“It gave insiders a rationale for putting their thumb on the scales of the vast lending market in the sacred name of anti-discrimination. Who dared be so racist as to argue that blacks and Hispanics should get fewer loans per capita because they were less likely to pay them back? That’s ‘the soft bigotry of low expectations.’
“But it’s not just the fault of stupid borrowers, although a national policy of importing more of them by not enforcing the immigration laws clearly worsened the problem.
“Stupidity extended all the way up the hierarchy—and that was intentional.
“Political correctness makes people stupid, so diversity provided the ideal cover story for financial crime of the century…”