Ben Bernanke awarded the Nobel Prize
This past Monday, as Americans dealt with a growing financial crisis triggered by soaring interest rates, energy costs and the war in Ukraine, former Federal Reserve Chairman Ben Bernanke, was named winner of the Nobel Prize in Economics, a prize shared with two other American economists, for their work in "how societies deal with financial crises."
By 2009, Bernanke was at the Fed. And the professor with a specialty in the Great Depression, was in charge at the height of the Great Recession. Chairman Bernanke went about stabilizing the economy with low interest rates, bank bailouts and other aggressive remedies.
"The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis," Bernanke told 60 Minutes then.
