VOA标准英语2009年-Former US Fed Chief Volcker Calls for Stronger

The retired¹ former chief of the U.S. central bank, Paul Volcker, told a congressional committee Thursday that to avoid further financial crises there needs to be greater regulation of financial institutions.
　
Paul Volcker testifies before Joint² Economic Committee, 26 Feb 09

Volcker told the Joint Economic Committee that markets must not be left so vulnerable that another breakdown³ would threaten the global economy. He advocated strong restrictions⁴ on high-risk activities that are not currently subject to regulation. Volcker headed the Federal Reserve from 1979 to 1987 and currently heads President Obama's Economic Recovery Advisory⁵ Board.

Volcker did not identify specific new regulations but he said measures are needed to tame the animal passions that sometimes overtake institutions and individual investors⁶.

"What protections can we build into the system when those animal spirits become a little bit too buoyant in the future? And I think there are protections we can build in. And this is the time we ought to do it when the memory [of crisis] is very fresh," he said.

Volcker said consumers are living through a horrible period in which asset values and personal wealth are decreasing. He said the current crisis is unique in that all major economies are impacted.

"And the problem is not just in the United States. It's in the whole world," he said. "Production is declining outside the United States, from a high level. It is declining more rapidly than anything I've seen in my lifetime."

Volcker was born two years before the stock market crash of 1929. He told the panel that overcoming the financial crisis will cost more government money than the $750 billion already allocated⁷ to help U.S.-based banks. Agreeing with current Fed chairman Ben Bernanke, Volcker said a well capitalized and healthy banking⁸ system is vital for economic recovery. He said the global system remains⁹ under stress and is not yet stabilized¹⁰. The global crisis began in August 2007 with a credit squeeze triggered by defaults in the U.S. home mortgage market.

1 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

2 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

3 breakdown   

n.垮，衰竭；损坏，故障，倒塌

参考例句：

• She suffered a nervous breakdown.她患神经衰弱。
• The plane had a breakdown in the air,but it was fortunately removed by the ace pilot.飞机在空中发生了故障，但幸运的是被王牌驾驶员排除了。

4 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

5 advisory   

adj.劝告的，忠告的，顾问的，提供咨询

参考例句：

• I have worked in an advisory capacity with many hospitals.我曾在多家医院做过顾问工作。
• He was appointed to the advisory committee last month.他上个月获任命为顾问委员会委员。

6 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

7 allocated   

adj. 分配的 动词allocate的过去式和过去分词

参考例句：

• The Ford Foundation allocated millions of dollars for cancer research. 福特基金会拨款数百万美元用于癌症研究。
• More funds will now be allocated to charitable organizations. 现在会拨更多的资金给慈善组织。

8 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。

9 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

10 stabilized   

v.（使）稳定， （使）稳固( stabilize的过去式和过去分词 )

参考例句：

• The patient's condition stabilized. 患者的病情稳定下来。
• His blood pressure has stabilized. 他的血压已经稳定下来了。 来自《现代英汉综合大词典》