Chairman Bernanke says default would not have been confined to financial system

Posted by S. Dawn Casey on April 3, 2008 |

At the Senate Banking, Housing, and Urban Affairs Committee hearing on “Turmoil in U.S. Credit Markets: Examining the Recent Actions of Federal Financial Regulators,” Federal Reserve Chairman Ben Bernanke says the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain and the adverse impact of a default would not have been confined to the financial system. (:23)

 
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April 3, 2008
« Under Secretary Steel says all Americans bear consequences of a system under stress
SEC Chairman Cox says customers of Bear Stearns were not at risk »
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