[chhavi]

The Case Of The “Disappeared” Subprime Minority Borrower

By Takuan Seiyo



"It was on a bitterly cold and frosty morning, towards the end of the


winter of '07, that I was awakened by a tugging at my shoulder. It
was
Holmes. The flashlight in his hand shone upon his intense face. I knew
at
once that something was amiss.

"Come, Watson, come!" he cried. "The game is afoot. Not a word! Into
your
clothes and come!"


My friend had recently sunk into his customary melancholy, his
presence
but a wailing violin behind a closed door. Nevertheless, as I was
hurriedly getting dressed, I remembered that a change had come upon
him on
the previous morning.


Mrs. Hudson had just brought in the morning papers, along with our
toast.
I was fiddling with the dial of our new Marconi, when Holmes' sharp
cry
from the breakfast table diverted my attention. He was marking with
his
fountain pen an item in the paper. The luster had returned to his
eyes.
Curious, I let go of the dial knob and leaned over Holmes' shoulder.


The underlined column read: "Study: Minorities' 'dream' foreclosed",
and
underneath, "The subprime-mortgage crisis will cost black and
Hispanic
homeowners up to $256 billion—the worst financial hit for minorities
in
modern U.S. history".


Just then, the Afro-American voice that had been carrying on in the
radio
program cohered into distinctive words:


"… money-lenders have already sucked the value out of whole
communities,
urban and suburban. The wealth loss is staggering: People of color
have
collectively lost between $164 billion to $213 billion over the past
eight
years, with Latinos losing slightly more than African Americans."


Holmes was buttering his toast and listening.


"Before the crisis hit," the distinctive voice was now choked with
indignation, "it was estimated that it would take 594 years—more than
half a millennium!—for Blacks to catch up with Whites in household
wealth. Now, in the aftermath of the home mortgage massacre, it could
take
ten times as long—more than 5,000 years!—before Blacks achieve
homeowner parity with Whites."


Holmes leaned back in his chair with a whimsical smile, as the
commentary
concluded: "Looking backward, that stretches from now to when the
great
pyramids were built!"


I turned off the wireless and sat down at the table.


"A cup of tea, Watson?" Holmes said.


"A nation destroys its banking system and its currency to fake the
putative minorities' creditworthiness," my friend continued as he
poured
my morning restorative, "… and showers unearned benefits on them.
When
the subterfuge falls apart, its impact on the same minorities is
twisted
around to bolster an imputation of racial discrimination."


He stood up, tying the sash of his dressing gown.


"I say, Watson, from the point of view of the criminal expert, new
opportunities are arising that may alleviate my singular boredom since
the
death of the late lamented Professor Moriarty."


As we alighted into the hansom cab, I had a premonition that a new
adventure had just begun, related somehow to that statement…


—After The Adventure of the Abbey Grange, with apologies to Sir
Arthur
Conan-Doyle


The financial debacle of a $1.4 trillion pool of subprime mortgages
of
which at least half are unpayable and 25% are irrecoverable did not
start
in a political vacuum. For years, the American political
Establishment
badgered the banking industry about the "racism" implied in its loan
portfolio. The denial of mortgage loans to "minorities" at a greater
percentage than denial to whites has been deemed a prima facie
evidence of
racial discrimination.


"Classical socialism called for direct state ownership of the means
of
production, distribution, and exchange", wrote Peter Brimelow in a
1993
National Review article discussing a clash he had had in Forbes
Magazine
with the race-drunk mortgage industry critics.


"Neosocialism just aims at political control. Socialism claimed to be
more
efficient. Neosocialism claims to be more equitable. Above all,
neosocialism professes to combat 'racism,' since this magic word cows
all
opposition. Apparent neosocialist objective of the season:
commandeering
the banking system and forcing it to subsidize key client
constituencies."
[Racism At Work? By Peter Brimelow, National Review, April 12, 1993].


Brimelow related how the Wall Street Journal had carried five stories
in
late 1992 alleging, based on raw rejection rates, that lenders were
discriminating against minorities. Such allegations were obvious
rubbish,
as they took no account of standard credit considerations like
employment,
income, and net worth.


Finally, the WSJ reported on a Federal Reserve Bank of Boston study
that
did correct for these criteria, and still found that minorities were
rejected at a slightly higher rate. [Mortgage lending in Boston:
Interpreting HMDA data (Working Paper 92-7)] This difference, the
Boston
Fed had concluded, could only be due to racism.


