Federal Reserve Chairman Ben Bernanke has given Congress a grim assessment of the state of the economy, saying business growth hinges on stabilizing the troubled financial markets.
Bernanke made the statement as part of a review of economic prospects that the Fed chief occasionally gives to the Joint Economic Committee of Congress. He says in remarks prepared for Wednesday's appearance that the Fed stands ready to "act as needed" to keep things on an even keel.
Bernanke and his Fed associates are fighting the biggest financial debacle since the Great Depression.
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