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Bernanke: Coronavirus Disruptions ‘Much Closer To A Major Snowstorm’ Than The Great Depression

Bernanke: Coronavirus Disruptions ‘Much Closer To A Major Snowstorm’ Than The Great Depression
Image by Gage Skidmore

Ben Bernanke, the former Federal Reserve chairman who served before and after the 2008 financial crisis, told CNBC on Wednesday the coronavirus economic halt is more like a “major snowstorm” than an economic depression.

“This is a very different animal than the Great Depression,” Bernanke stressed. “The Great Depression, for one thing, lasted for 12 years, and it came from human problems: monetary and financial shocks that hit the system.”

“This has some of the same feel of panic, some of the feel of volatility,” he said in a “Squawk Box” interview. “It’s really much closer to a major snowstorm or a natural disaster than it is to a classic 1930s-style depression…”

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