The Financial Crisis: Failure of Capitalism or Failure of Government Policy?
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Senior Lecturer in Law, University of Chicago Law School
Following his graduation from Harvard Law School, Judge Posner clerked for Justice William J. Brennan, Jr. From 1963 to 1965, he was assistant to Commissioner Philip Elman of the Federal Trade Commission. For the next two years, he was assistant to the solicitor general of the United States. Prior to going to Stanford Law School in 1968 as Associate Professor, Judge Posner served as general counsel of the President's Task Force on Communications Policy. He first came to the University of Chicago Law School in 1969, and was Lee and Brena Freeman Professor of Law prior to his appointment in 1981 as a judge of the US Court of Appeals for the Seventh Circuit. He was the chief judge of the court from 1993 to 2000.
Judge Posner has written a number of books, including Economic Analysis of Law (9th ed., 2014); The Economics of Justice (1981); Law and Literature (3rd ed. 2009); The Problems of Jurisprudence (1990); Cardozo: A Study in Reputation (1990); The Essential Holmes (1992); Sex and Reason (1992); Overcoming Law (1995); The Federal Courts: Challenge and Reform (1996); Law and Legal Theory in England and America (1996); The Problematics of Moral and Legal Theory (1999); Antitrust Law (2d ed. 2001); Law, Pragmatism, and Democracy (2003); Catastrophe: Risk and Response (2004); Preventing Surprise Attacks: Intelligence Reform in the Wake of 9/11 (2005); How Judges Think (2008); A Failure of Capitalism: The Crisis of '08 and the Descent into Depression (2009); The Crisis of Capitalist Democracy (2010); The Behavior of Federal Judges: A Theoretical and Empirical Study of Rational Choice (coauthored with Lee Epstein and William M. Landes) (2013); and Reflections on Judging (2013). He also wrote books on the Clinton impeachment and Bush v. Gore, many articles in legal and economic journals, and book reviews in the popular press.
He has taught administrative law, antitrust, economic analysis of law, history of legal thought, conflict of laws, regulated industries, law and literature, the legislative process, family law, primitive law, torts, civil procedure, evidence, health law and economics, law and science, and jurisprudence. He was the founding editor of the Journal of Legal Studies and (with Orley Ashenfelter) the American Law and Economics Review. He is an Honorary Bencher of the Inner Temple and a corresponding fellow of the British Academy, and he was the President of the American Law and Economics Association from 1995 to 1996 and the honorary President of the Bentham Club of University College, London, for 1998. He has received honorary degrees from leading American and foreign universities, along with a number of awards, including the Thomas Jefferson Memorial Foundation Award in Law from the University of Virginia in 1994, the Marshall-Wythe Medallion from the College of William and Mary in 1998, the 2003 Research Award from the Fellows of the American Bar Foundation, the 2003 John Sherman Award from the US Department of Justice, the Learned Hand Medal for Excellence in Federal Jurisprudence from the Federal bar Council in 2005, the Thomas C. Schelling Award from the John F. Kennedy School of Government at Harvard University in 2005, and the Ronald H. Coase Medal from the American Law and Economics Association in 2010.
Senior Fellow, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute
Peter J. Wallison holds the Arthur F. Burns Chair in Financial Policy Studies and is co-director of AEI’s program on Financial Policy Studies. Prior to joining AEI, he practiced banking, corporate and financial law at Gibson, Dunn & Crutcher in Washington, D.C., and New York. Mr. Wallison has held a number of government positions. From June 1981 to January 1985, he was General Counsel of the United States Treasury Department, where he had a significant role in the development of the Reagan Administration's proposals for deregulation in the financial services industry. During 1986 and 1987, Mr. Wallison was White House counsel to President Ronald Reagan, and between 1972 and 1976, he served first as Special Assistant to New York's Gov. Nelson A. Rockefeller and, subsequently, as counsel to Mr. Rockefeller as vice president of the United States.
Mr. Wallison was admitted to practice before the courts of New York and the District of Columbia, and is retired from practice in New York. He continues to be a member of the District of Columbia Bar Association. He received his undergraduate degree from Harvard College in 1963 and law degree from Harvard Law School in 1966.
