Securities based on risky mortgages are what toppled financial institutions but it was the government that made the mortgages risky in the first place, by making home-ownership statistics the holy grail, for which everything else was to be sacrificed, including commonsense standards for making home loans.
Thomas SowellYou don't send people to prison on the basis of what other people imagine, or on the basis of media sound bites like 'shooting an unarmed child,' when that 'child' was beating him bloody.
Thomas SowellNo one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.
Thomas SowellCan you cite one speck of hard evidence of the benefits of "diversity" that we have heard gushed about for years? Evidence of its harm can be seen — written in blood — from Iraq to India, from Serbia to Sudan, from Fiji to the Philippines. It is scary how easily so many people can be brainwashed by sheer repetition of a word.
Thomas SowellThe government is now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s - use a crisis of the times to create new institutions that will last for generations. To this day, we are still subsidizing millionaires in agriculture because farmers were having a tough time in the 1930s.
Thomas Sowell