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This is appalling and disqualifying.
In resurfaced footage being reported tonight by the @AP, @MikeBloomberg describes redlining as a rational and prudent tactic — and blames the end of that discriminatory practice against African-Americans for the 2008 crisis. pic.twitter.com/dWCGOKdtpP
— Anand Giridharadas (@AnandWrites) February 13, 2020
On the tenth anniversary in September 2018, I recounted the state of the art explanation of the Mortgage Meltdown based on a decade of research by academics into who defaulted and how much.
Of course, there were broader causes for dislocations in the American economy, such the deindustrialization of the United States leading industrial countries like China and Germany to wind up with huge piles of cash needing to be invested somewhere. But why the money flowed in particular to mortgages in the United States’ Sand States had a lot to do with the Bush Administration telling American and global financial institutions that there was a great opportunity lending mortgage money to minorities due to the bigotry of previous lenders overlooking thousand dollar bills lying on the exurban sidewalks out of ethnic prejudice.
Bloomberg is probably leaking these clips himself
He’s the one to watch. He’s smarter than all the other dems put together and he has unlimited money.
Isn’t Bloomberg rich enough, smart enough, and powerful enough to deep-six the entire internet if he wants to? He’d really better start focusing on this stuff, before he becomes DJT’s bitch once and for all.
I guess this means you are disqualified too, Steve. Sorry. You coulda’ been a contenda!
CAN….YOU…BELIEVE….HE …Said that…..in 2008?!?!??!?!?! WHAT….a…..RACIST!!!!!!!!!
Leather jacket, frosted tips. Oh yeah, Anand is a public intellectual.
diversity is never a strength as far as logic which is paramount. The 2008 fiasco was not the catalyst that the banksters wanted: it only bred Bernie, Trump, AOC, Gabbard, Yang, Warren, Omar, Tlaib, Pressley…many people now, that will be harder to control because they are POC, and have massive amounts of people who support them.
That guy I might vote for in another election. But there is no way any version of Bloomberg even gets nominated.
———
Out of the various people persecuted for being anywhere near Trump’s campaign, far from total innocents like Flynn or Butina, the one guy who was probably legitimately convictable of something was Roger Stone. The four prosecutors facing him quit the case, one quitting the DoJ altogether, and now it comes out that one of the jurors was an activist who had met Donna Brazille and left a huge anti-Trump trail on her Twitter account. Somehow this never came up in jury selection, I guess.
https://www.cnn.com/2020/02/12/politics/stone-juror-doj-prosecutors/index.html
https://postimg.cc/V5P3gqxp
https://postimg.cc/NL8ZzyYM
http://archive.is/crfcs
Bloomberg is a Republican trying to buy a spot on the Democratic ticket.
Central Park Five, Stop and Frisk, Redlining.
Bloomberg is Trump.
I’ve compared the NYC redlining maps of the ’30s to the map of Bloomberg’s gentrifying rezonings in the ’00s. They line right up
Do yI u guys not see now why whites MUST be eliminated from institutional power
Bloomberg always struck me as a really smart, reasonable guy. Which is why it’s so out of character for him to be doing something so incredibly stupid as to waste 500 million dollars or whatever it is on an obviously failing presidential run. I mean the guys is going to lose in humiliating fashion. He’s 80 years old. Why is he doing this to himself?
https://www.takimag.com/article/the-wisdom-of-dan-quayle/
Vice President Quayle spells “potato.”
Bloomberg is just not a man for these
peopletimes. His realist/rational thought processing style is at least a generation obsolete. It’s obvious he’s one of those worrier/nonbeliever types: sees too much Liberia, not enough Wakanda.Bloomberg’s really going to need an assist, a significant 3rd party assist, if he’s got any chance of making it into that oval.
How the heck did he get to be worth $50 billion (more than either Google founder) with his pre-AOL, MINITEL-wannabe business model?
Oppo research. Doom for Bloom. He’s toast for the nom. He might be cancelled too.
