Housing Meltdown Not a Racial Issue

Conservative commentators have chosen the wrong scapegoat
By Rob Quinn,  Newser Staff
Posted Sep 27, 2008 4:15 PM CDT
In this July 20, 2008 file photo, signs sit outside an unsold new home in Denver.    (AP Photo/David Zalubowski)
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(Newser) – Some conservative commentators have bypassed greedy Wall Street firms, reckless lenders, and a government asleep at the wheel to blame minorities for the credit crisis, Cynthia Tucker observes in the Atlanta Journal-Constitution. This a misguided move for many reasons, she writes. For starters, the affirmative action lending programs they blame for many subprime loans don't even exist.

It's true that many minority homeowners were pushed into risky loans, Tucker writes, but the lenders weren't complying with any regulations to ensure equality—they were just out to make money. "The credit crisis is an all-American disaster, a melting pot of greed, recklessness, and myopia," Tucker concludes. "Those all-too-human traits aren’t limited to any particular race or ethnic group."