At a fundraiser for Democrats in Pennsylvania Monday night, Vice President Biden revealed that the incoming Obama administration toyed with declaring a bank holiday on Jan. 21, the day after inauguration.
“It’s amazing how much we’ve forgotten just how far we were in the tank just nine months ago,” Biden said at a dinner for the Allegheny County Democratic Committee, according to the pool report.
The vice president said the stimulus saved the economy from the brink of another Great Depression, and recalled the major job losses at the beginning of the year.
“We knew we had to do something of consequence,” he said, first “getting the God-awful banks back in the business of lending again.”
