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VOA慢速英语 2008 0307b

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Economics Report - US Economy: Home Foreclosures, Late Payments Rise

New report on troubled housing market adds to worries in a week when oil sets all-time records. Transcript1 of radio broadcast:

07 March 2008

This is the VOA Special English Economics Report.

More bad news for the American housing market:

The Mortgage Bankers Association says housing repossessions are at their highest rates ever, led by California and Florida. And loan payments at least thirty days late are at their highest since nineteen eighty-five.

Problems in the housing market represent the greatest risks to the economy.

Central bank chief Ben Bernanke says helping2 the economy is now more important than fighting inflation. He told the Senate Banking3 Committee last week that conditions are more difficult now than they were in two thousand one. That was the last year in which the American economy was in a recession.

Most economists4 define a recession as at least six months of economic shrinkage. The economy was still growing at last report, but very little: just six-tenths of one percent from October to December. That was down from almost five percent for the July-to-September period.

President Bush says the economy is in a slowdown and that he does not expect a recession. But investor5 Warren Buffett, just listed by Forbes magazine as the world's richest man, gave his opinion Monday. "By any common sense definition we are in a recession," he said on CNBC television.

Economic weakness has pulled down the value of the dollar. One euro is now worth about a dollar and a half, a record high. A weak dollar reduces the price of American exports. But it means higher prices for oil, which is traded in dollars.

This week, oil broke the all-time record of one hundred three dollars and seventy-six cents a barrel. That price, adjusted for inflation, was set in nineteen eighty.

The United States is the biggest buyer of oil. On Wednesday, OPEC refused the second American request this year to produce more oil. It said there is already plenty. The Organization of the Petroleum6 Exporting Countries said high prices were the result of "mismanagement" in the United States economy.

Falling prices in the housing market are feeding a credit crisis. Home prices fell ten percent nationally in two thousand seven. And experts say prices could fall another ten to fifteen percent this year.

The Bush administration has been urging lenders to negotiate new terms for loans held by people in danger of losing their homes.

Many people now owe more than their homes are worth. Some are simply walking away from their homes, even though that damages their credit records.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

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1 transcript JgpzUp     
n.抄本,誊本,副本,肄业证书
参考例句:
  • A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
  • They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。
2 helping 2rGzDc     
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。
3 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。
4 economists 2ba0a36f92d9c37ef31cc751bca1a748     
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》
5 investor aq4zNm     
n.投资者,投资人
参考例句:
  • My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
  • The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。
6 petroleum WiUyi     
n.原油,石油
参考例句:
  • The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
  • The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

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