From the rise of China to the rise of the U.S. federal debt, 2008 was a year of momentous money stories that will echo well into the future.
It was a year of historic change in business, economics, and finance. General Motors and Chrysler made whirlwind trips through the bankruptcy process, and the U.S. Senate narrowly voted in favor of health care reform in a dramatic vote on Christmas Eve morning, bringing President Obama just this close to achieving a top campaign priority.
In other times, any one of these sagas might have been an obvious and easy selection as the business story of the year. Yet 2009 was so full of drama that health care reform will have to settle for a position on the short list, and Chrysler might not have made the list at all if it hadn’t been paired with GM.
So here’s Portfolio.com’s take of the most important business, economics, and finance stories of the year, selected with an eye toward which ones had the biggest hand in shaping the world for now and for the foreseeable future.

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