SAVE - Biden Hails Judge's Decision To Block Spirit JetBlue Merger: 'Capitalism Without Competition Isn't Capitalism' | Benzinga
President Joe Biden has lauded a federal judge’s decision to block the proposed merger of Spirit Airlines Inc. (NYSE:SAVE) and JetBlue Airways Corporation (NASDAQ:JBLU), asserting that it is a triumph for consumers.
What Happened: Biden, in a statement on Tuesday, praised the ruling by U.S. District Judge William Young to thwart the merger, reported The Hill. The President emphasized that the decision is a win for consumers who seek lower prices and more options.
“Capitalism without competition isn't capitalism – it's exploitation,” said Biden, according to the report.
"Today's ruling is a victory for consumers everywhere who want lower prices and more choices. My Administration will continue to fight to protect consumers and enforce our antitrust laws."
JetBlue had proposed a $3.8 billion acquisition of Spirit, which would have made it the fifth-largest airline in the U.S. However, Judge Young found that the merger would significantly reduce competition, contravening the Clayton Act, which aims to prevent anti-competitive practices.
Biden, who has made promoting competition a cornerstone of his economic plan, has often ...