Richard Epstein, professor of law at the University of Chicago and NYU, on the responses of presidents Bush and Obama to the economic crisis. One characteristic, Epstein argues, unites both men: an astonishing ignorance of bankruptcy law.
When we attempt to bail out failing enterprises, Epstein insists, we take them away from bankruptcy judges, who are experts, and give them to a collection of congressional individuals who are charitably called clowns. When you bring commercial decisions to Congress they become politicized, and politicized decisions become destructive decisions.
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