The Crash is, at a fundamental level, a readjustment to demographic change. America’s immigration-driven shifting ethnic balance means that the average human capital of U.S. residents is now lower than was assumed.
By Steve Sailer
At least since September, I’ve been pounding the table in VDARE.com about the most overlooked cause of the Crash of 2008: President Bush’s 2002-2004 crusade to raise minority homeownership by 5.5 million households through easy credit (for example, eliminating down payments) in order to bribe minorities into becoming Republican-voting homeowners.
Needless to say, our ruling class hasn’t much paid attention to me. Republicans didn’t want to hear about Bush messing up again. Democrats didn’t want to think about the role "diversity" played in the disaster.
The causal connection, though, is so obvious that the establishment press is starting to echo my analysis.
For example, the long New York Times article White House Philosophy Stoked Mortgage Bonfire [by Jo Becker, Sheryl Gay Stolberg, and Stephen Labaton, December 21, 2008 appears to have been drawn in part from my VDARE.com columns, such as my September 28, 2008 essay Karl Rove—Architect of the Minority Mortgage Meltdown.
And on Sunday, the Washington Post pointed out in Karl Vick’s Silver Lining of Subprime Slips Away in Calif. Suburb [December 28, 2008] about a Central Valley town that blacks flocked to from violent Oakland:
"And if Stockton [CA] today is the foreclosure capital of the nation—as several surveys show it to be—it also showcases a little-known upside of the ‘subprime crisis’: the elevation nationwide of hundreds of thousands of African Americans into homeownership."
Vick goes on to quote a black activist:
"For every $1 of net worth in a household headed by a white person, a household headed by a minority has 13 cents. Earlier this decade it was 6 cents … It is all because of homeownership that we've at least moved up to 13 cents."
Sadly, not for long.