{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='WRAP Bush, Paulson on economy after JP Morgan takeover of bank' data-url='/boclips/videos/5c54ba7bd8eafeecae11ddaa' data-video-url='/boclips/videos/5c54ba7bd8eafeecae11ddaa' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWRAP Bush, Paulson on economy after JP Morgan takeover of bank\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. US President George W. Bush in cabinet room surrounded by members of financial advisory community2. SOUNDBITE (English) George W. Bush, US President:\"One thing is for certain, we're in challenging times, but another thing is for...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. US President George W. Bush in cabinet room surrounded by members of financial advisory community\u003cbr/\u003e2. SOUNDBITE (English) George W. Bush, US President:\u003cbr/\u003e\"One thing is for certain, we're in challenging times, but another thing is for certain that we have taken strong and decisive action. The Federal Reserve has moved quickly to bring order to the financial markets.\"\u003cbr/\u003e3. Wide of financial advisors, zoom in to Treasury Secretary Henry Paulson\u003cbr/\u003e4. SOUNDBITE (English) George W. Bush, US President:\u003cbr/\u003e\"Obviously, we'll continue to monitor the situation and, when need be, we'll act decisively in a way that continues to bring order to the financial markets.\"\u003cbr/\u003e5. Pan from cameras across table to Bush\u003cbr/\u003e6. US Treasury Secretary Henry Paulson walking up to microphones\u003cbr/\u003e6. Cutaway of Paulson at microphones with reporters\u003cbr/\u003e7. SOUNDBITE: (English) Henry Paulson, US Secretary of the Treasury:\u003cbr/\u003e\"This was an easy decision. This is the right outcome. And, again, in terms of the moral hazard look at what happened to the Bear Stearns shareholders.\"\u003cbr/\u003e8.  Wide of Paulson and reporters\u003cbr/\u003e9.  SOUNDBITE: (English) Henry Paulson, US Secretary of the Treasury:\u003cbr/\u003e\"Listen, I'm not going to speculate on hypotheticals on intervention. I will just, again, say to you, what you've heard me say before....  We have a strong dollar policy.  It's very much in our nation's interest. Our economy has ups and downs. The long term fundamentals, and I'm very confident about this, when we look at the long term fundamentals compared with other major countries around the world, we have strong, long term fundamentals.\"\u003cbr/\u003e10. Wide of Paulson with reporters outside White House\u003cbr/\u003e11. SOUNDBITE: (English)  Henry Paulson, US Secretary of the Treasury:\u003cbr/\u003e\"The thing that I am emphasising as I talk in the markets is that we have capital markets that are the envy of the world, that are competitive, that they're efficient, that we move quickly when we need to address issues and we have financial institutions that are strong financial institutions, recognised as strong financial institutions around the world that will be strong institutions for a long time to come.\"\u003cbr/\u003e12. Top shot, reporters\u003cbr/\u003e13. Paulson leaving news conference\u003cbr/\u003ePresident George W. Bush, trying to ease turmoil in financial markets, insisted on Monday that his administration is on top of the situation.\u003cbr/\u003e\"One thing is for certain: we're in challenging times,\" the President said after meeting Treasury Secretary Henry Paulson and other senior economic advisers. \u003cbr/\u003e\"But another thing is for certain: we've taken strong, decisive action.\"\u003cbr/\u003eThe president commended the Federal Reserve, the US central bank, for urgent actions over the weekend to shore up the economy. \u003cbr/\u003eBush, surrounded by his economic advisers at the White House, said his administration is monitoring economic developments closely.\u003cbr/\u003eAt mid-day, the president held a meeting with the chief of the central bank, Ben Bernanke and Paulson.\u003cbr/\u003eThe two men had worked closely over the weekend to devise a scheme that would permit JP Morgan to purchase Bear Stearns using money supplied by the Federal Reserve.\u003cbr/\u003eAlso joining in the conversation were other members of the Working Group on Financial Markets, including Securities and Exchange Commission Chairman  Christopher Cox.\u003cbr/\u003eThe Fed, in a bold action on Sunday, agreed for the first time to let big investment houses get emergency loans directly from the central bank. \u003cbr/\u003eThe new lending facility - similar to one that's been available to commercial banks for years - started Monday and will continue for at least six months. \u003cbr/\u003eIt marked the broadest use of the Fed's lending authority since the 1930s.\u003cbr/\u003eAlso Sunday, the Fed approved a 30 (b) billion US dollars (19.02 billion euro) credit line to engineer the takeover of Bear Stearns.\u003cbr/\u003eSenate Majority Leader Harry Reid was critical, saying the Federal Reserve's latest actions appeared to shift large risks to taxpayers, \"who may find themselves on the hook for billions in worthless securities.\"\u003cbr/\u003eFollowing the meeting, Secretary Paulson talked to reporters on the driveway outside the West Wing of the White House.\u003cbr/\u003ePaulson said Bear Stearns had a liquidity crisis, and so the US administration felt it was very important that this be resolved as a way to minimise impact on the country's economy. \u003cbr/\u003e\"This is the right outcome,\" he said.\u003cbr/\u003ePaulson also maintained that the fundamentals in the American economy are still strong and that market fluctuations are to be expected in the short term.\u003cbr/\u003ePaulson called suggestions of an intervention in the overseas financial markets something of hypothetical and insisted he doesn't deal in the hypothetical.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=346413\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003eHigher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=358379\"\u003eSocial Studies \u0026amp; 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