VOA标准英语10月-Former US Fed Chief: Credit 'Tsunami' Having Seri

Former U.S. Federal Reserve Chairman, Alan Greenspan, has predicted further negative impacts for Americans from the U.S. and global financial crisis, which he called a credit tsunami¹. VOA's Dan Robinson reports, Greenspan and two other current and former U.S. officials, faced tough questioning from lawmakers in a congressional hearing.
　

Alan Greenspan testifies before House Oversight2 and Government Reform Committeeon Capitol Hill, 23 Oct. 2008

The longest-serving chairman of the U.S. central bank until he was replaced by Ben Bernanke in 2006, Greenspan called the financial and credit crisis a "once in a century credit tsunami" brought about by heavy demand for securities backed by sub-prime mortgages.

The crisis has been much broader than anything I could have imagined, Greenspan said, leaving him and other economic experts in a state of shocked disbelief.

"Given the financial damage to date, I cannot see how we can avoid a significant rise in layoffs³ and unemployment," he said. "Fearful American households are attempting to adjust as best they can to a rapid contraction⁴ in credit availability, threats to retirement⁵ funds and increased job insecurity."

For the crisis to end, Greenspan added, U.S. housing prices must stabilize⁶, something he said is still many months in the future.

A future economic landscape, he said, would be characterized by exceptional investor⁷ caution, particularly where investment instruments are concerned, leading to a more sustainable sub-prime mortgage market.

Greenspan has faced criticism that as Federal Reserve chairman for more than 18 years, he resisted tighter market regulation, and kept U.S. interest rates too low, fueling a surge in risky⁸ sub-prime mortgages.

Committee Democrats¹⁰ questioned decisions and statements he made about the U.S. housing market.

Democratic panel chairman Henry Waxman asked if the crisis has changed his ideological¹¹ positions on regulation and the operation of free markets.

"In other words, you found that your view of the world, your ideology¹² was not right, it was not working," asked Waxman.

"Precisely¹³, that is precisely the reason I was shocked, because I had been going for 40 years or more with very considerable evidence that it was working exceptionally well," Greenspan replied.
　

Alan Greenspan (l), Chairman of the SEC Christopher Cox (center) and Former Treasury14 Secretary John Snow on Capitol Hill, 23 Oct 2008

Securities and Exchange Commission chairman Christopher Cox was sharply challenged by Maryland Democrat⁹ Elijah Cummings about efforts now to crack down on one aspect of the credit mess.

Cummings: "You became SEC chairman over three years ago. Why didn't you act sooner to require this disclosure of credit default swaps¹⁵?"

Cox: "If you wish me to answer explicitly¹⁶, where was I, I was here with you, indeed I was vice-chairman of this committee, when Congress had the opportunity to do what I am asking Congress to do now, which is to close this regulatory hole."

Cummings: "But I'm talking about the three years that you were there, we paid your salary, the taxpayers¹⁷ the ones that are losing their homes right now paid your salary for three years."

Minority Republicans also questioned decisions by Greenspan, Cox, and former Treasury Secretary John Snow, although Republican criticisms were not as sharp as Democrats.

In a separate hearing, the U.S. treasury official overseeing the $700 billion program approved by Congress to rescue financial institutions, said it is having a positive effect, but Neel Kashkari added a cautionary note.

"Since the announcement of our capital purchase program, we have seen numerous signs of improvement in our markets and in the confidence in our financial institutions," he said. "While there have been recent positive developments, the markets remain fragile."

Thursday's hearing took placed amid continued volatility¹⁸ in U.S. financial markets, amid investor concerns about the economy, and new figures showing increases in home foreclosures.

At the White House, press secretary Dana Perino declined to use the word recession to describe the economic situation, but said President Bush knows the country is in "for a rough ride."

1 tsunami   

n.海啸

参考例句：

• Powerful quake sparks tsunami warning in Japan.大地震触发了日本的海啸预警。
• Coastlines all around the Indian Ocean inundated by a huge tsunami.大海啸把印度洋沿岸地区都淹没了。

2 oversight   

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。

3 layoffs   

临时解雇( layoff的名词复数 )； 停工，停止活动

参考例句：

• Textile companies announced 2000 fresh layoffs last week. 各纺织公司上周宣布再次裁员两千人。
• Stock prices broke when the firm suddenly announced layoffs. 当公司突然宣布裁员时，股票价格便大跌

4 contraction   

n.缩略词，缩写式，害病

参考例句：

• The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
• The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。

5 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

6 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

7 investor   

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。

8 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

9 democrat   

n.民主主义者，民主人士；民主党党员

参考例句：

• The Democrat and the Public criticized each other.民主党人和共和党人互相攻击。
• About two years later,he was defeated by Democrat Jimmy Carter.大约两年后，他被民主党人杰米卡特击败。

10 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

11 ideological   

a.意识形态的

参考例句：

• He always tries to link his study with his ideological problems. 他总是把学习和自己的思想问题联系起来。
• He helped me enormously with advice on how to do ideological work. 他告诉我怎样做思想工作，对我有很大帮助。

12 ideology   

n.意识形态，(政治或社会的)思想意识

参考例句：

• The ideology has great influence in the world.这种思想体系在世界上有很大的影响。
• The ideal is to strike a medium between ideology and inspiration.我的理想是在意识思想和灵感鼓动之间找到一个折衷。

13 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。

14 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。

15 swaps   

交换( swap的名词复数 )； 交换物，被掉换者

参考例句：

• He swaps his old car for a new motorcycle. 他用旧车换了一辆新摩托车。 来自英汉 - 翻译样例 - 口语
• Swaps the anchor and end points of the current selection. 交换当前所选内容的定位点和结束点。

16 explicitly   

ad.明确地，显然地

参考例句：

• The plan does not explicitly endorse the private ownership of land. 该计划没有明确地支持土地私有制。
• SARA amended section 113 to provide explicitly for a right to contribution. 《最高基金修正与再授权法案》修正了第123条，清楚地规定了分配权。 来自英汉非文学 - 环境法 - 环境法

17 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

18 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。