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Robert Higgs, Senior Fellow in Political Economy at the Independent Institute and James Galbraith, Professor of Economics at the University of Texas, Austin, discuss the folly of government bailouts for insolvent banks, the creation of the Glass-Steagall Act as a means to prevent FDIC insured banks from taking excessive risks, the benefits and detriments of public and private regulation and oversight, the problems of regulatory capture and revolving door politics, divergent opinions on the causes of the Great Depression and efficacy of the New Deal and the arguments for and against government spending on public infrastructure.

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