Brimelow and his Forbes magazine co-author Leslie Spencer had inquired
of
the Boston Fed whether it had taken under account default rates for
black
and white mortgage holders. It had, the Boston Fed's Research
Director
replied, and it had found equal default rates. [The Hidden Clue,
Forbes,
January 4, 1993]


Brimelow then pointed out that this proved pure market forces were
working
in mortgage lending. Mortgage lenders were somehow able to weed out
impartially credit risks, reducing defaults down to the same rate for
whites and blacks.


"[That] is a sophisticated point", responded the Boston Fed's
Research
Director. "I do believe discrimination occurs", she reiterated, but
then
conceded, "I do not have evidence ... no one has evidence".


"They don't have evidence, but they sure have convictions", concluded
Brimelow, presaging how the Boston Fed study's fatal flaw would be
passed
over by the mass media. He concluded:


"Neosocialism, however, is not science. What's going on here is a
witch-hunt, conducted by the religious Left and aided by key elements
of
the civil service. The innocent victims will be the banking system,
the
savers of America, the economy, and ultimately liberty itself. The
craven
banking industry cannot be expected to resist. It is time
conservatives
stopped piously chanting about capital-gains tax cuts and woke up to
the
fact that their capital is under attack"


The same wishful assumptions masquerading as "research" by high
public
officials and reported by journalists as the truth were examined by
four
specialists, who published their findings in a 1996 paper, Mortgage
Discrimination and FHA Loan Performance [PDF]. Their conclusion:


"Results of the analysis fail to find evidence of better performance
on
loans granted to minority borrowers. Indeed, black borrowers are
found,
all else being equal, to exhibit a higher likelihood of mortgage
default
than other borrowers. These findings argue against allegations of
substantial levels of bias in mortgage lending."


Three years later, two finance professors, Stanley D. Longhofer and
Stephen Peters, pointed to the same fatal flaw behind all the
caterwauling
about the higher rejection rates for black and Hispanic mortgage
applicants.


The US Fair Housing Act and the Equal Credit Opportunity Act prohibit
discriminatory lending considerations by reasons of race, gender,
marital
status, religion, national origin, familial status, and handicap.
Longhofer and Peters stated that, grand labels notwithstanding, these
laws
have nothing to do with fairness: they target social inequality, not
bigotry. It's socialism through the back door.


"[E]verything else being the same, minority applicants are probably
less
creditworthy, on average, than whites. Therefore, in the absence of
fair
lending laws, it is likely that minorities would be denied loans more
frequently than whites and would pay higher interest rates and fees
on
approved loans… [F]air-lending laws have the perverse effect of
forcing
lenders to cross-subsidize minority borrowers from the higher profits
they
earn on white borrowers. Such cross-subsidization is inherently
'unfair'
because it works as a tax on one group that is used as a subsidy for
another." [Why Is Mortgage Discrimination Illegal? A Fresh Look at
the
Mortgage Discrimination Debate, Longhofer and Peters, Cato Institute,
PDF]


Thirty years of faked research and horrendous noise from "social
justice"
carnies, all amplified by the left-driven mass media, and the
political
elite figured out which direction held out the most rewards. A heavy
dose
of demagoguery followed. Some of these sub-eligible politicians, such
as
Congressman Barney Frank, Chairman of the Financial Services
Committee,
are still on the job, acting as though they have no part in the
financial
train wreck they have instigated.


Finally, with further pushing by different government branches and
agencies, mortgage lenders found a solution to inconvenient reality.
It
was the subprime loan, with sub-viable variations such as "interest-
only"
and "no-money-down."


No forces were available to combat the American economy's unbalancing
by
cultural Marxists, socialists, noisy "minority" chieftains and
power-hungry opportunists. Instead of leading a counteroffensive, the
federal government (mostly under Republicans) pushed toward the fall.
And
the bankers went along—even though it was their depositors’ capital
they were converting to cotton candy.


Banks started dishing out mortgages as though they were consolation
prizes
for the poorly educated of shaky employability, or achievement awards
for
the undisciplined and uneducable with no collateral.


Overwhelmingly, these prize-winners have been "people of color."


Presto! Many more "people of color" could achieve "the American
Dream"—some a few times over, as people with no money and no assets
were
able to buy several houses each, hoping for a quick and profitable
flip.


