(CNS) — Vice President Joe Biden said Wednesday that “people died” and “people’s homes burned to the ground,” because the Bush administration allowed “God-awful Ponzi schemes” on Wall Street.
Speaking at a rally to promote a piecemeal provision of President Obama’s jobs proposal, Biden told police and firefighters that the budget shortfalls of state and local governments were not attributable to state and local governments.
“Those of you know it’s not really the fault of your mayor or your government,” the vice president said. “Some are more sympathetic than others, but the bottom line is they don’t have the money because of this God-awful mess we got put in.
“In many cities the result has been — and it’s not unique — murder rates are up, robberies are up, rapes are up. And folks, there’s a simple reason for that. It’s been a perfect storm out there from the God-awful Ponzi schemes that the last outfit allowed Wall Street to engage in, resulted in this gigantic collapse of the financial industry.”