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Business Finance – Economics

After watching " BBC video " of Ch  12, and  13 ,analyze the contents of those videos by relating into economic theories. 

I put transcript of the video.

 

  

12

>> What we're gonna do is we're gonna let about 10 people,  

10 or 15 people in at a time.  

>> Throughout the day on Monday,  

hundreds of anxious depositors lined  

up outside the Pasadena headquarters  

of Indy Mac Bank clamoring to get their money out.  

>> Well, I have a CD here and I wanna withdraw it  

and put it in another bank.  

>> The Federal Deposit Insurance Corporation took over Indy Mac  

after depositors worried  

about its [inaudible] made a run on the bank Friday.  

As the new federal CEO was giving yet another interview,  

a woman in the long line fainted.  

On loan from the FDIC, the new bank chief says his biggest job,  

calming depositors' jitters.  

>> So I just wanna reassure people if 98 percent  

of the people do business with a bank have less  

than a hundred thousand dollars in their accounts,  

they don't have to worry about anything.  

Their money is completely protected.  

>> But those with more than 100,000 dollars  

in the bank are looking at trouble.  

Right now, the FDIC promises only 50 cents on the dollar  

for every individual account over 100,000.  

>> We got a check which is only about 50 percent  

of our total investment, which really hurts  

but that's all we were able to do today.  

>> 10,000 Indy Mac customers had more  

than 100,000 dollars in their accounts.  

Addressing the fears,  

some financial expert's advice taking a collective deep breath.  

>> Most of the big banks in this country were not  

in the danger zone in any way, shape or form.  

>> Small comfort for those who thought their money was safe  

and now aren't sure who they can trust.  

13

>> The President says he wants Ben Bernanke  

to head the Federal Reserve for another 4 years because he more  

than anyone else pulled the economy back  

from the brink of depression.  

>> Ben Bernanke has led the fed through one  

of the worse financial crisis that this nation  

and the world has ever faced.  

>> Bernanke's term though doesn't end until January  

so why then did the President suddenly interrupt his vacation  

to make an early morning announcement?  

It's all about timing.  

The President spoke at about 9 a.m.,  

[bell ringing] half an hour before the markets open.  

Bernanke is popular on Wall Street and as expected,  

the markets ticked up on the news.  

But even more important, the President wanted to get  

out in front of bad economic news also due at 9:30.  

That's when the White House budget office announced the  

deficit over the next 10 years will be a staggering 9 trillion  

dollars up from a previous estimate of 7 trillion.  

>> Unbridled spending, billions upon billions of new programs,  

a new trillion dollar healthcare program,  

how does this help us become more competitive  

in a global economy?  

>> With the President's approval rating at its lowest level yet,  

the last things he needs now is news of skyrocketing deficits  

on one side of the screen while he plays a relaxing game  

of golf on the other.  

So the White House decided to replace  

that image with this one.  

>> Ben Bernanke has gotten good reviews in his handling  

in this– of this economic crisis.  

And the President is saying, "Here,  

I'm going to go with stability."  

>> Bernanke was not the President's first choice.  

After all, he is a republican first appointed  

by President Bush.  

Larry Summers, the President's top economic adviser was  

considered the leading candidate.  

But in this parallelist economic times,  

the President was boxed in,  

taking a new untested fed chief could rattle the markets.  

And the White House could hardly afford another distraction  

if a new candidate turned out to be controversial.  

Bernanke does have his critics.  

Some say he was asleep  

at the switch while greedy bankers wandered the economy.  

Others accuse him of mortgaging the nation's future  

by bailing out Wall Street.  

Bernanke will get some very tough questions  

at his confirmation hearing but sources  

on Capitol Hill say he is likely to be confirmed  

because at precarious economic times like these,  

most senators believe stability counts.  

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