After First Republic Bank was seized and sold to JPMorgan Chase on Monday, new concerns are mounting over the state of the U.S. economy. Former Vice President Mike Pence slammed the Biden administration’s economic policies on “The Brian Kilmeade Show,” arguing that rampant spending and bailouts have created the economic conditions for bank failures and a looming recession.
MIKE PENCE: [First Republic’s collapse is the] second biggest ever in history. Third bank failure in as many months. It is a testament to the failed economic policies of the Biden administration. And it’s why we need change in America in 18 months. You can’t borrow and spend and bail your way back to a growing economy. But from the outset of this administration, that’s exactly what they’ve been trying to do. They’ve thrown tax increases on top of that. But, look, this latest bank rescue is just one more bank bailout… I was in Congress during the Wall Street bailout. I helped lead the charge against it. Bailouts are not the answer in a free market economy. We’ve got to let the market ebb and flow and hold people accountable. But more than anything else, I see it all as an indictment of the economic policies of this administration.