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Mike Bloomberg once blamed banks making loans to black Americans as the cause of the 2008 financial crash

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https://www.investmentwatchblog.com...as-the-cause-of-the-2008-financial-crash/Over a decade ago as Wall Street financial giants verged on collapse, Mike Bloomberg, the 2020 Democratic presidential candidate who was then the mayor of New York City, tried diagnosing the cause of the economic chaos.In newly resurfaced comments from a Georgetown University forum in September 2008, he pointed a finger toward the ending of a discriminatory practice against black Americans known as redlining.“It all started back when there was a lot of pressure on banks to make loans to everyone,” the billionaire said at the time. “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.'”Redlining refers to a historical government-backed practicedesigned to segregate black Americans into separate neighborhoods and bar them from access to home loans.

He went on: “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.”
Bloomberg is accurate that risky loans helped spark the crisis, but experts since the crash have said communities of color were often the targets of predatory lending.
“It’s been well documented that the 2008 crash was caused by unethical, predatory lending that deliberately targeted communities of color,” said Debra Gore-Mann, the president and CEO of the progressive nonprofit Greenlining Institute, told the Associated Press, which first reported the remarks.

markets.businessinsider.com/news/stocks/bloomberg-blamed-black-americans-loans-2008-financial-crash-banks-candidate-2020-2-1028903643


Don’t blame the sketchy math used in the design of collateralized debt. Ignore the machine of suck and focus on the suckers. makes perfect sense right? cdo’s and cdo squares were designed to fail.
 
xfactor said:
OP,

Wasting your time. If he gets the DNC nomination, he will get BGOL’s votes. It is impossible for a democrat to be racist according to BGOL political pundits like @easy_b and @Watcher and anyone is better than, less racist than trump, even democrat David Duke.
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Until you all get onboard with the concept of less white people in government would benefit us I guess we are stuck with lesser of two evils.

Damn, you really love you some Trump.

I doubt the nominee will be Bloomberg anyway
 
Watcher said:
Until you all get onboard with the concept of less white people in government would benefit us I guess we are stuck with lesser of two evils.

Damn, you really love you some Trump.

I doubt the nominee will be Bloomberg anyway
Click to expand...

Bro this is simply not true, don't assume cuz they black they think like you. Ken Thompson in NY sold out the whole black community to not prosecute peter liang. It's tons of coon niggas out there.

You really are a democrat, that's some bougie nigga stuff to say and simply not true.
 
totto said:
Bro this is simply not true, don't assume cuz they black they think like you. Ken Thompson in NY sold out the whole black community to not prosecute peter liang. It's tons of coon niggas out there.

You really are a democrat, that's some bougie nigga stuff to say and simply not true.
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Stick around, he will amaze you with his common sense !
 
totto said:
Bro this is simply not true, don't assume cuz they black they think like you. Ken Thompson in NY sold out the whole black community to not prosecute peter liang. It's tons of coon niggas out there.

You really are a democrat, that's some bougie nigga stuff to say and simply not true.
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Cats are worse than idealistic and naive 3rd graders discussing politics. :lol: Have they seen what decades worth of black politicians have done? These coons basically BEGGED cacs for the drug war and prison industrial complex. They oversee some of the worst places to live as a black person(see cleveland, east cleveland, and many other cities). Black caucus has been a joke.

You don't elect off skin color or gender. You elect of POLICY. You reward politicians with longer careers off what they DO. Not how well they can flip flop after fucking shit up.

Bloomberg is actually growing his black support. Probably cutting into all those coons who support Biden. Biden was already proving(once again) that black voters are the easiest to manipulate, but then comes Bloomberg to biden. :D "Hold my beer!"
 
totto said:
Bro this is simply not true, don't assume cuz they black they think like you. Ken Thompson in NY sold out the whole black community to not prosecute peter liang. It's tons of coon niggas out there.

You really are a democrat, that's some bougie nigga stuff to say and simply not true.
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You are using a single person as an example.

What you and white ego-trip are saying as a WHOLE white people are the same as Black people.

Nothing is ever going to change with whites as the majority. If you don’t agree with that you are White.
 