And the occupants of CEO suites were happy too. They had gained
points
with neosocialist/ "minority" lobbies and their vast cohorts of
useful
idiots. Not to mention the favors of weathervane politicians—and
enormous end-of-year bonuses to boot.


In trampling on rules of sound banking going back at least to
medieval
Italy, our financial wizards discovered the eternal quest of alchemy—
how
to convert lead into gold, for a while at least, before it turns into
garbage. Employing PhD's in high mathematics, they diced and mixed
financial offal, stuffed it into sausage skins, gave this dubious
bologna
properly pinstriped labels such as "Mortgage-backed Securities" and
"Collateralized Debt Obligations", and sold it off by the slice to
equally
greedy and heedless financial institutions down the line.


From inception through each change of hands, each putrid sausage
slice
("tranche") generated fat fees for its handlers.


But reality is stubborn. The underlying loans went sputtering, then
died.
The new, miracle collateral reverted to the ordure it had always
been.
Mortgage lenders started dying off from collateral toxemia. The
sausage
makers—the major financial powerhouses of the United States and
Europe—started writing off tens, eventually hundreds, of billions of
dollars in "nonperforming" assets. Insurance companies that guaranteed
all
that pungent charcuterie, and the guarantors of the fermenting meat
byproducts that went into them—Fannie and Freddie to you—started
swooning too.


In February 2008, the forward estimated total of total losses in the
global banking industry was $600 billion. By mid-July 2008, that
estimate
had risen to $1.6 trillion. With the $10.1 trillion equity loss in
the
global stock market between December 2007 and July 2008 alone, the
subprime debacle qualifies as the greatest financial disaster in
history.


That’s before the demise of Lehman Brothers, the world’s largest
underwriter of mortgage bonds; the US Federal Reserve’s $85 billion
loan
to rescue the world’s largest insurance company, AIG, from a similar
fate; and the shotgun marriage of America’s largest brokerage house,
Merrill Lynch. And before the black week’s wipe-out of another $3.6
trillion dollars in equity, reversed when the government announced a
plan
to buy all US stocks, bonds, mortgages and bank deposits for a down
payment of $1 trillion plus fateful installments down the road.


And it’s before this financial system shock has fully fed through
into
the real economy, precipitating what Steve Sailer has aptly named
"The
Diversity Recession".


The mega-hustlers who steered venerable financial institutions into
this
mega-iceberg, are not hurting. The press described the CEOs of two of
the
greatest malpractitioners of banking, Merrill Lynch and Citigroup, as
having "fallen on their swords"—but not for these types such a noble
end. Stan O'Neal, the ousted CEO of subprime-bombed Merrill Lynch,
received a $160 million "retirement" package. The golden chute for
Chuck
Prince, the CEO who led Citigroup to the biggest loss in its 196-year
history, was $42 million. John Mack, the CEO of Morgan Stanley, had
to
forego his 2007 bonus, but it’s some consolation that at the height
of
the subprime scam, in 2006, he copped $41 million.


Dick Fuld, the CEO of bankrupt Lehman, took home $45 million in 2007,
so
he won’t have to mourn the vaporization of his 401k. "Jimmy" Cayne,
the
former CEO of the former Bear Stearns, similarly burned on his vested
stocks, presumably retired to his $28 million apartment in the Plaza
Hotel, to lick his wounds.


The banks themselves have not had to drink the hemlock they had
brewed
either. Instead of falling under the weight of their own malpractice,
except for Lehman they have basked in the largesse of the Federal
Government. Technically, it's not a bailout using taxpayer money—just
a
wide-open "discount window", a spigot from which poured over a
quarter
trillion dollars in just four days in mid-September ’08. But it's a
bailout nonetheless, as pointed out by Barry Grey on the World
Socialist
Website:


"The government-backed bailout plan for Citigroup and Wall Street
underscores the increasingly parasitic and socially destructive
operations
of American and world capitalism", says this socialist writer. "The
role of
the SIVs [Structured Investment Vehicle, funds that raise capital by
selling short-term securities at low interest and then buy long-term
securities at higher interest, very often packaged, subprime mortgage
loan
products] exemplifies the degree to which immense wealth is generated
for
a layer of multimillionaires and billionaires on the basis of
financial
manipulations almost entirely divorced from the process of production
and
socially useful investment."


Exactly right, says this anti-socialist. America’s main industry,
finance, has turned out to be a pyramid scheme of reckless,
interlocking
bets, essentially a stratospheric swindle.


