AEI's Peter Wallison faults the US government's willingness to back unsustainable loans for the financial crisis. He explains, "both administrations [Clinton and Bush] tried to force banks -- and Fannie and Freddie themselves -- to make loans they would not otherwise have made."
The Seventh Annual John M. Templeton, Jr. Lecture on Economic Liberties and the Constitution considers the social, cultural, and moral causes of the current financial crisis in the United States.
In doing so, the Lecture revisits basic lending principles and examines our nation's skyrocketing debt, our lack of savings, and basic understanding of economic principles within the household, as well as corporate America, and the effects of our political and legislative effort to reduce discriminatory credit practices. - National Constitution Center
As the codirector of AEI's program on financial markets deregulation, Peter Wallison studies banking, insurance, and Wall Street regulation. As general counsel of the U.S. Treasury department, he had a significant role in the development of the Reagan administration's proposals for the deregulation of the financial services industry. He was also general counsel of the Depository Institutions Deregulation Committee and later served as White House counsel to President Ronald Reagan. His latest book is Competitive Equity: A Better Way to Organize Mutual Funds.