My bet is Mayor Buttplugs peiple. CIA does not want another billionaire.
Too organized for Bernie. Media hates Bernie too … He’s take over the party and many of their pals would be replaced and have to work for a living.
He can’t take his money with him after death, so why not?
He has a monopoly.
Any Democrat who actually wanted to win would destroy Bloomberg on a debate stage with his own quotes, the way Tulsi torpedoed Kamala Harris. That may not be Bernie though. The most important thing 2016 taught about Bernie is he doesn’t have the killer instinct it takes to win at this level.
Which in turn led to hotter neighborhoods.
Climate change and redlining. The Nordic Dwarf is onto it already, I’m sure.
That’s an excellent call. It might be.
Of course, Mike is hardly the great campaigner/political savant some might think he is.
He took it on the chin big time nationally when he tried his Mayors Against Guns stuff.
And he only won the NYC mayorship because 9/11 happened a few weeks before. Bloomberg ran as Giuliani’s chosen heir. But after 8 years of Republican rule saving the city, NYC was ready to put the Dem’s back in—Mark Green, the D candidate, was leading the polls. Bloomberg was going to lose.
Then 9/11 happened. Giuliani became beloved in the city and nationwide, as did W. The Republican “fight back” mentality was in vogue. Bloomberg zoomed to the top of the polls when Giuliani pushed him. Incumbency kept him.
This is all to say that unless Mike, like Joe Biden and Hillary Clinton, is a “great” campaigner only in his own mind and in the minds of some political pundits. Unless Mike got a great campaign manager who’s got a mega-brilliant plan, outspending Trump–who won largely through free advertising on TV and small political donations before—isn’t going to work.
Or, more likely, he’s just in it for the graft and adulation. He’s a corrupt, weak old (((pornographer)). The DNC screwed his followers in 2016, and instead of suing them, he took a free house as a payoff to keep quiet.
Mini Mike the soda jerk 2020!
Bloomberg doesn’t seem all that anti-White in his heart. Facts seem to trump any zealousness in his mind. Didn’t he also speak out for free speech on campus? Mind you, he’d implement anti-White policies because his party would demand it.
He deferred to a union member. I’m shocked at you for holding that against him.
If a dues-paying member of the Trenton Educational Association says there’s an e in potato, dammit, there is an e in potato. It’s their jurisdiction, not some random vice president’s.
Looks like Drumpf will win a 2nd term because he’s not gay, not a socialist and has already claimed the Whitehouse for NY. I’m more interested in suggestions for how to survive the next 4 years. Is it possible to avoid all news for that long?
Hey, I watch that guy’s show sometimes, it’s ok!
I’ve compared the NYC redlining maps of the ’30s to the map of Bloomberg’s gentrifying rezonings in the ’00s. They line right up
Pix or it didn’t happen.
Richard Spencer is calling out Bloomie as an iSteve reader.
Lagertha wrote:
Now that Yang and Deval Patrick are out, doesn’t that leave Tulsi as the only Person of Color still in the race?
So…if the Dems do not nominate Tulsi, they are a bunch of lily-white racist pigs!
Spread the word.
Laura Ingraham had Tulsi on tonight and Tulsi mentioned that she is pro-choice on abortion but favors severe limits in the third trimester. Which aligns her with most Americans but is probably toxic within the Democratic Party. She also said she welcomed support from pro-life folks, and, of course, she recently tweeted her best wishes for Limbaugh with regard to his cancer diagnosis.
I wonder what her long-term strategy is. Perhaps she figures that once the Dems get through their current craziness, the Dems may realize they need leaders who actually do not hate most of their fellow Americans?
Bloomberg is setting himself up for 2024, end of story.
He knows the economy is being kept on life support long enough to get Trump re-elected because the current crop of Democrats cannot beat him. They are too radical for those in the Deep State.
After the market tanks, 2024 will be a guaranteed win for the Democrat candidate.
