I spent my entire academic career studying the Great Depression. The depression may have...
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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.
Transcript
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I spent my entire academic career
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studying the Great Depression
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The Depression may have started
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because of a stock market crash
00:00:15.247 --> 00:00:18.484
but what hit the general economy
00:00:18.518 --> 00:00:20.419
was a disruption of credit
00:00:20.453 --> 00:00:22.488
average citizens unable to borrow money
00:00:22.522 --> 00:00:24.723
to do anything to buy a home
00:00:24.757 --> 00:00:28.993
start a business stock their shelves
00:00:29.999 --> 00:00:32.596
Credit has the ability to build a modern economy
00:00:32.631 --> 00:00:34.966
but lack of credit has the power to destroy it
00:00:35.000 --> 00:00:37.435
swiftly and absolutely
00:00:39.271 --> 00:00:42.174
If we do not act boldly and immediately
00:00:42.209 --> 00:00:45.311
we will replay the Depression of the 1930s
00:00:45.346 --> 00:00:48.783
only this time it will be
00:00:48.817 --> 00:00:51.062
far far worse
00:00:52.722 --> 00:00:54.069
We don't do this now
00:00:54.725 --> 00:00:58.295
we won't have an economy on Monday
Clip duration: 59 seconds
Views: 187
Timestamp in movie: 01h 12m 35s
Uploaded: 25 November, 2022
Genres: biography, drama, history
Summary: Chronicles the financial meltdown of 2008 and centers on Treasury Secretary Henry Paulson.
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