In a look back at the yearlong credit crunch, The Economist starts with the Federal Reserve and its role, which may have prevented a catastrophe but also may have jeopardized its independence. Led by Chairman Ben Bernanke, the Fed made a number of aggressive moves, some unprecedented, to stop the financial system from collapsing. "The Fed's creativity in the past year was justified; it stepped in when no other agency or political body could or would. But it should not ignore the risks it runs as a result," The Economist reports.
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