GEP - Current Events Email - October 01, 2008

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Dear Teacher:

Each month World Savvy will post current events resources for one topic, with links for articles at varying reading levels, a list of relevant standards, and discussion questions and curriculum that can be used to teach about the issues covered by that news story. For more in-depth current events resources, please preview and subscribe to our World Savvy Monitor, www.monitor.worldsavvy.org.

U.S. Economic Crisis

The credit crisis and its impacts on Wall Street have been taking center stage in the news over the last few weeks, not only here in the United States, but around the world as well. The Bush administration has put forward an unprecedented $700 billion bailout, which was rejected by the House of Representatives on Monday, September 29, 2008, and a revised version of which is awaiting Congressional vote again as this issue is being written. Not only are citizens in the United States watching anxiously for what happens next, but the outcome is sure to have an impact on global financial markets as well.

Advanced Article: news.bbc.co.uk
Intermediate Article: www.usatoday.com
Beginning Article: www.pbs.org

Background and Multimedia: What caused this crisis in the first place?
Intermediate to advanced backgrounder: Behind the Financial Crisis - www.globalization101.org
Beginner to Intermediate backgrounder from IndyKids: www.indykids.net
Op-ed with comparison of this crisis to Great Depression and stock market crash of 1929: www.nytimes.com

Discussion Questions:

1. What plan did the House of Representatives just reject on Monday, September 29, 2008?
2. What happened to the stock market after this plan was rejected?
3. Why was this $700 billion bailout plan created? Describe how it is supposed to improve the economy.
4. What does the housing crisis that began last year have to do with the current problems with the stock market and banking industry?
5. What is happening in stock markets around the world? How are they reacting to these problems in the US market?
6. If you were a member of Congress, would you vote for the $700 billion bailout? Why or why not?
7. Do you think this financial crisis will affect the race for US president? Why or why not?

Curriculum:

1. PBS Newshour: How does the Economy Impact your Community? www.pbs.org
2. NYTimes learning: Examining Mortgages through Real Estate Simulations www.nytimes.com
3. Financial Literacy Curriculum Resources: www.hotchalk.com

California Standards:

World History: 10.11 - Modern World Economy
Government: 12.7 - Powers of National, State, Local Government, 12.8 - Media and Politics
Economics: 12.2 - Market Economics, 12.3 - Influence of Govt. on Economy, 12.5 - Aggregate Economic Behavior in US Economy

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