Three Narratives About the Financial Crisis

16 Pages Posted: 16 Apr 2013

See all articles by Peter J. Wallison

Peter J. Wallison

American Enterprise Institute (AEI)

Date Written: November 15, 2011


The most important lesson we can learn from the financial crisis is what caused it. Even though the Dodd-Frank Act (DFA) has been signed into law, this is still an important question. If we do not attribute the crisis to the right cause, we could well stumble into another crisis in the future; and if the DFA was directed at the wrong cause, we should consider its repeal. There are several competing narratives. One of them will eventually be accepted, and will determine how the great financial crisis of 2008 is interpreted, and thus how it affects public policy in the future.

Keywords: global financial crisis, Dodd-Frank, financial regulations, housing bubble, government housing policy, mortgage crisis

JEL Classification: R28, R31, G01

Suggested Citation

Wallison, Peter J., Three Narratives About the Financial Crisis (November 15, 2011). Cato Journal, Vol. 31, No. 3, 2011, Available at SSRN:

Peter J. Wallison (Contact Author)

American Enterprise Institute (AEI) ( email )

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