Bloomberg once blamed end of ‘redlining’ for 2008 economic collapse

The Purge

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At the height of the 2008 economic collapse, then-New York Mayor Michael Bloomberg said the elimination of a discriminatory housing practice known as “redlining” was responsible for instigating the meltdown.

“It all started back when there was a lot of pressure on banks to make loans to everyone,” Bloomberg, now a Democratic presidential candidate, said at a forum that was hosted by Georgetown University in September 2008. “Redlining, if you remember, was the term where banks took whole neighborhoods and said, ‘People in these neighborhoods are poor, they’re not going to be able to pay off their mortgages, tell your salesmen don’t go into those areas.’”

He continued: “And then Congress got involved — local elected officials, as well — and said, ‘Oh that’s not fair, these people should be able to get credit.’ And once you started pushing in that direction, banks started making more and more loans where the credit of the person buying the house wasn’t as good as you would like.”

(Excerpt) Read more at nypost.com ...

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He’s a racist. But he was partly correct, liberal politicians forced the banks to give credit loans to blacks in redlined districts, and caused problems for everyone when they defaulted. Unfortunately, Bloomberg doesn’t blame democrats for the problems they caused.

I can't wait for the Doomberg/trump debate where trump has enough Super big gulp delivered with a fork lift and gives them out to the audience....now THAT would be a worthy Trump trick so everyone takes notice of the little dictator Mike's STUPIDITY!

dc93b48295eaeb4b.jpg
 
Where is the racism? I don't see it.
Read up on REDLINING!
I know what redlining is...it was clearly explained by Bloomberg. How is that racist? Sections of city are not a race. Sections of cities do represent income levels very accurately though. I would imagine credit rating too. Remember white man...it's only RACIST when it affects people of color.
Pay your bills ******.
 
Rubber Stamping “Approved” for 100% of applications had a bit to do with the crash.
 
I understand the Republicans appealing to the racists, Trump can't win without them but sheesh, now the Democrats are doing the same by pushing Bloomberg.
 
I understand the Republicans appealing to the racists, Trump can't win without them but sheesh, not the Democrats are doing the same by pushing Bloomberg.
Apparently you’ve never had a conversation with a Liberal...”Darkies are helpless without Whitey!”.
 
So looks like it's, take their weapons, deny them funding.

Perfect recipe to keep them on the plantation
 
Where is the racism? I don't see it.
Read up on REDLINING!
I know what redlining is...it was clearly explained by Bloomberg. How is that racist? Sections of city are not a race. Sections of cities do represent income levels very accurately though. I would imagine credit rating too. Remember white man...it's only RACIST when it affects people of color.
Pay your bills ******.
Perhaps this little video where former HUD SEC
and current NY governor, Andy Cuomo will explain the racism along with admitting the DemonRATS caused the financial crisis of 2008 will help you....and upset others!

 
Redlining was looking at an entire neighborhood or persons from a neighborhood and immediately deeming them unqualified for a mortgage. This was not fair or equitable and by its practice, “prejudice”. Democrats pushed for this practice to stop in the 70s which is a good thing.

Where things get cloudy is in the 90s when Democrats did not like the data coming out that showed many - not all - people from these neighborhoods did not qualify for loans or the loans they where asking for were too much debt and that’s when the trouble began. Regardless of what neighborhood or region you came from, Democrats pressured banks to relax the standards and controls for loans so now people from all or any neighborhoods were getting into loans that were risky for them and the banks. Then, when the loans could not be paid, there was a charge of racism on the back side saying the banks engaged in “predatory lending”.

A loan is risky. That is why there are controls. When you relax the criteria, and people get into loans they will more than likely struggle to pay back, you increase the risk of a collapse.
 
Where is the racism? I don't see it.
Read up on REDLINING!
I know what redlining is...it was clearly explained by Bloomberg. How is that racist? Sections of city are not a race. Sections of cities do represent income levels very accurately though. I would imagine credit rating too. Remember white man...it's only RACIST when it affects people of color.
Pay your bills ******.

Technically, you could have a trailer park or shacks of poor white people on a part of town who could be redlined under the old modle.

The only legitimate charge for racism in lending is when two people - one white and one non white- apply for a similar size loan and both meet the exact criteria and the non white does not get the loan.
 
Where is the racism? I don't see it.
Read up on REDLINING!
I know what redlining is...it was clearly explained by Bloomberg. How is that racist? Sections of city are not a race. Sections of cities do represent income levels very accurately though. I would imagine credit rating too. Remember white man...it's only RACIST when it affects people of color.
Pay your bills ******.

Technically, you could have a trailer park or shacks of poor white people on a part of town who could be redlined under the old modle.

The only legitimate charge for racism in lending is when two people - one white and one non white- apply for a similar size loan and both meet the exact criteria and the non white does not get the loan.
Which would never happen.
 
Redlining was looking at an entire neighborhood or persons from a neighborhood and immediately deeming them unqualified for a mortgage. This was not fair or equitable and by its practice, “prejudice”. Democrats pushed for this practice to stop in the 70s which is a good thing.

Where things get cloudy is in the 90s when Democrats did not like the data coming out that showed many - not all - people from these neighborhoods did not qualify for loans or the loans they where asking for were too much debt and that’s when the trouble began. Regardless of what neighborhood or region you came from, Democrats pressured banks to relax the standards and controls for loans so now people from all or any neighborhoods were getting into loans that were risky for them and the banks. Then, when the loans could not be paid, there was a charge of racism on the back side saying the banks engaged in “predatory lending”.

A loan is risky. That is why there are controls. When you relax the criteria, and people get into loans they will more than likely struggle to pay back, you increase the risk of a collapse.

The banks said no, where the quid pro quo of ending Glass Steagall came about.
 

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