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gene cisco said:
Cats are worse than idealistic and naive 3rd graders discussing politics. :lol: Have they seen what decades worth of black politicians have done? These coons basically BEGGED cacs for the drug war and prison industrial complex. They oversee some of the worst places to live as a black person(see cleveland, east cleveland, and many other cities). Black caucus has been a joke.

You don't elect off skin color or gender. You elect of POLICY. You reward politicians with longer careers off what they DO. Not how well they can flip flop after fucking shit up.

Bloomberg is actually growing his black support. Probably cutting into all those coons who support Biden. Biden was already proving(once again) that black voters are the easiest to manipulate, but then comes Bloomberg to biden. :D "Hold my beer!"
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Aren’t you the same moron that shouts to the mtn tops nothing has changed in 50 years. What’s been the one constant in those 50 years genius?
 
gene cisco said:
No jackass, we've been replaced by Asians and Hispanics. So much win. Shall we break out the numbers again bitch?
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Break out the numbers in which majority has controlled the government and made policies in the last 50 years?

I’ll get you started.....white people
 
Here we go again with the Trump v Bloomberg dilemma. I hope we don't get there, but if we do, just recall how the establishment GOP felt about Trump during the 2016 election primary season. To a man they all started out as never Trump. Then when he got the nom anyway they all jumped on an been riding him all the way to a new american monarchy. Do you think the DNC won't try it too.
 
Warren hits Bloomberg on resurfaced 'redlining' comments
BY JULIA MANCHESTER - 02/13/20 09:11 PM EST 553



ARLINGTON, Va. — Sen. Elizabeth Warren (D-Mass.) hit fellow Democratic presidential hopeful Michael Bloomberg on Thursday, taking aim specifically at his recently resurfaced comments he made in 2008 about the controversial practice known as redlining.
“Now this has been some presidential primary already. We’ve been going about this for about a year,” Warren said during a packed town hall in the Washington, D.C., suburb.
"Some people got in a little later than others. Michael Bloomberg got in on the billionaire plan,” she said to widespread boos from the audience.

She then went on to address 2008 comments resurfaced by The Associated Press, in which Bloomberg said that the end of redlining contributed to the financial crisis.
The practice involves banks discriminating against racial minorities looking to take out loans in an effort to afford homes. Those specific communities were identified by redlines on maps.
“Michael Bloomberg is saying, in effect, that the 2008 financial crash was caused because the banks weren’t permitted to discriminate against black and brown people,” Warren said.
“I want to be clear,” she continued. “That crisis would not have been averted if the banks had been able to be bigger racists, and anyone who thinks that should not be the leader of our party.”
The senator first hit Bloomberg on the issue in a tweet earlier on Thursday.

Bloomberg campaign spokesman Stu Loeser responded to the AP’s report, saying Bloomberg went after predatory lending as mayor, and that as president, he has a plan to “help a million more Black families buy a house and counteract the effects of redlining and the subprime mortgage crisis.”

The former New York City mayor, who has also come under scrutiny for recent comments about the use of the controversial stop-and-frisk policy in the city, has climbed in the polls.

While he won’t be officially competing until the Super Tuesday states, including Virginia, go to vote on March 3, other candidates have taken aim at Bloomberg in recent days.

Warren’s criticism comes as she turns her focus to Nevada and South Carolina after finishing third in the Iowa caucuses and fourth in the New Hampshire primary.

Despite her slide in support in the polls, Warren drew a massive crowd in Arlington of roughly 4,000 attendees, according to her campaign. The Massachusetts senator addressed overflow crowds before addressing the majority of attendees.
 
Did Mike Bloomberg Really Blame the End of Redlining for the Financial Crisis?
What to make of his baffling recorded comments.
By JORDAN WEISSMANN
FEB 13, 20201:14 PM

WTF, Mike?
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Mike Bloomberg has terribly misguided beliefs about what caused the 2008 financial crisis, which should probably disqualify him from becoming the Democratic presidential nominee. But I think some of his recently unearthed comments about the crash are being misinterpreted ever so slightly. They’re damning but not quite in the way some people seem to think.
On Wednesday, the Associated Press reported that, “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.” If true, this would be an incendiary and racist position. Redlining was a long-standing and notorious practice in which banks essentially refused to lend to borrowers in minority, and especially black, neighborhoods. It was officially banned under the Fair Housing Act of 1968, but its effects have lingered in American cities to this day and have played a large part in the wealth gap between black and white families in this country. Suggesting that barring gross lending discrimination is what led us to the financial crisis would be—to use the technical term—absolutely bonkers.