Bloomberg is just front-loading his 2024 spending to get on everyone’s radar now, and spend the next 4 years going on Sunday morning talk shows establishing himself, and buying support from local Democrat cadres.
Anybody notice that Amy and Liz did better in the other’s backyard than either did in her own?
Anyway, Amy celebrates her good fortune by quoting an old voter about FDR at her press conference. Whenever “redlining” is brought up, this maudlin story should be as well.
Democrats love to point out America’s sins, but they never name names. Of course not– the names are theirs.
But Gabbard does have that killer instinct. It’s why she’d make an excellent VP candidate for Sanders. She’ll nudge him into doing the hatchet work needed to sink Biden and Bloomberg, to say nothing of damning Trump on everything from Afghanistan to giving billionaires tax cuts in order to pick up the same people who put him in the White House in 2016.
Her youth is also a good complement factor: she’s not even 40 yet.
J.Ross wrote:
Putting Tulsi aside (obviously she can’t get the nomination), yeah, Bloomberg probably has the best sense of the real world of those who are left. I’d guess Klobuchar is next — she seems like a relatively sane liberal Democrat circa 2000.
So, the Dem Establishment will probably ignore both and go with Wall Street Pete.
Which should really thrill the Bernie Bros. Not to mention black folks.
Trump seems to be blessed in those chosen to be his enemies.
I don’t think the media-who is clearly bending over backwards to sanitize Bloomberg’s past enough to make him pass SJW muster-understands just how little support Bloomberg is going to have from anybody who hasn’t profited from the last 25 years in the United States. And that’d be pretty much everybody below the highly inflated, but still decidedly demographic minority upper-middle class. That’s before we get to the DNC bending the rules for him, with further voter irritation at the visible manipulations of our ruling elite.
Negative ads work, especially when they are based in reality. There’s plenty you can make about him, and if there’s one thing Trump understands, it is public relations. The Donald has had four years of nonstop media hyperbole aimed at him. Anybody who isn’t already in the TDS choir isn’t going to be any further impacted by them as a result, especially not after the impeachment fiasco. That means that Bloomberg-and Bloomberg alone-would be at risk, since he’s basically the Democratic answer to Mitt Romney with all that implies for cannon fodder. All Trump needs to do is hire back the Bannon types to do the work… and he won’t need to buy them over on his own merits against Bloomberg, unlike Sanders.
I think having a name like Anand Girdedhardass itself is appalling and disqualifying.
Hate is good. Hate is strong. Hate is the only choice. I embrace hate! I hate people who I know, hate people like my sons and me….so, I hate them.
Tulsi has no camp. The bankers of this country, who control us, will not chose the cutest girl on a surfboard! or any board, or any surf! – as an immigrant, I am happy to re-migrant to my “old country” hahhahahahhahahaaaa.
I have no hope for this country. I kinda’ want Bernie to win! I know total communism is not realistic, but perhaps, we won’t have a lot of death.
If Quayle had a little more on the ball he would have realized that the teachers were trying to humiliate a despised Republican by slipping him a card with a misspelled word in the hope he would go along with their version and could then be attacked for stupidity.
He could have made political hay by holding the card up to the camera and launched an impromptu speech on the sad state of public education. These union teachers are supposed to educate our kids, but they can’t even spell a simple word like potato, etc. etc. He didn’t because unfortunately for him he wasn’t sure how the hell to spell potato.
This Bloomie video at his prime (based as he will ever be) was on Fox New Hour last night, so got some wide distribution. I doubt CNN-MSNBC carried it or anybody else, as in the conventional broadcast networks that sheeple tune in on.
Thread:
Lagertha was a shield maiden. At least I learned something from seeing all Vikings episodes.
