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VOA标准英语2009-Use of US Government Financial Aid to Banks

时间:2009-07-08 02:44:00

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A congressional overseer of the U.S. government's efforts to rescue the financial system said a massive infusion1 of federal funds intended to ease a severe credit crunch2 has only partially3 succeeded, with many ailing4 banks using the money to survive rather than making new loans to businesses and consumers.

During last year's financial meltdown, the Bush administration argued that government action was required to combat tight credit conditions that were choking the U.S. economy. Officials like former Treasury5 Secretary Henry Paulson insisted back then that the nation's banking6 sector7 was vibrant8 and healthy, despite a lack of lending.
 
Dr. Elizabeth Warren, chair of the Congressional Oversight9 Panel speaks with congressional members (not seen) on Capitol Hill, 09 Jun 2009

"Our financial institutions are strong. Our banks are strong. They are going to be strong for many, many years," he said at the time.

But that assertion proved wrong, according to Congressional Oversight Panel chairperson Elizabeth Warren, who said that hundreds of billions of dollars in federal funds did more to prop10 up struggling banks than ease credit conditions.

"In fact, the banks were not healthy. And when we stuffed this money into them, they just held on to it. And they held on to it, many of them, just as reserves," he said.

Warren was speaking on CBS's "Early Show".

Tuesday, the Treasury Department announced it will allow 10 of America's largest banks to repay a total of $68 billion in emergency government aid. President Barack Obama welcomed the news as a sign of progress in reviving America's financial sector.

But Elizabeth Warren said the true health of American lending institutions is hard to judge, because of flaws in so-called "stress tests" the government administered to banks earlier this year. The tests were designed to gauge11 the ability of major banks to withstand further economic shock.

Testifying on Capitol Hill Tuesday, Warren noted12 that, at 9.4%, the current U.S. unemployment rate already exceeds the rate that was assumed as a worst-case scenario13 for the stress tests.

"Let's face it. The [economic] numbers are bad and they have headed in the wrong direction. This is a real concern: that the worst-case scenario right here in 2009 is, in fact, not the worst case. And that we are going to see worse numbers than that," he added.

Warren also criticized the stress tests for gauging14 banks' health through the end of 2010. She argued that America's real estate woes15 -- particularly in the commercial sector -- could extend well beyond that date and harm banks for years to come.

But others have argued that the essential factor when it comes to boosting stability in the banking sector cannot be measured by statistics or economic formulations. Bank analyst16 Richard Bove of Rochdale Securities:

"The key issue is: do we have confidence in the banking system? And I think confidence is back," he noted.

Ten of 19 U.S. banks subjected to stress tests were deemed undercapitalized and ordered to raise a total of $75 billion. Most have either met their targets or are close to doing so.


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1 infusion CbAz1     
n.灌输
参考例句:
  • Old families need an infusion of new blood from time to time.古老的家族需要不时地注入新鲜血液。
  • Careful observation of the infusion site is necessary.必须仔细观察输液部位。
2 crunch uOgzM     
n.关键时刻;艰难局面;v.发出碎裂声
参考例句:
  • If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
  • People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。
3 partially yL7xm     
adv.部分地,从某些方面讲
参考例句:
  • The door was partially concealed by the drapes.门有一部分被门帘遮住了。
  • The police managed to restore calm and the curfew was partially lifted.警方设法恢复了平静,宵禁部分解除。
4 ailing XzzzbA     
v.生病
参考例句:
  • They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
  • She looked after her ailing father. 她照顾有病的父亲。
5 treasury 7GeyP     
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。
6 banking aySz20     
n.银行业,银行学,金融业
参考例句:
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
7 sector yjczYn     
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。
8 vibrant CL5zc     
adj.震颤的,响亮的,充满活力的,精力充沛的,(色彩)鲜明的
参考例句:
  • He always uses vibrant colours in his paintings. 他在画中总是使用鲜明的色彩。
  • She gave a vibrant performance in the leading role in the school play.她在学校表演中生气盎然地扮演了主角。
9 oversight WvgyJ     
n.勘漏,失察,疏忽
参考例句:
  • I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
  • Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。
10 prop qR2xi     
vt.支撑;n.支柱,支撑物;支持者,靠山
参考例句:
  • A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
  • The government does not intend to prop up declining industries.政府无意扶持不景气的企业。
11 gauge 2gMxz     
v.精确计量;估计;n.标准度量;计量器
参考例句:
  • Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗?
  • It's difficult to gauge one's character.要判断一个人的品格是很困难的。
12 noted 5n4zXc     
adj.著名的,知名的
参考例句:
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
13 scenario lZoxm     
n.剧本,脚本;概要
参考例句:
  • But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
  • This is a totally different scenario.这是完全不同的剧本。
14 gauging 43b7cd74ff2d7de0267e44c307ca3757     
n.测量[试],测定,计量v.(用仪器)测量( gauge的现在分词 );估计;计量;划分
参考例句:
  • The method is especially attractive for gauging natural streams. 该方法对于测量天然的流注具有特殊的吸引力。 来自辞典例句
  • Incommunicative as he was, some time elapsed before I had an opportunity of gauging his mind. 由于他不爱说话,我过了一些时候才有机会探测他的心灵。 来自辞典例句
15 woes 887656d87afcd3df018215107a0daaab     
困境( woe的名词复数 ); 悲伤; 我好苦哇; 某人就要倒霉
参考例句:
  • Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
  • She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。
16 analyst gw7zn     
n.分析家,化验员;心理分析学家
参考例句:
  • What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务?
  • The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

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