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The Federal Reserve chairman Ben Bernake stated for the first time in a Congressional committee that the economy may have already slipped into a recession. The outlook for the end of the year, however, remained positive. The Fed has taken drastic action in recent months to stave off a recession by lowering the lending rate to 2.5 percent and by supporting failed investment bank Bear Stearns with a $30 billion loan. Some lawmakers have criticized the move, but Bernake defended the action, citing the need to protect the nation’s fifth largest bank.

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