Bernanke acknowledges he was wrong about subprime fallout

11/24/2008 | New Yorker, The

In the early stages of what has become a global financial crisis, Federal Reserve Chairman Ben Bernanke believed that the subprime-mortgage crisis would be contained. Bernanke is now acknowledging that there were errors in his thinking. "The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict," Bernanke said.

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