Meltdown

Ben Bernanke:
"Virtually every large financial firm in the world was in significant danger of going bankrupt. And we knew — and I knew — based on my experience as a policymaker, I knew that if the global financial system were to collapse, in the sense that many of the largest firms were to fail, and the financial sector essentially stopped functioning, I knew that the implications of that for the global economy would be catastrophic. We would be facing, potentially, another depression of the severity and length of the Depression in the 1930s. And that this was not at all hypothetical."
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