Mr. Wallison is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency, published in December 2002 by Westview Press. On campaign finance, he is the author (with Joel Gora) of Better Parties, Better Government, (AEI Press 2009). On financial or regulatory matters, he is the author of Back From the Brink, a proposal for a private deposit insurance system, and co-author of Nationalizing Mortgage Risk: The Growth of Fannie Mae and Freddie Mac; The GAAP Gap: Corporate Disclosure in the Internet Age; Competitive Equity: A Better Way to Organize Mutual Funds; Bad History, Worse Policy: How a False Narrative about the Financial Crisis Led to the Dodd-Frank Act (AEI Press 2013); and Hidden In Plain Sight: What Caused the World’s Worst Financial Crisis and Why it Could Happen Again (Encounter Books 2015). His most recent book is Judicial Fortitude: The Last Chance to Rein in the Administrative State, published by Encounter Books in October 2018.
He testifies frequently before committees of Congress, and is a frequent contributor to the op-ed pages of the Wall Street Journal and other print and online journals. He has also been a speaker at many conferences on financial services, housing, the causes of the financial crisis, the Dodd-Frank Act, accounting, and corporate governance, and was a member of the Shadow Financial Regulatory Committee between 1995 and 2015. He was a member of the SEC Advisory Committee on Improvements to Financial Reporting (2008), co-Chair of the Pew Financial Reform Task Force (2009), and a member of the congressionally- appointed Financial Crisis Inquiry Commission (2009-2011). In May 2011, for his work in financial policy, Mr. Wallison received an honorary doctorate in Humane Letters from the University of Colorado.
Senior Staff Attorney, Pacific Legal Foundation
Theodore Hadzi-Antich is a Senior Staff Attorney at the Pacific Legal Foundation's National Litigation Center. He is the lead attorney in three cases under the Clean Air Act involving challenges to greenhouse gas regulations of the United States Environmental Protection Agency. These cases, which raise issues of first impression challenging carbon dioxide regulation under the Clean Air Act, involve thousands of parties litigating in federal courts located in the District of Columbia.
Formerly an environmental regulator, law professor, and private practitioner, Mr. Hadzi-Antich has over 30 years of experience as an environmental lawyer and has handled a wide variety of matters under the federal Clean Air Act, Clean Water Act, Resource Conservation and Recovery Act, Toxic Substances Control Act, National Environmental Policy Act, and their state counterparts. He also has handled numerous environmental issues arising in connection with business transactions on four continents. Immediately prior to joining PLF, Mr. Hadzi-Antich served for 15 years as the founder and principal of The Law Offices of Theodore Hadzi-Antich, a law firm in Buffalo, New York, concentrating on environmental and international issues.
Mr. Hadzi-Antich is admitted to practice law in California, New York, Maryland, Tennessee, the District of Columbia, and the United States Supreme Court. He has been a frequent author and lecturer on environmental topics during his three decades as an environmental lawyer.
Mr. Hadzi-Antich received a J.D. degree from the University of Oklahoma College of Law in 1976 and a B.A. degree from the University of Connecticut in 1973.
President, Center for Individual Rights
Todd Gaziano is the President of the Center for Individual Rights. Mr. Gaziano received his J.D. in 1988 from the University of Chicago Law School, where he was a John M. Olin Fellow in Law and Economics. He received his B.A. from West Virginia University, summa cum laude in 1985. He was selected as a Truman Scholar from West Virginia while an undergraduate.
Mr. Gaziano’s previous legal work includes service as a law clerk for U.S. Court of Appeals for the Fifth Circuit Judge Edith Jones, as an attorney in the U.S. Department of Justice Office of Legal Counsel, as a chief subcommittee counsel in the U.S. House of Representatives, as a Houston trial attorney, and as a chief corporate legal officer. He also served a six-year term as commissioner on the U.S. Commission on Civil Rights (2008-2013), where he helped conduct oversight and investigations of civil rights agencies.
For most of the last 25 years, Mr. Gaziano was a legal scholar and public interest law leader, promoting individual liberty in the Supreme Court and Congress. From 1997 to 2013, he was the founding director of the Edwin Meese Center for Legal and Judicial Studies at The Heritage Foundation. From 2014 until he joined CIR, he was the Chief of Legal Policy and Strategic Research, and Director of the Center for the Separation of Powers, at Pacific Legal Foundation.
