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Federal Reserve Chairman Ben Bernanke defended the U.S. central bank's action to provide funding to Bear Stearns , saying Bear's failure would have led to "a chaotic unwinding" in financial markets that would have impacted the real economy. Testifying before the Senate Banking Committee, Bernanke said...
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Wednesday, Federal Reserve Chairman Ben Bernanke touched on a variety of factors contributing to the current weak state of the U.S. economy, but also defended the Fed's recent actions to facilitate a deal that prevented a major investment bank from collapsing. Testifying before the congressional Joint...