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

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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