For more than a year now, the credit crunch has whipsawed financial markets, reshaped the financial services industry and taken a big bite out of US economic growth. The US government has taken a number of dramatic steps—both conventional and extraordinary—to try to remedy the problem. Take a look at what's been done.>Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

Photo: absolutwade Reacting to concerns about the subprime lending crisis, the Federal Reserve cut its discount rate half a percentage point to 5.75 percent. The Fed went on to cut interest rates through the end of 2007 and early 2008, eight more times, taking the federal funds rate down to 2.00 percent.  >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

Bank of America buys the rapidly sinking mortgage lender Countrywide Financial for $4 billion in an all-stock deal. >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

Photo: AP British bank Northern Rock is nationalized by the government, as customers make an unprecedented run on deposits.  >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

In a quickly-arranged deal, Bear Stearns is sold to JPMorgan Chase for about $2 a share, but the price is later revised to $10 a share. The deal is backed by the Fed and the Treasury Dept., raising concerns about the role of the federal government. >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

After depositors withdraw more than $1.3 billion from IndyMac over an 11-day period, the mortgage lender is taken over by the FDIC. Though just one of the 12 institutions seized by the FDIC in 2008, IndyMac is the largest, with assets of $32 billion. >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

The Treasury and the Federal Reserve nationalize mortgage finance companies Fannie Mae and Freddie Mac in an effort to support the US housing market. >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

In the absence of a private-sector buyout deal or a government rescue package, Lehman Brothers files for chapter 11 bankruptcy protection. On the same day investment bank Merrill Lynch is taken over by Bank of America.  >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

Photo: TheTruthAbout... The Federal Reserve announces a plan for an $85 billion loan package for insurer AIG in return for an 80 percent stake in the company, which was desperate for a capital infusion. >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

Photo: AP Treasury Secretary Henry Paulson outlines details of a $700 billion bailout plan for firms troubled by bad mortgage debt and calls for the swift creation of a legislative package. >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

The Fed approves the requests of Goldman Sachs and Morgan Stanley to become bank holding companies, essentially ending Wall Street's investment banking model. >Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

Warren Buffett’s Berkshire Hathaway invests $5 billion in Goldman Sachs, citing the rescue plan as a contributing factor.>Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

Washington Mutual is seized by the FDIC, making it the largest US bank failure ever, with $307 billion in assets. Washington Mutual's banking assets are sold to JPMorgan Chase for $1.9 billion. >Replay Slideshow>Slideshow: 2008 Bank Failures>Slideshow: Largest US Bankruptcies >Special Report: Wall Street in Crisis

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