{"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='Federal Reserve chief on global finances' data-url='/boclips/videos/5c54c147d8eafeecae150f89' data-video-url='/boclips/videos/5c54c147d8eafeecae150f89' 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\nFederal Reserve chief on global finances\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. Close-up pan US Federal Reserve Chairman Alan Greenspan walking onto stage2. Wide view of Greenspan speaking3. SOUNDBITE (English) Alan Greenspan, U.S. Federal Reserve Chairman\"Despite the draining impact of a loss of eight (t)...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Close-up pan US Federal Reserve Chairman Alan Greenspan walking onto stage\u003cbr/\u003e2. Wide view of Greenspan speaking\u003cbr/\u003e3. SOUNDBITE (English) Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003e\"Despite the draining impact of a loss of eight (t) trillion (US) dollars of stock market wealth, a sharp contraction in capital investment and, of course, the tragic events of September 11, 2001, our economy is still growing. Importantly,  despite significant losses, no major U.S. financial institution has been driven to default.  Similar observations pertain to much of the rest of the world but to a somewhat lesser extent than to the United States.\"\u003cbr/\u003e4. Mid view Greenspan speaking\u003cbr/\u003e5. SOUNDBITE (English) Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003e\"These episodes suggest a marked increase over the past two or three decades in the ability of modern economies to absorb unanticipated shocks. To be sure, the recent weakened pace of world economic activity has raised concerns that the full cycle of the past decade has yet to be definitively concluded. But the already clearly evident increased resiliency arguably supports the view that the world economy already has become more flexible irrespective of how events unfold in the weeks and months ahead.\"\u003cbr/\u003e6. Cutaway audience\u003cbr/\u003e7. SOUNDBITE (English) Alan Greenspan, U.S. Federal Reserve Chairman\u003cbr/\u003e\"And I think the most egregious activities have really resulted in the failures of chief executive officers and I think Sarbanes-Oxley (Act) in part is going to do that, but the market has already done it, if I may put it that way.  We need Sarbanes-Oxley not for today, tomorrow or the next day because I don't see any C-E-Os doing what they have been doing for a number of years. They are going to go back to the old regime, but unless there are statutes out there that focus on this, it will start to happen again and we want to avoid that.\"\u003cbr/\u003e8. Cutaway of audience\u003cbr/\u003e9. Wide view of Greenspan speaking\u003cbr/\u003eUnited States Federal Reserve Chairman Alan Greenspan said Tuesday that financial innovations have helped the United States and the world absorb various shocks from a downturn in the global economy.\u003cbr/\u003eGreenspan cited the loss of eight (t) trillion (US) dollars of wealth in the U.S. stock market to the terrorist attacks and a number of high-profile corporate bankruptcies.\u003cbr/\u003eHe cautioned governments to resist the temptation to over-regulate financial markets, saying new types of financial instruments have been a major reason the United States and the global economy have withstood the shocks of the past two and a half years. \u003cbr/\u003eIn a speech to the Council on Foreign Relations, Greenspan said that despite the loss of stock market wealth the U-S economy was still growing.  \u003cbr/\u003eDuring a question and answer session, Greenspan indicated his support for the Sarbanes-Oxley Act to regulate corporate 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