Former Federal Reserve Chairman Ben Bernanke, a prominent student of the Great Depression, contends that the 2008 financial crisis was actually worse than its 1930s counterpart.
Mr. Bernanke is quoted making the statement in a document filed on Aug. 22 with theU.S. Court of Federal Claims as part of a lawsuit linked to the 2008 government bailout of insurance giant American International Group Inc.
“September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” Mr. Bernanke is quoted as saying in the document filed with the court. Of the 13 “most important financial institutions in the United States, 12 were at risk of failure within a period of a week or two.”
Former Treasury Secretary Timothy Geithner is quoted in the document offering a similarly apocalyptic assessment. From Sept. 6 through Sept. 22, the economy was essentially “in free fall,” he said.
2008 Meltdown Was Worse Than Great Depression Bernanke Says - Real Time Economics - WSJ
This is what Obama inherited from Bush - an economic crisis worse than the Great Depression.
Mr. Bernanke is quoted making the statement in a document filed on Aug. 22 with theU.S. Court of Federal Claims as part of a lawsuit linked to the 2008 government bailout of insurance giant American International Group Inc.
“September and October of 2008 was the worst financial crisis in global history, including the Great Depression,” Mr. Bernanke is quoted as saying in the document filed with the court. Of the 13 “most important financial institutions in the United States, 12 were at risk of failure within a period of a week or two.”
Former Treasury Secretary Timothy Geithner is quoted in the document offering a similarly apocalyptic assessment. From Sept. 6 through Sept. 22, the economy was essentially “in free fall,” he said.
2008 Meltdown Was Worse Than Great Depression Bernanke Says - Real Time Economics - WSJ
This is what Obama inherited from Bush - an economic crisis worse than the Great Depression.