Michael Bloomberg - Origins of the Economic Crisis

[RCrooklyn]

Bloomberg's lying through his teeth. The Community Reinvestment Act, which Congress passed to alleviate "redlining" only applied to commercial banking institutions. Most of the companies that gave the subprime mortgages and bundled them were NOT commercial banking entities. Bloomberg knows this--he made billions off this scam.

[mvn591014]

This guy is no ordinary mayor of NYC. He was with a Wall Street billionaire before turning to politics in 2001. Forbes estimated that he was worth $16 billion. He hated the Middle-Class and the poor.

Michael Bloomberg was responsible for the heavy-handed police crackdown of the Occupy Wall Street activists on the Brooklyn Bridge. According to some intelligence reports, the NYPD sent infiltrators and spies among the activists to break the demonstrations.

[Robinfuk]

@mvn591014 Are you wikipedia?

[Eleetnessful]

TRY TO COVER UP MORE BC EITHER WAY jamie dimon IS GOING TO BE IMPLICATED AS WELL AS ANYONE LIKE HIM WHO SHOULD/COULD HAVE DONE SOMETHING (I.E, DEMAND THAT MARIA BIMBO FACE CHARGES AND STOP EVADING AFTER I FOUND OUT WHAT THEY WERE DOING) BUT INSTEAD DID THE OPPOSITE: ALLOWED THEM TO CONTINUE, NOT DEMAND, AND COVER UP/TRY TO SILENCE ME

TINY LITTLE MIDGET EITHER WAY HE'S GOING TO BE IMPLICATED. HE'D BE FINE IF HE WERE TOTALLY IGNORANT OF ALL THIS, BUT HE'S NOT

[Eleetnessful]

LOOK AT THIS LITTLE MIDGET MIKE BLOOMBERG SMALL LITTLE TINY MDIGET

HE KNOWS ME ILLEGALLY HE KNOWS THIS FUCKUP MARIA BARTIROMO WHOS GOING TO NOT BE READING TELEPROMPTERS AS WELL AS THIS FROGFACE MELISSA ARE CAUSING INHUMANE MENTAL TORMENT AND THEY'RE STILL READING TELEPROMPTERS AN EXTREME MOCKERY AND INSULT

THIS MIDGET IS TRYING TO COVER-UP FOR THEM AND HE'S TRYING TO SILENCE ME. THIS MIDGET IS AN OLD FART AND HAS A 'GIRLFRIEND' -- SOME REJECT FOR ME A TINY MIDGET ALL HIS LIFE

HE BETTER NOT

[Eleetnessful]

@Eleetnessful *FOR BEING A TINY MIDGET ALL HIS LIFE

[Eleetnessful]

What happened to me is basically the equivalent of niggers saying: "We're gunna lock you up" (find a way to lock me up) then me calling 911 frantically telling them these niggers are trying to lock me up and within 10 days I get locked up for a purported "8" like napster downloads (millions of ppl download like 8K) or something which actually turns out to be 1 actual and 3 grossly exaggerated enough to be a "download" then 10 month delay then in court: "DOWNLOADED THIS TRACK! ILLEGAL! ILLEGAL!"

[Eleetnessful]

This midget knows what has and is happening to me so when I pursue criminal charges against melissa and 38+ waist maria he'd better not try to step in or something he allowed a kitty genevese 1+ year inhumane mental torment to happen now I go after the ILLEGAL bystanders who caused inhumane mental torment this midget better sit his miniature ass down and twiddle his thumbs or whistle the same tune he's been whistling for the past year+

[THEZOOKEEPERR]

*A SIXTH SENSE

[THEZOOKEEPERR]

I HAVE SIXTH SENSE

THIS MIDGET BETTER NOT GET IN MY WAY FOR MY MAIN GRAND EVENT WHICH WILL ENCOMPASS THE ARREST AND CRIMINAL TRIAL OF MARIA BARTIROMO AND MELISSA FRANCIS THIS MIDGET ALLOWED THIS JAMIE SCUMBAG TO DELAY AND PLAY BP LEGAL GAMES KITTY GENEVESE; I'M NOT ENTITLED TO MY CASE. HE BETTER NOT 'INTERVENE'; HE BETTER SIT IDLY BY IN THE SAME WAY HE DID WHILE THIS SHITHEAD JAMIE'S COMPANY WAS DOING THEIR BP LEGAL GAMES

BREAKING THE LAW IS BREAKING THE LAW I DON'T CARE HOW MIDGET YOU ARE

[johnbirch1973]

@Audimaro  You are correct on all counts. Well stated young man!

