{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Federal Reserve chairman on economic outlook' data-url='/boclips/videos/5c54c1b3d8eafeecae1542a2' data-video-url='/boclips/videos/5c54c1b3d8eafeecae1542a2' 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 chairman on economic outlook\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. Wide of  Ben Bernanke, chairman of the US Federal Reserve, at podium2. SOUNDBITE: (English) Ben Bernanke, chairman of the US Federal Reserve:\"Stabilisation of the financial markets is a critical first step, but even if they stabilise...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of  Ben Bernanke, chairman of the US Federal Reserve, at podium\u003cbr/\u003e2. SOUNDBITE: (English) Ben Bernanke, chairman of the US Federal Reserve:\u003cbr/\u003e\"Stabilisation of the financial markets is a critical first step, but even if they stabilise as we hope they will, broader economic recovery will not happen right away. Economic activity had been decelerating even before the recent intensification of the crisis. The housing market continues to be a primary source of weakness in the real economy as well as on the financial markets and we've seen marked slow downs in consumer spending, business investment and the labour market.\" \u003cbr/\u003e3. Mid shot of Bernanke\u003cbr/\u003e4. SOUNDBITE: (English) Ben Bernanke, chairman of the US Federal Reserve:\u003cbr/\u003e\"I am not suggesting that the way forward will be easy. But I strongly believe we now have the tools we need to respond with the necessary force to meet these challenges. Although much work remains and more difficulties surely lie ahead, I remain confident that the American economy with its great intrinsic vitality and aided by the measures now available will emerge from this period with renewed vigour.\"\u003cbr/\u003e5. Wide shot of tables\u003cbr/\u003e6. SOUNDBITE: (English) Ben Bernanke, chairman of the US Federal Reserve:\u003cbr/\u003e\"Credit markets will take some time to unfreeze. And with the economies of our trading partners slowing, our export sales which have been a source of strength, very probably will slow as well. These restraining influences on economic activity, however, will be offset somewhat by the favourable effects of lower prices for oil and other commodities on household purchasing power.\"\u003cbr/\u003e7. Mid shot of Bernanke\u003cbr/\u003e8. SOUNDBITE: (English) Ben Bernanke, chairman of the US Federal Reserve:\u003cbr/\u003e\"The trajectory of economic activity beyond the next few quarters will depend greatly on the extent to which financial and credit markets return to more normal functioning.\"\u003cbr/\u003e9. Close of camera\u003cbr/\u003e10. SOUNDBITE: (English) Ben Bernanke, chairman of the US Federal Reserve:\u003cbr/\u003e\"It's obvious that the TARP (Troubled Asset Relief Program - US Congress measures to ease present economic crisis) funding will not be sufficient by itself to take all of the questionable credit or the hard-to-value assets off of bank balance sheets. That's not really the goal. The goal of that part of the program is to create some liquidity in the market to create some price discovery. If that happens then we will hope to see some trading begin and see some of these situations resolved through the private sector. So it's meant to be a stimulus not a complete solution.\"\u003cbr/\u003e11. Bernanke at podium\u003cbr/\u003eBen Bernanke, chairman of the United States Federal Reserve warned on Wednesday that economic recovery could take time, even if badly needed confidence in the US financial system returns and markets stabilise.\u003cbr/\u003e\"Stabilisation of the financial markets is a critical first step, but even if they stabilise as we hope they will, broader economic recovery will not happen right away,\" Bernanke said in a speech to the Economic Club of New York.\u003cbr/\u003eHe said that new powers under TARP (Troubled Asset Relief Programme), the 700 (b) billion dollar financial bailout package signed into law two weeks ago, should help reduce risks to the economy.\u003cbr/\u003eThe Treasury Department announced on Tuesday that it will inject up to 250 (b) billion US dollars into US banks in return for partial ownership, with hopes that banks will use the cash infusion to rebuild reserves and lend money more freely to businesses and consumers.\u003cbr/\u003eThe government also plans to buy failing mortgages and other bad debts held by banks, another new power granted by the bailout package, with the aim of increasing the availability of credit to help financial markets function more normally.\u003cbr/\u003eBernanke pledged to use all available tools to battle the financial and credit problems and cushion fallout to the economy.\u003cbr/\u003eThe Federal Reserve has already dropped its key rate to 1.5 percent, from 2 percent and many economists expect further cuts.\u003cbr/\u003eBut a growing number of analysts predict the economy will shrink in the final three months of this year and the first three months of next year, meeting the classic definition of a recession.\u003cbr/\u003eEven with a flurry of radical steps recently taken by the Fed, the US government and others around the world, \"credit markets will take some time to unfreeze,\" Bernanke said.\u003cbr/\u003eThere is already evidence that US employers are cutting payrolls, that consumers are tightening their belts and investment is slowing. \u003cbr/\u003eBut Bernanke offered a glimmer of hope by saying that the restraining influences on economic activity will be offset by the favourable effects of lower prices for oil and other commodities on household purchasing power.\u003cbr/\u003eWith the economy slowing, inflation should moderate, he added.\u003cbr/\u003eThe Fed will also begin buying vast amounts of short-term debt on 27 October, 2008.\u003cbr/\u003eClients are reminded: \u003cbr/\u003e(i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com\u003cbr/\u003e(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service \u003cbr/\u003e(iii) they have editorial 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