Judge Posner offers his thoughts on financial reform, mostly negative, at Bloomberg.   The thrust of the essay is that the financial regulation produced by the political process has, at best, a poor nexus to the actual causes of the economic crisis, and that what we are left with is primary reorganization and reshuffling to look busy.  Judge Posner discusses the political advantages to reshuffling as a response to government failure…

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I don’t think I suffer from any phobias (heck, I’m not even afraid of clowns, though some would argue that suggests a lack of prudence on my part).  I’m not sure Professors Whitman and Rizzo do either, despite Professor Thaler’s gentle ribbing.  While Whitman can surely defend himself, I can’t resist pointing out that Thaler’s example of Prohibition is illustrative of Whitman’s point.

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