Steve Sailer writes:
In reality, the essential cause of the Housing Bubble in what Lewis dubbed the Sand States—Florida, California, Arizona, and Nevada—was that the quantity of population was climbing fast enough due to Third World immigration to seemingly rationalize the higher prices, but the quality of the increasingly diverse population was declining. But under the rules of political correctness, nobody was allowed to articulate this in public. Instead, George W. Bush lectured his federal regulators that the real problems with the mortgage market were instead that racist rules about down payments and income documentation were redlining minorities out of their American Dreams.
(…) after all these years, McKay remains unsure whether the mortgage meltdown was due to fraud or stupidity. But Occam’s razor suggests that long-term ignorance and deceit is caused by taboo: Our most sacred value today is diversity, so that was the one cause we weren’t allowed to question.