Bloomberg’s comments about redlining weren’t as bad as they seem, but they’re still really bad.
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.
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.
This riff is awkward at best. Bloomberg’s failure to mention that redlining was largely based on race and ethnicity, and not just income , 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.
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“It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp.”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
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Audio: Bloomberg slammed Warren as 'scary' and demeaned his endorsement of ObamaBloomberg's campaign said his comments about banks were a 'joke' and that the comments about Obama were 'an important point.'
Les mer »
Audio: Bloomberg slammed Warren as 'scary' and demeaned his endorsement of ObamaBloomberg&39;s campaign said his comments about banks were a "joke" and that the comments about Obama were "an important point."
Les mer »
Mike Bloomberg said in 2016 that banks were 'his peeps' and vowed to defend them as president. That contradicts his recent pledge to get tough on Wall Street. | Markets InsiderMike Bloomberg said in 2016 that banks were 'his peeps' and vowed to defend them as president. That contradicts his recent pledge to get tough on Wall Street.
Les mer »
City Hall record muddles Bloomberg’s income inequality messageUnder Mike Bloomberg, New York City’s homeless population swelled and public housing conditions deteriorated
Les mer »
Bloomberg hammers Sanders on mixed gun control recordMike Bloomberg on Monday unleashed one of his strongest attacks yet on Bernie Sanders, lashing the frontrunner's record on gun control
Les mer »
Must Read: You Can Now Buy Tickets to Tyra Banks's ModelLand, What Influencer Paywalls Mean for Fashion BrandsPlus, two FIT administrators on leave following 'clearly racist' fashion show.
Les mer »