{"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 and Geithner up in front of committees' data-url='/boclips/videos/5c54c2c8d8eafeecae15c4a1' data-video-url='/boclips/videos/5c54c2c8d8eafeecae15c4a1' 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 and Geithner up in front of committees\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 Federal Reserve Chairman Ben Bernanke at witness table2. Cutaway of committee members3. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman:\"Although the near term outlook for the economy is weak.  Over time, a number...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of Federal Reserve Chairman Ben Bernanke at witness table\u003cbr/\u003e2. Cutaway of committee members\u003cbr/\u003e3. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman:\u003cbr/\u003e\"Although the near term outlook for the economy is weak.  Over time, a number of factors should promote the return of solid gains in economic activity, in the context of low and stable inflation.  The effectiveness of the policy actions taken by the Federal Reserve, the Treasury, and other government entities, in restoring a reasonable degree of financial stability will be critical determinants of the timing and strength of the recovery.\"\u003cbr/\u003e4. Cutaway wide of committee members\u003cbr/\u003e5. SOUNDBITE: (English) Ben Bernanke, Federal Reserve Chairman:\u003cbr/\u003e\"We had no choice but to stabilise the system because of the implications that the failure would have had for the broad economic system.  We know that failure of major financial firms in a financial crisis can be disastrous for the economy.  We really had no choice, but the... and I share your concern, I share your anger, it's a terrible situation, but we're not doing this to bail out AIG or their shareholders, certainly.  We're doing this to protect our financial system and to avoid a much more severe crisis in our global economy.\"\u003cbr/\u003e6. Wide of end of hearing\u003cbr/\u003e7. Treasury Secretary Tim Geithner shaking hands with House Ways and Means Committee members\u003cbr/\u003e8. Wide of session\u003cbr/\u003e9. SOUNDBITE: (English) Tim Geithner, US Treasury Secretary:\u003cbr/\u003e\"The deepening recession is putting greater pressure on banks and in response many banks are pulling back on credit.  So, right now, critical parts of our financial system are working against recovery.  And this is a dangerous dynamic and to arrest it, we need to make sure that our banks have the resources necessary to provide credit to our economy, and we need to act to make sure we that we get credit markets working again.  And where we provide assistance, we need to do so under conditions designed to protect the taxpayer, and to make sure that that assistance is going to improve and increase the amount of lending above the levels that would otherwise happen.\"\u003cbr/\u003e10. Wide of Geithner before House Ways and Means Committee\u003cbr/\u003eIrritated lawmakers grilled Federal Reserve Chairman Ben Bernanke on Tuesday over the latest bailout of American International Group, even as the Fed chief warned that an economic recovery hinges on the government's success in stabilising shaky financial markets and their major players.\u003cbr/\u003eBernanke tired to calm Congressional nerves by sounding a note of optimism despite the continuing economic turmoil.  \u003cbr/\u003eHe suggested that a long term outlook is best when viewing the overall prospects for the American economy.\u003cbr/\u003eOn the issue of AIG, Bernanke turned visibly angry at the fact the international insurance agency managed to slip through American regulators and pursue a risky, financially unsound policy with a hedge fund group attached to the international insurance giant.\u003cbr/\u003eBut he defended the government's repeated rescue attempts on AIG.\u003cbr/\u003e\"I share your concern, I share your anger,\" Bernanke told the Senate Budget Committee. \"It's a terrible situation, but we're not doing this to bail out AIG or their shareholders. We're doing this to protect our financial system and to avoid a much more severe crisis in our global economy.\"\u003cbr/\u003eThe Treasury Department and the Fed on Monday threw a new 30 (b) billion US dollar lifeline to the ailing insurance giant, which marked the government's fourth effort to stabilise AIG since September.\u003cbr/\u003eBoth Democrats and Republicans expressed scepticism over whether the action would work, said they were worried that more taxpayer money will be needed to rescue the company and demanded more accountability and openness.\u003cbr/\u003eAIG is so big and sprawling, so intertwined with institutions around the globe, that its downfall could set off a vicious chain reaction. \u003cbr/\u003eUpheaval on such a global scale would plunge the US economy deeper into recession, drive up unemployment and stifle hopes for an economic rebound any time soon.\u003cbr/\u003e\"We had no choice but to stabilise the system because of the implications that the failure would have had for the broad economic system,\" said Bernanke.\u003cbr/\u003eBernanke said he was hopeful improvements would eventually come.\u003cbr/\u003eOn the other side of the US Capitol and a little while later, US Treasury Secretary Timothy Geithner told members of the House Ways and Means committee that stabilising the banks was necessary in order to move the economy forward.\u003cbr/\u003eGeithner appeared before the committee to discuss the new budget and stuck to the administration line that it would benefit 95 percent of working Americans.\u003cbr/\u003eSome members of the committee believe the overall impact of the first Obama budget will be to drive up taxes for every American.\u003cbr/\u003eWhile Geithner defended the tax and energy policies proposed in the budget, he also suggested that bank and lending firm stability will help in lowering the overall budget deficit.\u003cbr/\u003eGeithner said that additional spending is necessary because the previous administration was unwilling to make long-term investments in health care,\u003cbr/\u003eenergy and education.\u003cbr/\u003eGeithner also suggested that Obama will propose legislation to limit US companies' ability to shelter foreign earnings from taxation in the US.\u003cbr/\u003eObama's budget proposal includes an additional 210 (b) billion US dollars from imposing \"international enforcement\" and \"other tax reform policies,\" without providing details.\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 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