Posted on 02/12/2020 11:26:08 PM PST by knighthawk
WASHINGTON — 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 ...
Please delete for search for of and that other gobbledygook.
Actually, Bloomberg “was” a Republican.
He supported proactive law enforcement, and he did not support loaning money to people who could not pay it back.
One thing has surprised me.
I thought Bloomberg’s plan was to gain national name recognition during the Democrat primaries.
If he lost - which seemed likely - he would then become a center-left Third Party candidate and pull many more votes away from Trump than from the Democrat nominee.
Instead, he has completely renounced “redlining” and “stop and frisk.”
Apparently, Bloomberg is all in for the Democrat nomination, because I don't see how he gets back to the center-left from here.
Wow. I had no idea.
During the final year or two, before the great crash, they were writing mortgages that required you to pay ONLY the interest for the first three years - no principal payments at all.
The financial theory behind that suicide pact?
Home prices were rising 7% to 10% a year.
After three years, price inflation would “gift” you 20% equity in your home.
Then, you could re-finance into a standard 20% down payment mortgage with much lower interest rates.
My Black neighbor, across the hall from me in our apartment house, was earning low six figures recruiting and referring other Black people for mortgages.
He explained all this to me months before the crash, and at the time, I had no idea what he was talking about.
Yep. Obama charged bankers with racism and they dropped standard credit rules like a stone. I can’t remember the name of the rent a mob group Obama used to red guard bankers. Action something.
Obama created the current student loan debt crisis by nationalizing student loans via Obamacare. No rational credit limits are imposed. Financial institutions are going to get hurt bad when the loans are paid off with pennies on the dollar or forgiven altogether.
The Donald would do well to stand aside and let Bernie and his commies kill off the Bloomberg’s campaign. Although profiling, frisking and aggressive policing were good crime prevention policies, let Bloomberg take the brunt of the left wing hate on this one.
Don’t ever understand how you can be so right on some issues and so wrong on others. Take a conservative view on half of the things and a liberal view on the other half. He was a decent Mayor.
Somewhere along the line he completely lost his mind.
But the things that he said that were correct leave him no chance to go anywhere in the Democratic primary.
If he wasn’t such a narcissist and didn’t envy Trump so much, he might have been a supporter
He’s not a conservative. That’s for sure. But he’s not a Democrat. And his lies are so easy to see through. He still believes what he said about stop-and-frisk and the mortgage crisis.
go back to running your business Bloomberg. There’s no place in politics for you. You made it that way
So Bloomberg has on at least two occasions been guilty of speaking truth? No way he can be the Dem nominee.
The worst part of forcing banks to make loans to bad borrowers (for racial purposes alone) was that a few years later when the borrowers defaulted (as the banks knew they would), the same government accused the banks of predatory lending.
You can’t make this stuff up...
Here’s what happened in Chicago; Note not only the cause but the effect.
COULD THIS BE WHY CHICAGOANS ARE SEEING RATS ?
The city of Chicago is composed of 50 wards which average out to around 72 precincts of about 350 or more voters in each precinct. Many are former villages incorporated into the city as the city grew. A Chicago Alderman is in effect a mini mayor. They have input into who gets city services and now it’s how those services are being administered seem to be running into who’s ward is it ?.
What’s not being looked at is how and why Chicago wards have been redistricted. Chicago has had neighborhoods divided to create “Hispanic”residential sections going to Hispanic aldermanic and congressional (Gutierez) candidates and blacks going to black candidates.Which apparently is the result of the turnover in the Freddie and Fanny mortgage collapse. As stable integrated areas changed into being unstable because of constant dwelling turnover.It had the effect of breaking up a contiguous geographic continuity and community identity.
Because the wards affected which are really like small towns have had sections broken up into areas where if a problem arises in a given section of street which has one way traffic only. It may be two way a block down because it’s in a different ward. The same applies to all other city services including zoning and sanitation where garbage collection routes are organized by ward boundaries,
50 year Alderman Burke who is under federal charges for corruption ward is an example. Burke’s ward ,14th, needed remapping . The 14th was originally known as “Back of The Yards” Once the home of the famous Chicago Stock Yards where most food processors along with employee demographics have since relocated.
It was a compact area almost 15 plus city blocks square area composed mostly of single and 2 story frame and brick family dwellings mixed with scattered brick apartment units. Because of the construction, insurance rates varied and became known as the condemned as “redlining”.
When the democrats also warily supported by the Bush 2 administration came up with the no 20% down mortgage removed. Areas in the ward dramatically changed in demographics. Many of those dwellings sold under those conditions went into disrepair or default.
