About the outline of the story

Alisha 2022-10-29 13:35:07

It is not necessarily accurate to memorize while watching, mainly to prevent yourself from getting dizzy.

Lehman has a problem → ask Koreans for help → find peers to buy → the government saves two houses → government saves bureau asks other agencies to save Lehman → Merrill Lynch also has problems → decides to give priority to saving Merrill → Turnaround: Barclays Bank agrees Acquired Lehman, other banks are willing to help → Barclays backtracked → The government forced Lehman to go bankrupt → Lehman decided to go bankrupt → Other financial institutions were also crumbling → The government rescued a few too big to fall institutions → The entire financial system fell into a crisis of confidence → The government proposes a plan to purchase non-performing assets → The plan fails → A plan for the nationalization of commercial banks is proposed (government purchases bank shares) → The plan is implemented (not exactly as expected) → The crisis will end after a period of time

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Extended Reading

Too Big to Fail quotes

  • Ben Bernanke: I spent my entire academic career studying the Great Depression. The depression may have started because of a stock market crash, but what hit the general economy was a disruption of credit. Average citizens unable to borrow money, to do anything. To buy a home, start a business, stock their shelves. Credit has the ability to build a modern economy, but lack of credit has the ability to destroy it, swiftly and absolutely. If we do not act, boldly and immediately, we will replay the depression of the 1930s, only this time it will be far, far worse. We don't do this now, we won't have an economy on Monday.

  • Ben Bernanke: I don't really understand why there needs to be so much tension about this. The country is facing the worst economy since the Great Depression. If the financial system collapses, it will take every one of you down.