U.S. Fed chairman: Great Depression not a good model for what's happening now

U.S. Federal Reserve Chairman Jerome Powell doesn't think that the Great Depression is a suitable comparison to the U.S. economy during the coronavirus pandemic.

"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 financial system this time was in very good shape, much better capitalized," Powell said. "That's different that's what was happening around the time the Great Depression started," CNN cited the U.S. Fed chairman as saying.