Former Fed chair Ben Bernanke says the economic hit from the coronavirus is more similar to 'a natural disaster' than the Great Depression
Former Fed chair Ben Bernanke says the economic hit from the coronavirus is more similar to 'a natural disaster' than the Great DepressionBen Bernanke said the economic crisis facing America as a result of the coronavirus pandemic is more comparable to"a major snowstorm or a natural disaster" instead of a Great Depression.
Some economists have warned the economic fallout from coronavirus could be worse than the 2008 financial crisis.Former Fed Chair Ben Bernanke said the economic damage from the coronavirus bears more resemblance to one caused by a natural disaster instead of the Great Depression of the 1930s.. "It's really much closer to a major snowstorm or a natural disaster than it is to a classic 1930s-style depression.
"This is a very different animal than the Great Depression," Bernanke said."The Great Depression, for one thing, lasted for 12 years, and it came from human problems: monetary and financial shocks that hit the system."Morgan Stanley studied decades of recession history to compile a playbook for what to buy during and after a stock bear market — and when to do it
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