Vice President Biden at La Raza: Sound Judgment

Uploaded by BarackObamadotcom on 10.07.2012

[Vice President Biden] The governor's response to the emotional and financial consequences
of the forclosure crisis, no state knows it better than Nevada. So many people, through
no fault of their own, caught up in this crisis because three neighbors in their development
had a subprime mortgage. They went belly-up and all of a sudden they find their house,
they are upside down. They did nothing wrong. They missed no payment. These guys don't get
for middle class folks like me and most of you, owning a home is maybe the single most
consequential element of our existence to be able to provide for our families a home.
What was his response to this financial crisis? He said, and I quote, "Let the market hit
bottom." That may be the sound business judgment if you're running Bain Capital, but it's not
a sound judgment for the United States government to be encouraging.