by Kermit Schoenholtz and Paul Wachtel
The Federal Reserve in 2008 and 2009 took many unprecedented actions that helped halt the worst financial crisis since the 1930s. Yet never has the Fed provoked as much scorn and resentment as it did when it bailed out the creditors of Bear Stearns and AIG. The resulting wave of dissatisfaction fostered the greatest effort to weaken the Fed since its establishment nearly a century ago.
For our full op-ed on Forbes.com, go to http://www.forbes.com/2010/04/01/federal-reserve-independence-financial-crisis-opinions-contributors-paul-wachtel-kermit-schoenholtz.html