[Audimaro]

I never care to get involved in politics but this creep is pushing it with his elitist agenda. His net worth at his first term as mayor of NY was 2.2 billion. He's now at 23 billion!!!!!. He claims he's only getting $1.00 as mayor, but as mayor and business interests he seems to rake in the billions for himself and raping the middle class. This piece of shit has to go. Vote this prick out!!!

[suddjian]

On January 31st (before if you can't make it) we will all watch "Not Afraid" in honor of the greatest rapper ever's glory. Let's give him the best present ever: the highest viewed video on YouTube!! Let's give him what he deserves and what Justin Beiber does not deserve to have!

Copy and paste to all Eminem videos and all music videos let's get this noticed quickly!

THUMBS THIS UP

LET'S GET THIS NOTICED

[edwsshaw1]

This is a very intelligent man. Wish he was working for us.

[virgilsportal]

Listen twice if you have too. He gives a good breakdown of the thinking process leading up tobour current state. Then teach or enlighten someone you know. We are our teachers.

VirgilsPortal2 @ Twitter

[cherrycherrycherrryb]

these bastards came out fine because they didn't pay the cost-- people who lost their homes and jobs paid the cost

[cherrycherrycherrryb]

the banks should have failed--thats real capitalism

[timcb001]

@cherrycherrycherrryb Thank God someone gets it!!! Finally!!! I thought I was the only one. God bless you. Keep preaching it, the banks should have been allowed to fail. Tell all your friends again and again until they get it.

[foketesz]

"the mortgage business is a very good business. You can be very creative"

man, we have seen how creative... Talk about the renaissance! this beats it

[CloeBuckingham]

Bloomberg promotes entrepreneurship and incubators. He is creating lasting jobs, not temporary Obama-style stimulus jobs.

Bloomberg has created cheap municipal car parks in outlying areas, which has increased subway ridership.

Bloomberg created 311 for New York City.

Bloomberg's salary is $1. He's a high return on investment.

Bloomberg personally responds to emails from ordinary New Yorkers.

Bloomberg has helped NYU, Cooper Union, and Columbia University, making NYC America's brain trust.

[JohnnyRock2000]

These investment houses knew what they were doing. They sold gold plated turds. Remember "Flip this house"? 22 year old know nothings were putting in a new kitchen and making 100 grand after owning a house for 2 months.

[lisabob22]

Bloomberg is full of crap. The biggest problem was the over quadrillion $ of derivatives Wall Street made up. The next problem was securitizing mortgages, mixing prime loans with sub prime and selling it as prime securities.

[bonnarj7]

Oddly enough, a mathematical technique recently invented for drug design research could be used to build analytical models of the markets from numerical data. These analytical models could be used to stabilize the markets so that something like this would never happen again. Check out the page Evolution of Mathematical Expressions from Numerical Data Sets.

[JohnnyRock2000]

@bonnarj7 - No need for genius here. When houses were increasing their "value" by 50 or 100 grand a year, it's called a bubble and bound to collapse. It happened with lots of things from silver to cabbage patch dolls.

[hicama10]

Michael Bloomberg..please enforce your strict gun laws sir and their wont be a need for closing the

gun show loop hole I need to sell my 4 guns to my buddy because Im moving and he is a good guy

[TomSimba]

This man is best example of what is wrong with the western society. Him and his kind has been allowed to get away with bilking Americans of astronomical sums of money and creating this crisis that plagued the world.

[sunpokerdotcom]

I think we really need to consider legalizing online casino and poker like the UK did, and did it well. I promise it will not corrupt the moral fiber of the US people. In fact I'll bet on it:) if someone would like to have a real constuctive conversaton on the subject, look me up.

