Vice President Biden gave a major speech today on the progress of the stimulus act, which he said pulled the economy back from "the verge of failure," but added the road ahead is still "very, very bumpy."
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"Today, there's a growing consensus: The recovery act is, in fact, working," he said. "Instead of talking about the beginning of a depression, we're talking about the end of the recession, eight months after taking office."
In his speech, given at the Brookings Institute to mark the 200th-day anniversary of the American Recovery and Reinvestment Act, Biden set out to prove the stimulus staved off a second Great Depression and set the U.S. on the right road to a stronger economy.
He recounted the first days of the Obama administration, when economists were talking about a possible depression, a total credit freeze or a bank holiday. He talked about the bank bailout, stressing that the government has made a $4 billion profit on the investment so far, and the attempts to stabilize the housing market.
"Are we there yet? No. But we're moving," he said about housing.