Bernanke says crisis no comparison to Great Depression
December 2, 2008 at 8:07 pm | In Money | Leave a CommentTags: Great Depression Recession
Federal Reserve chairman Ben Bernanke said Monday the current economic situation bears no comparison to the much deeper crisis of the 1930s Great Depression.
Bernanke cited “an order-of-magnitude difference” in the current situation compared to the 1930s.
“During the 1930s, there was a worldwide depression that lasted for about 12 years and was only ended by a world war,” he said.
“During that time, the unemployment rate went to 25 percent, at least, based on the data that we have. The real GDP (gross domestic product) fell by one-third. About a third of all of the banks failed. The stock market fell 90 percent.”
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