Thursday :: Jul 26, 2007

Try Again Bernanke

by Steve

"(W)e believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system."
--Fed Chair Ben Bernanke, May 17, 2007

Several months after Ben Bernanke's Fed told Congress and Wall Street that the crash of the subprime mortgage market would be contained and not spread to the rest of the economy, he's been proven wrong.

MSNBC image

Steve :: 1:43 PM :: Comments (19) :: Digg It!