..subprime is a euphemism for poor. And consequently, in Detroit and Memphis, it is a euphemism for African-American, which is itself a euphemism for black.The rest is big-governmentitis written by a twit.
Interesting how little effect the credit events are having.
Non 'subprime' US property is down because of 'irrational exuberance' and easy money on the way up yet the US economy is thriving and will benefit from more affordable housing. CMOs and other real estate financial packaging have dispersed risk more widely than in the past. Bearstearns isn't bust, but so what if it were ? Meanwhile the stock market is at record highs and the US's vast foreign debt is growing smaller by the day as the dollar depreciates.
Actually the financial sophisticates in the subprime sector are often the borrowers - "These dumb white guys in suits want to throw money at me and, if things work out, in 2 years I'll have a house worth more, maybe much more, than it cost. If they don't work out, I'll be foreclosed and the smart money-men will own a house worth less, maybe much less, than it cost."