Eichengreen: ideology slowed response to crisis
Ideology delayed US officials in taking necessary steps after the credit crisis erupted, says Barry Eichengreen, a financial historian based at the University of California, Berkeley, in a new paper.
Eichengreen says that ideological bias against government ownership in financial and non-financial firms prevented the US Treasury from injecting equity capital into troubled banks while the US government refused to take voting shares in banks receiving public money.
"For months Treasury Secretary
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