President, Center for Individual Rights
Todd Gaziano is the President of the Center for Individual Rights. Mr. Gaziano received his J.D. in 1988 from the University of Chicago Law School, where he was a John M. Olin Fellow in Law and Economics. He received his B.A. from West Virginia University, summa cum laude in 1985. He was selected as a Truman Scholar from West Virginia while an undergraduate.
Mr. Gaziano’s previous legal work includes service as a law clerk for U.S. Court of Appeals for the Fifth Circuit Judge Edith Jones, as an attorney in the U.S. Department of Justice Office of Legal Counsel, as a chief subcommittee counsel in the U.S. House of Representatives, as a Houston trial attorney, and as a chief corporate legal officer. He also served a six-year term as commissioner on the U.S. Commission on Civil Rights (2008-2013), where he helped conduct oversight and investigations of civil rights agencies.
For most of the last 25 years, Mr. Gaziano was a legal scholar and public interest law leader, promoting individual liberty in the Supreme Court and Congress. From 1997 to 2013, he was the founding director of the Edwin Meese Center for Legal and Judicial Studies at The Heritage Foundation. From 2014 until he joined CIR, he was the Chief of Legal Policy and Strategic Research, and Director of the Center for the Separation of Powers, at Pacific Legal Foundation.
Garwood Visiting Professor and Visiting Fellow, James Madison Pr, Cleveland-Marshall College of Law
David F. Forte is Professor of Law at Cleveland State University, where he was the inaugural holder of the Charles R. Emrick, Jr.- Calfee Halter & Griswold Endowed Chair. This fall, Professor Forte will be the Garwood Visiting Professor at Princeton University in the Department of Politics, and Visiting Fellow at the James Madison Program in American Ideals and Institutions. He holds degrees from Harvard College, Manchester University, England, the University of Toronto and Columbia University.
During the Reagan administration, Professor Forte served as chief counsel to the United States delegation to the United Nations and alternate delegate to the Security Council. He has authored a number of briefs before the United States Supreme Court, and has frequently testified before the United States Congress and consulted with the Department of State on human rights and international affairs issues. His advice was specifically sought on the approval of the Genocide Convention, on world-wide religious persecution, and Islamic extremism. He has appeared and spoken frequently on radio and television, both nationally and internationally. In 2002, the Department of State sponsored a speaking tour for Professor Forte in Amman, Jordan, and he was also a featured speaker to the Meeting of Peoples in Rimini, Italy, a meeting which gathers over 500,000 people from all over Europe. He has also been called to testify before the state legislatures of Ohio, Kansas, and Idaho as well as the New York City Council. He has assisted in drafting a number of pieces of legislation for the Ohio General Assembly dealing with abortion, international trade, and federalism. He has sat as acting judge on the municipal court of Lakewood Ohio and was chairman of Professional Ethics Committee of the Cleveland Bar Association. He has received a number of awards for his public service, including the Cleveland Bar Association’s President’s Award, the Cleveland State University Award for Distinguished Service, the Cleveland State University Distinguished Teaching Award, and the Cleveland-Marshall College of Law Alumni Award for Faculty Excellence. He served as Consultor to the Pontifical Council for the Family under Pope St. John Paul II and Pope Benedict XVI. In 2003, Dr. Forte was a Distinguished Fulbright Chair at the University of Trento and returned there in 2004 as a Visiting Professor. For the academic year, 2008-2009, Professor Forte was Senior Visiting Scholar at the Center for the Study of Religion and the Constitution in at the Witherspoon Institute in Princeton, New Jersey. He was the Robert E. Henderson Constitution Day Lecturer at the Ashbrook Center at Ashland University, and he has given over 300 invited addresses and papers at more than 100 academic institutions. His work has been cited by the U.S. Supreme Court.
Professor Forte was a Bradley Scholar at the Heritage Foundation, and Visiting Scholar at the Liberty Fund. He has been President of the Ohio Association of Scholars, was on the Board of Directors of the Philadelphia Society, and is also adjunct Scholar at the Ashbrook Center. He has been appointed to the Ohio State Advisory Committee to the U.S. Commission on Civil Rights. He has also been a Civil War re-enactor and a Merit Badge Counselor for the Boy Scouts.
He writes and speaks nationally on topics such as constitutional law, religious liberty, Islamic law, the rights of families, and international affairs. He served as book review editor for the American Journal of Jurisprudence and has edited a volume entitled, Natural Law and Contemporary Public Policy, published by Georgetown University Press. His book, Islamic Law Studies: Classical and Contemporary Applications, has been published by Austin & Winfield. He is Senior Editor of The Heritage Guide to the Constitution (2006), 2d edition (2014), published by Regnery & Co, a clause by clause analysis of the Constitution of the United States.
