Former Fed Chairman Ben Bernanke was on CNBC this morning discussing the current crisis. Comparing the disaster of his reign, he said this is largely the opposite of the 2008 crisis; last time the financial system impacted the economy, this time it will be the economy impacting the financial system.
The public health issue is the most important one, if we can get that right, we can get the economy right.
Former Fed Chairman Ben Bernanke
Ben sees a quick turnaround if the economy can keep the workforce mostly in place and the timing is short lived. He stated this is unlike the great depression in that it’s more like a natural disaster than an economic related cause.
On the job of the current Fed team he said, “I think the Fed has been extremely proactive, and Jay Powell and his team have been working really hard and gotten ahead of this and shown they can set up a whole bunch of diverse programs that will help us keep the economy functioning during this shutdown period, so that when the all-clear is sounded, we will have a much better rebound than we otherwise would,”
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