NPR 2008-09-18

The Treasury¹ Department said today it would issue new debt to raise money for the Federal Reserve. It comes just after the government announced another multi-billion-dollar bailout on Wall Street. NPR's Yuki Noguchi reports.

Treasury took the unusual step of announcing a special program to help raise funds to manage the Fed's balance sheet. This follows an even more unusual move the night before. After no private investors² expressed interest, the Federal Reserve took the unprecedented³ measure of spending 85 billion dollars in an emergency loan to save insurance giant AIG. Earlier this year, the Fed also stepped in to back troubled investment firm Bear Stearns, enabling its sale to JPMorgan. Such measures aimed at shoring up the roiling⁴ financial sector⁵ have strained the Fed's balance sheets. Yuki Noguchi, NPR News, Washington.

Despite the government bailout for AIG, it looks like the fear and anxiety is not abating⁶ on Wall Street today. Stocks after a brief rebound⁷ from Monday's 500-plus-point decline were firmly back in negative territory again today. The White House did its best to put a positive spin on the latest developments, saying it backs the decision to provide AIG with an 85-billion-dollar bridge loan. White House Press Secretary Dana Perino did not rule out further bailouts, saying that given the company's scope, letting it fail would've posed too big a risk to the overall economy.

On Wall Street, the Dow fell 449 points today. The NASDAQ lost 109 points. The S&P was down 57 points.

Residents of Galveston made an attempt to return to their homes today to assess damages from Hurricane Ike, but for many it turned out to be an exercise in frustration⁸. After spending hours in traffic, those who did make it to Galveston Island were turned away at the bridge. City officials had announced yesterday that residents could briefly⁹ return to examine their properties but then changed their minds. In the Houston area, cleanup operations also continue today. Homeland Security Secretary Michael Chertoff promised issues there will be addressed. "Those whose butts¹⁰ need to be kicked will feel it in their butts. " Chertoff's appearance comes a day after local officials complained that relief supplies for victims of the storm have been slow in reaching distribution points.

Far from Hurricane Ike, residents in the Midwest are still recovering from damages. Bill Cohen of Ohio Public Radio reports.

Right after the 70-mile an hour winds toppled utility poles and snapped power lines, more than two million customers here were without power. So the latest number is a big improvement. Still it could be Sunday before all Ohioans have their electricity restored. Ralph DiNicola of the utility giant FirstEnergy explains why. "You get the big restoration early on and then the last 10% may take almost as long as the first 90% to restore. " Food has begun to spoil inside some people's refrigerators. In fact, a Columbus area landfill reports said that one supermarket alone is dumping nearly 200 tons of food because it had been in freezers where the temperature rose above government guidelines. For NPR News, I'm Bill Cohen in Columbus.

In Ohio alone more than 800, 000 people are still without power.

This is NPR.

Top executives from the auto¹¹ industry today are asking House Speaker Nancy Pelosi to fund a 25-billion-dollar loan program. They say it would enable them to modernize¹² their plants and build more fuel efficient vehicles. Leaders of GM, Ford¹³ and Chrysler, in a letter to Pelosi, said while they are committed to building more fuel-efficient models, the industry faces significant challenges due to the downturn in the US economy. Auto industry executives said they planned to meet Pelosi and other congressional leaders on Capitol Hill to further make their case.

Norman Whitfield has died. Whitfield was a songwriter and producer at Motown during its golden era. He died Tuesday in Los Angeles of complications from diabetes¹⁴. He was 67 years old. NPR's Neda Ulaby reports Whitfield co-wrote some of the biggest hits of his day.

I Heard It Through The Grapevine, the theme from Car Wash and this Grammy winner from 1972. Norman Whitfield was born in Harlem but landed in Detroit as a teenager when his father's car broke down there. He started working at Motown right after high school. Whitfield soon developed a reputation for being so meticulous¹⁵ about sound. He became head of Motown's quality control division. He also helped push the label beyond its trademark¹⁶ slick soul into a political and social commentary. Norman Whitfield reached a low point with the conviction for tax evasion¹⁷ in 2005. He served a sentence at home because of his failing health. Neda Ulaby, NPR News.

