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How Carter, Clinton, and G.W. Bush killed black & Latino wealth.


Carter was first to demand that banks forgo common sense to put more blacks in homes. Clinton accelerated the efforts. Clinton’s housing secretary even publicly admitted that black and Latino foreclosure rates would increase, but it was worth it to put more in houses. Bush accelerated these efforts even more. Bush said it wasn’t enough that blacks and Latinos were buying “starter houses.” He called for more affirmative action loaning to put minorities in “better houses.” Obama aided by working on lawsuits against banks to force them to engage in affirmative action loaning.

During the Bush administration, Republicans in the House tried to bring back common sense. They were screamed at by the Black Caucus and called “racists.”

When the whole thing came crashing down it devastated the US economy. However, those hurt the most were blacks themselves. The average black household lost over half its wealth between 2005 and 2009. Imagine how much better the US economy would be right now had it not been for affirmative action home loans.