Considered one if the most influential legal thinkers of modern times, Richard Epstein brings his libertarian views to bear on the current financial crisis -- "government incentives were perverse, so the actions of the private parties were perverse" -- and rates the performances of George Bush and Barack Obama in their responses to the crisis.
He speaks to the importance of contracts and the constitutionality of the "ex post facto" taxation on AIG executives and the Employee Free Choice Act embraced by President Obama.
Finally he speaks of his personal and professional dealings with Barack Obama when they were law school faculty mates at the University of Chicago.
Richard A. Epstein, the James Parker Hall Distinguished Service Professor at the University of Chicago, is the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution. Epstein is also, a visiting professor at NYU Law School.
Peter M. Robinson is a research fellow at the Hoover Institution, where he writes about business and politics, edits the Hoover Institution's quarterly journal, the Hoover Digest, and hosts Hoover's television program, "Uncommon Knowledge."
Robinson is also the author of three books: How Ronald Reagan Changed My Life; It's My Party: A Republican's Messy Love Affair with the GOP; and the best-selling business book Snapshots from Hell: The Making of an MBA.
Law professor Richard Epstein criticizes the Obama administration for politicizing the bailout process, rather than allowing bankruptcy law to handle the collapse of large corporations like GM in a orderly manner. According to Epstein, there is no liquidity crisis, but a crisis of confidence in long-term transactions.