But all this is just one side of the picture. For at the other end of
the
spectrum from the princes of finance are the mostly "minority" rubes
who
bought houses they could not afford with money they did not have,
based on
income data they had falsified, egged on frequently by crooks in the
employ
of companies such as Ameriquest—that self-lauded "proud sponsor of
the
American Dream". And there are enough of them, and their skin tones
are
compelling enough, to generate enormous political pressure for
government
action to bail them out too.


Entering "subprime minority" into Google recently yielded 544,000
links,
with typical items reading:


* Minority Subprime Borrowers—Minorities Pay More for Home
Ownership


* Study Finds Disparities in Mortgages by Race


* Study Finds Subprime Lending More Prevalent in Minority, Low-
Income
Communities in New York Metropolitan Area


* Minorities Discriminated against in Credit Markets, Study Finds


* Minorities Often Pay More for Mortgages, Study Says


* Minorities hit hard by rising costs of subprime loans


* Subprime Mortgages Concentrated in City’s Minority
Neighborhoods


Even this small sample reveals the main sources of the incessant
harangue:
ethnic grievance lobbies, socialist fronts, and their three
megaphones:
lawyers, academics and the Mainstream Media.


To save greed-demented bankers and freeloading borrowers from
themselves,
the Fed has repeatedly cut interest rates and pumped tens of billions
of
dollars at artificially low rates to the subprime-tainted banks. As
of
September 7, 2008, the Bush administration, on behalf of the American
taxpayer, essentially wrote a check for $200 billion to bail out the
two
fences of illicit mortgage loot—Fannie and Freddie to you—and assumed
over $5 trillion in their liabilities, doubling the national debt.


When Fannie and Freddie were profitable, their profits went to the
investors. Now that they have losses, those have been assumed by the
US
taxpayer.


And so we have a government practicing selective socialism on behalf
of
insatiable corporations on one end and improvident individuals on the
other—at the expense of the vast majority in between.


It's socialism that plunders the renters, the old and retired, the
savers
and the bond investors in order to shower their money onto home
owners-by-error, the debtors, and speculators in financial fancy.


This is even more unjust and stupid than simple socialism, for that
socialism aimed to plunder a rich minority in order to benefit the
middle
and bottom majority. This American mutation, however, aims to plunder
the
middle majority in order to bail out the bottom and top minorities of
race
and riches.


The refreshingly named Dr. Housing Bubble has named this fiscal mega-
crime
"Crony Capitalism for Dummies."


What’s going on is a base perversion of both morality and justice. It
substitutes an innocent party to be punished for the malfeasance of
another.


All the "noble" government efforts to prop up falling dominoes stoke
inflation, devaluing savings, and sabotaging the responsible,
provident
citizen.


As of August 2008, inflation in the United States is rising at the
fastest
pace since 1981. The government, knowing this, cooks the books.
Summer '08
inflation rates were up to 12.5%, but the government Core Consumer
Price
Index figures were 7% lower. To know the truth, one has to rely on
American equivalents of samizdat, in the best USSR tradition.


A de facto devaluation of the dollar has now accelerated so much that
a
formal devaluation may be necessary. Therein lies the specter of the
Weimar Republic: people exchanging wheelbarrows of banknotes for a
loaf of
bread…and a strong, indignant leader saving them from the nightmare
with
passionate oratory, national socialism, and the goose-step.


Already bank branches are under siege by people facing foreclosure
who
were primitive enough to sign mortgage papers that they did not
understand, in a language they often did not know—English.


In effect, what’s going on in the realms of both the subprime Wall
Street swells and the little mortgage borrowers with subprime
intelligence
is a slow but relentless pressure to unravel contracts entered into
by
consenting adults. That is an erosion of Contract Law, the very
foundation
of civilized society.


This farce in four acts, with wigs, masks and costumes, trapdoors,
sliding
plywood scenery and weeping violins in the orchestra pit has been
enacted
for 40 years without letup for one reason only: to camouflage or
otherwise
deny racial group differences in IQ, and in mean ethnocultural traits
such
as the importance attached to education and to obeying the law. In
the
realm of statistical reality, all these, and not "racism", bear
directly
on the chances of material success in life—including home ownership.


