In December 2008, Ben S. Bernanke, the self-effacing chairman of the Federal Reserve, declared war against a cascading recession and took charge as general.
Breaking with protocol as the Federal Open Market Committee (FOMC) convened on the afternoon of Dec. 15, Bernanke asked his colleagues' "indulgence" to speak first. Faced with cutting the benchmark interest rate to zero to fight a worsening crisis policy makers were late to recognize, Bernanke said the FOMC was about to embark on new approaches that contained "deep and difficult issues."
"We are at a historic juncture, both for the U.S. economy and for the Federal Reserve," said Bernanke, who left the Fed this year when his term expired Jan. 31. "The financial and economic crisis is severe despite extraordinary efforts not only by the Federal Reserve but also by other policymakers here and around the world."
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