[1tontomato]

The root cause is the American greedy.

We keep loosing more and more jobs overseas and Mexico. What are we to do, join the service?

The global economy is killing American jobs.

Give it enough time and we'll be street vendors one day, working in sweat shops and fast food restaurants.

All the good paying jobs are going overseas because of greedy Americans.

The school system is next, people will be graduating to find out there are no jobs.

Might as well move to India and China for a job.

[OvEcHkInG2831]

The people of NYC need to storm City Hall and throw this asshole out with the trash where he belongs.

[learningtotowerrush]

It's happened already, no point worrying

[MoJoSB]

Lying prick...

[Nostraden63]

This NON SMOKING DRUNK Needs to go get a LIFE IN GERMANY

[Nostraden63]

He needs to be thrown out on his Greedy ANTI ASS

[Nostraden63]

This Guy needs to Go BACK OUT to the PASTURE,This NON SMOKING IDIOT

[john17972]

Scumbag M.B. raised taxes on cigarettes. It is just another way that the rich steal from the poor.

[SeniorPolitics56]

moron

[nelemak]

well gee... give money to those who shouldnt get any.... which leads to a bunch of building. How would that NOT lead to a bubble, given the whole idea of allowing people to make business and become rich? Ofcourse when allowed people get into the business of getting rich, in this case building more houses.

[Alaina216]

Its a case of eveyone wanting more than they can chew. The "we want it now" line is the economic crisis all wrapped up in a nutshell. We should work for what we want, work hard to play hard right? Consumerism and capitalism has become too big and mighty. We need to go back to basics. Credit is becoming too huge, and people have adapted and become norm to it, and just do not see it as that big of a risk anymore to be spending what we do not have. This culture is not right.

[peephole2008]

Bloomie thinks people just stopped paying back credits because they are bad boys, not because people lost jobs, because of mismanagement of politics (e.g. his mismanagement).

[buzzgro]

Everybody had a hand in this.

Conservatives (Phil Gramm et al.) moved to end Glass-Steagal and remove reserve requirements on Credit Default Swaps.

Liberals required banks to make loans in bad areas to people with bad credit. Then created the GSEs Fanny and Freddy and then put them on steroids.

But I blame Greenspan. Politicians do what they do, but he was supposed to be the adult in the room. Facts were screaming that there was a big housing bubble and he lowered the prime to 1%. Fool

[itsamikething]

No one ever mentions a large shift of American jobs. After the free trade act we dropped tariffs that where protecting our manufacturing jobs here in the USA.

After the jobs left, many of us moved into a service industry job based economy. Hence Building, remodeling clean up, flipping ect.

The Fed was not dropped because everyone was fine. It was lowered to attempt to hold up the service based economy during the transition.

No tariff means YOU have no protection against 50 cents an hour.

[CallOfDuty4Good]

Sh1t is really hitting the fan, especially here in NYC.

I knew Mike Bloomberg getting a fricken 3rd term would mean trouble. He will now work to impose tolls on every bridge, and raise the cost of living in the city.

The poor and middle-class are being pushed out, while the rich are living undisturbed.

Mike Bloomberg = Emperor Palpatine

[BoomerNavy70]

I hold Phil Gramm personally responsible for this mess.

How much do you think they made on the kick backs from the lobbyist that influenced their decisions to repeal the Glass-Steagall act of 1933.

They are corrupt as hell and they will continue to be corrupt until the public makes it known that "they are mad as hell and they aren't going to take it anymore."

Why is it that most politicians walk away very wealthy people after they serve in Congress, the Senate or the Presidency?

[dubmaverick69]

anohter rich fuck blaming main street -

CRA started in the 70s, why the hell this did not happen in the 70, 80s, or the 90s - because Sen. Phil Gramm and his rich friends passed this bill -

[chessarama]

I can't understand why this clown wants a third term. If he hasn't turned New York's economy around after about 7 years, will 4 more really make a difference?

[jjrglobal]

Great non biased explanation for what happened

[TheMagicScientist]

There are few opportunities to hear real voices from foreign students about the real environment in their countries. These are very significant when discussing the environment as precious materials.

