{"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 says weak economy has tightened credit' data-url='/boclips/videos/5c54c3d3d8eafeecae1642f4' data-video-url='/boclips/videos/5c54c3d3d8eafeecae1642f4' 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 says weak economy has tightened credit\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 view of hearing2. Mid view of Senators3. SOUNDBITE (English) Alan Greenspan, US Federal Reserve Chairman. \"Many of the traditional quantitative and qualitative indicators suggest that bank asset quality is deteriorating and that...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide view of hearing\u003cbr/\u003e2. Mid view of Senators\u003cbr/\u003e3. SOUNDBITE (English) Alan Greenspan, US Federal Reserve Chairman. \u003cbr/\u003e\"Many of the traditional quantitative and qualitative indicators suggest that bank asset quality is deteriorating and that supervisors therefore need to be more sensitive to problems at individual banks, both currently and in the months ahead. \"\u003cbr/\u003e4. Greenspan speaking\u003cbr/\u003e5. SOUNDBITE (English) Alan Greenspan, US Federal Reserve Chairman. \u003cbr/\u003e\"Some of the credits that were made in earlier periods of optimism - especially syndicated loans - are now under pressure and scrutiny. The softening economy and/or special circumstances have especially affected borrowers in the retail, manufacturing, health care and telecommunications industries. California utilities, as you know, have also been under particular pressure. All of these, and no doubt other problem areas that are not now foreseeable, require that both bank management and supervisors remain particularly a-l-e-r-t to developments.\"\u003cbr/\u003e6. Greenspan speaking\u003cbr/\u003e7. Senator Dodd listening\u003cbr/\u003e8. SOUNDBITE (English) Alan Greenspan, US Federal Reserve Chairman. \u003cbr/\u003e\"We are fortunate that our banking system entered this period of weak economic performance in a strong position. After rebuilding capital and liquidity in the early 1990s, followed by several years of post-World War II record profits and very strong loan growth, our banks now have prudent capital and reserve positions. In addition, asset quality was quite good by historical standards before the deterioration began.\" \u003cbr/\u003e9. Cutaway audience\u003cbr/\u003e10. SOUNDBITE (English) Alan Greenspan, US Federal Reserve Chairman. \u003cbr/\u003e\"Building on bank practices, we are in the process of improving both lending and supervisory policies that we trust will foster better risk management; but these policies could also reduce the pro-cyclical pattern of easing and tightening of bank lending and accordingly increase bank shareholder values and economic stability. It is not an easy road, but it seems that we are well along it.\"\u003cbr/\u003e11. Pan view from Greenspan to Senators\u003cbr/\u003eThe chairman of the US Federal Reserve on Wednesday said that the sagging US conomy had brought more problem loans and made bankers more tight-fisted.\u003cbr/\u003eSpeaking before the Senate Banking Committee, Alan Greenspan cited problems in retailing and manufacturing and California utilities.\u003cbr/\u003eAddressing the state of the nation's financial system, he said that bank regulators needed to be more sensitive to problems at individual banks in the months ahead.\u003cbr/\u003eDespite the problems, he added: \"We are fortunate that our banking system entered this period of weak economic performance in a strong position.\" \u003cbr/\u003eGreenspan did not discuss the future course of interest-rate policy or the state of the economy.\u003cbr/\u003eTo ward off recession, the Federal Reserve has slashed interest rates five times this year. \u003cbr/\u003eMany analysts predict policy-makers will make a sixth cut at the end of their 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