MSNBC

MSNBC 13 Feb 2020

Warren On Bloomberg & The Practice Of Banks 'Redlining' Minority Communities

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Michael Bloomberg has come under fire for his 2008 comments on redlining and the subprime mortgage crisis. Sen. Elizabeth Warren tells Lawrence O'Donnell, "Anybody who thinks that the banks should have been allowed to be more racist should not be the leader of our party." Aired on 02/13/20.


The practice of tracking online interactions may have started with innocent intentions, but data tracking and privacy are now the subject of heated global debate. NBC News takes a detailed look at the past, present and future of internet privacy in America.

With only three weeks to the Iowa caucus, a feud between long-time progressive allies changed the tone of the race. Bernie Sanders and Elizabeth Warren, who have known each other for years and worked closely together in the Senate, have always presented a united front, and have refrained from going after each other during the democratic primary. But their differing accounts of a private meeting in 2018 led to a very public split this week, and could lead to a fracturing of the progressive movement they have both worked to build.
New York City Mayor Bill de Blasio, who recently endorsed Bernie Sanders in the 2020 presidential race, attacked billionaire and Democratic presidential candidate Mike Bloomberg today, saying:

"Michael Bloomberg represents the status quo. It is important to talk about it. He's using an inordinate amount of money, we have never seen anything like it in the history of the United States. But what it is masking is a lifetime of supporting those in power, he's the epitome of the power structure in this country. And it is important for people to start understanding what he's really about, given that he's spending literally hundreds of millions of dollars to portray only one side of the story."

