Works in ChatGPT, Claude, or Any AI
Add semantic quote search to your AI assistant via MCP. One command setup.
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 floodgat… - Christopher Caldwell
" "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 Reinvestment 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 historian 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.
English
Collect this quote
About 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 managing editor of The American Spectator.
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Christopher Caldwell
Since the turn of the century, Europeans have been faced with the most basic question about their future: whether they have one. In some countries — especially Italy, Germany, and Austria — the native population has been shrinking for decades. Birth rates have fallen so low that each native generation is about two-thirds the size of the last. The decline was masked for a while by the size of the almost wholly autochthonous Baby Boom generation, but now those native Europeans have begun to retire and die. Non-European immigrants, especially those from the Middle East and North Africa, have rushed to claim a place on the continent.
In order to work, free-trade systems must be frictionless and immune to interruption, forever. This means a program of intellectual property protection, zero tariffs, and cross-border traffic in everything, including migrants. This can be assured only in a system that is veto-proof and non-consultative—in short, undemocratic. That is why it is those who have benefited most from globalization who have been leading the counterattack against the democracy movements arising all over the West.
Unlimited Quote Collections
Organize your favorite quotes without limits. Create themed collections for every occasion with Premium.
Important demographic distortions created conditions for a more open attitude toward both blacks and gays than had been possible before or would be possible after. A program of mass incarceration, launched as part of Ronald Reagan’s war on drugs, had landed the great majority of young black criminals in jail. For the first time in a generation, black neighborhoods became safe for non-blacks to enter and spend money in, and the non-incarcerated remainder had more in common with their non-black contemporaries than had seemed to be the case in previous generations. What had most bothered people about gays, as late as the 1984 Democratic National Convention in San Francisco, was the promiscuity of the anonymous “bathhouse” scene. Then the AIDS epidemic arose, and by the time effective therapies came on the market in 1994, hundreds of thousands of the men who had belonged to that world were dead. The survivors had been selected for fidelity and bourgeois prudence, and many had shown extraordinary courage and character in enduring the worst ordeal any group of American men had undergone since the Vietnam War. The movement for gay marriage won over Hawaii’s Supreme Court in 1996 and Vermont’s in 1999.
Loading...