Ben Bernanke, former head of the U.S. Federal Reserve, and two other American economists were awarded the Nobel Prize in Economic Sciences on Monday. Bernanke is credited with helping lead the United States out of the 2007-2008 financial crisis. The two other winners were Douglas W. Diamond and Philip H. Dybvig. The Nobel committee at the Royal Swedish Academy of Sciences said the three financial experts showed “why avoiding bank collapses is vital.” John Hassler of the prize committee said: “Financial crises and depressions are kind of the worst thing that can happen to the economy.” The three men worked during their university careers to understand how bank failures can cause economic downturns. Before their work, most economists saw bank failures as a result of but not a cause of economic problems. Research by Diamond and Dybvig in the 1980s showed that governments could provide assistance to protect money in banks and prevent financial crises from getting worse.
Title: American Economists Share Nobel Prize
Content: <div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/A10.wav' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='American Economists Share Nobel Prize' data-article-id='6260'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='10792'>Ben Bernanke, former head of the U.S. Federal Reserve, and two other American economists were awarded the Nobel Prize in Economic Sciences on Monday.</span> <span data-start-time='10792' data-end-time='19750'>Bernanke is credited with helping lead the United States out of the 2007-2008 financial crisis.</span> <span data-start-time='19750' data-end-time='26167'>The two other winners were Douglas W. Diamond and Philip H. Dybvig.</span> <span data-start-time='26167' data-end-time='38021'>The Nobel committee at the Royal Swedish Academy of Sciences said the three financial experts showed “why avoiding bank collapses is vital.”</span> <span data-start-time='38021' data-end-time='48625'>John Hassler of the prize committee said: “Financial crises and depressions are kind of the worst thing that can happen to the economy.”</span> <span data-start-time='48625' data-end-time='57271'>The three men worked during their university careers to understand how bank failures can cause economic downturns. </span> <span data-start-time='57271' data-end-time='68125'>Before their work, most economists saw bank failures as a result of but not a cause of economic problems.</span> <span data-start-time='68125' data-end-time='82813'>Research by Diamond and Dybvig in the 1980s showed that governments could provide assistance to protect money in banks and prevent financial crises from getting worse.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/5689/A10.jpeg'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=18950 data-hint-location='26167' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/which_of_the_following_is_a_definition_of_the_word_vital.wav'>Which of the following is a definition of the word vital?</div><div class='choices' data-correct-choice='extremely important'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/extremely_important.wav'><span>extremely important</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/very_ignorant.wav'><span>very ignorant</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/somewhat_intolerant.wav'><span>somewhat intolerant</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/completely_insular.wav'><span>completely insular</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=18951 data-hint-location='10792' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/what_financial_crisis_did_the_subjects_of_this_story_play_a_role_in.wav'>What financial crisis did the subjects of this story play a role in?</div><div class='choices' data-correct-choice='Financial crisis of 20072008'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/financial_crisis_of_20072008.wav'><span>Financial crisis of 20072008</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/wall_street_crash_of_1929.wav'><span>Wall Street Crash of 1929</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/19731975_recession.wav'><span>19731975 recession</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/black_monday_1987.wav'><span>Black Monday 1987</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=18952 data-hint-location='57271' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/before_their_work_most_economists_saw_bank_failures_as_a_result_of__but_not_a__blank__of__economic_problems.wav'>Before their work, most economists saw bank failures as a result of but not a <span class='blank'>cause</span> of economic problems.</div><div class='choices' data-correct-choice='cause'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/cause.wav'><span>cause</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/cousin.wav'><span>cousin</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/house.wav'><span>house</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5689/paws.wav'><span>paws</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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