Bogle: The Capitalists Failed Us
The Vanguard founder and former chairman says a bandwagon mentality drove bankers to make decisions they presumably should have known better than to make.
Don Phillips: As a card-carrying capitalist, how do you feel about--or what lessons are there about capitalism from what's happened here, and how do you feel about the increased and expanded role of government?
John Bogle: Well, business brought it on themselves. This is certainly a crisis in capitalism. Judge Posner blames it all on the capitalistic system. He's the great Chicago School man everybody knows. University of Chicago Law School, Chicago Business School all teach us this.