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Posted AT 9:38 PM EST on 22/01/08

The day the banks raced to the rescue

HEATHER SCOFFIELD AND BARRIE MCKENNA

Globe and Mail Update

Ben Bernanke should have been enjoying a national holiday like the rest of America on Monday. Instead, the chairman of the U.S. Federal Reserve was anxiously watching the rest of the world's stock markets plunge and grappling with what to do about it. By evening, much of the financial world was expecting him to make a historic rate cut – and he was under pressure to make a bold move. In Ottawa, a much more ordinary and planned process was well under way.

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