Federal Reserve Chairman Ben S. Bernanke said the central bank’s aggressive response to the 2007-2009 financial crisis and recession helped prevent a worldwide catastrophe.
“We did stop the meltdown,” Bernanke said today in the third of four lectures to undergraduates at George Washington University. “We avoided what would have been, I think, a collapse of the global financial system.”
The threat of a second Great Depression “was very real,” Bernanke told the class.
My Note: The significance of his statements are his recognition that we were facing a global financial collapse something still downplayed the mainstream press.