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>>> SENATOR ELIZABETH WARREN IS
>>> SENATOR ELIZABETH WARREN IS CAMPAIGNING TONIGHT IN VIRGINIA,
CAMPAIGNING TONIGHT IN VIRGINIA, WHICH WILL ALLOW 99 DEBTLEGATES
WHICH WILL ALLOW 99 DEBTLEGATES WHEN 14 STATES WILL VOTE.
WHEN 14 STATES WILL VOTE. SENATOR WARREN IS CURRENTLY
SENATOR WARREN IS CURRENTLY THIRD IN THE DELEGATE TOTAL.
THIRD IN THE DELEGATE TOTAL. THE PRESIDENTIAL CAMPAIGN
THE PRESIDENTIAL CAMPAIGN SWERVED INTO ONE OF ELIZABETH
SWERVED INTO ONE OF ELIZABETH WARREN’S AREAS OF EXPERTISE AS A
WARREN’S AREAS OF EXPERTISE AS A FARMER HARVARD LAW PROFESSOR
FARMER HARVARD LAW PROFESSOR SPECIALIZING IN BANKRUPTCY LAW
SPECIALIZING IN BANKRUPTCY LAW AND THE PERSON WHO CREATED THE
AND THE PERSON WHO CREATED THE CONSUMER PROTECTION BUREAU IN
CONSUMER PROTECTION BUREAU IN PRESIDENT OBAMA’S
PRESIDENT OBAMA’S ADMINISTRATION.
ADMINISTRATION. MICHAEL BLOOMBERG, WHO IS
MICHAEL BLOOMBERG, WHO IS RUNNING FOR PRESIDENT AS A
RUNNING FOR PRESIDENT AS A DEMOCRAT, HAS BEEN FORCED TO
DEMOCRAT, HAS BEEN FORCED TO ANSWER FOR STATEMENTS HE HAS
ANSWER FOR STATEMENTS HE HAS MADE IN THE PAST, INCLUDING THIS
MADE IN THE PAST, INCLUDING THIS STATEMENT, IN 2008, IN WHICH HE
STATEMENT, IN 2008, IN WHICH HE EXPLAINED THE COLLAPSE OF THE
EXPLAINED THE COLLAPSE OF THE HOUSING MARKET THAT LEFT
HOUSING MARKET THAT LEFT MILLIONS OF HOMEOWNERS AROUND
MILLIONS OF HOMEOWNERS AROUND THE COUNTRY DROWNING IN
THE COUNTRY DROWNING IN MORTGAGES ON HOMES THAT HAD LOST
MORTGAGES ON HOMES THAT HAD LOST THEIR VALUE.
THEIR VALUE. >> BANKS TOOK NEIGHBORHOODS AND
>> BANKS TOOK NEIGHBORHOODS AND SAID, PEOPLE IN THE
SAID, PEOPLE IN THE NEIGHBORHOODS ARE POOR.
NEIGHBORHOODS ARE POOR. THEY WILL NOT PAY OFF THEIR
THEY WILL NOT PAY OFF THEIR MORTGAGES.
MORTGAGES. TELL YOUR SALESMEN DON’T GO INTO
TELL YOUR SALESMEN DON’T GO INTO THOSE AREAS.
THOSE AREAS. CONGRESS GOT INVOLVED AND SAID
CONGRESS GOT INVOLVED AND SAID THAT’S NOT FAIR.
THAT’S NOT FAIR. THESE PEOPLE SHOULD BE ABLE TO
THESE PEOPLE SHOULD BE ABLE TO GET CREDIT.
GET CREDIT. ONCE YOU STARTED PUSHING IN THAT
ONCE YOU STARTED PUSHING IN THAT DIRECTION, BANKS STARTED MAKING
DIRECTION, BANKS STARTED MAKING MORE AND MORE LOANS WHERE THE
MORE AND MORE LOANS WHERE THE CREDIT OF THE PERSON BUYING THE
CREDIT OF THE PERSON BUYING THE HOUSE WASN’T AS GOOD AS YOU
HOUSE WASN’T AS GOOD AS YOU WOULD LIKE.
WOULD LIKE. >> JOINING US NOW FROM VIRGINIA
>> JOINING US NOW FROM VIRGINIA IS ELIZABETH WARREN.
IS ELIZABETH WARREN. THANK YOU VERY MUCH FOR JOINING
THANK YOU VERY MUCH FOR JOINING US TONIGHT.
US TONIGHT. I WANT TO GET YOUR REACTION TO
I WANT TO GET YOUR REACTION TO WHAT MIKE BLOOMBERG JUST SAID
WHAT MIKE BLOOMBERG JUST SAID THERE ABOUT THE HISTORY OF RED
THERE ABOUT THE HISTORY OF RED LINING.
LINING. >> RIGHT.
>> RIGHT. WHAT THE MAYOR IS REALLY SAYING
WHAT THE MAYOR IS REALLY SAYING IS THAT THIS CRISIS COULD HAVE
IS THAT THIS CRISIS COULD HAVE BEEN AVERTED IF THE BANKS HAD
BEEN AVERTED IF THE BANKS HAD JUST BEEN ABLE TO DISCRIMINATE
JUST BEEN ABLE TO DISCRIMINATE AGAINST BLACK AND BROWN PEOPLE
AGAINST BLACK AND BROWN PEOPLE MORE.
MORE. LET’S BE CLEAR, THAT WOULD NOT
LET’S BE CLEAR, THAT WOULD NOT HAVE AVERTED THE CRISIS.
HAVE AVERTED THE CRISIS. ANYBODY WHO THINKS THAT THE
ANYBODY WHO THINKS THAT THE BANKS SHOULD HAVE BEEN ALLOWED
BANKS SHOULD HAVE BEEN ALLOWED TO BE MORE RACIST SHOULD NOT BE
TO BE MORE RACIST SHOULD NOT BE THE LEADER OF OUR PARTY.
