Your new book is called living in plain sight what really caused the financial crisis and why it could happen again. You were a member of the Financial Crisis Inquiry Commission investigating the causes of the 2007 in 2008 financial crisis. You said that only democrats on the committee but the republican appointees what did you see they didnt . Looking at the housing system in the United States with dodd frank and fannie mae and freddie mac for quite a while before i got on the commission so i had a lot of background of what was happening in the housing sector. I was looking for the commission to look into what happened with fannie mae and freddie mac and the role they played in the housing crisis and ultimately the financial crisis and i found the commission was not interested in they would not look at it. s. Host that i was outside i thought, the partisan differences between the republicans and democrats and and am afraid that the republicans felt that they just would not agree with
Powerful interests . We are going to be concluded by reading just two sentences from the book. I have explained that historical or geographical burdens are not fate. They are not destiny. They are reasons for action. It is our job to understand how the end of poverty can be achieved and then act to make it happen. Jeff, thank you. [applause] [inaudible conversations] him booktv continues now with after words. This week Peter Wallison a fellow at the American Enterprise institute discusses his book, hidden in plain sight. In the book mr. Wallison argues that Government Housing policies caused the 2008 financial crisis. He is in conversation with sudeep reddy deputy Global Economics editor at the wall street journal. Host Peter Wallison your new book is called hidden in plain sight what really caused the worlds worst financial crisis and why it could happen again. You are a member of the Financial Crisis Inquiry Commission which was investigating the causes of the 07 08 financial crisis.
After words. This week Peter Wallison commit all of the the American Enterprise institute, discusses his book hidden in plain sight. In the book he argues that Government Housing policies cause the 2008 financial crisis. He is in conversation with sudeep reddy deputy Global Economics editor at the wall street journal. Deputy Global Economics editor at the wall street journal. Host your new book is called hidden in plain sight what really caused the worlds worst financial crisis and why it could happen again. You were a member of the Financial Crisis Inquiry Commission which was investigating the causes of the financial crisis. You dissented not only from the democrats on the committee but also from the republican appointees. What did you see that they didnt . Guest i had been looking at the housing system in the United States and doddfrank, im sorry, fannie mae and freddie mac for quite a while before i got on the commission. So i had quite a lot of background about what has actually b
He went to harvard. He went to oxford. He became an internet and the nixon white house. Both the republicans and democrats wanted him. In the end he chose the democrats. He became a lawyer. He became an investment banker and then he became u. S. Budget director under president clinton. People were talking about him as a possible treasury secretary. At fannie mae, raines carried on with the fast growth policies of jim johnson. The Clinton Administration aide him on. In july 1999, hud secretary announced an effort he would increase the percentage of their mortgage financing that went to low or moderate income families, to 50 in 2001, from 42 that was set back in 1995. Cuomo said these new rules would provide Affordable Housing for 28. 1 million families over the next decade. Think about it. Cuomo could promise to create 28. 1 million homeowners without asking congress to spend a single penny. He simply told fannie and freddie to go out and do it, and they said we would be delighted. You