SVB Silicon Valley Bank

Op-Ed: Widespread Bank Failures Highlight Biden’s Utter Incompetence

SVB Silicon Valley Bank
Op-Ed By Ronna McDaniel, Silicon Valley Bank (Screengrab)

Last week, America experienced the second and third-largest bank failures in our nation’s history. Of course, you wouldn’t know it from Joe Biden’s behavior — he took a weekend vacation.

Sadly, the American people have gotten used to Biden being asleep at the wheel whenever yet another crisis erupts on his watch. But everyone should be paying attention to what’s happening: after years of failed policy, disastrous mismanagement and outright neglect from Biden, our economy is in seriously choppy waters. The American people are paying the price.

Here’s what happened: Silicon Valley Bank, the 16th largest bank in America, experienced a catastrophic run on deposits and failed on March 10th, sending shockwaves throughout the financial industry. For some context, the last time a bank failure this big happened was in 2008 at the outset of the Great Recession.

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Just days later, Signature Bank — another large financial institution — collapsed in Silicon Valley Bank’s wake as spooked customers withdrew too much, too fast. Markets and investors around the world are now on a knife’s edge as our economy enters this uncharted and uncertain territory.

Biden has already presided over disaster after disaster. He handed over Afghanistan to the Taliban, creating unmitigated chaos and losing billions of dollars in military equipment — and worst of all, directly causing the deaths of 13 American heroes. He has destroyed our southern border, allowing millions of illegal immigrants and hundreds of millions of lethal fentanyl doses to flood into our country.

Inflation has been at or above 5% for almost two years. Wage growth has been repeatedly wiped out by inflation, and the costs of necessities have skyrocketed. It’s important to note that inflation — perhaps the signature failure of Biden’s time in office — came about due to his failed policies and in fact helped cause the banking disaster we’re experiencing now.

When Biden first came into office, he forced through $1.9 trillion in wasteful spending that the American economy simply didn’t need — and couldn’t afford. Liberal economist after liberal economist, including prominent figures who worked in the Obama-Biden administration, have pointed to that spending bill as a key cause of the inflation we’ve been experiencing.

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Persistent inflation forced the Fed to raise interest rates, which increased pressure on banks and created a clear line between Biden’s far-left policies and this current spate of bank failures. Take a step back. The economy has been tanking since Biden took office, and now we’re seeing the biggest bank failures America has experienced in over a decade. If the buck stops anywhere near Biden, he owes the American people a real explanation for the problems that have arisen on his watch.

Instead, he’s offered little more than a cynical blame game: Biden has been absurdly blaming Republicans for the crisis. News flash: Democrats ran the White House and Congress for two straight years and Republicans only just flipped the House. Democrats don’t get to pretend they’re not responsible for what happens when they’re in control.

Plus, never mind that the administration can’t name a single specific regulation that should be changed to avert more disasters like this. They’re not serious about governing and have no semblance of a plan to chart us out of this mess.

Biden has been clear on one point, though. More than a month ago, when a train derailed and spread toxic chemicals in a small town in the part of Ohio that Democrats might refer to as “flyover country,” Biden couldn’t have cared less. He barely addressed the disaster and refused to visit the site.

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But when wealthy folks at a California bank needed a bailout, he jumped into action.

When he’s not on vacation, Biden’s priorities are severely out of order. This latest episode of failure only underscores why we need to get him out of the White House in 2024.

Ronna McDaniel is the chairwoman of the Republican National Committee.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of The Free Press.

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