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Blaming Market Fundamentalism for the Mortgage Mess

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In a piece that effectively conveys moral outrage, economist Nouriel Roubani details how the meltdown in the mortgage market is the consequence of a systematic failure of regulation fueled by the ideology of Market Fundamentalism. His powerful piece conveys the huge economic price we are paying for these mistaken ideas. But Roubani,'s piece only briefly touches on the evastating impact that this explosion of predatory lending has had on low income and especially minority communities where many have been systematically stripped of their savings and now face the loss of their homes. While the Market Fundamentalists all claim to be color blind, their policies, as with Hurricane Katrina, always seem to hit racial minorities the hardest.

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