VOA标准英语2008年-Former US Fed Chief Somber on Economic Prospect

Amid continued upheaval¹ among America's biggest financial firms, a former head of the U.S. Federal Reserve says even more institutions could face insolvency², and that the United States appears unlikely to avoid an economic recession. From Washington, VOA's Michael Bowman reports.
　

Former U.S. Federal Reserve Board chairman Alan Greenspan (File)

After leading the U.S. central bank from 1987 until two years ago, Alan Greenspan remains³ one of America's influential⁴ voices on economic matters.

Greenspan says America's current financial climate, in which the Federal government has felt compelled to seize control of two mortgage giants and engineer the takeover of a major investment firm, is unlike anything he has ever seen before.

Appearing on ABC's This Week program, Greenspan said the near-collapse of another well-known investment firm, Lehman Brothers, only adds to his consternation⁵.


"This is a once in a half century, probably once in a century, type of event. There is no question that this is in the process of outstripping⁶ anything I have seen. And it still is not resolved and it still has a way to go," he said.

Greenspan tied the upheaval in financial firms to turmoil⁷ in America's housing market, saying the current picture will not improve until falling home prices stabilize⁸ in the United States.

Earlier this year, the Federal government provided an emergency loan to investment giant Bear Stearns, and helped engineer the selling of the firm to a rival corporation. Last week, the Bush administration took over two government-sponsored private mortgage firms, Fannie Mae and Freddie Mac, to rescue them from insolvency.

Greenspan said endless government rescues are not a good idea.

"We should not try to protect every single institution. The ordinary cost of financial change has winners and losers, to the extent that bailouts are draws on our scarce savings⁹ supply, you undermine the growth of the economy, and ultimately you get stagnation," said Greenspan.

But the former fed chief did say that some firms and institutions warrant assistance.

"There are certain types of institutions which are so fundamental to the functioning of the movement of savings into the real investment in an economy that on very rare occasions - and this is one of them - it is desirable to prevent them from liquidating¹⁰ in a sharply disruptive manner," continued Greenspan.

Despite a housing crisis, wild fluctuations¹¹ in energy prices, and a jump in unemployment, the U.S. economy has continued to expand, albeit¹² at a slow pace. Greenspan indicated he is pessimistic as to whether the United States and the larger world economy can avert¹³ a recession altogether, saying the chances are, in his words, "less than 50 percent."

"I cannot believe we could have a once in a century type of financial crisis without a significant impact on the real economy, globally," he said. "And I think that is, indeed, what is in the process of what is occurring."

Greenspan noted¹⁴ some economic positives: recent declines in oil prices and as well as in U.S inflation. He said he would be delighted if the United States managed to stave off a recession, but added he would not bet on such an outcome.

1 upheaval   

n.胀起，(地壳)的隆起；剧变，动乱

参考例句：

• It was faced with the greatest social upheaval since World War Ⅱ.它面临第二次世界大战以来最大的社会动乱。
• The country has been thrown into an upheaval.这个国家已经陷入动乱之中。

2 insolvency   

n.无力偿付，破产

参考例句：

• The company is on the verge of insolvency.该公司快要破产了。
• Normal insolvency procedures should not be applied to banks.通常的破产程序不应当适用于银行。

3 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

4 influential   

adj.有影响的，有权势的

参考例句：

• He always tries to get in with the most influential people.他总是试图巴结最有影响的人物。
• He is a very influential man in the government.他在政府中是个很有影响的人物。

5 consternation   

n.大为吃惊，惊骇

参考例句：

• He was filled with consternation to hear that his friend was so ill.他听说朋友病得那么厉害，感到非常震惊。
• Sam stared at him in consternation.萨姆惊恐不安地注视着他。

6 outstripping   

v.做得比…更好，（在赛跑等中）超过( outstrip的现在分词 )

参考例句：

• Demand is outstripping supply. 需求快超过供给了。
• Demand is outstripping current production. 现在需求逐渐超过了生产能力。 来自辞典例句

7 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

8 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。

9 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。

10 liquidating   

v.清算( liquidate的现在分词 )；清除（某人）；清偿；变卖

参考例句：

• Liquidating collateral is clearly a second best source of repayment. Why? 抵押品显然并不是获得贷款偿还的最佳方法。为什么？ 来自互联网
• There are often costs and inconvenience associated with liquidating other assets. 这些资产变现时总须花费，也不方便。 来自互联网

11 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

12 albeit   

conj.即使；纵使；虽然

参考例句：

• Albeit fictional,she seemed to have resolved the problem.虽然是虚构的，但是在她看来好象是解决了问题。
• Albeit he has failed twice,he is not discouraged.虽然失败了两次，但他并没有气馁。

13 avert   

v.防止，避免；转移(目光、注意力等)

参考例句：

• He managed to avert suspicion.他设法避嫌。
• I would do what I could to avert it.我会尽力去避免发生这种情况。

14 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。