VOA标准英语2009年-US Government Unveils Plan to Spur Lending

U.S. stock markets teetered between positive and negative territory on Tuesday as the federal government unveiled yet another effort to loosen tight credit and promote lending. The day brought more unwelcome news about America's troubled housing and automobile¹ sectors³.
　
Fed. Reserve Chairman Ben Bernanke (R) shakes hands with Senate Budget Committee member Sen. Ron Wyden before testifying at the US Congress

It is a paradox⁴ of the current economic slump⁵: loose lending standards and reckless debt incursion set the stage for the financial meltdown that has pummeled the U.S. economy. Yet conventional wisdom holds that the recession will linger as long as credit remains⁶ tight, and consumers and businesses are unable or unwilling⁷ to take out loans for purchases and activities that will stimulate⁸ the economy.

To combat the credit crunch⁹, the federal government has propped¹⁰ up struggling financial institutions while the Federal Reserve, the nation's central bank, aggressively cut interest rates. Now the government plans to provide hundreds of billions of dollars to promote a wide range of loans through a program known as the Term Asset-Backed Securities Loan Facility.

The initiative's name may sound abstract, but President Obama says it aims to produce tangible¹¹ results.

"One of the challenges is to jump-start lending, so that businesses and families can finance the purchases of everything from inventory¹² and payroll¹³ to a home, a car, or a college education," he said.

The funds will finance debt purchases by investors¹⁴ who have been hard hit by the financial crisis. Overseen¹⁵ by the Federal Reserve and the Treasury¹⁶ Department, the program is expected to begin later this month and is intended to spur as much as one trillion dollars in business and consumer lending.

Federal Reserve Chairman Ben Bernanke spoke¹⁷ on Capitol Hill.

"We need to fix the banks and we need to fix the financial system. If we can do that, we will get a good recovery," he said.

America's housing sector² has been particularly hard-hit by the recession. The National Association of Realtors says its index of pending¹⁸ home sales fell nearly eight percent last month to its lowest level since tracking began in 2001. Analysts¹⁹ say it is an indication that the housing market continues to struggle.

Housing prices have fallen dramatically in many parts of the country during the past two years, but may have further to fall, according to New York University business professor Lawrence White.

"It takes a while for [home] sellers to come around to recognize the new reality [of severely²⁰ depressed²¹ housing values]. And I do not think they are there yet," he said.

Meanwhile, America's number-two automaker, Ford²², reported another dramatic sales drop of 48 percent in February compared to the same month a year ago. The weak U.S. car market has added to long term viability²³ questions surrounding the entire domestic automobile industry, which is surviving thanks to billions of dollars in government loans.

Markets across Asia and Europe were lower Tuesday on the heels of Monday's steep sell-off on Wall Street that saw the Dow Jones Industrial Average hit a 12-year low.

"A lot of sellers said, 'You know what? I cannot take this anymore. I just want out [of the market]. I want out,'" said New York Stock Exchange floor trader, Alan Valdes.

But Washington-based investment advisor²⁴ Michael Farr says this is precisely²⁵ the wrong time to sell stocks and leave the market. "One thing you look for in a market bottom is universal pessimism²⁶. When seldom is heard an encouraging word, the market is typically close to a bottom," he said.

The Dow Jones Industrial Average has lost more than half its value since late 2007.

1 automobile   

n.汽车，机动车

参考例句：

• He is repairing the brake lever of an automobile.他正在修理汽车的刹车杆。
• The automobile slowed down to go around the curves in the road.汽车在路上转弯时放慢了速度。

2 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。

3 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

4 paradox   

n.似乎矛盾却正确的说法；自相矛盾的人(物)

参考例句：

• The story contains many levels of paradox.这个故事存在多重悖论。
• The paradox is that Japan does need serious education reform.矛盾的地方是日本确实需要教育改革。

5 slump   

n.暴跌，意气消沉，（土地）下沉；vi.猛然掉落，坍塌，大幅度下跌

参考例句：

• She is in a slump in her career.她处在事业的低谷。
• Economists are forecasting a slump.经济学家们预言将发生经济衰退。

6 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。

7 unwilling   

adj.不情愿的

参考例句：

• The natives were unwilling to be bent by colonial power.土著居民不愿受殖民势力的摆布。
• His tightfisted employer was unwilling to give him a raise.他那吝啬的雇主不肯给他加薪。

8 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。

9 crunch   

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。

10 propped   

支撑，支持，维持( prop的过去式和过去分词 )

参考例句：

• He sat propped up in the bed by pillows. 他靠着枕头坐在床上。
• This fence should be propped up. 这栅栏该用东西支一支。

11 tangible   

adj.有形的，可触摸的，确凿的，实际的

参考例句：

• The policy has not yet brought any tangible benefits.这项政策还没有带来任何实质性的好处。
• There is no tangible proof.没有确凿的证据。

12 inventory   

n.详细目录，存货清单

参考例句：

• Some stores inventory their stock once a week.有些商店每周清点存货一次。
• We will need to call on our supplier to get more inventory.我们必须请供应商送来更多存货。

13 payroll   

n.工资表，在职人员名单，工薪总额

参考例句：

• His yearly payroll is $1.2 million.他的年薪是120万美元。
• I can't wait to get my payroll check.我真等不及拿到我的工资单了。

14 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

15 overseen   

v.监督，监视( oversee的过去分词 )

参考例句：

• He was overseen stealing the letters. 他被人撞见在偷信件。 来自辞典例句
• It will be overseen by ThomasLi, director of IBM China Research Laboratory. 该实验室由IBM中国研究院院长李实恭(ThomasLi)引导。 来自互联网

16 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。

17 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

18 pending   

prep.直到，等待…期间；adj.待定的；迫近的

参考例句：

• The lawsuit is still pending in the state court.这案子仍在州法庭等待定夺。
• He knew my examination was pending.他知道我就要考试了。

19 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

20 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。

21 depressed   

adj.沮丧的，抑郁的，不景气的，萧条的

参考例句：

• When he was depressed,he felt utterly divorced from reality.他心情沮丧时就感到完全脱离了现实。
• His mother was depressed by the sad news.这个坏消息使他的母亲意志消沉。

22 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。

23 viability   

n.存活(能力)

参考例句：

• What is required to achieve or maintain such viability? 要达到或维持这种生存能力需要什么？
• Scientists are experimenting to find ways to ensure the viability of seeds for even longer periods of time. 正如我们所说，科学家正在试验努力寻找让种子的生命力更加延长的方法。

24 advisor   

n.顾问，指导老师，劝告者

参考例句：

• They employed me as an advisor.他们聘请我当顾问。
• The professor is engaged as a technical advisor.这位教授被聘请为技术顾问。

25 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

26 pessimism   

n.悲观者，悲观主义者，厌世者

参考例句：

• He displayed his usual pessimism.他流露出惯有的悲观。
• There is the note of pessimism in his writings.他的著作带有悲观色彩。