Karl Rove—Architect Of The Minority Mortgage Meltdown

Whose fault is it?

Last week, the mainstream conservative punditry finally picked up an idea I had first put forward in August 2007 (and developed with more detail last June): that an underestimated factor the financial crisis set off by the mortgage meltdown is our reigning ideology of multiculturalism and diversity.

In other words, this is a minority mortgage meltdown—and it may trigger a Diversity Recession.

Unfortunately, not having studied the question as long as I had, some of the conservative talking heads tended to put forward naïve, self-serving, or unpersuasive versions of this theory,—such as that the banking crash wasn’t the fault of greed in the financial industry, it was the result of the Democrats in Congress passing the anti-redlining Community Reinvestment Act in 1977.

The reality is that blame is very widely shared: among Democrats and Republicans, businesspeople and politicians, Congress and the Executive Branch, borrowers and lenders, and whites, blacks and Hispanics.

There’s one man, however, who has so far escaped any blame. Few have realized something that turns out to have been staring us in the face all along: that the mortgage mess was, in sizable measure, an outgrowth of the primary political goal of the Bush Administration.

That man’s name is Karl Rove.

Source:
Karl Rove—Architect Of The Minority Mortgage Meltdown
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