you were likely pre-occupied with figuring out how to get Mestizos to vote for Sarah Palin.

--Senor Doug

4/12/09, 5:29 PM

Anonymous Anonymous said...

.. it still shows whites accounting for half the mortgage activity at the peak. That's not terribly convincing.

It's convincing if they were defaulting at a much higher rate than the whites. There is no data available on that one, but it's a very reasonable assumption.

4/12/09, 5:30 PM

Blogger Dennis Mangan said...

Spain had one of the bigger housing bubbles and it also had loads of Latin American immigration. Coincidence?

4/12/09, 6:08 PM

OpenID ironrailsironweights said...

I like the term Mestizo. It's the most accurate and least confusing term we have.

It wouldn't apply to the Puerto Rican and Dominican Hispanics in the east, who are predominately mulatto.

Peter

4/12/09, 6:34 PM

Anonymous Roger Chaillet said...

The facts about "whites" and "Hispanics" are all wrong.

I worked as a loan officer in the sub-prime mortgage field for over two years. I used to have to ask prospective clients about their race and ethnicity. I did so because the law dictated it. I originated loans largely in Texas, Oklahoma, and New Mexico. Many times Hispanics would answer "white" in response to the question about race and ethnicity.

If mestizos like Jeb Bush's kids are "white" then I'm the king of England.

Look at the Most Wanted posters for major Sunbelt cities such as Los Angeles and Phoenix. Hispanic perps are always labeled as "Hispanic" for ethnicity and "white" for race.

It's all a joke.

4/12/09, 6:42 PM

Anonymous Anonymous said...

Unless 3 > 10. I must have missed that math class.

If someone is worth $2 million today and is only worth $1 million tomorrow, he has a problem. If you've loaned someone $500,000 to buy a house today that tomorrow is only worth $200,000, you have a problem.

That's the essence of the current crisis. That part's not hard to fathom. Suddenly a business that is central to global economic exchange is sitting on a lot of bad loans.

But blaming just the Hispanic sub-prime is not particularly accurate. They didn't help, but by their own measure they don't measure up to even the Dot-Com crisis.

You ever bake cookies or bread and forget to include the baking soda? It's usually only a teaspoon or so but forget it and the product isn't just less tasty - it's ruined. Hispanics were the necessary ingredient in this bubble. Easy loans, cheap labor, greater demand - without Hispanics you have none of those; with them you have them all.

4/12/09, 6:53 PM

Anonymous Captain Jack Aubrey said...

Off topic, but what's not to despise about this New york Times article on Ruth Bader Ginsburg? It has all the necessary Jewish obsessions: Israel, the holocaust, internationalism, group underrepresentation (!!!), you name it.

Observes the august justice: "There I am all alone [as a woman]," she said, "and it doesn’t look right."

I always chuckle a little when I hear a Jew obsessing about group underrepresentation.

But we the people owe Ruth a great debt: She helped introduce the term "gender discrimination" as a synonym for "sex discrimination," she said.

The world trembles in awe at it's debt.

4/12/09, 7:25 PM

Anonymous Lugash said...

I am Lugash.

You picked one of the most Hispanic metros of one of the most Hispanic states in the country, and it still shows whites accounting for half the mortgage activity at the peak. That's not terribly convincing.

I sort of agree with this. On one hand you need to calculate the lending per capita for each race. I'm not familiar with Riverside and San Bernardino counties, but I would expect the percentage of whites decreased and Hispanics decreased. The demographic changes would inflate the Hispanic numbers relative to the white numbers.

On the other hand, unadjusted it shows what massive changes we have had in the makeup of our society.

I am Lugash.

4/12/09, 9:31 PM

Anonymous eh said...

A small price to pay for diversity, which as we all know is the best of all good things.

4/13/09, 1:02 AM

Anonymous Anonymous said...

"Steve explained this as well, but you were likely pre-occupied with figuring out how to get Mestizos to vote for Sarah Palin.

--Senor Doug"

Nah, he was chasing the leggy blond schicksas who refuse to satisfy his feral urges but instead are looking out for the alpha males.

4/13/09, 4:17 AM

Anonymous Robert said...

"7/8ths of defaulted mortgage dollars at the time of the economic crash in the fall of 2008 were lost in just four rapidly Hispanicizing states"

Just four out of the fifty rapidly Hispanicizing states?

4/13/09, 6:03 AM

Blogger Truth said...

"Nah, he was chasing the leggy blond schicksas who refuse to satisfy his feral urges but instead are looking out for the alpha males."

Someone's rapidly turning into a parody.

4/13/09, 7:34 AM

Blogger Jim O said...

First, a pet peeve: 10 >3 is arithmetic. Calling it "math" is like calling a roller skate a vehicle. True, but unnecessarily vague and pretentious.

Another one: "Gender" is (or was, till the occupant of the ACLU seat on the Supreme Court her hands on it) a grammatical term, not a biological one. Why the need for a euphemism?

And as for how the Supreme Court looks with Ginsburg: sometimes it looks like this.

4/13/09, 7:53 AM

Anonymous Anonymous said...

it still shows whites accounting for half the mortgage activity at the peak. That's not terribly convincing.

