A Texas Reader Says Sub-Prime Lending Boom Got Bush Elected
October 22, 2008, 05:00 AM
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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]

Not only did sub-prime get Bush re-elected, but it also allowed Mexican illegal aliens to continue to strip mine America. 

Ditto for the corrupt oligarchs who run Mexico.  They've masterfully exported more than 10 percent of Mexico's population to the US. Republican fat cats and Texas plutocrats were rewarded as well. 

Paul Craig Roberts might believe that Bush stole the election.

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.

Chaillet was the winner of the 2003 VDARE.COM War Against Christmas competition. His previous letters are archived here.