Michael Bloomberg - Origins of the Economic Crisis

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Complete video at: http://fora.tv/2008/09/17/Michael_Bloomberg_on_the_Economy_in_Crisis Michael Bloomberg, Mayor of New York City and founder of Bloomberg, L.P., discusses the origins of the U.S. subprime mortgage crisis. ----- Mayor Michael Bloomberg addresses a Georgetown audience on the state of the American economic crisis, the steps that should be taken and the steps that have not yet been taken. He characterizes federal responses to date as being akin to "buying an alcoholic a drink." Michael Bloomberg is an American businessman, philanthropist, and the Mayor of New York City. He was elected mayor in 2001, then reelected to a second term in 2005. Bloomberg graduated from Johns Hopkins University in 1964 with a bachelor's degree in electrical engineering, then earned an MBA from Harvard Business School in 1966. His 1997 autobiography was titled Bloomberg by Bloomberg. Bloomberg is the founder and former CEO of financial news and data company Bloomberg, L.P.

Channel: News & Politics
Uploaded: September 23, 2008 at 2:05 pm
Author: ForaTv

Length: 0:08:26
Rating: 4.60
Views: 3,872

Tags: economy united states america market recession depression subprime mortgages lenders banks banking housing bubble bailouts

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Video Comments:
Papillema (Wednesday 12th of November 2008 09:10:03 AM)
Plz get this guy out of office...hes gonna continue with the congestion plan, tolling east river crossings, allow MTA hikes, everything hike !!!!
brewerscrew (Friday 7th of November 2008 12:00:27 PM)
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!
RedXFade (Thursday 23rd of October 2008 07:10:48 PM)
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 (Thursday 23rd of October 2008 07:08:19 PM)
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 (Tuesday 14th of October 2008 11:08:00 AM)
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 (Tuesday 14th of October 2008 10:58:53 AM)
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 (Tuesday 14th of October 2008 10:50:15 AM)
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 (Tuesday 14th of October 2008 10:38:03 AM)
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 (Sunday 12th of October 2008 06:53:13 PM)
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.
simeoneous (Tuesday 7th of October 2008 06:27:53 AM)
This might be good enough larissan04, here is your hard working economy: w w w .brillig[dot]com/debt_clock/