VOA慢速英语 2008 0411a

This is the VOA Special English Economics Report.
　 COLLAPSE³: collapse" bordercolor="#111111" cellspacing="0" cellpadding="0" width="15%" align="right" border="0">

A house for sale in Cleveland, Ohio

Investment banks have long played a part in the financial system. But the recent crisis over securities based on risky¹ home loans has brought them new attention.

Investment banks handle stocks, bonds and other securities. They underwrite new offerings. That means they take the risk of buying the securities and reselling them to the public. They also provide business advice and market research, and deal in existing securities.

Investment bankers have structured some newer securities in highly complex ways. Their value could be tied to lists of stocks or prices of goods or, as the world now knows, groups of risky home loans.

These mortgage-backed securities were sold to investors² worldwide as a way to spread the risk. But as more and more loans went bad, the market collapsed⁴.

Before the nineteen thirties, the United States had no separation between traditional banking⁵ and investment banking activities. Bank holding companies could own other financial companies that would underwrite new stocks. They would also provide stockbroker⁶ services for the public. People often bought shares with money borrowed from the banks.

Then, in nineteen twenty-nine, the stock market crashed. Between nineteen thirty and nineteen thirty-three almost ten thousand banks failed.

Congress passed a banking act in nineteen thirty-three known as the Glass-Steagall Act. It banned commercial banks from buying and selling securities; their job was to pay interest on savings⁷ and lend to borrowers.

This ban remained until nineteen ninety-nine. That year the Gramm-Leach-Bliley Act permitted commercial banks to deal in securities and sell insurance. They can again own investment companies that underwrite securities.

Many banks now regret that they got involved with high-risk mortgage securities. The collapse last month of the nation's fifth largest investment bank, Bear Stearns, showed the risks. The International Monetary⁸ Fund says total losses related to American subprime mortgages could reach almost one trillion dollars.

On March seventeenth, the Federal Reserve started offering loans to investment banks, as it does for other banks. The program will continue for at least six months. The central bank used a power described in section thirteen of the Federal Reserve Act. But this power has not been used since the law was updated in nineteen thirty-two.

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

1 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。

2 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

3 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

4 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

5 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。

6 stockbroker   

n.股票（或证券），经纪人（或机构）

参考例句：

• The main business of stockbroker is to help clients buy and sell shares.股票经纪人的主要业务是帮客户买卖股票。
• My stockbroker manages my portfolio for me.我的证券经纪人替我管理投资组合。

7 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

8 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。