In module six,
we turn to understanding the dynamics of actually how the crisis happened.
And this is very important because before we can really get a feeling for
or any kind of understanding for the different tools that were used to fight
the crisis, you have to see what a modern financial crisis looks like.
Modern financial crisis is different than the old style runs on the banks
that we would see throughout history.
In this new financial crisis, it happened in the wholesale banking system,
also called the shadow banking system or the parallel banking system.
And we will trace through exactly how that happened beginning in the summer of 2007
when anxiety started to hit the markets, working through the beginning of 2008 and
the rescue of Bear Stearns by JPMorgan aided by the federal government.
And we will do that through module six and seven.
It's a very important build up period and
it's important to see this kind of slow motion disaster and
to understand why the reactions that we took to it were necessary.
In module eight, we'll turn to the panic, and the panic begins with the failure,
the bankruptcy of Lehman Brothers on September 15th, 2008.
This led to a chain reaction of events over the subsequent several months
in the United States and in Europe that required policy makers to intervene in
markets in ways that they had never done before.
In module nine, Secretary Geithner will talk about those responses.
And as Secretary Geithner was in the middle of making many of these
decisions and was seeing first hand just how damaging the crisis was,
his perspective on this is very, very valuable.