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president bush s prediction was, of course, a very bad one, as we know, and needless to say similar and, no doubt, equally bad predictions have been made about the effects of the dodd-frank act which we ll be discussing today. such predictions highlight a predictable cycle in the wake of a financial crisis. there is an inevitable political reaction based on political, not necessarily economic or financial logic, and the political logic goes something like this. i as a politician must do something, what could i possibly do? well, i could always expand and reorganize regulatory bureaucracies even if viewed over time it doesn t work or, indeed, is perverse to do so. a famous be military theorist talked about the fog of war in a financial crisis we have the fog of the crisis followed by the fog of legislation. but it s even worse if the voluminous legislation not only reflects the fog, but is based on a wrong idea, a faulty understanding, or as peter persuasively argues, ....
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