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By Rachel Rose Hartman | The Ticket – <abbr title="2011-11-01T20:31:22Z">22 hrs ago</abbr>



Occupy Wall Street protesters shouldn't blame big banks for the mortgage crisis, New York City Mayor Michael Bloomberg said Tuesday-- they should blame Congress.


"It was not the banks that created the mortgage crisis," Bloomberg told an audience gathered for an Association for a Better New York breakfast, Capital New York first reported. "It was plain and simple Congress who forced everybody to go and give mortgages to people who were on the cusp." Bloomberg argued that Congress forced banks and lending giants Fannie Mae and Freddie Mac to loosen their mortgage standards.


Bloomberg, a multi-billionaire, got his start as a Wall Street investment banker. His $10 million severance at the age of 40 was what catapulted his future profitable business ventures.



You can watch the video of Bloomberg's comments below, via Capital New York:


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Hmmmmm ... half-truths and whole lies ....


Mr. Bloomberg is right that the Congress at that time passed laws to make it easy to offer/give loans to people who shouldn't have qualified for them.


But ... he seems to leave out the TRUTH in that ..... Congress passed the legislation at the INSISTENT URGING of then-president GeeDubya Bush!! 


Mr. Bloomberg seems to FORGET that the ex-prez's INTENTION was to target Hispanics for their support/vote by opening up the opportunity to become "homeowners"!!!  The fact that many African Americans also gained home ownership in large numbers was just an unintended consequence - considering everybody KNEW that he couldn't get our vote for him no matter WHAT tricks he used!!


Blame it on the Congress .... yeah ... but also put that BLAME where it further belongs .... to our distinguished horse-riding, "Dead or Alive", Wyatt Earp-wanna-be cowboy ex-president!!!  'Cause it was ALL his idea!!! 


One of the worst among many.

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


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.



Quote by Mayor Bloomberg: "It was plain and simple Congress who forced everybody to go and give mortgages to people who were on the cusp." Bloomberg argued that Congress forced banks and lending giants Fannie Mae and Freddie Mac to loosen their mortgage standards".


"Forced" by Congress..and I'll bet that Republican led Congress forced them by using a water pistol.


Without saying, Mayor Bloomberg wants the "Occupy Wall Street" protesters" out of his city because it's costing NY millions daily in police/fire/ambulance overtime, increased garbage collection, vehicle/equipment/fuel costs, limited coverage of criminal activities happening all over the city (criminals are taking full advantage) and the potential of hundreds of lawsuits being filed in the aftermath by the protesters based on police and their handling of the protesters.


Plus EVERYTHING that the police does is being visually recorded by the thousands and sent all over the world via cell phone and uploaded on Youtube, Facebook, Twitter etc and there is nothing that the NY police or Mayor Bloomberg can do about it.


Mayor Bloomberg is pissed, has no control over this and he dare not try to increase the police's riot activities or stop it.


All he can hope for right now is that old man winter sets in and freezes the protesters out.

All those extra cost......could lead to more budget shortfall and layoffs....if not higher taxes to cover cost....both of which could create more hurting and only inspire more protest. In the end....the fat cats come out on top. Bloomberg is not going to go broke if he loses his job as mayor.....but some grunt worker for the city who gets laid off because of budget cuts due to "these extra cost"....might go broke.


This is what I keep coming back cannot punish "institutions" without ultimately puninshing the people under some way. you have to punish individuals seperately.


Actions begat reactions. It’s not enough to think superficially, and or short term, about an act, one must make hypothesis concerning the chain of reactions that will result. When its all added might, in the long run, be worsening the sitution.

Last edited by Noah The African

And speaking of George W. Bush .... The states started going broke and teetering on the brink of bankruptcy one-by-one after 9/11, when federal mandates were handed down that ALL states had to implement various security measures to protect the U.S. from subsequent attacks. 


States had to revamp their security at airports, seaports, and federal buildings, provide special emergency and hazard training to police and fire personnel, and otherwise prepare themselves for what to do in case of another terror attack.  Some had to do more than others, depending on the level of threat.  And GeeDubya (the federal government!!) declined to pick up the tab for those changes!!


Instead, he chose to spend billions to attack/occupy/rebuild Iraq.


Because of that, the states' budgets were ALREADY in trouble once the Republican Administration, Republican Congress, two wars and an illicit corporate mortgage fraud broke the back of the economy and brought it to its knees. 


To further compound the situation, extraordinarily high unemployment, foreclosure and business closure rates have made it impossible for city and state governments to recoup the additional (and unexpected) funds they had to shell out for the (mandatory) beefed-up security measures they had to put in place because of lost revenues from sales, property and businesses taxes that many residents are no longer able to pay.


Therefore, layoffs of city and state employees have been imperative as last and only resort of many local governments who no longer have ANY money left in their tills to pay for them. 


Perhaps GeeDubya should have thought about the consequences of his actions before he invaded a sovereign country that's taken 10 years worth of billions of dollars being spent to bring to a close ... and instead took care of making sure that the states here in America - especially one as vital as New York - were on better financial footing to be able to implement his mandated security measures. 


Maybe then the city would be in a better financial state to protect the peaceful display of American democracy by residents and citizens who have a Constitutional right to do what they are doing.

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