{"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='Bernanke defends Federal Reserve\u0026#39;\u0026#39;s response to financial crisis' data-url='/boclips/videos/5c54c22bd8eafeecae157b26' data-video-url='/boclips/videos/5c54c22bd8eafeecae157b26' 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\nBernanke defends Federal Reserve\u0026#39;\u0026#39;s response to financial crisis\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. Ben Bernanke, US Federal Reserve Chairman, walking to podium at the Princeton Club in New York City 2. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\"The pricing of the liquidity facilities was an important part of...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Ben Bernanke, US Federal Reserve Chairman, walking to podium at the Princeton Club in New York City \u003cbr/\u003e2. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\u003cbr/\u003e\"The pricing of the liquidity facilities was an important part of the Federal Reserve''s strategy. Rates could not be too high to have a positive effect and to eliminate the stigma of borrowing. The facilities had to be attractive relative to rates available or nominally available in the illiquid dysfunctional markets at the time. At the same time pricing had to be sufficiently unattractive that borrowers would voluntarily withdraw from these facilities as market conditions normalised. These desired outcomes did, in fact, occur. By early 2010 emergency lending had been drastically reduced along with the demand for such lending. The Federal Reserve''s response to the failure or near failure of a number of systemically critical firms, reflected the best of bad options given the absence of a legal framework for winding down such firms in an orderly way in the midst of a crisis - a framework, of course, that we now have.\" \u003cbr/\u003e3. Wide of Ben Bernanke at podium\u003cbr/\u003e4. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\u003cbr/\u003e\"The events of the past few years have forcibly reminded us of the damage that severe financial crises can cause. Going forward, for this Federal Reserve, as well as for other central banks, the promotion of financial stability must be on an equal footing with the management of monetary policy as the most critical policy priorities.\" \u003cbr/\u003e5. Medium of Ben Bernanke leaving podium to applause\u003cbr/\u003eThe US Federal Reserve was left with few good options when it stepped in to shore up the largest US financial institutions during the 2008 crisis, chairman Ben Bernanke said on Friday \u003cbr/\u003eDuring a speech to a New York conference examining the crisis, he defended the central bank''s actions to support insurance giant American International Group and help with the sale of investment bank Bear Stearns.\u003cbr/\u003eWhile there were risks associated with that support, Bernanke said that the (b) billions of US dollars in loans the Fed provided were backed by adequate collateral and taxpayers did not lose money. \u003cbr/\u003eAnd he noted that the Fed and other US regulators were better positioned to deal with a crisis because US Congress passed an overhaul of financial regulations in 2010.\u003cbr/\u003e\"The Federal Reserve''s response to the failure or near failure of a number of systemically critical firms, reflected the best of bad options given the absence of a legal framework for winding down such firms in an orderly way in the midst of a crisis - a framework, of course, that we now have,\" Bernanke said.\u003cbr/\u003eSome have criticised the Fed for helping rescuing those institutions rather than letting them fail. \u003cbr/\u003eThey said the Fed sent a message: banks could expect the government to bail them out after taking extraordinary risks that threatened the larger financial system.\u003cbr/\u003eIn his speech, Bernanke disputed this view. \u003cbr/\u003eAnd he said the regulatory overhaul gave the Fed new powers to wind down those institutions without threatening the larger financial system.\u003cbr/\u003eBernanke''s speech didn''t address the current state of the economy or the Fed''s recent policy action to boost growth. \u003cbr/\u003eBut he did emphasise that the Fed''s regulatory duties are just as important as that mission.\u003cbr/\u003e\"Going forward, for the Federal 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