"In the wake of the 1992 L.A. riots, Bush lowered standards of creditworthiness for inner-city home buyers. But it was Clinton who opened the floodgates of housing credits by threatening, on the strength of misrepresented agency data, to find lenders guilty of “redlining” black neighborhoods. He used the Carter-era Community ÂReinvestment Act to pressure banks politically. Black homeownership rose by 25 percent between the mid-1990s and the mid-2000s. This was the era of subprime loans, which would bring on the crash of 2008 and the ensuing global recession. The American media has never been comfortable acknowledging that minority homeownership programs were at the root of an international economic calamity. But economists (notably Atif Mian and Amir Sufi of Chicago, and Viral Acharya of NYU) have understood it all along, and the progressive Cambridge University Âhistorian Gary Gerstle, in his recent The Rise and Fall of the Neoliberal Order, puts the Bush-Clinton subsidies squarely at the center of the 2008 crash."
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Christopher Caldwell
Christopher Caldwell (born 1962) is an American journalist, author and a former senior editor at The Weekly Standard, as well as a regular contributor to the Financial Times and Slate. He is a senior fellow at the Claremont Institute and contributing editor to the Claremont Review of Books. Caldwell's writing has also appeared in The Wall Street Journal, The New York Times, and The Washington Post. He was also a regular contributor to The Atlantic Monthly and The New York Press and the assistant
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