VOA标准英语10月-Global Markets Mixed Ahead of New Bailout Vote

World markets were mixed Wednesday amid efforts to revive a $700 billion US bailout package aimed at rescuing troubled American financial institutions and reversing tight credit that could strangle global economic growth. VOA's Michael Bowman reports from Washington, where the U.S. Senate is expected to vote on the latest version of the bailout bill.

Despite days of intensive negotiations¹ between congressional leaders and the Bush administration, the previous version of the bill was defeated Monday in the House of Representatives. The U.S. stock market responded with its biggest-ever one-day point loss.
　

Senator John Kerry speaks to reporters on the proposed economic bailout package, 30 Sep 2008

Democratic Senator John Kerry says there must be no repeat of Monday's fiasco.

"We must get this financial package done, and I believe we will get it done," he said.

Now the Senate will have its say. Senate negotiators took the framework of the House bill and added several provisions designed to broaden the measure's appeal, including tax breaks for some businesses and raising the limit of federally-insured bank accounts from $100,000 to $250,000 per person.

"We have come together here on a bipartisan basis, and structured a way forward on an important rescue package for our country," Senate Minority Leader Mitch McConnell said.

Presidential candidates John McCain and Barack Obama - both senators - are expected to return to Washington from the campaign trail to vote on the measure, as is Mr. Obama's running mate, Senator Joe Biden.
　

Traders work on floor of the New York Stock Exchange, 30 Sep 2008

For now, Wall Street seems to be taking a wait-and-see approach after several days of wild swings both negative and positive. U.S. stocks opened moderately lower Wednesday. Asian and European shares were mostly higher.

The financial crisis began with a rash of US home foreclosures after a prolonged period of loose credit that saw millions of Americans acquire home mortgages they could not afford. The fallout prompted the failure of many of America's best-known financial institutions, and reluctance² by lenders to extend credit. It has also led some Americans to question the safety of bank accounts, despite the fact that nearly all are federally guaranteed.

Raising federal guarantee limits for bank accounts will ease concerns, according to Andrew Gray, a spokesman for the Federal Deposit Insurance Corporation.

"This would provide the dual³ benefits of providing additional liquidity⁴ for banks for lending, as well as provide some additional reassurance⁵ for depositors above the current [insurance] limits," Gray said.

But not all economists⁷ support the bailout package, which calls for the federal government to relieve struggling financial institutions of up to $700 billion in bad debt.

"This quasi-monetary⁸ policy involves the Treasury⁹ purchasing poor paper, securities that have turned sour, securities that no one else wants. That is not the way normal monetary policy works," noted¹⁰ University of Chicago economist⁶ Lawrence Officer. "Normal monetary policy works by having the central bank buy up good securities, not crummy paper."

Even if the bailout package is ultimately approved and implemented¹¹, most economists believe the United States will endure a prolonged period of slow growth, if not a painful recession.

In the face of a grim outlook, Congresswoman Marcy Kaptur is urging stoicism.

"We have a strong economic system, and frankly¹² for Wall Street I would say, 'calm down, do not panic, do not be led to anxious behavior,'" she said.

Should the Senate pass the rescue package, the measure would be taken up by the House as early as Thursday.

1 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

2 reluctance   

n.厌恶，讨厌，勉强，不情愿

参考例句：

• The police released Andrew with reluctance.警方勉强把安德鲁放走了。
• He showed the greatest reluctance to make a reply.他表示很不愿意答复。

3 dual   

adj.双的；二重的，二元的

参考例句：

• The people's Republic of China does not recognize dual nationality for any Chinese national.中华人民共和国不承认中国公民具有双重国籍。
• He has dual role as composer and conductor.他兼作曲家及指挥的双重身分。

4 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

5 reassurance   

n.使放心，使消除疑虑

参考例句：

• He drew reassurance from the enthusiastic applause.热烈的掌声使他获得了信心。
• Reassurance is especially critical when it comes to military activities.消除疑虑在军事活动方面尤为关键。

6 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

7 economists   

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》

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。

9 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。

10 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

11 implemented   

v.实现( implement的过去式和过去分词 )；执行；贯彻；使生效

参考例句：

• This agreement, if not implemented, is a mere scrap of paper. 这个协定如不执行只不过是一纸空文。 来自《现代汉英综合大词典》
• The economy is in danger of collapse unless far-reaching reforms are implemented. 如果不实施影响深远的改革，经济就面临崩溃的危险。 来自辞典例句

12 frankly   

adv.坦白地，直率地；坦率地说

参考例句：

• To speak frankly, I don't like the idea at all.老实说，我一点也不赞成这个主意。
• Frankly speaking, I'm not opposed to reform.坦率地说，我不反对改革。