>> bear stearns is rescued from impending bankruptcy by jpmorgan chase in march 2008. six months later the u.s. government takes control of the nation's top mortgage giants, fannie mae and freddie mac. lehman brothers collapses without warning and insurance company aig is seized by the fed, signaling that the entire u.s. financial system is on brink of failure. >> the government's response to the crisis was peripatetic. problems rolled in and they dealt with them on a case-by- case basis. they were just trying to stop the economy from going into a depression. >> in an effort to stabilize the economy, congress approves a controversial $700 billion bailout. >> this is truly a monumental moment in american history. >> their view was you can't just let it all go down because if the banks go down, then the economy is in chaos. >> a lot of people lost their homes and a lot of people lost their jobs. and eventually you saw people
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