Ben Bernanke testified about last month’s backing of a JPMorgan Chase purchase of Bear Stearns. He was closely questioned about the Federal Reserve’s offer of $30 billion in government money to help prevent Bear Stearns' bankruptcy. He explained that the failure of the large bank would have endangered the U.S. economy. He also predicted slow economic growth in the next few months and the possibility of a recession, but made no mention of further prime rate cuts.