Ben Bernanke, the previous Federal Reserve chairman who served earlier than and after the 2008 monetary disaster, instructed CNBC on Wednesday the coronavirus financial halt is extra like a "main snowstorm" than an financial despair.

"This can be a very completely different animal than the Nice Melancholy," Bernanke harassed. "The Nice Melancholy, for one factor, lasted for 12 years, and it got here from human issues: financial and monetary shocks that hit the system."

"This has a number of the similar really feel of panic, a number of the really feel of volatility," he stated in a "Squawk Field" interview. "It is actually a lot nearer to a significant snowstorm or a pure catastrophe than it's to a basic 1930s-style despair."

Bernanke stated he does anticipate a "very sharp" U.S. recession, but in addition a "pretty fast" restoration.

Bernanke's feedback echoed what present St. Louis Fed President James Bullard stated earlier on "Squawk Field." Bullard believes the financial system is going through an enormous shock to the system over the close to time period, however it is going to then bounce again...