Following statements are understanding of the lake environment in ten participating countries.

[TheMagicScientist]

2-6 Mission for the Next Age

In WLSC 2008 we drafted the definition of a Lake and the five steps of lake management. After this conference, we are going to spread awareness of these ideas as much as possible and report the outcome to World Lake Conference 2009. The mission for the next age is to broaden scientific knowledge and seek financial support to implement these five steps in lake management.

[TheMagicScientist]

4. We should find a way to resolve these issues and work together to implement these solutions.

5. Finally we should see if the lake quality has improved. If not, then we need to reevaluate the management.

[TheMagicScientist]

2-5 Steps to improve Lake Environmental Conditions

The steps are as follows:

1. Citizens, scientists, companies, NGOs, governments and international organizations should open a platform for communication.

2. We should evaluate the status of lakes and whether or not they require management.

3. Current management practices should be analyzed and assessed to see if they are sustainable. If not, we should work together to determine what went wrong and why.

[TheMagicScientist]

2-4 The long-term goal of Lake Management

The long-term goal is to pursue sustainable development, which includes maintaining adequate water quality, conserving the ecological integrity of lakes, preserving their cultural and aesthetic value and promoting their economic aspects.

[TheMagicScientist]

2-2 Deterioration of Lake Environments

Deterioration of the lake environment results in a decrease in biological diversity, a lower quality of its associated resources and impaired ecosystem services.

2-3 Reasons for lake deterioration

Lake environments are changing due to increased population and industrialization. Moreover the lack of respect and environmental education of the citizens along with the mismanagement by the governments accentuate lake deterioration.

[TheMagicScientist]

2-1 Problems concerning Lake Environment

There are some common problems threatening many lakes around the world, both at the local and global scale. The major problems are water pollution, introduction of invasive species, over-exploitation of the aquatic resources, reclamation, eutrophication and climate change.

[TheMagicScientist]

2. Lake Management

A lake is an aquatic ecosystem that is a perennial, enclosed or semi-enclosed waterbody with a measurable residence time and has interactions with its catchment area and the global environment.

[TheMagicScientist]

1-6 Mission for the Next Age

First and foremost, environmental education should help people understand how the natural world functions, demonstrate the importance of preserving the environment and facilitate their participation in its protection. Based upon international cooperation and sound science, environmental education can help create a respectful relationship between humans and nature.

[TheMagicScientist]

This system relies on a network of students, educators, researchers, media, NGOs and governments that integrates environmental issues into daily life. This ideal environmental education requires significant financial support, but the benefit of a sustainable world is priceless.

[TheMagicScientist]

1-5 Ideal Environmental Education in the Future

An ideal environmental education system reaches all people throughout their lives, regardless of nationality, economic status, etc. This future education system employs fun, interesting, and experiential learning opportunities that are appropriate to different age groups and various education levels. Importantly, ideal environmental education inspires people to actively protect the natural world.

[TheMagicScientist]

In some developing countries environmental education is lacking entirely; among industrialized countries, only few require environmental education as part of the standard public school curricula. Too often this education is left to under funded NGOs. While some countries are improving their environmental education systems, many people reach adulthood without learning about or experiencing nature.

[TheMagicScientist]

1-4 Advantages and Disadvantages of Environmental Education

Scientific knowledge abounds across the world, whether based upon professional research or lived experience of local people. Many educators and researchers devote their lives to sharing this knowledge and where environmental education is strong, it focuses on regional issues and facilitates citizen action. However, global level of environmental awareness is insufficient.

[TheMagicScientist]

Researchers, educators, students all people of the world must provide educational opportunities so that all people may develop an appreciation for nature and desire to protect the environment.

1-3 Environmental Education in Different Countries

While concern for environmental issues is growing, across the world Environmental education lacks depth and breadth: it is limited or non-existent.

[TheMagicScientist]

1-2 Necessity of Environmental Education

Environmental education has intrinsic worth, and is a valuable means of achieving a sustainable harmony between humankind and nature. Once people understand the importance of lakes and wetlands on a personal level, once we realize the intricacy and beauty of these ecosystems, once we properly value nature, then we can genuinely address todays environmental problems.

