VOA常速英语2008年-US Government Acts to Stem Financial Crisis

By Michael Bowman
Washington
17 March 2008

The U.S. government is using all tools at its disposal to stem a deepening financial crisis and reassure¹ markets after one of America's largest investment banks was bought out to rescue it from the brink² of bankruptcy³. Meanwhile, new statistics point to a further weakening of the U.S. economy. Meanwhile, U.S. stocks were mostly lower Monday as Wall Street reacted to a government-supported buyout of financially stricken Bear Stearns - one of the world's largest investment banks. Asian stocks are little changed in early trading Tuesday. From Washington, VOA's Michael Bowman reports.

After months of slashing⁴ interest rates, the Federal Reserve has taken the unusual step of helping⁵ craft the sale of the struggling investment bank, Bear Stearns, to JPMorgan Chase for a tiny fraction of what the company's market value was just days ago.

Bear Stearns, which had been severely⁶ punished by the continuing sub-prime mortgage crisis gripping the United States, is being sold for just $2 a share, less than a tenth of the firm's market price from Friday.

Financial analyst⁷ Peter Dunay of New York-based Leeb Capital Management says the fall of Bear Stearns is the latest sign of U.S. economic upheaval⁸.

"We have a lot of problems here. You have consumers loaded with debt, and now we are discovering the major financial institutions are carrying too much debt," he said.

The Federal Reserve will partner with JPMorgan Chase to guarantee the debt obligations of Bear Stearns, which last week saw panicked customers withdraw huge amounts of cash in what amounted to a run on the bank.

In addition Sunday, the U.S. Central Bank again cut the interest rate it charges commercial banks to borrow money. Further rate cuts could be forthcoming at the Fed's regular meeting scheduled for Tuesday.

Amid high volatility⁹ in U.S. markets, the White House is attempting to reassure the financial community. President Bush met with Treasury¹⁰ Secretary Henry Paulson at the White House, and told reporters that strong action is being taken in the face of what he termed "challenging times."

"Our capital markets are functioning efficiently¹¹ and effectively. We obviously will continue to monitor the situation, and when need be we will act decisively in a way that continues to bring order to the financial markets. In the long run, our economy is going to be fine," said Mr. Bush.

Many economists¹² believe the U.S. economy is in recession, and fear that the fissures¹³ being exposed in America's banking¹⁴ system could make a bleak¹⁵ situation worse.

Former Federal Reserve Governor Alice Rivlin says the central bank has no choice but to do whatever it can to help improve banks' financial positions and stem an emerging sense of panic among investors¹⁶.

"The Federal Reserve is doing everything it can to make sure that this is not the beginning of a long avalanche¹⁷ of catastrophe," said Rivlin.

Meanwhile, the Federal Reserve reports U.S. industrial production fell 0.5 percent in February. That was the biggest drop in factory output in four months, and further evidence of trouble in America's overall economic health.

On a more positive note, the Commerce Department reports America's current account deficit¹⁸ narrowed by nine percent in 2007. The current account measures not only the trade deficit, but also investment flows between the United States and other nations.

1 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

2 brink   

n.(悬崖、河流等的)边缘，边沿

参考例句：

• The tree grew on the brink of the cliff.那棵树生长在峭壁的边缘。
• The two countries were poised on the brink of war.这两个国家处于交战的边缘。

3 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

4 slashing   

adj.尖锐的；苛刻的；鲜明的；乱砍的v.挥砍( slash的现在分词 )；鞭打；割破；削减

参考例句：

• Slashing is the first process in which liquid treatment is involved. 浆纱是液处理的第一过程。 来自辞典例句
• He stopped slashing his horse. 他住了手，不去鞭打他的马了。 来自辞典例句

5 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

6 severely   

adv.严格地；严厉地；非常恶劣地

参考例句：

• He was severely criticized and removed from his post.他受到了严厉的批评并且被撤了职。
• He is severely put down for his careless work.他因工作上的粗心大意而受到了严厉的批评。

7 analyst   

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。

8 upheaval   

n.胀起，(地壳)的隆起；剧变，动乱

参考例句：

• It was faced with the greatest social upheaval since World War Ⅱ.它面临第二次世界大战以来最大的社会动乱。
• The country has been thrown into an upheaval.这个国家已经陷入动乱之中。

9 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

10 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。

11 efficiently   

adv.高效率地，有能力地

参考例句：

• The worker oils the machine to operate it more efficiently.工人给机器上油以使机器运转更有效。
• Local authorities have to learn to allocate resources efficiently.地方政府必须学会有效地分配资源。

12 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

13 fissures   

n.狭长裂缝或裂隙( fissure的名词复数 )；裂伤；分歧；分裂v.裂开( fissure的第三人称单数 )

参考例句：

• Rising molten rock flows out on the ocean floor and caps the fissures, trapping the water. 上升熔岩流到海底并堵住了裂隙，结果把海水封在里面。 来自辞典例句
• The French have held two colloquia and an international symposium on rock fissures. 法国已经开了两次岩石裂缝方面的报告会和一个国际会议。 来自辞典例句

14 banking   

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。

15 bleak   

adj.(天气)阴冷的；凄凉的；暗淡的

参考例句：

• They showed me into a bleak waiting room.他们引我来到一间阴冷的会客室。
• The company's prospects look pretty bleak.这家公司的前景异常暗淡。

16 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

17 avalanche   

n.雪崩，大量涌来

参考例句：

• They were killed by an avalanche in the Swiss Alps.他们在瑞士阿尔卑斯山的一次雪崩中罹难。
• Higher still the snow was ready to avalanche.在更高处积雪随时都会崩塌。

18 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。