The current recession is NOT like the Great Depression. Nononononononono.
Sure, unemployment's only comparison is the Great Depression. And businesses across the country are closed. And many people are struggling to buy food. But Federal Reserve Chairman Jerome Powell doesn't see any similarities.
"I don't think that the Great Depression is a good example or likely outcome for a model of what's happening here at all, I really don't," he said. "There are so many fundamental differences."
Powell noted that the government's response to the economic calamity during the coronavirus pandemic has been "so fast and so forceful."
The origin of the disaster was also different: The current recession was essentially man-made: We decided to shut down a healthy economy
But that doesn't mean we're out of the water -- the economy still faces challenges. But it was a much healthier patient when it was brought into the ER.
"The financial system this time was in very good shape, much better capitalized," he said. "That's different that's what was happening around the time the Great Depression started."