Biden Has Overseen 3 of the 4 Worst Bank Collapses in History

Biden Has Overseen 3 of the 4 Worst Bank Collapses in History

(RepublicanReport.org) – In March, the Federal Deposit Insurance Corporation (FDIC) took control of California’s Silicon Valley Bank after its abrupt shutdown. Unfortunately, the entity collapsed because too many customers made a run on the institution, demanding their money at the same time. A few days later, the federal government took over New York’s Signature Bank as well, guaranteeing deposits above the typically-insured $250,000 range. The hope was that the aggressive action would ease customers’ minds and prevent panic from spreading through the financial sector.

On May 1, NBC News reported that the FDIC took over First Republic Bank and sold it to JPMorgan. With $212 billion in assets, the California-based bank was reportedly the second-largest bank failure in US history behind Washington Mutual Bank in 2008. The government stepped in a few days after First Republic reported it had lost nearly $72 billion in deposits during the first quarter of the year — a drop of more than 40%.

The Washington Examiner recently reported that former Vice President Mike Pence blamed the bank failures squarely on the “economic policies of the Biden administration.”

During an interview on “The Brian Kilmeade Show,” Pence said he believes bank bailouts aren’t the answer. He said the institutions should pay for their mismanagement by letting the “market ebb and flow” without intervention. E.J. Antoni, an economist at The Heritage Foundation, appeared concerned that the government was willing to “use taxpayer money” to bail out the financial entities.

However, President Joe Biden stated that while all “depositors are being protected,” he insisted taxpayers are not footing the bill. He asked Congress to give regulators the means to “hold bank executives accountable” for the actions that led to their respective failures. The fact is, all three failures happened under the current administration and, according to experts, were largely due to the interest rate hikes by the Federal Reserve.

Do you think the banks’ problems will affect Biden in the 2024 presidential election and turn voters toward Trump for help?

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