Racism, greed or bad regulation?

posted by
February 8, 2011
Adam Smith Institute
by Eamonn Butler  
Posted in Commentary

"Trevor Phillips, the UK's equality czar, plans to tell a Westminster event today that the US banks' racism played a part in causing the financial crisis. He will argue that the banks routinely rejected blacks and other minorities for home loans. The only ones granted loans were those who were prepared much higher repayments -- which they then couldn't keep up when the property market started to turn. Er -- right up to a point, but for the most part, quite wrong." (02/08/11)


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