[TheMagicScientist]

1-1 Fundamental Importance of Lake Environments

Lakes are incredibly valuable ecosystems: they provide drinking water and food, control floods, recycle nutrients, sustain biological diversity and act as indicators of environmental change. They carry cultural, recreational, religious and economic value. Unfortunately, lakes are vulnerable to human impact and today many of them are deteriorating. Because water is the basis of all life, we must protect this precious resource.

[TheMagicScientist]

1. Lakes and Environmental Education

Environmental Education is a system of indoor and outdoor activities aimed at raising peoples awareness about natural surroundings and peoples role and responsibilities in management and interactions with environment. Environmental education should be experiential and integrated into everyday life through school, media, home and family.

[TheMagicScientist]

Proposal of the World Lake Student Conference 2008

In November 2008, students from ten countries gathered in Shiga, Japan to discuss the current relationship between humankind and the natural world, and to establish goals for how we may exist in harmony in the future. This proposal communicates the consensus of the World Lake Student Conference 2008.

[tigerone1970]

"There was a lot of pressure on banks to lend to 'everyone'".

How about , it all started when Alan Greenspan started to bail out the US economy by keeping interest rates artificially low? Which he did to make up for the fact that after the Crash of 1987 the consumer did not resume spending.

He replaced the outsourced incomes with credit.

But Michael Bloomberg blames low income home buyers. :-/

[mltube]

How about the New Deal, when the culture of "compassion" began replacing the one of responsibility. This is the root of the problem, which MB simply presents an example of. Of course, Greenspan's monetary expansion played its role, but it was a part of the total package. And I did not detect any blame put on the poor people in this interview.

[tigerone1970]

Have you paid attention the last 8 years?

When was the last time you heard a republican take responsibility for *anything*?

They only talked about personaly responsibility to get off the hook for corporate responsibility.

" And I did not detect any blame put on the poor people in this interview. "

You missed the party where Bloomberg statest that they started lending 'to everyone'.

They're already blaming low income home buyers.

[badnunik]

In my opinion, the best non-biased reiteration I've heard period. But whether the men behind the curtain did it, who knows? I mean I hate to be naive about this, but we all like to blame government for everything. Flat tire, town should've fixed the pothole on the road, food poisoning, where's the FDA? GF is cheating on me, excuse me but I'm busy playing poker! Blame the Gov... How bizarre! Greed!!! The search for self-enrichment and wealth, the easy road to riches, everyone was making money.

[Paranormal999]

Is this real Bloomberg telling us how he and his pals created this situation ? And he is seen here as an expert slagging off the very system they created.

And all the time there making people homeless generating mass unemployment, he says the financial companies could not make money with there products! Their balance sheets said they where raking it in, I can see it on my charges every month from banking to credit cards, if it was automated why 15% interest, corruption that's why.

[zyxel122491]

Bloomberg en soutenant l'offensive meurtrière d'israel sur Gaza est un gros connard. C'est fou comme nos origines peuvent influencer nos opinions, au point d'aller jusqu'à soutenir comme il le fait un état usant du terrorisme.

Je le répète, Bloomberg, t'en es un gros et de grâce, ferme ta gueule plutôt que de donner des leçons de merde.

[tico8007]

I hate this jerk, the only reason why this megalo maniac is mayor is because of term limits. But now that he is drunk with power he wants to over turn the law tha brought so that he may stay in power 4 more years. He came up with some crock about doing it for the city in order to help it get through it's financial crisis. Yeah right, this jackal is waiting for that glorified charlatan Obama to flop so that he can run for president and he is using the mayor position as a camping ground.

[ianclivewright]

I'm sure these guys are old enough to remember the 80s, depression and a property crash, when house prices went down.

[Papillema]

Plz get this guy out of office...hes gonna continue with the congestion plan, tolling east river crossings, allow MTA hikes, everything hike !!!!

