See the movie "Panic: The Untold Story of the 2008 Financial Crisis" at (the link is also in Module 4): Panic: The Untold Story of the 2008 Financial Crisis | Full VICE Special Report | HBO (Links to an external site.) Panic: The Untold Story of the 2008 Financial Crisis | Full VICE Special Report | HBO Based on the movie and the economic framework from the course, please answer the following questions about the subprime mortgage crisis that started in the U.S. and spread globally. Give a very brief summary of the subprime mortgage crisis in the U.S. Why is it important to prevent financial panics? Why do policy-makers fear asset price declines during financial crises? How do they affect a bank's balance sheet? What effects do falling asset prices (and deflation more generally) have on the macroeconomy? What are the standard policy responses to a financial crisis