There will be a “very sharp” recession in the next quarter or two, former Fed Chair Ben Bernanke says. “You’re going to see some really scary numbers.”
Former Federal Reserve Chairman Ben Bernanke predicted the U.S. economy is heading into a sharp recession that shouldn't last.
"It is possible there's going to be a very sharp, short, I hope short, recession in the next quarter because everything is shutting down of course," he said. "If there's not too much damage done to the workforce, to the businesses during the shutdown period, however long that may be, then we could see a fairly quick rebound," Bernanke later added.During the financial crisis that exploded in 2008, Bernanke guided the Fed through its efforts to save the economy.
While he guided the Fed through the financial crisis and is recognized authority on the Great Depression, he said the current situation bears only minor resemblance to those two periods.
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