Most financial industry insiders, scholars and other market observers said given the hindsight available, central banks and governments deserve most of the credit for averting disaster. Few agree, however, on which of the extraordinary measures taken during the past year made the biggest difference. "It was a period of tremendous experimentation," said Frederic Mishkin, an economist at Columbia University and a former member of the Federal Reserve Board. "When you're faced with a crisis of this magnitude, if you take the view that every measure that we take has to be exactly right, you don't do anything."
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