Phil Town on The Real Culprits
http://www.philtown.com/phil_towns_blog/2008/10/the-real-culpri.html
A quick read of Phil's post might suggest that the real culprits of the financial debaucle we're heading through might be the subprime mortgage borrowers, and there is a slight insinuation that he means racial minority mortgage borrowers.
I read a little more carefully, and I think he didn't mean to imply that minority mortgage borrowers were the culprits, but that it was due to attempts to deregulate the bank lending policies so that minority borrowers could qualify for mortgages which they had previously been wrongly denied. As a result of this deregulating, and also because banks began aggressively promoting adjustable rate mortgages toward real-estate speculators and house flippers, we are now in the mess we are in.
I trust Phil's perspective, and want to make sure he's not misunderstood.