Ah, Mark Krikorian, you lovable godawful braindead goober! What caused the financial meltdown? Political Correctness.
I have no way of judging whether the Wall Street bailout is a necessary evil or an impending disaster. But we're in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people, resulting in what Sailer months ago called the "Diversity Recession" (if this doesn't work, make that the Diversity Depression). In other words, if poor people in general, or blacks or Hispanics in particular, were less likely to be approved for a mortgage, the only possible reason was racism or classism or whatever. Thus "creditworthiness" was an illegitimate, dead-white-male concept, like middleclassness.
It was also a fear of being unfairly called racist that made investment banks buy up all those bad loans and try to transmute them into investment gold by inventing ingenious new forms of financial alchemy. And what else but a terror of not seeming "PC" could possibly explain "the creation of a parallel depository banking system (a.k.a. the money market mutual fund industry) without any sort of insurance fund (either public or private) and only cursory regulation"? The obvious motivation there was to avoid looking "biased" against minorities.
Who, in the final analysis, is more responsible for the current crisis -- Wall Street or Oprah Winfrey? The answer, my friends, could not be more clear.
Wall Street loved African-Americans not wisely, but too well. I only hope impoverished minority groups will have the simple decency to do the right thing and apologize to all the corporate tycoons they have so cruelly betrayed. For shame!
(Sometimes you have to hand it to Greater Wingnuttia -- there really is nothing they won't say.)
