Here is video of MIKE BLOOMBERG defending the racist policy of redlining, where banks (still) discriminate against Black people and other people of color.
PLEASE do not let his slick, flowery sounding commercials convince you that he is anything other than a deeply racist Republican. Please do not reward his long history of racial profiling and anti-Blackness. There are better, more progressive candidates who aren’t closet Republicans, who deserve to be the Democratic nominee. Please don’t turn this into another “lesser of two evils” election. We can do sooo much better than another racist billionaire trying to buy an election.
This makes me so mad, this so so much bullshit. This is not how any of that works. The CRA and regulations made to prevent red lining do not require banks to give loans to everyone regaudless of their income, debt to income ratio, or credit, banks just have to accept loan applications and give them the same consideration as they would an application from someone from an affluent neighborhood. We cannot discriminate based on age, race, income level, anything like that. These laws are not what fucked up our economy. Banks lending to people they knew couldn’t pay back their loans so they could foreclose on their houses are what fucked up the economy
@madmod9109
You’re almost right, but you’re mostly wrong.
Did banks intentionally lend to people who they knew couldn’t repay their loans? Yes. But most of those people were disproportionately Black people and other people of color. We were targeted. It’s called predatory lending. When white people have trouble repaying their mortgages on time, there are programs offered to help them. Or they may be given several grace periods. People of color do not get that same assistance.
And redlining is a very real thing that still happens. It’s organized, institutional racism. Banks will give huge home loans to poorly qualified white people to gentrify historically black neighborhoods, but very rarely does that work the other way around.
Bloomberg is victim blaming. He’s blaming the very people who were historically denied home loans for taking out loans when they were finally able to get a loan. And he is talking about poor (black) people - Bloomberg is essentially saying that the mortgage crisis was the fault of BLACK people, not the banks who discriminated against Black people: George W. Bush’s financial crisis happened because too many Black people got mortgages, according to Mike Bloomberg.
Make no mistake: Mike Bloomberg is calling for deregulation of the Wall Street and the banking industry. So that they can be free to be more racist, and discriminate against Black people. Again.
So that’s a REALLY bad take you have.
Mike Bloomberg is a racist Republican. Donald Trump is a racist Republican. They’re both racist Republicans.
https://odinsblog.tumblr.com/post/138042279019/like-father-like-son-how-fred-trump-used-housing
Also, you are 100% completely wrong when you say, “Banks just have to accept loan applications and give them the same consideration as they would an application from someone from an affluent neighborhood. We cannot discriminate based on age, race, income level, anything like that.”
That is either wishful thinking, or ignorance, or a lie:
Banks continually discriminate against Black people. When we aren’t being discriminated against, we get the highest interest rates, and then we are the first to be foreclosed on.
And I could keep going:
https://www.npr.org/2020/01/14/795961381/racist-housing-practices-from-the-1930s-linked-to-hotter-neighborhoods-today
I mean, there’s a reason people say there are “two Americas” and it’s because racism.