The statistical facts imbedded in the last paragraph are considered
so
unacceptable in this country that the verb "to disappear" is deployed
here
in its transitive mode, the way it has been in the political practice
of
banana republics. Nevertheless, these phenomena are not only
observable in
one's daily life—if one but unplug those electrodes implanted in the
brain since kindergarten—but are based on thousands of peer-reviewed
studies going back 100 years. Corollary issues of ethno-cultural
group
differences have been studied with conclusive results for almost as
long.
[Race and Psychopathic Personality, By Richard Lynn, American
Renaissance,
July 2002]. But woe is him who dabbles in proscribed science.


"Minorities" register mean group IQs of 70 for sub-Saharan Africans,
85
for Afro-Americans and Polynesians and 88 for the main "minority" in
the
US, the Mexican mestizos, versus 100 for American whites. (The latter
containing subgroups with an IQ mean as high as 115.) This is as close
to
science as anything has ever got in the social sciences. An
authoritative
review of the last 30 years of relevant research is here and a
comprehensive understanding of the subject is available for the
intelligent layperson at websites such as gnxp.com or Steve Sailer's
archive, the best available bridge between the relative science and
common
sense interpretation.


The implications of the mean IQ differences for success in education,
employment, home ownership etc. are overwhelming and, again, covered
in
depth by major researchers, ad infinitum. Here is Professor Linda
Gottfredson:


"People with IQs between 75 and 90 are 88 times more likely to drop
out of
high school, seven times more likely to be jailed, and five times
more
likely as adults to live in poverty than people with IQs between 110
and
125. The 75-to-90 IQ woman is eight times more likely to become a
chronic
welfare recipient, and four times as likely to bear an illegitimate
child
than the 110-to-125-IQ woman." [The General Intelligence Factor,
Linda
Gottfredson, Scientific American, Volume 9, Number 4, Winter 1998.]


Due to the mathematical properties of the bell curve, 68.3% of the
distribution lies within one standard deviation ("sigma") from the
mean,
and 95.5% lies within 2 sigmas. Since the sigma in intelligence
studies of
the American population is set at 15, that has deep implications
relative
to educational and other attainments.


An IQ of 100 is considered necessary for a successful completion of
high
school—real completion of a real high school, as opposed to the
"social
promotion" of the dumb through the already dumbed-down curriculum in
American Schools (11). With a mean IQ of 100 for American whites, 50%
of
them have the capacity to acquire that high school graduation ticket
to
further knowledge and prosperity. But a mean IQ of 85 for American
blacks
means that only 15.9% of them have that capability. Nonwhite Mexicans
have
a slightly higher ratio. Nature, unlike Lake Wobegon, does leave
children
behind.


The subprime scandal is only one example of the political elite’s
willful blindness. Other adventures of "disappeared" minorities:


*


The US Transportation Security Administration spends $5 billion
a
year to delay, harass and annoy 677 million passengers on 10.3
billion
occasions per year for the sake of weeding out their toothpaste tubes
and
making them feel equally debased as they crawl toward the selection
chute
beltless and barefoot.


All this in order not to have to notice that a definite statistical
portrait—excluding the overwhelming majority of all passengers—
emerges
from tabulating the ethnic and demographic markers of the thousands
of
terrorists who have attacked American and European targets over the
last
quarter century.


*


The American educational systems spends over half a trillion
dollars
per year K-12 education—but it’s a Sisyphean labor.


In a 2007 comparison of 29 OECD countries, the US came up first in
education expenditure, spending approximately $10,000 per year, per
pupil,
while scoring (among 15 year olds) 24th in math and 17th in Science.
In the
latest reading skills comparison of 44 countries, the US was 23rd..
Meanwhile, to cite one of many, the Czech Republic spends on
education
about $3,000 per year per pupil, yet in international comparisons it's
6th
in math, 5th in science and 2nd in reading.


Could it be, perchance, that America ’s vaunted "strength in
diversity"
has been overhyped when compared to boringly "nondiversified"
societies—the Czechs, the Finns, the Japanese?


Per US Government statistics, 42% of students enrolled in American
public
schools in 2005 were "minorities", and 20% spoke a language other
than
English at home.


"Minorities" is a euphemism that has nothing to do with population
percentages but everything to do with "disappearing" the inconvenient
truth of mean racial group differences that handicap the "minorities",
but
not the majority, in education and wealth acquisition.


