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Reply to "Michael Bloomberg to protesters: Blame Congress, not Wall Street"

"It was plain and simple Congress who forced everybody to go and give mortgages to people who were on the cusp."

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This is straight bullshit!  It was straight bullshit when the crisis came to a head and they were looking around to find the usual scapegoats they always use to keep people from seeing the truth in this country.  

 

They have ALWAYS given mortgages to people on the "cusp" - - at least, White people, however, in more recent decades, more and more banks, etc., had loosened their racially discriminatory grip on the housing market, which coincidentally meant that more Blacks and Hispanics/Latinos would not be denied loans purely and/or mostly out of racial discrimination; coincidently, (though probably not coincident), there happened to be more Black and Hispanics/Latinos with either new or recent mortgages when the housing market when bust this time, making Blacks and Hispanics a convenient scapegoat to blame for the housing market crash.  The housing market is a see-saw, and those at the top making the most money know that Americans have the attention span and the memory of a gnat, so each time it goes bust, the top 1% in that particular market can take as much money as they can get their hands on and run while the 99% are duped, yet again, into blaming the most vulnerable of the 99%.  

 

The housing market boom or bust is too big either way for it to be the fault of Blacks and Latinos/Hispanics, period.  There's not enough buying homes to make the market boom and there are not enough foreclosing home to make it bust.

 

 

So, Bloomberg, just like the media did, is only regurgitating what he has been spoon-fed by  a chosen few of the 1% that were seeking to lay blame somewhere other than where it should be.

 

 

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