Bernanke: Crisis is most serious since World War II

WASHINGTON (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke was back on Capitol Hill Wednesday, warning that the current financial crisis is the most significant in more than 60 years, and that even tougher times are ahead without quick Congressional approval of a $700 billion controversial Wall Street bailout.

Bernanke, testifying before the Joint Economic Committee, found a lot of senators and representatives voicing support for taking action to address the crisis - even if they had problems with some aspects of the Bush administration's proposal to have the Treasury Department buy as much as $700 billion in mortgage-backed securities.

But members of the panel repeatedly asked Bernanke for arguments they could use to explain to angry voters back home why they voted for such a plan.