No one dares speak of the recession's root cause

"There was overlending going on all over the world—yet the collapse started in a few rapidly Hispanicizing states in the U.S. Why?

You have to look at both sides of the equation: lending and repayment. In California and Company, not only was too much money being lent relative to past rates (which was happening in lots of other places, too), but, also, the earning capacity of the new homebuyers to pay back their loans was declining—as Americans moved out and Latin Americans moved in.
That double whammy in the Sand States of increasing lending and decreasing human capital is what blew the gasket on the world economy.

Of course, we also needed a third element—political correctness—to keep investors from noticing what was happening."

http://www.vdare.com/