Economics

After watching ” BBC video ” of Ch  12, and  13 ,analyze the contents of those videos by relating into economic theories. 
I put transcript of the video.
12
>> What we’re gonna do is we’re gonna let about 10 people,  
10 or 15 people in at a time.  
>> Throughout the day on Monday,  
hundreds of anxious depositors lined  
up outside the Pasadena headquarters  
of Indy Mac Bank clamoring to get their money out.  
>> Well, I have a CD here and I wanna withdraw it  
and put it in another bank.  
>> The Federal Deposit Insurance Corporation took over Indy Mac  
after depositors worried  
about its [inaudible] made a run on the bank Friday.  
As the new federal CEO was giving yet another interview,  
a woman in the long line fainted.  
On loan from the FDIC, the new bank chief says his biggest job,  
calming depositors’ jitters.  
>> So I just wanna reassure people if 98 percent  
of the people do business with a bank have less  
than a hundred thousand dollars in their accounts,  
they don’t have to worry about anything.  
Their money is completely protected.  
>> But those with more than 100,000 dollars  
in the bank are looking at trouble.  
Right now, the FDIC promises only 50 cents on the dollar  
for every individual account over 100,000.  
>> We got a check which is only about 50 percent  
of our total investment, which really hurts  
but that’s all we were able to do today.  
>> 10,000 Indy Mac customers had more  
than 100,000 dollars in their accounts.  
Addressing the fears,  
some financial expert’s advice taking a collective deep breath.  
>> Most of the big banks in this country were not  
in the danger zone in any way, shape or form.  
>> Small comfort for those who thought their money was safe  
and now aren’t sure who they can trust.  
13
>> The President says he wants Ben Bernanke  
to head the Federal Reserve for another 4 years because he more  
than anyone else pulled the economy back  
from the brink of depression.  
>> Ben Bernanke has led the fed through one  
of the worse financial crisis that this nation  
and the world has ever faced.  
>> Bernanke’s term though doesn’t end until January  
so why then did the President suddenly interrupt his vacation  
to make an early morning announcement?  
It’s all about timing.  
The President spoke at about 9 a.m.,  
[bell ringing] half an hour before the markets open.  
Bernanke is popular on Wall Street and as expected,  
the markets ticked up on the news.  
But even more important, the President wanted to get  
out in front of bad economic news also due at 9:30.  
That’s when the White House budget office announced the  
deficit over the next 10 years will be a staggering 9 trillion  
dollars up from a previous estimate of 7 trillion.  
>> Unbridled spending, billions upon billions of new programs,  
a new trillion dollar healthcare program,  
how does this help us become more competitive  
in a global economy?  
>> With the President’s approval rating at its lowest level yet,  
the last things he needs now is news of skyrocketing deficits  
on one side of the screen while he plays a relaxing game  
of golf on the other.  
So the White House decided to replace  
that image with this one.  
>> Ben Bernanke has gotten good reviews in his handling  
in this– of this economic crisis.  
And the President is saying, “Here,  
I’m going to go with stability.”  
>> Bernanke was not the President’s first choice.  
After all, he is a republican first appointed  
by President Bush.  
Larry Summers, the President’s top economic adviser was  
considered the leading candidate.  
But in this parallelist economic times,  
the President was boxed in,  
taking a new untested fed chief could rattle the markets.  
And the White House could hardly afford another distraction  
if a new candidate turned out to be controversial.  
Bernanke does have his critics.  
Some say he was asleep  
at the switch while greedy bankers wandered the economy.  
Others accuse him of mortgaging the nation’s future  
by bailing out Wall Street.  
Bernanke will get some very tough questions  
at his confirmation hearing but sources  
on Capitol Hill say he is likely to be confirmed  
because at precarious economic times like these,  
most senators believe stability counts.  

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