Originally his ward headquarters and palace was on 51st street just west of Damen Avenue. Today’s palace is just off of Pulaski Road near the Madam Curie high school just off of Archer Avenue miles away.
His ward now consists of areas carved from parts of the 12th (known as Mc Kinley Park and Brighton Park) and parts of the 23rd (known as Archer Heights Garfield Ridge and Clearing) wards Miles from the original 14th That In a former section of the 23rd ward now the 14th ward in the Midway airport area, 2 patrons in a local bar along Archer avenue were heard complaining about rats in their garbage. They felt it was because of the delay in garbage collection. Also heard the same beef about street snow removal.
It has also played hell on zoning and because of the disruption of jurisdictions with the administration of city services such as streets and sanitation which the alderman (salary $120.000 plus allocations on local projects) do oversee and have input over.
By.employing this concept of remapping does it encourage racism ? Why are residents are being denied the representation they should have ? A more detailed examination and explanation of the results are in a page in my website http://www.theusmat.com/mdwbea.htm
Remember when all the libbies then got outraged that the investment fund manager behind “The Big Short” saw what was coming with the mortgage-backed securities and made a fortune on the collapse?
He’s going to repudiate all the smart things he has ever said to transform himself into a typical crime-loving liberal to get the nomination.
What he said about crime in “Minority” neighborhoods is absolutely right! but today’s democrat party wants someone who promotes crime by giving special privileges to those who commit crime in return for their votes.
Even a broken clock is correct twice a day.
[Bloomberg has spent millions of dollars just on rehabilitating his image with black voters (aka pandering), then all of this comes out. He might as well have lit that money on fire.]
He does need to be perceived as not being a racist by white Democrats. And they agree with him. Think it’s an accident that white liberals cluster in non-black enclaves? They drone on about good schools, but they’re mainly interested in not having their kids assaulted by Shawntavious or LaTrine.
Democratic libertines making hundreds of thousands of dollars a year and up aren’t worried that Sanders will lose to Trump. They’re afraid he’ll win. It’s one thing to virtue signal on taxes, pro-criminal laws and open borders, and quite another to end up paying tens of thousands of dollars (and up to billions) more in taxes, every single year onwards. Here are some details of Sanders’s $1T a year Federal tax increase, from the Tax Foundation:
Changes
Adds four new income tax brackets for high-income households, with rates of 37 percent, 43 percent, 48 percent, and 52 percent.
Taxes capital gains and dividends at ordinary income rates for households with income over $250,000.
Creates a new 2.2 percent “income-based [health care] premium paid by households.” This is equivalent to increasing all tax bracket rates by 2.2 percentage points, and would raise the top marginal income tax rate to 54.2 percent.]
...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.”
Regarding this, he's not wrong. Bloomberg is shredding the Demagogic Party's support by providing the formerly-absent contrast between DNC policy positions and talking points, and (here and there) reality.
That’s Fredo’s brother’s doin’s who should
be hanging upside down by his pinky toes
in a dank dungeon somewhere
Notice the bait and switch there?
The Clinton-era laws to deal with by then non-existent redlining assumed from a horribly-flawed Boston Fed study did indeed force banks to destroy their lending standards, and did indeed *heavily* contribute to the depth and breadth of the 2008 financial melt-down.
That is not at all the same as claiming the end of redlining caused the collapse.
Wasn’t he still a “Republican” then?
Bloomberg was a Democrat in NYC, and with the end of Giuliani’s term, he changed his registration to Republican to get past the leftist Democrat primary. He was still clearly liberal on many subjects, but was worlds better than the Dem nominee - the completely crazy Mark Green - and was endorsed by Giuliani.
Frankly, Giuliani wasn’t exactly a conservative - he was just less leftist than much of NYC, and believed in law and order.
Spot on, and bears repeating. Makes our side look hypocritical.
Not too long ago, people like Hannity would be praising Bloomberg for continuing Rudy G's policies, including stop and frisk and 'broken windows' enforcement. Now he's condemning Bloomberg as a 'racist' for stating the truth about the reasons for those policies. Doesn't compute.
You're obviously not paying attention if you think that. He might not care about black people, but he is desperately pandering to get their votes. He has spent more time on "Black Outreach" than any other candidate, meeting with a group of 80+ black pastors, holding an event at a black history museum, rallies at black colleges, visiting black churches, gathering black endorsements and building his black outreach team. Bloomberg's past 2+ weeks have been completely dominated by black outreach. Ironically, today is the kickoff for Bloomberg's "Mike for Black America" campaign.
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