Ben Bernanke: This is closer to a snowstorm than the Depression

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CNBC

Investing, Business News, News, Business

4.2 • 543 Ratings

🗓️ 25 March 2020

⏱️ 29 minutes

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Summary

“It is important before we put everybody back to work that we feel like we have the public health situation under control.” Former Federal Reserve Chairman Ben Bernanke led the Fed during the 2008 financial crisis and the subsequent recession; now he’s weighing in on the Fed’s playbook to prevent another American recession in 2020. As a student of the Great Depression, he views today’s economic distress as much closer to a natural disaster than the economic downturn of the 1930s. Current President of the St. Louis Federal Reserve James Bullard calls for historical perspective as well, telling the public, “Don’t get discouraged, because this isn’t at all comparable to past events in U.S. macroeconomic history.”

Transcript

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0:00.0	This is Quackpot. I'm C. M.C. producer Katie Kramer. Today our
0:05.3	podcast is following the Fed. That sounds exciting. The Federal Reserve is
0:09.9	making unprecedented moves to support the American economy,
0:13.0	St Louis Fed President James Bullard explains the strategy.
0:15.9	This is a relief, not stimulus.
0:17.8	The whole idea is to hunker down, lie low, let the virus go away.
0:23.1	And the man who led the US through the 2008 financial crisis
0:26.8	and the subsequent recession,
0:28.4	former Fed Chairman Ben Bernanke.
0:30.2	The public health issue is the most important one.
0:34.0	If we can get that straight, we won't have anything like the extended downturn we saw.
0:39.0	And even, I don't even think, in the Great Recession, much less the Great Depression of the 30s.
0:44.0	It's Wednesday, March 25, 2020, Squack Pot begins right now.
0:49.0	Stand back you by in three, two, one, two, two, two, please. Good morning everybody.
0:54.0	Welcome to Squack Box here on C.
0:56.0	I'm Becky Quick, along with Joe Kernan and Andrew Ross Sorkin.
0:59.0	As Joe mentioned, we are...
1:01.0	The White House and Senate leaders have reached a deal on a massive $2 trillion stimulus
1:06.4	to combat the economic impact of the coronavirus outbreak.
1:09.7	In addition, the Federal Reserve has taken a number of steps to stem the damage and keep markets
1:14.1	functioning.
1:15.1	And that's where we're focusing today's podcast, The Fed, what it's done and what it can do as
	...

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