THE LEADER OF OUR PARTY. >> LET ME READ TO YOU WHAT
>> LET ME READ TO YOU WHAT BLOOMBERG CAMPAIGN SPOKESPERSON
BLOOMBERG CAMPAIGN SPOKESPERSON HAS SAID ABOUT THIS
HAS SAID ABOUT THIS SPECIFICALLY.
SPECIFICALLY. THIS IS WHAT THEIR STATEMENT
THIS IS WHAT THEIR STATEMENT SAYS.
SAYS. MIKE’S SAYING THAT SOMETHING
MIKE’S SAYING THAT SOMETHING BAD, THE FINANCIAL CRISIS,
BAD, THE FINANCIAL CRISIS, FOLLOWED SOMETHING GOOD, WHICH
FOLLOWED SOMETHING GOOD, WHICH IS THE FIGHT AGAINST RED LINING
IS THE FIGHT AGAINST RED LINING HE WAS PART OF AS MAYOR AND MIKE
HE WAS PART OF AS MAYOR AND MIKE HAS DETAILED PLANS FOR HOW HE
HAS DETAILED PLANS FOR HOW HE WILL HELP A MILLION MORE BLACK
WILL HELP A MILLION MORE BLACK FAMILIES BUY A HOUSE AND
FAMILIES BUY A HOUSE AND COUNTERER ACTCOUNTER
COUNTERER ACTCOUNTER ER
ER COUNTERACT THE EFFECTS OF RED
COUNTERACT THE EFFECTS OF RED LINING AS PRESIDENT.
LINING AS PRESIDENT. YOUR REACTION?
YOUR REACTION? >> HE CAN TRY TO SCRUB THAT
>> HE CAN TRY TO SCRUB THAT VIDEO.
VIDEO. HE CAN TRY TO SCRUB THAT VIDEO
HE CAN TRY TO SCRUB THAT VIDEO ANY WAY HE WANTS.
ANY WAY HE WANTS. IT CLEARLY SAYS THAT REDLINING
IT CLEARLY SAYS THAT REDLINING WAS WHAT HELPED PROTECT THE
WAS WHAT HELPED PROTECT THE BANKS.
BANKS. THE BANKS COULD MAKE BIGGER
THE BANKS COULD MAKE BIGGER PROFITS.
PROFITS. LET ME TELL YOU HOW I SEE THIS.
LET ME TELL YOU HOW I SEE THIS. THIS IS THE PROBLEM OF A
THIS IS THE PROBLEM OF A BILLIONAIRE WHO THINKS THE WAY
BILLIONAIRE WHO THINKS THE WAY HE IS GOING TO BE ELECTED IS HE
HE IS GOING TO BE ELECTED IS HE WILL BUY AN ELECTION.
WILL BUY AN ELECTION. I THINK THE WAY THAT THE
I THINK THE WAY THAT THE DEMOCRATS OUGHT TO BE PICKING
DEMOCRATS OUGHT TO BE PICKING THEIR CANDIDATE IS THROUGH THE
THEIR CANDIDATE IS THROUGH THE GRASS-ROOTS.
GRASS-ROOTS. I THINK FUNDING IS A BIG PART OF
I THINK FUNDING IS A BIG PART OF THIS.
THIS. WHEN YOU CAN REACH IN YOUR OWN
WHEN YOU CAN REACH IN YOUR OWN POCKET AND THROW A FEW HUNDRED
POCKET AND THROW A FEW HUNDRED MILLION ON THE TABLE AND START
MILLION ON THE TABLE AND START BUYING YOUR WAY TO A NOMINATION,
BUYING YOUR WAY TO A NOMINATION, IT’S A DIFFERENT PERSPECTIVE
IT’S A DIFFERENT PERSPECTIVE THAN IF YOU ARE DOING IT FROM
THAN IF YOU ARE DOING IT FROM THE GRASS-ROOTS UP.
THE GRASS-ROOTS UP. I BELIEVE IN GRASS-ROOTS
I BELIEVE IN GRASS-ROOTS FUNDING.
FUNDING. ANYBODY WHO IS LISTENING TO THIS
ANYBODY WHO IS LISTENING TO THIS WHO THINKS THAT’S HOW WE OUGHT
WHO THINKS THAT’S HOW WE OUGHT TO BE FUNDING CAMPAIGNS, I HOPE
TO BE FUNDING CAMPAIGNS, I HOPE THEY GO TO ELIZABETHWARREN.COM
THEY GO TO ELIZABETHWARREN.COM AND PITCH IN FIVE BUCKS TO SAY,
AND PITCH IN FIVE BUCKS TO SAY, THAT IS THE WAY THAT WE SHOULD
THAT IS THE WAY THAT WE SHOULD MAKE OUR CAMPAIGNS RUN.
MAKE OUR CAMPAIGNS RUN. BE PART OF THIS.
BE PART OF THIS. VOLUNTEER.
VOLUNTEER. VOLUNTEER AN HOUR OF PHONE
VOLUNTEER AN HOUR OF PHONE BANKING.
BANKING. GO TO A PLACE NEAR YOU.
GO TO A PLACE NEAR YOU. WE ARE IN 31 STATES.
WE ARE IN 31 STATES. THIS IS ABOUT DEMOCRACY HANGING
THIS IS ABOUT DEMOCRACY HANGING IN THE BALANCE.
IN THE BALANCE. ARE WE GOING TO BE A COUNTRY
ARE WE GOING TO BE A COUNTRY THAT YOU GOTTA EITHER BE A
THAT YOU GOTTA EITHER BE A BILLIONAIRE OR GO SUCK UP TO THE
BILLIONAIRE OR GO SUCK UP TO THE BILLIONAIRES?
BILLIONAIRES? OR ARE WE GOING TO BE A COUNTRY
OR ARE WE GOING TO BE A COUNTRY WHERE WE REALLY DO MAKE OUR
WHERE WE REALLY DO MAKE OUR DEMOCRACY WORK AGAIN AND WE FUND

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