{"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='Paulson presser on US financial rescue plan' data-url='/boclips/videos/5c54c378d8eafeecae161886' data-video-url='/boclips/videos/5c54c378d8eafeecae161886' 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\nPaulson presser on US financial rescue plan\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'\u003eWashington DC - 19 September, 20081. US Treasury Secretary Henry Paulson walking in2. SOUNDBITE (English) Henry Paulson, US Treasury Secretary:\"To restore confidence in our markets and our financial institutions so they can fuel...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eWashington DC - 19 September, 2008\u003cbr/\u003e1. US Treasury Secretary Henry Paulson walking in\u003cbr/\u003e2. SOUNDBITE (English) Henry Paulson, US Treasury Secretary:\u003cbr/\u003e\"To restore confidence in our markets and our financial institutions so they can fuel continued growth and prosperity, we must address the underlying problem. The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy. This troubled asset relief program must be properly designed and sufficiently large to have maximum impact while including features that protect the taxpayer to the maximum extent possible. The ultimate taxpayer protection will be the stability this troubled asset relief program provides to our financial system, even as it will involve a significant investment of taxpayer dollars. I am convinced that this bold approach will cost American families far less than the alternative - a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion.\"\u003cbr/\u003eNew York - Recent\u003cbr/\u003e3. Various of stock exchange, traders\u003cbr/\u003eWashington DC - 19 September, 2008\u003cbr/\u003e4. SOUNDBITE (English) Henry Paulson, US Treasury Secretary:\u003cbr/\u003e\"I will spend the weekend working with members of Congress of both parties to examine approaches to alleviate the pressure of these bad loans in our system so credit can flow once again to American consumers and companies. Our economic health requires that we work together for prompt, bipartisan action. As we work with Congress to pass this legislation over the next week, other immediate actions will provide relief. First, to provide critical additional funding to our mortgage markets, GSEs Fanny Mae and Freddie Mac will increase their purchases of mortgage-backed securities. These two enterprises must carry out their mission to support the mortgage market. Second, to increase the availability of capital for new home loans. Treasury will expand the NBS purchase programme we announced earlier this month. This will complement the capital provided by the GSEs, it will help facilitate mortgage availability and affordability.\"\u003cbr/\u003e5. Paulson leaving\u003cbr/\u003eUS Treasury Secretary Henry Paulson on Friday sketched out a multi-faceted effort to confront the worst US financial crisis in decades, outlining a program that would involve \"significant investment of taxpayer dollars\" to buy up bad mortgages and other toxic debt that has caused turmoil on Wall Street.\u003cbr/\u003eHe gave few details but said he would work through the weekend with leaders of Congress from both parties to flesh out the program, the biggest proposed government intervention in financial markets since the Great Depression of the 1930s.\u003cbr/\u003eSpeaking to reporters at the Treasury Department, Paulson said that the new relief program that he wants Congress to enact must be large enough to have the necessary impact while protecting taxpayers as much as possible.\u003cbr/\u003e\"I am convinced that this bold approach will cost American families far less than the alternative - a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion.\"\u003cbr/\u003e\"The financial security of all Americans ... depends on our ability to restore our financial institutions to a sound footing,\" Paulson said.\u003cbr/\u003ePaulson said Fannie Mae and Freddie Mac will step up their purchases of mortgage-backed securities to help provide support to the crippled housing market. \u003cbr/\u003eThe government seized control of the mortgage giants earlier this month.\u003cbr/\u003ePaulson also said on Friday that the Treasury Department would expand a program, announced earlier this month, to buy mortgage-backed securities, which have been badly hurt by the housing and credit crisis.\u003cbr/\u003eAt a news conference in which he only took three questions, Paulson was asked the approximate dollar size of the government intervention. \u003cbr/\u003eHe said billions of dollars.\u003cbr/\u003ePaulson did not address specifics about the plan to buy back bad debt or whether the government would take a direct stake in troubled banks in exchange for its help.\u003cbr/\u003eHe said that the administration would present Congress with a proposed legislative package and then work with lawmakers to flesh out the details through the weekend. \u003cbr/\u003eEarlier, President George W. Bush authorised the US Treasury to tap up to 50 billion US dollars from a Depression-era fund to insure the holdings of eligible money market mutual funds. \u003cbr/\u003eAnd the US Federal Reserve Bank announced it will expand its emergency lending program to help support the 2 trillion US dollars in assets of the funds.\u003cbr/\u003eBoth moves are designed to bolster the huge money market mutual fund industry, which has come under stress in recent days.\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' 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