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Ben Bernanke, the former head of the Federal Reserve, said the 2008 financial crisis was the worst in global history, surpassing even the Great Depression. His statement is raising eyebrows. While the Great Recession was scary, there's a reason it wasn't dubbed a depression: Bernanke's aggressive policy response.
The U.S. unemployment rate just fell below 5% for the first time since 2008. Normally, this would merit a celebration. But these aren't normal times. The economy is better than it was in the Great Recession, but not even President Obama is ready to declare it's booming. We should be proud of the progress we've made...we've recovered from the worst economic crisis since the 1930s, Obama said.