"Is the chairman of the Federal Reserve more powerful than God? Sure, it's a silly question, but it has become a part of the United States' financial narrative.

President Bush followed this storyline when he announced the nomination of Ben Bernanke.

'Ben will replace a legend, Alan Greenspan,' the president said. 'For nearly two decades, Chairman Greenspan has shepherded our economy through its highs and its lows.' But more than that, Greenspan -- and by implication, the Federal Reserve -- managed the economy 'through a stock market crash, financial crises from Mexico to Asia, two recessions, corporate scandals and shocks ranging from devastating national disasters to a terrorist attack in the heart of America's financial center.'"

Get the Story:
Is the Fed really all that powerful? (The Seattle Post-Intelligencer 10/30

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