In reckoning with these metrics lie the answers to all societal woes
of
the Third World-infused multiracial society. We have a criterion by
which
to stop the pouring of further enormous treasure down a bottomless
well to
"correct" what are not the faults of society but the woof and warp of
the
manifest forces of nature—or God, to one so inclined. We have a
yardstick by which to assess the national interest with regard to
unrestricted immigration. We have a map by which to pursue more
effective
solutions to the problems of crime, welfare, education, cultural
dissolution and more.


But perhaps not in our lifetime—not until many more people can be
described by Irving Kristol's quip that a conservative is a liberal
who
has been mugged by reality.


Ultimately, each individual must be judged on his own merit. His
group's
mean characteristics are essentially irrelevant.


But by granting racial group preferences to "minorities" based on the
spurious assertion of racial discrimination, demagogues and bien
pensant
liberals actually compel truth-seekers to dig for statistical
findings
related to such groups, to refute the fraudulent charges of "racism".


Instead of condemning the suicidal magnanimity of bestowing home
ownership
on the mostly-"minority" improvident whose only qualifications were
their
skin tones and loudmouth advocates, America is busy pouring ashes on
its
head because of the inevitable consequences of folly that, by
incredible
coincidence, fall disproportionately on the selfsame "minorities".


It's not often in history that such extraordinary delusions have been
so
pervasive, with such negative consequences. But instead of facing
reality
and learning to work with it, our Moriartys lunge at our Sherlocks
and
wrestle them over the precipice of the Reichenbach Falls—to the
ultimate
doom of the whole of society.


It's a fraud to attack those who speak out on racial differences as
"racists", as though reckoning with salient characteristics of group
averages denies the potential of individual members of such groups.
It's
inexcusable to brainwash generations of vulnerable schoolchildren that
a
pervasive "racist" environment is responsible for the under-
achievement of
"minorities" It's the "minorities’" own hereditary qualities that are
in
free play he IQ, parents, ancestral culture, the hand that fate
has
dealt.


The cultural Marxist, or useful idiot, intent on shouting down reality
and
seeing "racism" everywhere, may drown in a lake whose mean depth is
four
inches, while protesting that the second and third tallest men in the
world, who are Chinese, invalidate comparisons of the mean height of
the
Chinese and the Dutch.


For forty years now, and perhaps for the first time in 350 years, the
West, en masse, has been retreating from the Enlightenment that had
catapulted it to the pinnacle of civilization. The forces of reason,
empiricism, truth-seeking, basic freedoms (before they became
"rights");
the flowering of genius in all areas of human endeavor, all are in
retreat
everywhere at the same time.


A liberal dogma, a totalitarian taboo divorced from any reality that
has
ever existed, has taken hold. The new Nicean creed posits that
discrimination, i.e. the perception of differences between groups—
males
v. females; shepherd Muslims v. urban post-Christians; Mexican
mestizo
peasants v. Danish professors of physics; High Protestant culture v.
Hmong
tribal custom—are the greatest, the cardinal, sin.


The overwhelming preponderance of black multimillionaires in sports
and
Rap passes without a comment. No affirmative redress action is
available
for short Ashkenazi Jews and Bengali Indians who feel unfairly
excluded
from the NBA. But the preponderance of whites in the sciences, the
professions and upper corporate ranks, and the material rewards that
accrue to that, are seen as racism that requires a disastrous
re-engineering of society.


In finance, we have gone laissez faire on a group of reckless
buccaneers
disguised in Savile Row finery, selling spoiled meat from the back
seats
of Maybach limos. But we have banished laissez faire in the main area
where it is salutary: liberty to pursue happiness with the hand of
cards
one has been dealt by fate and DNA, played with will and character by
the
rules of pure meritocracy. And this, rather than the subprime meltdown
of
faked homeownership, is the destruction of the American Dream.


A roomful of Professor Moriartys could not have conceived a more
diabolical scheme to destroy, morally and materially, the United
States."


Takuan Seiyo [Email him] is a multiethnic and multilingual Euro-
American
immigrant, writer and former international media executive. A happy
and
highly contributive Californian for decades, TS left as a
demographic,
political and fiscal refugee. He is now content to live in Japan, a
country that does not actively pursue its own extinction, where he is
an
oft-fingerprinted and respectfully discriminated-against minority. An
earlier, shorter version of this essay appeared in print in the
Quarterly
Review, March 2008.


If you want to email or print out, format by clicking on this
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[Clyde Slick]

On 12 Oct, 09:57, chhavi wrote:
The Case Of The “Disappeared” Subprime Minority Borrower


don't bother reading it
the butler did it.