By William K. Black
Quito: May 23, 2015
Few people’s efforts at myth-making have been as devastatingly refuted as Peter Wallison. But fables that are designed to make the banksters look less criminal are always welcome by the banksters. Any honest discussion of Wallison’s claims would begin with three points. First, Wallison’s adult life has been devoted, on behalf of the banksters, to pushing the three “de’s” – deregulation, desupervision, and de facto decriminalization. He is therefore as culpable as anyone in the world for the epidemics of accounting control fraud that drove the financial crisis and the Great Recession.
Second, he was appointed by the Republican leadership to the Financial Crisis Inquiry Commission (FCIC) to assure that the banksters would have the benefit of their leading apologist. The chances that he would ascribe any problems to the three “de’s” was always non-existent because he does not have a scholarly instinct in his body. He is rabidly ideological and a willing tool of the banksters.