Steve Sailer tells me that we're entering the "Diversity" recession--caused by the PC desire to expand home-ownership to minorities, regardless of their ability to pay. It would seem that in order for this to be true, minorities would have to hold a decisive percentage of the bad mortgages. Does anyone know the percentage distribution of sp mortgages by race?
Although Sailer has a backup explanation, that the bad lending practices originated in minority areas and then spread across the whole of the housing industry.
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Of course, my first question was: who the hell is Steve Sailer and why should we care what he thinks about economics?
A Google search turned up this text intensive (and not in a good way) blog:
Steve has quite a few thoughts on race, none of them worth reviewing. Since you're citing him as a source without irony (and apparently to dredge up a discredited trope about home loans to 'minorities' leading to the global credit crisis), I think we should ask a few questions about you DeLucas.
.d.