The shadow of Alan Greenspan looms once again over Ben Bernanke as the Federal Reserve chairman and his colleagues grapple with how to respond to the sudden bout of turmoil in equity and credit markets. Mr Greenspan, the former Fed chief, won the devotion of many in the markets by his deft handling of a series of financial crises – in 1987, 1998 and following the terrorist attacks of 2001.

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