Mayor Bloomberg Has Some Theories About the Financial Crisis

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The mayor gazes sternly south, toward Washington. Photo: Rob Kim/Getty Images

Michael Bloomberg seems to be sensing that Americans aren't fans of Congress these days — just 9 percent of us approve of the job they're doing — and so he's ready to pile on and shift a little blame their way. This was his response this morning to a question about what he thinks of Occupy Wall Street.


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. Now, I'm not saying I'm sure that was terrible policy, because a lot of those people who got homes still have them and they wouldn't have gotten them without that.

But they were the ones who pushed Fannie and Freddie to make a bunch of loans that were imprudent, if you will. They were the ones that pushed the banks to loan to everybody. And now we want to go vilify the banks because it's one target, it's easy to blame them and Congress certainly isn't going to blame themselves.

Bloomberg, continuing on with his defense of Wall Street, said it's "cathartic" and "entertaining" to blame someone for the financial morass, so he's either highly self-aware, or not self-aware at all. Count us entertained, either way.

Bloomberg: 'Plain And Simple,' Congress Caused the Mortgage Crisis, Not the Banks [Capital New York]