His teaching competencies include Constitutional Law, the First Amendment, Islamic Law, Jurisprudence, Natural Law, International Law, International Human Rights, the Presidency, and Constitutional History.
President, Center for Individual Rights
Todd Gaziano is the President of the Center for Individual Rights. Mr. Gaziano received his J.D. in 1988 from the University of Chicago Law School, where he was a John M. Olin Fellow in Law and Economics. He received his B.A. from West Virginia University, summa cum laude in 1985. He was selected as a Truman Scholar from West Virginia while an undergraduate.
Mr. Gaziano’s previous legal work includes service as a law clerk for U.S. Court of Appeals for the Fifth Circuit Judge Edith Jones, as an attorney in the U.S. Department of Justice Office of Legal Counsel, as a chief subcommittee counsel in the U.S. House of Representatives, as a Houston trial attorney, and as a chief corporate legal officer. He also served a six-year term as commissioner on the U.S. Commission on Civil Rights (2008-2013), where he helped conduct oversight and investigations of civil rights agencies.
For most of the last 25 years, Mr. Gaziano was a legal scholar and public interest law leader, promoting individual liberty in the Supreme Court and Congress. From 1997 to 2013, he was the founding director of the Edwin Meese Center for Legal and Judicial Studies at The Heritage Foundation. From 2014 until he joined CIR, he was the Chief of Legal Policy and Strategic Research, and Director of the Center for the Separation of Powers, at Pacific Legal Foundation.
Edward J. Phelps Professor of Law and Economics and Kauffman Distinguished Research Scholar in Law, Economics, and Entrepreneurship, Yale Law School
Professor George L. Priest passed away on Dec. 17, 2024. Please read his obituary here.
George L. Priest is the Edward J. Phelps Professor of Law and Economics and Kauffman Distinguished Research Scholar in Law, Economics, and Entrepreneurship at Yale Law School. An internationally recognized expert, Professor Priest has focused his research over the past two decades on antitrust, the operation of private and public insurance, and the role of the legal system in promoting economic growth. He joined Yale Law School in 1981 and is co-director of the John M. Olin Center for Law, Economics and Public Policy, which facilitates the scholarly work of the Yale law and economics faculty and supports student interest and research in the field. Before coming to Yale, Professor Priest taught law at the University of Chicago, SUNY/Buffalo, and UCLA. His subject areas are antitrust; capitalism; regulated industries; torts; and insurance and public policy. Professor Priest holds a B.A. from Yale and a J.D. from the University of Chicago.
E. Claiborne Robins Distinguished Chair in Law, University of Richmond School of Law
Professor Kurt Lash teaches and writes about constitutional law. Founder and director of the Richmond Program on the American Constitution, Professor Lash has published widely on the subjects of constitutional law and constitutional history, including The Fourteenth Amendment and the Privileges or Immunities of American Citizenship (Cambridge University Press, 2014), The Lost History of the Ninth Amendment (Oxford University Press, 2009), and The American First Amendment in the Twenty-first Century: Cases and Materials(with William W. Van Alstyne) (5th ed., Foundation Press, 2014). An elected member of the American Law Institute, Professor Lash’s work has appeared in numerous legal journals including the Stanford Law Journal, Georgetown Law Journal, Virginia Law Review, andNotre Dame Law Review. He has been a visiting professor at Northwestern University School of Law and is the former director of the University of Illinois College of Law Program in Constitutional Theory, History, and Law.
Professor of Politics, University of Dallas
Christopher Wolfe is a professor of politics at the University of Dallas and president of the American Public Philosophy Institute. He is also the former co-director of the Thomas International Center in Raleigh-Durham NC and emeritus professor of political science at Marquette University. His main area of research and teaching for two decades was Constitutional Law and American Political Thought, and he is the author of various books, the best known of which is The Rise of Modern Judicial Review, which the late Judge Robert Bork, in a 2006 Wall Street Journal contribution, listed as one of the five best books on the Constitution. Dr. Wolfe subsequently shifted his work back to political philosophy, and especially the area of natural law and liberal political theory. His book Natural Law Liberalism was published by Cambridge University Press in 2006.