In arguments here and with people I know in the flesh and blood world, I've repeatedly said what I've known to be true: housing loans made to poor people weren't the reason our economy tanked. In fact, I've pointed out, loans made under the CRA were less likely than "regular" loans to default and more likely to stay with originating banks as opposed to being turned into the unregulated investment instruments of the sort that did play a huge role in the recent unpleasantness.
So here's an article that makes me sound like a damn genius:
... Irresponsible lending might have been one of the many causes of the financial crisis -- but not just irresponsible lending to poor people, according to a new study.
"The large majority of mortgage dollars originated between 2002 and 2006 are obtained by middle- and high-income borrowers (not the poor)," the authors write. "In addition, borrowers in the middle and top of the distribution are the ones that contributed most significantly to the increase in mortgages in default after 2007." Rich people tend to take out larger mortgages, of course, but the fact is that the amount of money poor borrowers failed to pay back was just never that significant, as this chart from the paper shows...Well, what's done is done. Money under the milk. But it'd be nice if there were something to be learned from it all. Oh, it's not that there's nothing to learn; just that those who need the lesson aren't in class. Pesky facts get in the way of their preferred self-serving and dishonest narrative, so they prefer to tell tales out of school.
In a world where facts mattered and where there were enough people who preferred solving problems over denying or ignoring them, one might think this sort of information would be useful. Maybe it'd make people reconsider; the ones trying their hardest to undo what meagre regulations followed the crash. I think I might have lived in that world for a little while, maybe the first two or three decades of my life. As I recall, things were moderately hopeful, way back then.
The only cause for hope nowadays is that Congressional Rs will continue to shed all pretense of rationality, to an extent that even the Foxified will start to recognize that their agenda is inimical to having a future.
Sadly, though, because that's the only scenario which might provide reason to hope, there really ain't much cause for it at all.