{"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='Global Financial Crisis' data-url='/boclips/videos/5c54bed1d8eafeecae13e878' data-video-url='/boclips/videos/5c54bed1d8eafeecae13e878' 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\nGlobal 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'\u003eVarious, 11 July 2008/FILEUnknown location - Recent1. Various of real estate signs outside homes which are for sale or up for auctionWashington, DC - 11 July 20082. Wide of Fannie Mae's headquartersVarious - 14 July 2008McLean, Virginia...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eVarious, 11 July 2008/FILE\u003cbr/\u003eUnknown location - Recent\u003cbr/\u003e1. Various of real estate signs outside homes which are for sale or up for auction\u003cbr/\u003eWashington, DC - 11 July 2008\u003cbr/\u003e2. Wide of Fannie Mae's headquarters\u003cbr/\u003eVarious - 14 July 2008\u003cbr/\u003eMcLean, Virginia - 14 July, 2008\u003cbr/\u003e3.  Entrance to Freddie Mac headquarters\u003cbr/\u003eWashington, DC - 14 July, 2008\u003cbr/\u003e4.  Wide shot of Federal Reserve Headquarters\u003cbr/\u003eNew York City/FILE - 22 SEPT 2008\u003cbr/\u003e5. Tilt up exterior New York Stock Exchange (NYSE)\u003cbr/\u003eAP Television \u003cbr/\u003eFILE: New York Stock Exchange - date unknown\u003cbr/\u003e6. Top-shot pan traders on floor\u003cbr/\u003e7. Pan of Goldman Sachs building\u003cbr/\u003e8. Wide exterior Morgan Stanley building \u003cbr/\u003eAP Television \u003cbr/\u003eFILE: New York Stock Exchange - date unknown\u003cbr/\u003e9. Mid of traders \u003cbr/\u003eTaipei, Taiwan - 15 September 2008\u003cbr/\u003e10. Investors sitting in front of monitors showing Taiwan's stock index\u003cbr/\u003e11. Figures showing Taiwan's stock index closing at 6052.45, dropping 4.09 percent \u003cbr/\u003eTokyo/Hong Kong, 17 Sept 2008\u003cbr/\u003eTokyo, Japan - 17 September 2008\u003cbr/\u003e12. Various of screens at Tokyo Stock Exchange \u003cbr/\u003eHong Kong - 17 September 2008 \u003cbr/\u003e13. Pan of Hang Seng trading floor \u003cbr/\u003eVarious, 22 Sept 2008\u003cbr/\u003eFrankfurt, Germany\u003cbr/\u003e14. Frankfurt Stock Exchange\u003cbr/\u003eLondon, United Kingdom\u003cbr/\u003e15. Pan right from skyline view of London and River Thames to BGC Partners trading floor  \u003cbr/\u003e16. Traders\u003cbr/\u003eLondon, 15 Sept 2008\u003cbr/\u003e17. Security outside Lehman Brothers building entrance\u003cbr/\u003e18. Pan of woman carrying box out of building\u003cbr/\u003eLondon, 17 September 2008\u003cbr/\u003e19. People walking past Halifax building society\u003cbr/\u003eWashington, DC - 15 September 2008\u003cbr/\u003e20. SOUNDBITE: (English) Henry Paulson, US Treasury Secretary:\u003cbr/\u003e\"Well, as you know we are working through a difficult period in our financial markets right now as we work off some of the past excesses.  But the American people can remain confident in the soundness and the resilience of our financial system.\"\u003cbr/\u003eWashington DC - 26 Sep 2008\u003cbr/\u003e21. British Prime Minister Gordon Brown and United States President George W. Bush sitting together \u003cbr/\u003eWashington, DC - 29 Sep 2008\u003cbr/\u003e22. Wide of House of Representatives\u003cbr/\u003e23. Mid of end of voting, with graphics showing result  ++PLEASE NOTE: DID NOT REFLECT THE FINAL VOTE TOTAL++\u003cbr/\u003eVarious - 29 Sep 2008\u003cbr/\u003eLondon, UK \u003cbr/\u003e24. Wide of Bradford \u0026amp; Bingley bank branch\u003cbr/\u003eBrussels, Belgium \u003cbr/\u003e25. Exterior of Fortis headquarters in Brussels\u003cbr/\u003eOn July 11th shares of Fannie Mae and Freddie Mac plummeted as New York's Wall Street worried that the government was likely to bail out the nation's key mortgage financiers. Fannie Mae's shares fell $3.20, or 24.2 percent, to 10 US dollars in mid-afternoon trading, after sinking as low as $6.68 earlier in the day. Freddie Mac's shares fell 72 cents, or 9 percent, to $7.28 after earlier falling to $3.89. Shares of both companies recovered somewhat after Treasury Secretary Henry