The Chairman of the Federal Reserve, Ben S. Bernanke answered a flurry of questions by the Financial Crisis Inquiry Commission. Bernanke accepted his fault in not being able to identify chunks in armor of the financial system in 2007 when he had informed the Government that the mortgage crisis would not be of much trouble and would easily be handled.

Mr. Bernanke further stated that salaries being drawn out by executives working with banks need to be justified with their work. As American citizens were definitely angry with bankers driving their organizations to bankruptcy while drawing fat paychecks’ which is anything but preposterous.

He further stated that nothing could have been done in order to save Lehman Brothers from declaring bankruptcy on the 15th of September, 2008. Mr. Bernanke also informed that he unsuspectingly supported the ideology of thinkers who believed that Lehman could be saved as he did not want markets to deteriorate.

He felt that a straightforward statement would have delivered a fatal blow to the market at that point of time though now he regretted not being to the point.

Mr. Bernanke also held true to his belief that keeping low interest rates for too long from 2002 to 2004 didn’t aid the housing bubble.

Bernanke at the end stated that the economic recession was an important lesson for one and all who though that Big Financial Conglomerates were “too big to fail”.