Steve Sailer writes::

The Diversity Recession: What Was The Financial (And Political) Establishment Thinking?

By Steve Sailer

The weird thing about the tumbling of the latest financial house of cards is that the cornerstone, such as it was, was confidence in the increasing ability of the bottom half of society to pay back unprecedentedly large debts.

Underlying these vast pyramids of debt was, all too often, a promise by a single mother who works at the DMV or a drywaller from Chiapas to (following a brief teaser period) make mortgage payments of, say, $3750 per month for the next several decades.

............

What's totally strange about the mortgage meltdown, however, is that the bet, at its base, was on the more marginal members of society to be able to pay off their inflated debts—a bet on the pretty-close-to-poor to get pretty-close-to-rich.

And that made no sense at all.

.......

Are you some kind of Communist who is saying that America''s free enterprise system can't generate enough high-paying jobs to pay for all this debt?

Are you some kind of racist who is saying that America's increasingly diverse population won't pay back their debts?

Oh, wait—it just didn’t.

And they just haven’t.

Hmmm.

[Steve Sailer (email him) is founder of the Human Biodiversity Institute and movie critic for The American Conservative. His website www.iSteve.blogspot.com features his daily blog.]