But I don’t think that’s what Bloomberg was actually trying to say. Here’s the clip:




This riff is awkward at best. Bloomberg’s failure to mention that redlining was largely based on race and ethnicity, and not just income (even well-off black neighborhoods were deemed unacceptable credit risks), makes it sound like he’s either ignorant of America’s history of housing discrimination or trying to downplay it. But reading the comments closely, I suspect he wasn’t trying to say that banks should have never been forced to lend to black people. Rather, he’s saying that government officials tried to fix the legacy of redlining by pushing banks to make loans to low-income Americans, which led them down a slippery slope to taking greater and greater credit risks. In other words, it’s a story about good intentions leading to government overreach.


That would be more in keeping with comments Bloomberg made later on about the financial crisis. “It was not the banks that created the mortgage crisis,” he said in 2011. “It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp.”

To be clear, he’s still wrong. The problem with Bloomberg’s read of the crisis is that it was a myth meant to downplay Wall Street’s culpability. After the crash, conservatives made a concerted effort to blame it on policies like the Community Reinvestment Act that were designed to open up credit to lower-income communities, as well as the affordable housing goals placed on Fannie Mae and Freddie Mac. None of these claims were ever really supported by the data; writers like Barry Ritholtz and Joe Nocera famously referred to the idea that the government was at fault as “the big lie” of the crisis. Bloomberg, who made his billions selling information technology to big banks, seemed to swallow that lie wholesale, which helps explain why he later criticized the Dodd-Frank Wall Street reforms that were designed to prevent a similar economic calamity in the future.



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Bloomberg’s campaign has done a poor job trying to explain away Bloomberg’s comments. Here’s the AP:

Campaign spokesman Stu Loeser said that Bloomberg “attacked predatory lending” as mayor and, if elected president, has a plan to “help a million more Black families buy a house, and counteract the effects of redlining and the subprime mortgage crisis.”
The campaign also pointed to efforts by Bloomberg’s private philanthropy to help other cities craft policies that will help reduce evictions. He promised in a January speech to do a version of the very thing he criticized in 2008: Ask lenders to update their credit-scoring models, “because millions of black households don’t have a credit score which is needed to get a mortgage.”
“He’s saying that something bad—the financial crisis—followed something good, which is the fight against redlining that he was part of as Mayor.”
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I’m willing to trust that Bloomberg really does oppose racist lending. But I’m not willing to trust his views of the financial industry, or how it wrecked the economy
 


I would say it all probably started back when there was a lot of pressure on banks to make loans to everyone. 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. And then Congress got involved and 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. ​
 
Bloomberg Controversies Come Back To Bite Him As He Surges
NASHVILLE, TN - FEBRUARY 12: Democratic presidential candidate former New York City Mayor Mike Bloomberg delivers remarks during a campaign rally on February 12, 2020 in Nashville, Tennessee. Bloomberg is holding th... MORE
By Summer Concepcion
|
February 18, 2020 12:46 p.m.
181

JOIN TPM FOR JUST $1
Welcome to prime time, Michael Bloomberg.
The former New York City mayor qualifying to appear on the 2020 Democratic primary debate stage Wednesday night comes as a number of past controversies come home to roost for the billionaire media mogul.

Within the past week, Bloomberg has come under fire for his controversial stop-and-frisk policing policy during his mayoral term, allegations that he reportedly made sexist remarks toward female employees and his remarks arguing the link of the 2008 financial crisis to the end of redlining.
On the heels of the resurfaced stories, 2020 Dems used those headlines to pounce on Bloomberg during Sunday morning TV appearances.
As Bloomberg continues to be the highest spending presidential candidate of all time, having spent $338.7 million on traditional media thus far, he will most likely have to answer questions about these controversies during his first Democratic debate appearance.
When asked for comment regarding the reaction to Bloomberg’s controversies, Bloomberg campaign press secretary Galia Slayen told TPM that “it’s not surprising” to the campaign that Bloomberg faces backlash as he continues to rise in the polls.
“Other candidates, including Donald Trump, start to get nervous,” Slayen told TPM in a statement. “They’re seeing Mike winning over voters across this country with his record of taking on tough fights and strong case that he is the only candidate to defeat Trump in November.”

