possibly noteworthy wrote:
Most people, even most experts, were especially unlikely to be persuaded by prophets of doom in the absence of a machinery for aggregating and analyzing information bearing on large-scale economic risk.

Apparently Richard Posner has never heard of the Federal Reserve system. The information was there. A housing collapse was inevitable. Did they really fail to understand the systemic implications of that? I honestly think they knew, and they were intentionally trying to counterbalance the deflation of the early nineties stock market bubble, and they thought they could control the situation and gradually deflate over the course of years. They lost control.

A focus of reform, therefore, should be the creation of a centralized, unitary financial-intelligence apparatus in government that would have complete and continuous access to the books of all financial institutions.

Apparently Posner is also unaware of the 4th amendment, but that was clear when he rationalized that government computers analyzing your phone calls and email contents aren't performing a "search" because they aren't people.

Ever had your home ramsacked at random by government robots without court authorization? You will..

RE: Why the Economic Crisis Was Not Anticipated