What The Great Recession revealed about your finances

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WASHINGTON D.C. — The Great Recession showed that a large number of American families are “extraordinarily vulnerable” to financial setbacks because they have few assets to fall back on, said Federal Reserve Chair Janet Yellen.

She says a Fed survey finds that an unexpected expense of just $400 would force the majority of American families to borrow money, sell something or simply not pay. In a speech delivered by video to a Washington conference, Yellen says there is a critical need to encourage people to take small steps to boost their savings.

Commentary: Was Yellen’s news conference a considerable waste of time?

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