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♪ [music] ♪ [Alex] On September 15, 2008, the worlds financial system was shaken to its core when the investment bank, Lehman Brothers, filed for bankruptcy. The impact was great, not simply because Lehman was big, but also because it was an important financial intermediary, an institution that helps bridge the gap between savers and borrowers. The failure of Lehman marked the beginning of a series of events that signaled the worst economic downturn since the Great Depression. And while theres several docHub angles to the Great Recession, one of them was the decreased efficacy of financial intermediation. Now, some later videos are going to go through this in more detail. But for now, we want to start with some basic observations as to why financial intermediation is so important. Well start with the supply of savings and the demand to borrow, and the market which brings them together -- the Market for Loanable Funds. And then well work our way up to an examination of The Gre