Today on Uncommon Knowledge, Richard Epstein, professor of law at the University of Chicago and fellow at the Hoover Institution, and John Taylor, professor of economics at Stanford and fellow at the Hoover Institution evaluate the federal government’s response to the credit crisis, beginning with TARP.

John Taylor: The main problem with TARP was the clumsy, chaotic rollout. The Chairman of the Fed and the Secretary of the Treasury asked for $700 billion with just two and a half pages of drafted legislation. There was no discussion of oversight. . . . The clumsy deployment to me was really the thing that I saw causing a lot of damage.
Richard Epstein: Clumsiness in execution is always a problem, but compared to what? And can you actually devise a program of that magnitude, which would be well run?

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