Paulson, President George W Bush and lawmakers scrambled to reassure the market about the companies' health. Paulson sought for the second-straight day to calm investors panicked about out the financial state of Fannie Mae and Freddie Mac, saying the agency aimed to keep the mortgage finance companies \"in their current form\" without a government takeover. Fannie Mae and Freddie Mac owned or guaranteed about half of the U.S.'s $12 trillion mortgage market\u003cbr/\u003eOn July 14th, scrambling to bolster eroding investor confidence, the Federal Reserve and the Treasury Department of the United States announced unprecedented steps to brace slumping mortgage giants Fannie Mae and Freddie Mac. The plan, is intended to signal the government is prepared to act to prevent the credit market troubles that erupted last year with losses from subprime mortgages, from engulfing financial markets. The 'Fed' said it granted the Federal Reserve Bank of New York authority to lend to the two companies \"should such lending prove necessary.\" They would pay 2.25 percent for any borrowed funds, the same rate given to commercial banks and big Wall Street firms.\u003cbr/\u003eMost banking intitutions in the world were suffering from lack of confidence and falling share prices. Government sought a uniform solution to the problem but, initially many countries went on their own. Most of the major stock markets experienced falls in their indices of 25% to 35% between July and September. Governments worked on bail-out packages for many of their banks, which in return gave them shares and a say in the companies operating style. On September 15th the US investment bank Lehman Brothers filed for bankruptcy after the US government refused to bail them out, citing reckless investment methods.\u003cbr/\u003eIn Britain Lloyds bank confirmed a takeover of HBOS on September 18th. The British government said it would facilitate the deal by overriding anti-monopoly regulations, one token of the urgency with which the matter is viewed by officials.\u003cbr/\u003eOn September 27th British Prime Minister travelled to Washington for talks with US President George W. Bush. Bush had been trying to get through Congress a $700 billion financial rescue bill but this had initially been rejected by the House of Representatives.\u003cbr/\u003eOn September 29th British mortgage lender, Bradford and Bingly is nationalized. On the same day The Icelandic government takes control of the country's third-largest bank Glitnir after the company had faced funding problems. In Belgium an 11.2 billion euro bailout package for Fortis saw three governments take a 49 percent stake in the company.\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 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e2008\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003ewestern europe, george w. bush, business, asia, economy, east asia, north america, new york, london, taiwan, germany, england, consumer finance, work, europe\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv 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Now\u003c/a\u003e\u003c/div\u003e\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Global Financial Crisis\" href=\"/subscription/new\"\u003e\u003cimg class=\"resource-img img-thumbnail img-responsive z-10 lp-boclips-thumbnail w-full h-full lozad\" alt=\"Global Financial Crisis\" title=\"Global Financial Crisis\" onError=\"handleImageNotLoadedError(this)\" data-default-image=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" data-src=\"https://static.lp.lexp.cloud/images/attachment_defaults/resource/large/missing.png\" width=\"315\" height=\"220\" src=\"data:image/png;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs\" /\u003e\n\u003cspan aria-hidden='true' class='flex justify-center items-center bg-white rounded-full w-16 h-16 absolute top-1/2 left-1/2 -mt-8 -ml-8 cursor-pointer z-0 border-2 border-primary drop-shadow-md lp-boclips-thumbnail-playBtn'\u003e\n\u003ci class='fa-solid fa-play 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