Bernanke: Debt ceiling breach “calamitous”

posted by
July 14, 2011
CNN    
Posted in News

"Federal Reserve Chairman Ben Bernanke was back on Capitol Hill Thursday, warning that failure by Congress to raise the debt ceiling would be 'a calamitous outcome.' Bernanke, testifying before the Senate Banking Committee, warned that even if the federal government continues to pay interest to Treasury holders, the inability to make other payments would be a shock to the entire financial system." [editor's note: "Calamitous" for what, other than the state's undeserved reputation for being able to keep a Ponzi scheme going longer than anyone else? - TLK] (07/14/11)

http://money.cnn.com/2011/07/14/news/economy/bernanke_testimony/  

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