Michael Lewis takes a lesson from the subprime blowup:

So right after the Bear Stearns funds blew up, I had a thought: This is what happens when you lend money to poor people.

He also notes that the poor are very good at public relations. Just look at all the people trying to bail them out of their mortgages. My favorite lesson:

Our society is really, really hostile to success. At the same time it’s shockingly indulgent of poor people.

We ignore that one at our peril. Remember that the next time someone tells you mortgage companies need to be shamed into granting loans to people who have no collateral and no history of actually paying their bills, much less keeping up property, so they can have a big hunk of the American dream.

(Link via Instapundit)