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 ...
You can see the effect of 2008 on Chicago just by looking around the south and west sides on Google Street View. Lots of apartment buildings standing or being rehabbed in 2007, that were gone with the next picture set a few years later.
“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.”
Where am I taking a wrong/liberal view?
Exactly.
Wow thank you for that post. I’m from Chicago and my grandfather actually broke horses for the stockyards. This makes me so sad. My grandmother also worked as the original Mayor Daley’s secretary. He told her she had flashing black eyes. Today that would be first class sexual harassment.
Here’s an interesting explanation of why and how Bloomberg is running. It takes a few minutes to get going but IMHO it’s worth it.
The TRUTH Behind Bloomberg’s & Steyer’s Presidential Bids
https://www.youtube.com/watch?v=stSIg9fOdwU
(Click https://bit.ly/2S1RenI for infographic “How To Speed Up Youtube”)
Great video but one part doesn’t make sense.
He’s HURTING biden not helping him.
NONE of the far left insane vote is going to bloomberg.
That’s for bernie and warren
The video says he doesn’t want one of them in office.
And he doesn’t want to win.
Well then he’s screwing up because the polls are showing bloomberg is going to take a chunk away from biden.
Or I could be completely wrong :)
What do you want from me? If I was that brilliant I’d be rich and on a yacht somewhere and not home on the couch typing on FR :)
LOL!
It's NOT a favor to give a struggling young person a loan and a 'home of their own' only to see them lose everything because the numbers were rigged.
These loans were 'guaranteed'...so the bank wasn't taking a risk. They were more than happy to assist raking in the cash.. People in way over their heads were destroyed. It was a trap made to look like a kindness... something only a brain-dead evil liberal could create.
Liberal 'elites' pushed these horrible loans because it make them feel good about themselves - and their friends in banking made a bundle.
There was a coordinated effort by certain pols working with gangs to intimidate residents to leave certain areas. In Bridgeport pols made millions off of selling real estate to Chinese at inflated prices
Holy cow! The Chinese are everywhere! Seriously that is bizarre.
Anyway one of my father’s caretakers was a young black woman who grew up on the south side. Her parents refused to sell the home in which they had raised their children. Even though they were scared to death to walk to the corner store to buy a loaf of bread, at night. So they installed motion detectors every kind of security thing you could imagine. And so they have like this little Oasis of safety. And I find it so sad.
the minorities of Chicago have been very poorly treated by the Democrats they keep electing over and over and over again.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.