I can’t resist recycling this NRO column of mine from June 2002.

By the way, I’m not enough of an economist to know how much of our current problems are traceable to politically correct lending, and I freely admit that I criticized such lending less because of its likely economic results than because of the social corrosion and fundamental unfairness that racial preferences inevitably entail. Still, there’s no doubt that the evidence was there for all to see that Clinton and Bush administration policies were encouraging mortgages to be written with an eye on the racial, rather than strictly the economic, bottom line.