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From: Roger Chaillet (e-mail him)
Re: Steve Sailer's Column: America's Mortgage Meltdown/Diversity Recession: The Smoking Gun?
Sailer missed the most salient aspect of the sub-prime lending boom and subsequent diversity recession.
It got George Bush re-elected.
Read the piece by well-known author and highly regarded money manager John Mauldin of Dallas, and you'll understand why.
What's noteworthy about Mauldin is that he had actually been a delegate to the Republican convention.
"Without US homeowners using their homes as an ATM, the economy would have been very sluggish indeed, averaging much less than 1 percent for the six years of the Bush presidency. Indeed, as a side observation, without home equity withdrawals the economy would have been so bad it would have been almost impossible for Bush to have won a second term." [John Mauldin: The Economic Blue Screen of Death]
But there's no need to don a tin foil hat and believe in conspiracies when the harsh, blunt truth is that looting the public purse for private gain got Bush re-elected.