Biden warns fiscal plans reminiscent of 2008
Vice President Joe Biden says that some of the economic proposals under discussion as a new administration prepares to enter the White House are the same ones that led to “this God-awful recession of eight years ago.”
Speaking at Georgetown University on financial regulation, Biden says banks and other financial institutions knew they had a backstop in the form of the American taxpayer, so they took excessive risks. He says legislation designed to reduce such risk-taking should not be repealed.
Biden also cites cutting the income tax rates for the wealthy, dramatically reducing the estate tax and “deregulation orthodoxy” as contributors to the recession.
Biden praised steps taken early in Barack Obama’s presidency, adding that “while the people have spoken, we can’t be lulled into a sense of collective amnesia.”
https://www.washingtonpost.com/business/the-latest-trump-taps-ben-carson-as-housing-secretary/2016/12/05/07f75b88-baf2-11e6-ae79-bec72d34f8c9_story.html?tid=hybrid_content_1_na&utm_term=.f40e18e0b4bc
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