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Bloomberg blamed banks loaning money to black Americans for 2008 financial crash - Business Insider

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Mike Bloomberg once blamed banks making loans to black Americans as the cause of the 2008 financial crash

, then-New York Mayor Mike Bloomberg tried diagnosing the root cause of the economic chaos.

"It all started back when there was a lot of pressure on banks to make loans to everyone," the billionaire Democratic presidential candidate said at the time. "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.

Bloomberg is accurate that risky loans helped spark the crisis, but experts have said since the crash that communities of color were often the targets of predatory lending.

 

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Boooooom that just made this account an enemy and a terget for business as 🤣🤣🤣🤣

That is not what he said. He said UNQUALIFIED borrower and he is correct. We can thank Barney Frank and Harry Reid for the housing mess in 2009.

I think he meant to say Hispanics in the south.

This is a great example of a misleading headline.

Oboy

MikeBloomberg Drop out of this race before you tarnish your legacy for all of eternity.

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