Bloomberg’s answer is wrong on at least three counts. He is wrong to blame policies aimed at helping the victims of redlining for the predatory lending by banks and mortgage companies that helped cause the financial crisis. He’s wrong that redlining was done around “poor” neighborhoods when it actually focused on race.
Democratic candidate Sen. Elizabeth Warren made a similar point in a 2015 speech to the Edward M. Kennedy Institute for the U.S. Senate. She said, “Recently, several big banks and other mortgage lenders paid out hundreds of millions of dollars in fines, admitting that they illegally steered black and Latino borrowers into more expensive mortgages than white borrowers who had the same credit.… And it’s still happening.
Because they sold dreams to ppl who really couldn’t afford them
that was at the same time the banks started flooding the market with cheap mortgages... maybe he knows something we don't 😆
Well, it was a horrible thing they did. Giving people houses who couldn't afford them. Are they any better off? NO! Mostly because they lost the houses anyway and the banks sold them to investors. How does that help someone who is homeless? Bloomberg is correct!!!
people are mistakenly conflating his explanation for why something happened with an endorsement of the practice. Read the quotes again. He's explaining what happened, not endorsing it.
Victim blaming.
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Michael Bloomberg said in 2008 that end of 'redlining' was to blame for financial crisisMichael Bloomberg said at the height of the housing crisis in 2008 that getting rid of 'redlining,' the biased housing practice that stopped banks from providing mortgages in low-income, largely minority neighborhoods, was to blame for the collapse. And here comes Mikey B with the dogwhistle! The issue was the government gave too many incentives for banks to give out to loans to people who couldn't pay them back. This happens because politicians don't understand the nature of markets. In that, Bloomberg was correct, in so much as one can name a single problem because there were several reasons for the crash of 2008.
Source: CNN - 🏆 4. / 95 Read more »
Dear Expensive Restaurants: Stop Posting Online Menus Without PricesCritic Ryan Sutton argues against the practice of price-free menus, as Major Food Group says it will end the practice NY It's called eleatism NY As my silver service maître d' used to say 'If you need a menu with prices, you can't afford to eat here.' NY Just don't go if it doesn't make you feel comfortable and confident that you can afford it.
Source: Eater - 🏆 368. / 59 Read more »
Bloomberg Once Blamed The Financial Crisis On Rules That Prevented Racial Discrimination In Real EstateI’m a San Francisco-based reporter covering breaking news at Forbes. Previously, I’ve reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com. Thats not exactly what he said... The point is that loans were givin to those who could not afford loans and that mandate came from congress. If you think any voter know or understand what redlining is you are crazy. TRUMP 2020!
Source: Forbes - 🏆 394. / 53 Read more »
Bloomberg Once Blamed The Financial Crisis On Rules That Prevented Racial Discrimination In Real EstateI’m a San Francisco-based reporter covering breaking news at Forbes. Previously, I’ve reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com. rachsandl This guys’ self awareness quotient is zero. rachsandl Trump and the media is going after Bloomberg like he's the frontrunner — they must be terrified. Talking about 'racial discrimination'.... ....when has Trump or gave a shit about racial discrimination or black people? rachsandl Trump is afraid of Mighty Mike
Source: Forbes - 🏆 394. / 53 Read more »
Mike Bloomberg Offered Another Weak-Ass Apology for Racist Stop-And-Frisk PolicyMike Bloomberg has issued a statement following resurfaced audio of a 2015 speech in which the former New York City mayor defends the city’s racist stop-and-frisk policy.
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