This statement by Bloomberg is extraordinarily ignorant and shows a total misunderstanding of the way the mortgage system has evolved. It makes no sense to say that banks were bullied into giving loans and then stuck sitting on them because banks don’t sit on mortgages anymore. The whole way the system worked was that people gave loans and immediately sold them to investment banks packaging them as securities and then banks and other investors bought those securities because they genuinely thought they were good investments. There’s no room for what Bloomberg is describing in the mortgage system that led to 2008 crisis because the people giving out the loans didn’t have to bear any risk from them unless they chose to hold onto them. The notion that the banks understood what was going on but we’re pushed into it is utterly ludicrous. Every single organization holding those mortgage backed securities chose to (and was making billions and billions of dollars doing it and bloviating to anyone who would listen about how they were geniuses who conquered risk and reformed a backwards racist system).
And it’s not “based” to shill for financiers. The whole point of being “based” is that you understand that bankers are just as much of a problem as blacks. Which is what the whole mortgage meltdown shows if you look at it intelligently.
How much did Bloomberg pay Blow to write that?
You know what Bloomberg’s other greatest strength is, besides being richer than God? People underestimating him. That’s how he won in 2001.
The Democrats treated him like a joke. (That’s why he ran as a Republican, even though he’s a liberal Democrat.) Mark Green was so smug, in assuming that all he had to do was win the Dem primary, in order to be crowned mayor, that Bloomberg rubbed it in, after winning, referring to “Mayor Mark Green.”
He’s one slippery eel. Can’t speak well. He’s a lousy campaigner. The polar opposite of the hail fellow well met. But he’s a brilliant manager. And all he does is win. He could beat anyone.
Does that mean I like him? Not at all. All he does is talk about how “We have to educate black and Hispanic students… We have find jobs for blacks and Hispanics.”
Hey, he sounds just like Trump!
Greg Johnson of Counter Currents publishing says that it is well known that Bloomberg is a late-to-the-party homosexual, and most gays in New York know it and discuss it openly.
It is part of the dynamic of having an unusually close friendship with his ex-wife.
Greg Johnson is himself homosexual, and I don’t think he would just make this up out of whole cloth. (It was posted on his @CurrentsDC Twitter account a few weeks ago.)
Is Bloomberg a homosexual?
Bloomberg is a late to the party golfer. He didn’t take up golf until his 50s but now he’s a fanatic.
He’s a golfosexual. Let’s leave it at that.
The revolution eats its own children. Sixties radicals like Sanders and sympathisers like Bloomberg just aren’t extreme enough.
The guy is worth 60 billion so 500 million is less than 1% of his net worth. He’s not going to spend 60 billion in ten lifetimes.
As I recall, Alan Greenspan ramped up American interest rates sharply in 2008, in order to forestall a general rising trend in inflation, a wave that appeared to originate in China, doubtless due to the enormous flow of cash into the Chinese economy related to export dominance.
The trouble was that an awful lot of American mortgagees simply could not afford to take the hit on their incomes – a rising property price spiral characterized the previous few years – and simply foreclosed.
Now, due to Economist style policies, which dominated and still dominate western policy making, massive uncontrolled immigration of low skill low paid workers essentially stagnated typical incomes for decades, nullifying any increase due productivity increases. Thus, when the reckoning came, the appalling productivity and wealth generation of the millions of newcomers foisted on the USA was exposed for all the world to see – or not.
I just purchased for my PC ANAND SSD.
Homo suspects others of homo, news at 11.
He joined his HS’s engineering and slide rule club cause it was girl-free!
You’re right, and I think I convinced Steve of many of these points years ago.
But the bullying was there, just against any “racist” who questioned the $800,000 mortgages for migrant strawberry pickers system.
Slide Rule Club and Home Room Dues Agent. He sounds like he was a real blast in high school.
Rumor has it he grabs the shaft of ‘Big Bertha’ in his foursome at tea time.
Meanwhile….
As I stated (and you ignored) , Bloomberg only won in 2001 because of Sept. 11. A huge one-off. After that he had incumbency to keep him in.
And his national failure in the Mayors Against Guns campaign belies you’re argument that “all he does is win”.
Don’t be myopic.
