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!
“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!