[ARCHIVED] YouTube videos no longer previewed

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I tried to insert a YouTube link into one of my announcements yesterday and it no longer gives me the option to have it embedded just when I insert a link using the rich text editor. Has something changed? Is there a way to re-enable this? I have recorded a lot of screencasts and tutorials and posted them to YouTube and would like them to be previewed when I post a link, or find a similar feature.