Jews don’t really like golf, they like the clubs to eat in and look down on peons. I believe you mentioned that a Jews observed once that all the exclusive WASP country clubs had lousy food and second-rate facilities but a 1st rate golf course, while the Jewish ones had lower tier golfing but excellent food and top of the line facilities.
well stated.
The vast majority of subprime mortgages — the loans at the heart of the global crisis — were underwritten by unregulated private firms. These were lenders who sold the bulk of their mortgages to Wall Street, not to Fannie or Freddie. Indeed, these firms had no deposits, so they were not under the jurisdiction of the Federal Deposit Insurance Corp or the Office of Thrift Supervision.
The relative market share of Fannie Mae and Freddie Mac dropped from 57% of all new mortgage originations in 2003, down to 37% as the bubble was developing in 2005-06. 85% of the subprime mortgages in 2006 were issued by private lending institutions. The government-sponsored enterprises were concerned with the loss of market share to these private lenders — Fannie and Freddie were chasing profits, not trying to meet low-income lending goals.
Private lenders not subject to congressional regulations collapsed lending standards. the GSEs. Conforming mortgages had rules that were less profitable than the newfangled loans. Private securitizers — competitors of Fannie and Freddie — grew from 10 percent of the market in 2002 to nearly 40 percent in 2006. As a percentage of all mortgage-backed securities, private securitization grew from 23 percent in 2003 to 56 percent in 2006.
in 2006 the demand for Mortgage Backed securities was so high that the mortgage companies could not keep up with demand….In 2006 Wall street sold $2.9 Trillion of Mortgage backed Securities , but $90 Trillion in derivatives on these bonds was sold.
Of the $2.9 Trillion in mortgage backed securities sold in 2006 , about $1 Trillion was backed by sub-prime mortgages. The real cause of the 2008 meltdown was due to the tens of trillions lost via the derivatives sold on thee Mortgage backed bonds. Banks and hedge funds found that it was much easier and quicker to just buy and sell synthetic CDS contracts rather than buy and sell actual bonds. As of the end of 2007, they had grown to roughly $90 trillion while the actual MBS market was under $9 Trillion.
This is going to be standard from now on: paying influencers on social media like Insta, Snap as well as older stuff like Face, plus hiring memers. Because TV ads and even YouTube ads are not gonna reach a lot of voters.
He had some fun catty banter with the lesbian head
of the city council Christine Quinn:
—
[S]he said, “The mayor is going to yell at me when I get out of the car because I have flat boots on. The mayor has no use for flat shoes.” Really, I said. Why would he care? “I was at a parade with him once and he said, ‘What are those?’ and I said, ‘They’re comfortable,’ and he said, ‘I never want to hear those words out of your mouth again.’ ” Everyone in the vehicle, including the security detail in the front seat, cracked up. “He likes me in high heels. Let’s see how long it takes before he notices.” She scrolled through her BlackBerry. “Another big thing with the mayor, when I am rooting … like, the couple of days a week before I need to get my hair colored, he’ll say, ‘Do you pay a lot to make your hair be two colors? Because now it’s three with the gray.’ And I’m like, ‘Did you wake up being this big of an asshole? Or did it take, like, all day to ramp up to it to be able to insult me like that?’ ”
Mike Bloomberg is interfering in our elections by hiring social media content producers.
https://www.bbc.com/news/world-us-canada-51493403
*Somebody I’ve never heard of calling themselves Juice Boys. I would ask but am already sure nobidy else have ever heard of them. Dinosaur media praise of virality is proof enough.
https://postimg.cc/2bvXFW92
This is the only issue I can recall where I find myself in disagreement with Sailer (if I’m understanding him), but I don’t think that government encouragement/regulatory pressure to increase lending to minority homebuyers was a significant cause of the housing market collapse.
