On September 17, 2008, NY City Mayor Mike Bloomberg appeared in a public forum at Georgetown University in which he was asked about the causes of the housing market crash. He started off by saying much of the blame could be placed on the end of “redlining,” a practice in which lenders would intentionally avoid trying to sell mortgages to people living in low-income neighborhoods. The vast majority of these neighborhoods—some would argue all of them—were populated almost entirely by people of color.
“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.’ 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.”
This is an accurate statement. Unfortunately for Bloomberg, it’s not the narrative the Democratic Party wants to hear from its presidential candidates. Since “redlining” targeted mostly minority communities and prevented people from getting home loans based solely on the neighborhoods in which they resided, it was considered to be a bigoted practice. As a result, the end of redlining opened the doors for many with poor credit to apply for and receive mortgages even if they couldn’t pay for it. The movie The Big Short did a nice job of explaining the cause of the financial crisis and how it was completely avoidable.
The video comes in the midst of other recordings from Bloomberg’s past coming back to haunt his campaign. One particularly damaging audio clip had him explaining why stop-and-frisk worked and how police could “Xerox” the description of murderers and their victims and 95% of the time they were “male minorities 16-25.”
Elizabeth Warren, who wrote legislation stopping redlining, was quick to attack Bloomberg over his comments.
I'm surprised that someone running for the Democratic nomination thinks the economy would be better off if we just let banks be more overtly racist. We need to confront the shameful legacy of discrimination, not lie about it like Mike Bloomberg has done. https://t.co/Lzavpie7Iy
— Elizabeth Warren (@ewarren) February 13, 2020
Here’s a history lesson on the racist legacy of redlining, if any presidential candidate needs a refresher. pic.twitter.com/PiyJrEFXcV
— Elizabeth Warren (@ewarren) February 13, 2020
It would normally be challenging for a candidate to escape their past, but Bloomberg has the money with which he can literally buy enough coverage to drown out the accusations and distract from his older comments.
Does this show Mike Bloomberg being a racist? Not at all. But it doesn’t endear him to the Democratic Party which believes anything that even hints at racial profiling is anathema. It’s a case in which facts may be enough to sink a campaign.
American Conservative Movement
Join fellow patriots as we form a grassroots movement to advance the cause of conservatism. We have two priorities until election day: Stopping Democrats and supporting strong conservative candidates. We currently have 7500+ patriots with us in a very short time. If you are interested, please join us to receive updates.
[yikes-mailchimp form=”1″]
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our Substack page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker
Covid variant BA.5 is spreading. It appears milder but much more contagious and evades natural immunity. Best to boost your immune system with new Z-Dtox and Z-Stack nutraceuticals from our dear friend, the late Dr. Vladimir Zelenko.