[dvermehren]

lol, with congestion pricing we wouldn't have a 25% percent hike in MTA fares. But those idiots who need to drive their car rather then take the train and megalomaniac like Silver stopped it. No enjoy the fair hike but don't blame Mike

[brewerscrew]

He did say the real problem was the fed manipulated the supply of money. They were printing tons of it and the banks had very cheap money because of this. Fannie and freddie were created to give low income families affordable housing. So government is the root cause of non-free market housing and the Fed is the cause of malinvestment due to price manipulation of money. Neither is a free market problem, but they say the free market needs more regulation. ie bigger government ie less freedom. yah!

[beancube2008]

If you have big lethal military, you need big government to manage it unless you shrink and stop production of it. What is the right size and right side of government? The size is enough to express the will of people of the country.

[brewerscrew]

I guess I'm jaded, because I don't feel our government is reflecting the will of it's people in things that matter. Around half of the fruits of our labor are taken by the government for lots of things, some moral and some immoral. Not to mention the freedom stealing bills like FISA, Military Commisions Act or the Patriot Act.. Wanna have some real fun google FEMA and find out it's primary purpose.. hint, it isn't there to help you or me. bah I so discusted with the whole thing.

[RedXFade]

Coincidentally the bush admin tried twice to intruduce plans to deal with the buble and the obvious signs that could lead to economic problems, and in both case those 2 demo's who largly headed the original push for "fair housing" in the 90's, in each occasion gave long speeches opposing the economic reforms going on and on about how there wasn't going to be any big problem.

[RedXFade]

But what he said about the origin is essentialy true. He was apart of the problem but it all stems from left wing groups and a pair of democrates pushing for "fair housing practices"... except giving a loan to somone who can't afford it is just asking them to loose even more then they have now, it only wokred as long as it did cause rising house costs didn't bankrupt the banks.

[thegrandhouseofamen7]

In fact (if anything), he's given us the business.

The city plans do not in fact include any affordable housing (as we have wittnessed).

Super rich developers are just about tax free and he's gone to harrassing small business owners to cover a billion dollar deficit.

How do you squeeze blood out of turnip.

His dollar a year salary has not saved us money, it has in fact cost us affordable housing as he participates in a massive looting of americans.

[thegrandhouseofamen7]

Many of developers in New York City get tax breaks, in terms of write offs, if the buildings are below 60% capacity.

Here in chelsea we have yet to a large scale building more than 40% capacity.

New yorkers and all americans must understand that nations are competing for investment and usually at the expense of the vast majority.

New yorkers must cease to be naive.

Just because Mr Bloomberg is a billionaire does'nt mean he has any intentions of letting any of us into the business.

[thegrandhouseofamen7]

We have no GDP growth because we do not produce anything on a large enough scale to compete in a global economy.

Deregulation allowed more and more of our industries to be out-sourced.

We now have a finance economy.

Soon to be former mayor bloomberg is a product of the era of deregulation during the tech bubble.

He's done business with many of the brokerage houses he mentions as being mismanaged.

They were all in bed together.

Mr Bloomberg is part of the problem.

[thegrandhouseofamen7]

First of all there are different kinds of home mortgages.The worst of them is the balloon loan; in where,mortgage payments are reduced for the 5 years or so, and then payments can exceed the original terms of the loan.

In other words,people are lead to gamble that in the near future their income may increase.

Before the real estate crash, homes where hyper-inflated because of sales voltility and a weakening dollar.

[grantsfo]

Check out Ira Glass on This American Life. He has done the best on this crisis.

I do think US government should take an equity stake in banks we bail out. Republicans of course are fighting this as they are being lobbied heavy by the financial institutions.

[ehswan]

I've read that debt has to increase at least 2% per year for our economy to function. If that is true it means that our economy is based on ever increasing debt. In other words our economy is a scam.

[larissan04]

ehswan~ you "heard?" well, our economy has been working pretty darn well over all for a very long time. I am sorry but "i heard" is not good enough support for making any sort of sound argument.

[shinobyobe]

"READ" he definitely said he "read"...and his conclusion was based on what he "read"...not "heard" off-hand...

And Blooomberg, I'm sorry, this man is a billionaire trying to blame the financial crisis on the people fighting for fair housing practices...this man is one of the elite and we need to stop acting like he isn't...