Yeah, and I know a white couple who got a subprime loan, so it's whites, too! It's whites, too! Stop pointing the bony finger of blame, Steve!

4/13/09, 8:43 AM

Blogger Fernandinande said...

Related, from 'Science Daily':
"Government Involvement In The Economy Increases Ethnic Rebellion"
"A new study in the journal International Studies Quarterly reveals that ethnic violence is actually much less likely in countries where the free market predominates than it is in countries where the government plays an extensive role in the economy."

4/13/09, 9:06 AM

Anonymous Anonymous said...

Skim the cream and run!

4/13/09, 9:49 AM

Anonymous Captain Jack Aubrey said...

Steve: Slightly off topic, but any take on the ongoing discussion/spat between Richard Nadler and Mark Krikorian over at The Corner?

4/13/09, 11:22 AM

Anonymous Captain Jack Aubrey said...

"Government Involvement In The Economy Increases Ethnic Rebellion"

Correlation or caustion? Symptom or cause?

Just four out of the fifty rapidly Hispanicizing states?

Hispanicized. In the 4 states in question it's a done deal, especially in CA.

4/13/09, 12:58 PM

Blogger AmericanGoy said...

"You need to hit the GOP interest groups behind this more however. Sure the minority activists were happy and gave their blessing to this massive fraud, but the people with serious money and political muscle behind this were GOP interest groups, especially the real estate developers, realtors, and independent mortgage bankers. Between them, these three groups control the Republican parties of every Western state."

Replace GOP with the word "elite" and we have a winner.

This housing bubble was promoted, nournished, fed, protected by BOTH parties.

It simple served the elite's, and America's bull**** based economy (70%+ service, which is banking, insurance and of course finance) best - it was a best policy to promote the de facto American economic system.

4/13/09, 7:30 PM

Anonymous Svigor said...

Someone's rapidly turning into a parody.Yes, anonymous' name will soon be mud around here. Or are you able to track him with your sophisticated tracking of his misspelled Yiddish?

4/13/09, 8:24 PM

Anonymous Anonymous said...

"Government Involvement In The Economy Increases Ethnic Rebellion"

Correlation or caustion? Symptom or cause?
Social democracy is the salient political philosophy of ethnic nation-states: you take care of everybody, because everybody's family. Social democracy encourages spoils-based political economy, with various ethnic tribes jostling for their family's share. Social democracy encourages net tax consumption, so peoples have to be imported to try and keep the Ponzi scheme going. Lather, rinse, repeat.

So to answer your question, it would appear we are encouraging more of both.

Have a great day.

--Senor Doug

4/13/09, 9:11 PM

Anonymous Captain Jack Aubrey said...

It simple served the elite's, and America's bull**** based economy (70%+ service, which is banking, insurance and of course finance) best - it was a best policy to promote the de facto American economic system.A useful graphic from an article in the May Atlantic. Quote: From 1973 to 1985, the financial sector never earned more than 16 percent of domestic corporate profits. In 1986, that figure reached 19 percent. In the 1990s, it oscillated between 21 percent and 30 percent, higher than it had ever been in the postwar period. This decade, it reached 41 percent.What does it say about an economy that the guys who simply move the money around pocket 41 cents out of every dollar earned by business?

4/13/09, 9:25 PM

Anonymous Anonymous said...

Truth said...
"Nah, he was chasing the leggy blond schicksas who refuse to satisfy his feral urges but instead are looking out for the alpha males."

Someone's rapidly turning into a parody


You bet they are...

4/14/09, 7:08 AM

Anonymous Anonymous said...

Sure the minority activists were happy and gave their blessing to this massive fraud, but the people with serious money and political muscle behind this were GOP interest groups, especially the real estate developers, realtors, and independent mortgage bankers.These people do have a disturbng degree of influence in the GOP, but they are no Republicans or conservaives, and they have equal or greater influence in the Democratic party. The myth that the wealthy are conservatve and Republican is long past due for retirement.

4/14/09, 9:00 AM

Anonymous none of the above said...

Re "non-hispanic whites"

"Hispanic" basically means spanish-speaking, I think. I know hispanics who you'd call white or black till you heard the accent, as well as hispanics who look mestizo or Indian or whatever racial category you'd call folks descended mostly from central/south American Indians. I even know one Peruvian who is Japanese by most of his ancestry, looks Japanese, but his native language is Spanish.

So we get this oddball set of categories: Race is white, black, Asian (even broader and more meaningless than Hispanic), American Indian, and probably some others. Then we get a secondary category of "Hispanic" or "Latino" or whatever.

If you care about language, Hispanic is important. (Though quite a few of us gringos hablamos español también.) If you care about culture, it tells you something, but Guatemalans and Cubans don't really have all that much in common. If you care about genes, you care more about racial group.

In this article, I suspect we mainly care about history. It's probably not the nth generation Mexicans who speak perfect English who were getting roped into these awful mortgages they didn't understand. But obviously, that's a guess--more data would make it easier to see what's really going on.

4/14/09, 2:12 PM

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