While there were a lot of contributing factors, mortgage originators tossed out underwriting standards because the dodgy loans weren’t going to stay on their books, but instead got bundled off into a CDO somewhere. Everyone in the chain had enormous financial incentives to behave the way they did, despite the moral pretensions of Angelo Mozilo and Roland Arnold. Fannie/Freddie is an interesting, complicated story, but in the end it seems like they were chasing the bubble rather than driving it. I’m far from an expert, and am happy to consider other opinions (just not from Peter Wallison, ugh)
That said, minorities were over-represented among the marginal borrowers feeding the housing bubble, and I’m glad Sailer is exploring that. The intersection of real estate and ethnicity/immigration is such a massively important phenomenon that no “respectable” thinker will touch with any candor. That’s certainly the case in my neck of Maryland (PG/Montgomery County), where I’m squeezed between dangerous black neighborhoods, inscrutable immigrant areas (mostly Central American), and prohibitively expensive white enclaves. My wife and I joke about how the “no hate here” lawn signs seem to increase exponentially as you drive further into the wealthy, white, liberal burbs northwest of DC, and how the diverse down-market neighborhood we’re stuck in must be a hateful place by contrast.
One of my neighbors was a high level guy at a federal regulatory agency. I asked him the same question.
He said MB was the first one to publish a lot of what used to be closely held data regarding bonds, and now his “Bloomberg prices” are used as a benchmarks in deals, similar to LIBOR. His terminals are $25k per user per year and have no competition.
Not sure how he made the deals to get this information, but MB is obviously a smart tenacious guy. He has had his share of #Metoo problems, some of which have not yet come to light.
A cynical person might speculate that MB is leaking these videos now, so that they are old news in a few days.
******
https://www.mikebloomberg.com/jobs
https://www.politico.com/news/2020/02/14/playbook-birthday-mike-bloomberg-115120
https://www.mikebloomberg.com/
The more people underestimate Bloomberg, the better he does. Do you really believe he doesn’t understand the big picture? The only person on this board who might understand the markets better than Bloomberg is Steve Himself.
Bloomberg is speaking to voters, not Steve Sailer’s readers. If he gave such a sophisticated disquisition on the Minority Mortgage Meltdown, virtually no potential voters would understand him. His explanation is, as Steve would say, good enough for government work.
I ignored you, because I think you’re completely wrong.
At the time, I wrote a great deal about Giuliani and his various “friends” (e.g., Al Sharpton) and cons (policing, welfare reform). Everything Trump has endured at the hands of the Communist, er Democrat Party has been a replay of what Giuliani endured at the hands of NYC Reds.
https://nicholasstixuncensored.blogspot.com/2019/12/new-yorks-welfare-reform-shell-game.html
And during Blomberg’s first term, I wrote a good deal about him, and I don’t recall Giuliani doing much for him.
(As for “huge one-offs,” how did Giuliani manage to beat New York’s first black mayor, David Dinkins, in 1993, despite a 5-1 Democrat-over-Republican voter enrollment advantage, thousands of Dead Democrats for Dinkins, and voters being bused in from fine addresses like Camden, N.J.? Was there a terrorist attack I missed that year? Recurring “shockers” aren’t “one-offs.”)
When Bloomberg threw his hat in the ring in NYC, the veteran Democrats laughed him off as an amateur. The R line in NYC mayoral races has for 30-odd years functioned as “Democrat-lite” for white men with money of their own, or moneybags behind them, who have no chance in the Democrat Party.
(Did Mayors Against Guns cost Bloomberg an election? Was it politically risky? Of course, not. He’s been strategizing for the White House probably since before he ever got elected mayor. (Men with Bloomberg’s ambition and brains tend to start strategizing for the Oval Office while still in their mother’s womb.)
The reason he didn’t run for president in 2008 was because that would have set up a suicidal collision with the John Doe calling himself “Barack Obama,” whom the DNC, and whichever powers stood behind it, had anointed in 2004.
one positive for Based Bloomberg is that the groups he said offensive things about also have the most corrupt, transactional and easily purchased leaders.
What was he even doing in a school where the parents and teachers were all bound to be Democrats? Whose votes was he trying to win?