The Great Divide
28th June 2009
Steve Sailer looks a the mortgage meltdown discussion.
In public, there are only two sides: the liberal (Corporate Greed!) and the libertarian (Government Interference!).
In contrast, the real divide is between the overwhelmingly dominant Diversity Dogmatists, liberal and libertarian, versus the tiny number of Diversity Heretics. Personally, I don’t oppose government regulation of the mortgage business to prevent over-optimistic borrowers and lenders from causing defaults down the road, so I’m not a libertarian on this. But, in this case, the federal government was (and still is) regulating in the wrong direction: toward more risk.