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Bloomberg once blamed end of ‘redlining’ for 2008 economic collapse
NY Post ^ | February 12 2020 | Associated Press

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 ...


TOPICS: Extended News; News/Current Events; Politics/Elections; US: Massachusetts; US: New York; US: Vermont
KEYWORDS: 2020; andrewcuomo; associatedpress; barneyfrank; berniesanders; bloomberg; georgetown; georgetownu; getshorty; hesnotwrong; kag; maga; massachusetts; michaelbloomberg; mikebloomberg; newyork; newyorkcity; newyorkcompost; newyorkpost; redlining; trump; vermont
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To: mosesdapoet

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.


41 posted on 02/13/2020 1:33:12 PM PST by M1903A1 ("We shed all that is good and virtuous for that which is shoddy and sleazy...and call it progress")
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To: dp0622

“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?


42 posted on 02/13/2020 3:07:17 PM PST by BTerclinger (MAGA)
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To: proud American in Canada

Exactly.


43 posted on 02/13/2020 3:08:12 PM PST by BTerclinger (MAGA)
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To: mosesdapoet

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.


44 posted on 02/13/2020 3:16:38 PM PST by proud American in Canada (Iran: I hate your country... You are the vomit that comes out of pigs after they eat their own filth)
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To: knighthawk; firebrand; kristinn; proud American in Canada; GOPJ; dp0622; lepton; Eleutheria5

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”)


45 posted on 02/13/2020 3:25:46 PM PST by BTerclinger (MAGA)
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To: BTerclinger

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 :)


46 posted on 02/13/2020 3:45:50 PM PST by dp0622 (Radicals, racists Don't point finger at me I'm a small town white boy Just tryin' to makne ends meet)
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To: dp0622

LOL!


47 posted on 02/13/2020 5:58:27 PM PST by BTerclinger (MAGA)
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To: roadcat
It wasn't just blacks - banks were giving loans to lots of people who didn't qualify for a loan.

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.

48 posted on 02/13/2020 9:21:09 PM PST by GOPJ ( http://www.tinyurl.com/cvirusmap https://www.cdc.gov/flu/weekly/usmap.htm)
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To: M1903A1; proud American in Canada

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


49 posted on 02/14/2020 10:56:02 PM PST by mosesdapoet (mosesdapoet aka L.J.Keslin posting here for the record hoping somebody might read and pass around)
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To: mosesdapoet

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.


50 posted on 02/15/2020 8:42:51 PM PST by proud American in Canada (Iran: I hate your country... You are the vomit that comes out of pigs after they eat their own filth)
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