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They say history repeats itself; fortunately Ben Bernnake knows it. And Jim Cramer thinks the nation is indeed fortunate to have a student of history as the Fed Chairman.

Cramer believes that Bernanke's keen understanding of events that happened in the years following the Great Depression are likely playing a critical role in current policy – in fact, he thinks it's preventing the nation from spiraling into a terrible downturn -- right now.



"Thank heavens Ben Bernanke doesn't listen to those who have no idea about history, including most economists," said Cramer. "He recognizes that we could be in a 1937 situation."



And in 1937 the situation wasn't good.

