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Biden: "Last Administration Had A Ponzi Scheme"

FOX News: Vice President Biden gave a fiery, campaign-style speech on the closing day of the Democratic National Committee summer meeting Friday in St. Louis and charged that the Republican party is the "past on steroids."

"They're going to look at what Republican party is actually offering -- more of the past, but on steroids," Biden said.

He also had a new name for the GOP, in which he noted would probably get him in trouble. "When they start to look at the alternative, they're gonna see..."this ain't your father's Republican party, this is the Republican Tea Party," he said.

The vice president also said that the last administration was pretty much running a "Ponzi" scheme, "We inherited economic policy and plan for prosperity that lay in creative financial instruments, credit default swaps, collateralized obligations, sub-prime mortgages, basically the last administration had a Ponzi scheme masquerading as a vision in terms of our future."

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