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

2 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

3 unprecedented   

adj.无前例的，新奇的

参考例句：

• The air crash caused an unprecedented number of deaths.这次空难的死亡人数是空前的。
• A flood of this sort is really unprecedented.这样大的洪水真是十年九不遇。

4 roiling   

v.搅混（液体）( roil的现在分词 )；使烦恼；使不安；使生气

参考例句：

• Now, all that could be seen was the roiling, lead--coloured sea, with its thunderously heaving waves. 狂风挟着暴雨如同弥漫大雾，排挞呼号，在海上恣意奔驶。 来自汉英文学 - 现代散文
• Rather, it is a roiling, seething cauldron of evanescent particles. 相反，它是一个不断翻滚、剧烈沸腾的大锅，内有逐渐消失的粒子。 来自互联网

5 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

6 abating   

减少( abate的现在分词 )； 减去； 降价； 撤消（诉讼）

参考例句：

• The storm showed no signs of abating. 暴风雨没有减弱的迹象。
• The recent public anxiety about this issue may now be abating. 近来公众对这个问题的焦虑心情现在也许正在缓和下来。

7 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。

8 frustration   

n.挫折，失败，失效，落空

参考例句：

• He had to fight back tears of frustration.他不得不强忍住失意的泪水。
• He beat his hands on the steering wheel in frustration.他沮丧地用手打了几下方向盘。

9 briefly   

adv.简单地，简短地

参考例句：

• I want to touch briefly on another aspect of the problem.我想简单地谈一下这个问题的另一方面。
• He was kidnapped and briefly detained by a terrorist group.他被一个恐怖组织绑架并短暂拘禁。

10 butts   

笑柄( butt的名词复数 )； （武器或工具的）粗大的一端； 屁股； 烟蒂

参考例句：

• The Nazis worked them over with gun butts. 纳粹分子用枪托毒打他们。
• The house butts to a cemetery. 这所房子和墓地相连。

11 auto   

n.(=automobile)(口语)汽车

参考例句：

• Don't park your auto here.别把你的汽车停在这儿。
• The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。

12 modernize   

vt.使现代化，使适应现代的需要

参考例句：

• It was their manifest failure to modernize the country's industries.他们使国家进行工业现代化，明显失败了。
• There is a pressing need to modernise our electoral system.我们的选举制度迫切需要现代化。

13 Ford   

n.浅滩，水浅可涉处；v.涉水，涉过

参考例句：

• They were guarding the bridge,so we forded the river.他们驻守在那座桥上，所以我们只能涉水过河。
• If you decide to ford a stream,be extremely careful.如果已决定要涉过小溪，必须极度小心。

14 diabetes   

n.糖尿病

参考例句：

• In case of diabetes, physicians advise against the use of sugar.对于糖尿病患者，医生告诫他们不要吃糖。
• Diabetes is caused by a fault in the insulin production of the body.糖尿病是由体內胰岛素分泌失调引起的。

15 meticulous   

adj.极其仔细的，一丝不苟的

参考例句：

• We'll have to handle the matter with meticulous care.这事一点不能含糊。
• She is meticulous in her presentation of facts.她介绍事实十分详细。

16 trademark   

n.商标；特征；vt.注册的…商标

参考例句：

• The trademark is registered on the book of the Patent Office.该商标已在专利局登记注册。
• The trademark of the pen was changed.这钢笔的商标改了。

17 evasion   

n.逃避，偷漏(税)

参考例句：

• The movie star is in prison for tax evasion.那位影星因为逃税而坐牢。
• The act was passed as a safeguard against tax evasion.这项法案旨在防止逃税行为。