True, eventually. Wallace was not the complete Red dupe that he is sometimes portrayed as.And like most American politicians, Wallace changed his mind after post war euphoria gave way to the cold war.
In 1948, well after most Americans had shed that wartime illusion about the USSR; Wallace was still gripped by it.Wallace however, ran a presidential campaign advocating good relations with the Russians...
Wallace was the figurehead for a Presidential campaign run by Communists. Its primary function was as a mechanism for spreading the idea that all the conflicts between Communists and others in Europe (and elsewhere) were due to reactionaries and fascist hangovers opposing the democratic will of the people - and that the U.S. must not support the anti-Communist side in these battles.
For example, Wallace condemned U.S. aid to the government of Greece, under attack from Communist guerrillas. He also attacked the Marshall Plan. He also argued that the U.S. was at fault for any conflicts with the USSR, and opposed the Berlin Airlift.
In other words, Wallace's campaign advocated "good relations with the Soviets" by letting the Soviets have whatever they wanted.
Even Eleanor Roosevelt saw him as a Communist dupe at that time.
By the 1950s, Wallace had figured out what was really going on, and admitted he had been wrong.