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VOA慢速英语 2009 012a

时间:2009-01-15 05:41来源:互联网 提供网友:mu870725   字体: [ ]
    (单词翻译:双击或拖选)
This is the VOA Special English Economics Report.
 
Lehman Brothers world headquarters in New York on the day the company sought bankruptcy1 protection

This week, we continue our look back at the major economic stories of the year. On September fifteenth, Lehman Brothers, a one hundred fifty-eight year-old investment bank, sought legal protection from its creditors2. It had failed to find a buyer after months of searching.

With over six hundred billion dollars in debt, Lehman's failure was the largest bankruptcy in United States history. At the same time, the nation's biggest insurance company, American International Group, had gotten into trouble selling credit default swaps3. These are contracts similar to insurance that protect the holder4 against credit risk.

Credit rating agencies downgraded A.I.G. because of concerns it could not honor its contracts. Unable to get new loans, A.I.G. asked for government help. The Federal Reserve agreed to loan A.I.G. eighty-five billion dollars in return for eighty percent of the company. But it was not enough. By November, the government had extended a total of about one hundred fifty billion dollars in aid to A.I.G — the most to any single company during the crisis.
 

Treasury5 Secretary Henry Paulson explaining efforts to ease the credit crisis in September

As banks refused to lend, Treasury Secretary Henry Paulson proposed a plan to loosen credit markets by buying risky6 assets. Congress approved the Emergency Economic Stabilization7 Act of Two Thousand Eight on October third. The bill provided seven hundred billion dollars to buy hard-to-value securities from banks.

But within weeks, the government changed plans. The Treasury moved to invest two hundred fifty billion dollars directly in banks to help them lend money again.

Lack of credit not only hurt banks but manufacturers, too. Falling car sales threatened America's carmakers. The big three automakers -- General Motors, Ford8 and Chrysler -- told Congress that they needed loans or they faced bankruptcy. In December, President Bush offered G.M. and Chrysler over seventeen billion dollars in loans.

As the year ended, the Federal Reserve tried to support economic growth by lowering its main interest rate to nearly zero for the first time. But there was one more bad surprise. New York money manager Bernard Madoff admitted he had cheated investors9 out of fifty billion dollars. The news only added to the sense that two thousand eight was the worst economic year since the nineteen thirties.

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


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1 bankruptcy fPoyJ     
n.破产;无偿付能力
参考例句:
  • You will have to pull in if you want to escape bankruptcy.如果你想避免破产,就必须节省开支。
  • His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
2 creditors 6cb54c34971e9a505f7a0572f600684b     
n.债权人,债主( creditor的名词复数 )
参考例句:
  • They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
  • Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》
3 swaps 7852508deb41ee8610612c888aea2f12     
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。
4 holder wc4xq     
n.持有者,占有者;(台,架等)支持物
参考例句:
  • The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
  • That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。
5 treasury 7GeyP     
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。
6 risky IXVxe     
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。
7 Stabilization d25ce94d7d536526af8bf72d72ebfb5f     
稳定化
参考例句:
  • The position of barycentre on plane directly impacts the stabilization and manipulation of plane. 飞机重心位置直接影响飞机的稳定和操纵特性。
  • With the higher olefins, stabilization of the energetic intermediates occurs more easily. 在较高的烯烃情况下,高能的中间物稳定作用更易出现。
8 Ford KiIxx     
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。
9 investors dffc64354445b947454450e472276b99     
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
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TAG标签:   VOA慢速英语  voa special english  vo  vo
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