Here’s a rundown of the controversies that Bloomberg will most likely have to respond to Wednesday night:
Stop and frisk
Audio from a 2015 speech in Colorado of Bloomberg defending his controversial stop and frisk policy prompted the former mayor to apologize for the policing practice last year. In the audio, Bloomberg described the policy as a way to decrease violence by throwing minority kids “up against the walls and frisk them.”
Despite how his past support of stop and frisk policing has added to scrutiny surrounding his record on race, Bloomberg gained endorsements from three black lawmakers — Reps. Lucy McBath (D-GA), Gregory Meeks (D-NY) and Stacey Plaskett of the Virgin Islands — last week.
Sexual harassment allegations
Allegations that Bloomberg made misogynistic remarks toward female employees surfaced in a Washington Post report on Saturday. The Post published a 1997 lawsuit against Bloomberg and his company filed by Sekiko Sakai Garrison, a former salesperson, that detailed the billionaire’s alleged sexist comments toward female employees. Bloomberg allegedly told Garrison to “kill it!” in response to her pregnancy at the time. A former Bloomberg employee told the Post that Bloomberg “talked kind of crudely about women all the time.”
Linking “end” of redlining to 2008 financial crisis
At the height of the 2008 financial crisis, Bloomberg argued that the end of redlining contributed to the economic collapse during a lecture at Georgetown University in 2008. “It probably all started back when there was a lot of pressure on banks to make loans to everyone,” Bloomberg said during the lecture, referring to the discriminatory housing practice that targeted people of color seeking to borrow money to afford homes.

“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,’” Bloomberg said.
 
blackpepper said:
Here we go again with the Trump v Bloomberg dilemma. I hope we don't get there, but if we do, just recall how the establishment GOP felt about Trump during the 2016 election primary season. To a man they all started out as never Trump. Then when he got the nom anyway they all jumped on an been riding him all the way to a new american monarchy. Do you think the DNC won't try it too.
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For sure. Think white voters give a fuck about stop and frisk or these housing comments? Like I said in the other thread, white flight doesn't happen along party lines. Plenty of cacs think stop and frisk is the right thing to do and they also secretly blame black folks for the crisis. :smh: Bloomberg isn't going to lose general support from these issues.

This nightmare scenario of Bloomberg vs Trump is looking more like a reality each day.
 
gene cisco said:
For sure. Think white voters give a fuck about stop and frisk or these housing comments? Like I said in the other thread, white flight doesn't happen along party lines. Plenty of cacs think stop and frisk is the right thing to do and they also secretly blame black folks for the crisis. :smh: Bloomberg isn't going to lose general support from these issues.

This nightmare scenario of Bloomberg vs Trump is looking more like a reality each day.
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Isn’t this what you advocate for day after day on BGOL? More white people

Bloomberg will gain general support. He will pull the racist whites who are sick of Trumps bullshit but loves his racist side.
 
Watcher said:
Isn’t this what you advocate for day after day on BGOL? More white people

Bloomberg will gain general support. He will pull the racist whites who are sick of Trumps bullshit but loves his racist side.
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I advocate for voters holding politicians accountable. I advocate for policies that benefit the black community. Give a fuck about tokens. We been doing that for 50 years. What those tokens get us? From 2nd to 4th. :smh:
 
gene cisco said:
... This nightmare scenario of Bloomberg vs Trump is looking more like a reality each day.
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I'm trying to get my head around it too. I'm afraid that if Bernie, the current front runner, gets the nom the establishment DNC will be so cool on him or even abandon him because he is a socialist.
 
Watcher said:
Until you all get onboard with the concept of less white people in government would benefit us I guess we are stuck with lesser of two evils.

Damn, you really love you some Trump.

I doubt the nominee will be Bloomberg anyway
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:confused: but you’re voting for white people so why say less in power is your end game?

I couldn’t care less about trump :lol:

he’s unfit and unqualified but he is entertaining and good for telling the truth on serious matters (eg Operation Solar Warden and the International Bankers). You paint him as a racist but his favorite President was so-called black.

no such thing as “lesser of two evils” and if there was that would be the republicans as democrats have screwed over the so-called black community since their inception.
 

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