Wednesday, September 24, 2008

Civil Rights Policies of 1990s Caused Mortgage Meltdown


"In an attempt to increase homeownership, particularly by minorities and the less affluent, an attack on underwriting standards was undertaken by virtually every branch of the government since the early 1990s," Liebowitz writes. "The decline in mortgage underwriting standards was universally praised as 'innovation' in mortgage lending by regulators, academic specialists, (government-sponsored enterprises) and housing activists."

"Guess Again who's to blame for US mortgage meltdown," by Drew Zahn (WND)


As I'm not a conservative (I am anti-liberal and pro-traditional) I am skeptical of this source, but it seems they've done their homework. The goal was, as always, benevolent through pity: get more minorities owning homes. The method was as usual to assume that business money is free money, and to force them to lend to people who couldn't sustain the loans, thus resulting in more minorities out of homes, but now they're also broke.

While none of us love the idea of an economy dominating us, we need to deal with the fact that some resource -- even if only intelligence -- will be scarce, and we need to figure out how to divide it up logically. One way is to take care of those who are basically competent, and let everyone else do the best they can, knowing that no one plan will work for every person, group or area.

Obviously, as we're fond of pointing out at this blog, multiculturalism denies this fact and continually pits ethnic groups against each other, since they can't coexist and retain their natural traits and cultural values -- they get merged into a grey race that seems popular with Christians and liberals. Yet another failing policy in contradiction to this fact has not done anything to alleviate our pluralistic society's path to failure.

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Subvert the dominant paradigm, don't be a solipsist.

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