The possible economic devastation during the 2008 financial crisis wasn't unimaginable, former Federal Reserve Chairman "Helicopter" Ben Bernanke told Stephen Colbert on Wednesday's Late Show, "because we've seen the Great Depression that was in the 1930s." That was Bernanke's area of expertise when he was a professor, he acknowledged, and when he saw the panic in 2008, "I said to myself, This looks an awful lot like 1929."
Colbert jumped in: "Did that make you excited? Is that like a fireman going: Something's on fire! Get the hose!" Bernanke said yes, and he "didn't want everything to burn down." It didn't. Thanks in large part to the Fed's extraordinary intervention, he added, the economy has recovered significantly, with the unemployment rate dropping from 10 percent to 5 percent and the banks in good shape, thanks to new regulation. Colbert interrupted again: "Can I ask you something? Is this as happy as you ever look?" Bernanke smiled. Watch below. Peter Weber
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
Why is Tesla stumbling?In the Spotlight More competition, confusion about the future and a giant pay package for Elon Musk
-
How Taylor Swift changed copyright negotiations in musicunder the radar The success of Taylor's Version rerecordings has put new pressure on record labels
-
Job scams are increasingly common. Here's what to look out for.The Explainer You should never pay for an application or give out your personal info before being hired
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
-
Reddit IPO values social media site at $6.4 billionSpeed Read The company makes its public debut on the New York Stock Exchange
-
Housing costs: the root of US economic malaise?speed read Many voters are troubled by the housing affordability crisis
-
Feds cap credit card late fees at $8speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
