Now that his lies have been exposed on the net, Peter Wallison of the AEI promotes the same disinformation but avoids mention of words that would link back to sites that expose his falsehoods.
"The Liberals have, like a vast shoal of squid, spread an inky cloud over the financial meltdown. Mrs. Bachmann dispels the darkness regarding its origins." Peter Wallison, June 16, 2011
Hyperlinks are the enemy of roboliars like Peter Wallison, who writes that, "Finally, the True Story of the Financial Crisis Breaks Through." But anyone who spent two minutes on google could see that Wallison is simply regurgitating the same false claims he began making at the time of the meltdown. On September 23, 2008, he wrote in Opinion Journal that Fannie and Freddie, "became the largest buyers of subprime and Alt-A mortgages between 2004 and 2007, with total GSE exposure eventually exceeding $1 trillion." (Wallison's coauthor of the piece was Charles Calomiris, the moral hazard of Columbia University. Calomiris' reckless incompetence with mortgages and derivatives forced the government bailout of Greater Atlantic Bank. Check out Felix Salmon's takedown of Calomiris' deceitful report on foreclosure fraud.)
To anyone familiar with the residential mortgage markets, Wallison's claims about the GSEs would not pass the laugh test. What was undisclosed in their piece was that Wallison and Calomiris made up their own definitions of Alt-A and subprime, or rather, they relied on the definitions contrived by their own "Curveball," Edward Pinto, who at one time was the chief credit officer for Fannie, which fired him in 1989, after less than two years on the job.
Wallison has been spewing the same bogus narrative about Fannie and Freddie ever since. You can find the same phony claims printed in Journal's opinion pages here, here, here, here, here, here, and here. Or you can find the same rancid wine packaged in a new bottles offered up by Bloomerg, which published his opinion pieces, here and here.
When the Financial Crisis Inquiry Commission took a close look at Pinto's analysis and exposed it for the sham that it was, Wallison, a GOP-appointed member of the commission, felt he had no choice. He went into full-throttle Goebbels mode, lying about everything pertaining to the FCIC's examination of Pinto's "studies." Wallison's lies were so obvious that any kid fresh out of law school could attain a quick criminal conviction based on the written record, which is why none of the other Republican members of the commission dared lend his name to Wallison's dissent.
Wallison's lies were so obvious that even The American Spectator felt compelled to address Wallison's credibility problems after they began to get some traction on the web. Which is why, in his latest piece, Wallison avoids any mention of his role at the FCIC, or his many times he has offered up variations on this same perversion of history under the sponsorship of The American Enterprise Institute. On the website called "ricochet," Wallison endorses a piece offered up by the publisher of The American Spectator, R. Emmett Tyrrell, in The New York Sun. Tyrrell echoes the falsehoods promoted by Wallison in his American Spectator piece, but make no mention of Wallison's writings for his own magazine. Now that the word is out, neither Tyrrell, no Wallison, wants anyone to trace back the origins of the falsehoods they continue to promote.