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No. 0041, statement style, black tee on a hanger
Entry 041Mar 28, 2007

“...the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.”41

41Ben Bernanke, Chairman of the Federal Reserve, Testimony before the Joint Economic Committee, U.S. Congress, March 28, 2007. Source

Why it’s on the record. Subprime losses spread to the whole financial system: Bear Stearns collapsed in March 2008 and Lehman Brothers in September 2008. The NBER dates the start of the Great Recession to December 2007.

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On the record

This was Bernanke's first appearance before Congress after subprime lenders began to fail in early 2007. He told lawmakers the damage would stay within the subprime market.

Said by
Ben Bernanke, Chairman of the Federal Reserve
Where
Testimony before the Joint Economic Committee, U.S. Congress
When
Mar 28, 2007
Source
Testimony before the Joint Economic Committee, U.S. Congress, March 28, 2007