As Peter Wallison explained in his dissent to the Financial Crisis Inquiry Commission Report, the fundamental cause of the financial crisis was U.S. government affordable housing policy, enforced by federal regulation.

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"I think the Fed has established a menu of things that will give them much more power than they've ever had before, " says Peter Wallison, a fellow at the American Enterprise Institute and a former general counsel to the U.S. Treasury Department.

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