The 2008 financial crisis hit the global economy hard, and Goldman Sachs Chairman and CEO Lloyd Blankfein, who led the company through it, said it may still take institutions a while to recover.
"You had a severe banking crisis, which always takes time to sort out because, again, banks are, in a lot of ways, the transmission mechanism for economic growth," Blankfein told "Mad Money" host Jim Cramer on Monday. "You can change interest rates, but at the end of the day, someone has to lend and the banks have to be in better shape so they have to be recapitalized. So if you do it by comparison to the Great Depression, that took 10 years to sort out. At the end of the day, this might also take 10 years to sort through."
Blankfein added that he had to credit the country's federal organizations for guiding institutions through the crisis.
"We didn't have 25 percent unemployment in the country [like in the Depression]," Blankfein said. "In fact, it never got to really 10 percent unemployment, and I think all that stimulus, all that interest rates being dropped to 0, all that quantitative easing in this country, achieved ... [a] shallower recession."
Watch the full segment here: