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5 Feet of Fury

Kathy Shaidle's blog. Est. 2000

“I found myself wondering, as I drove around Detroit…”

November 7, 2008 By admin

“…if ‘subprime’ was in fact a new financial euphemism for ‘black.'”

More on the “diversity recession”:

The other item I would add is the effects of political correctness and discrimination lawsuits on financial institution’s ability to perform reality checks on their own actions. Nobody can send a memo to their colleagues saying “We lent a billion dollars to Detroit?” without being in severe danger of it turning up in the discovery of a redlining discrimination case.

Beyond that, it was just totally uncool to point out that Detroiters, where the high school dropout rate is, what, 75%, couldn’t really make enough money over the next 30 years to pay for all that bling they were buying with home equity lines of credit. Who wanted to hear it?

More from my site

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  • Oh.Oh.

Filed Under: Uncategorized Tagged With: :entry:fivefeet-2008-11-07-0008

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