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.
At one point, 19% of mortgages handed out did not make the 1st payment.
Bloomberg was mostly right on the mortgage crises,
Here’s a 50 second video of Andrew Cuomo (now gov of NY) as then HUD Secty, admitting that the LIAR and NINJA loans will default.
https://www.youtube.com/watch?v=9TWOPDN5Va0
and Bloomberg was originally right on stop and frisk. It may have been declared unconstitutional but it saved many black, hispanic as well as whites’s lives.
but that doesn’t make him palatable to us as a candidate, and hopefully will get his ass handed to him by the woke morons as you say.
NEVER FORGET this schmuck worked overtime to jam the 9/11 mosque next to Ground Zero, and he will confiscate every gun in the country if he gets the chance.
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.
Maybe he can invent a fake gangster to puff up his street cred like Joe. He can call him “Soda Pop”!
Bloomberg is exactly right. The 2008 collapse was entirely government-created.
Wasn’t he still a “Republican” then?
The old bastard was right! NINJA loans! No Income No Job or Assets.
How can one of the very few on the planet to have made $70B with an honest product and company be so stupid?
Say something so idiotic and incorrect?
He is right that disparate-impact racial lending analyses and enforcement contributed to the environment of bad lending that helped to fuel the financial engineering that exaggerated government-forced bad loans and brought down the banks.
But redlining, which was a process of ruling out whole, very often black, neighborhoods for mortgages, was a major issue that did need to be addressed.
Bank charters for banks of scale are a little like taxi medallions—part of the cost of being granted such a charter is that you have to serve all neighborhoods. Where that went wrong is where quotas for serving neighborhoods, without consideration of individual ability to pay for the people served, were forced upon the banks.
Even then, liar loans and other derivative-driven mortgage products went way beyond banks’ handling of the bad loans they were forced to make by race.
Bloomie not only has issues with this kind of stuff, but he and his company have decades of bad behavior and statements re: women. So they’ll take his money and he will heavily fund the fight against Trump, but there is no way he can become the Dem nominee.
It is basically down to Mayo Cheat, Amy K., or another Hillary-type swoop in at this point.
On crime, on race, on common sense, Bloomberg seems to have made a number of true and mostly true statements. Which is a real problem for him now that he wants to the Democratic candidate for president. Can’t have any sort of truth-telling in the party of rainbows and unicorns.
From what I understand oh, he is correct.
So Bloomberg has on at least two occasions been guilty of speaking truth? No way he can be the Dem nominee.
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
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.
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.
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”)