Today on Uncommon Knowledge, author George Gilder discusses the factors that led up to the financial collapse of 2007.
“What happened was a capitulation to the whole financial sector by the Bush administration at the end and allowing Paulson, the former head of Goldman Sachs, to run our policy in favor of Wall Street during the midst of general economic tumble, launching Tarp, erratic power grabs, and crony connections. It was just an orgy of crony capitalism that we saw in the years leading up to the 2008, focused on this housing fetish that both parties adopted to a great extent.”