[simeoneous]

This might be good enough larissan04, here is your hard working economy:

w w w .brillig[dot]com/debt_clock/

[1amendoza1]

qwturbeliakin! pendejo gringo NWO is aqui!!!

[mmcplaid2086]

Bloomberg is careful not to blame the government directly, and he passes over a lot of key details, but so far he's the only politician I've seen to even come close to telling the truth about this whole mess.

[iamauscitizen]

The SUB PRIME LOANS which caused this crisis in the Mortgage Industry are always in the HISPANIC COMMUNITY across the country. Who is responsible for giving the SUB PRIME LOANS TO MAJORITY HISPANIC PEOPLE?Why is PRESIDENT BUSH allowing OUR TAX DOLLARS to rescue peoples' homes who have NO SOCIAL SECURITY NUMBER!HOW can you tax or track a homeowner who has NO SOCIAL SECURITY NUMBER OR EIN NUMBER?I have a right to know.I am a US CITIZEN.I am tired of giving ILLEGAL ALIENS ANOTHER free ride!!

[rlwrocks]

There's PLENTY of blame to go around:

1) Home buyers who didn't read all the documents at closing. They obligated themselves to something they coudln't pay for.

2) Greedy banks who gave credit to folks who were not credit-worthy without one of these wacky loans.

3) Wall St. investment houses that packaged these bogus loans and then leveraged them at 30:1

4) Federal workers who didn't provide the oversight of the banks and Wall St. - it's their job to do so!

We're all screwed!

[stephenetienne]

The man asked a question, and the first thing out of Mr. Bloomberg's mouth was that it's the poor people's fault. That's an example of a billionaire scapegoating a weak group to cleanse himself of his problems.

[bigpimp2135]

I trust this guy. If anyone can get us out of this mess, it bloomberg. I wish he was our mayor.

Look at his vids on youtube. he explains everything from immigration reform to outsourcing. Hes right on EVERYTHING he says

[Cellularwakeup]

This guy is funny. So let me get this straight: It all began when those living in red-lined neighborhoods were allowed to get loans that they were not supposed to have. That is business speak for black people or latino..As redlined neighborhoods are central city. All I know is that I am going to have to pay so that some Rich guy will not have to see his portfolio drop. Well all I have to say is fly the United States Flag upside down it is in distress!!! I'm not buying it losers!!! Crooks!!!

[ShilgenVens]

This is surreal.

[trojone8]

Nope, it's actually a very real problem that has been brewing for decades. It simply didn't happen overnight. In fact, we are all to blame.

[sugarpuddin88]

Banks are allowed to lend as endless money - Money they don't have!

Federal Reserve bank is allowed to print Americas money at interest - The FED Reserve bank is owned by private bankers (mostly from over seas)

Fannie & Freddie were leveraged 1:150 - All major Wall Street Firms are leverage 1:25 to 1:30!

This was encouraged by the FED; and allowed by Congress!

It makes Enron look like the Boy Scouts!

Gimme a break!

Get a second citizenship!

Time for to be "self reliant"!

[sugarpuddin88]

The Federal Reserve Bank is owned by private bankers - They owe their duty to their shareholders; not the USA!

It benefits them to get the US economy addicted to free flowing cash; they know they'll always get paid back with interest

That's why they bribed Senators in 1913 to (illegally) create an income tax on unapportioned wages - So they can use that same income tax to guarantee payback

US Constitution specifically forbade allowing anyone but Congress to print money - Thanks Pres Wilson!

[jnycnuk]

so... due to the fact that the mortgage industry was selling a product that they didn't understand the little guy has to pay.

yes... it's too bad that the guys that have been hogs at the wall street trough are in trouble.

[CognosSquare]

He does not really specify exactly how the poor people got a hiked credit rating.

[AshyLarry82]

Isn't this like asking the fox who ate the hens?

[CognosSquare]

At the very least he is a selfproclaimed independant politically.

There is a side of the debate who blames the people who took the SP-loans as opposed to blaming wall street and he's not on that bandwagon.

[rooster8090]

@AshyLarry82 Clearly you're not, but i'm pretty sure michael bloomberg is not responsible for the economic crisis.