For Immediate Release
1 November, 2011
Contact:
TJ Helmstetter: tjhelm@workingfamiliesparty.org
WFP to Bloomberg: Not a serious comment.
Earlier this morning, Mayor Bloomberg told a business audience at breakfast:
“It was not the banks that created the mortgage crisis. It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp.”
Working Families Party Excecutive Director Dan Cantor responds:
Mayor Bloomberg is a serious man, but this is not a serious comment. The only thing “plain and simple” about the financial crisis of 2008 is that it was caused by the deregulation of the financial sector, so if that’s what he means when he says that Congress is responsible, he should say so. The big banks rewrote the rules, gambled and lost, but set it up so that they took home the winnings in the good times and stuck the taxpayers with the losses when things went sour. The Mayor really needs to read “The Big Short.”
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