VOA慢速英语 2008 1031a-英语课

时间：2018-12-07 作者：英语课 分类：VOA慢速英语2008（十）月

英语课

This is the VOA Special English Economics Report.

Early estimates show that the United States economy shrank by three-tenths of one percent from July through September. Economists 1 had predicted a five-tenths drop. But Thursday's report from the Commerce Department also showed that Americans cut their spending by the most in almost thirty years.

The economy has shrunk only one other time since the recession of two thousand one. That was at the end of last year.

A recession is traditionally defined as at least six months of decrease in the gross domestic product. G.D.P. is the value of all goods and services produced within a country.

Recently, many central banks, fearing a worldwide recession, have cut interest rates. On Wednesday, the Federal Reserve cut its target rate for overnight loans between banks from one and a half percent to just one percent. The federal funds rate has not been that low since June of two thousand four.
　

Alan Greenspan and Henry Waxman, chairman of the House Committee on Oversight 2 and Government Reform

The Fed chairman then was Alan Greenspan. Critics say his support of low-cost credit, plus his resistance to stronger controls, helped inflate 3 housing prices. He thought lenders understood risk better than government regulators. But high-risk loans led to today's credit crisis once the housing bubble burst.

Last week, the House Committee on Oversight and Government Reform called Alan Greenspan to hearings on the financial crisis. Chairman Henry Waxman asked him about his positions in the past on supervision 4 of financial markets.

HENRY WAXMAN: "My question for you is simple. Where you wrong?"

ALAN GREENSPAN: "Partially 5. But let's separate this problem into its component 6 parts."

Alan Greenspan went on to defend some of the complex financial products called derivatives 8. But he said there are "some serious problems" with credit default swaps 9. Buyers use this kind of derivative 7 as insurance against losses on debts they are owed.

Credit default swaps on debt related to risky 10 home loans almost collapsed 11 A.I.G. The huge insurance company was rescued with government loans.

Henry Waxman pushed Alan Greenspan for a more complete answer -- unlike the days when he was treated like a financial god.

HENRY WAXMAN: "Well, where do you think you made a mistake?"

ALAN GREENSPAN: "I made a mistake in presuming that the self-interest of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders 12."

Consumer confidence, a measure of how Americans feel about the world's largest economy, is at its lowest in at least forty years.

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

1 economists

n.经济学家，经济专家( economist的名词复数 )

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》

2 oversight

n.勘漏，失察，疏忽

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 inflate

vt.使膨胀，使骄傲，抬高（物价）

The buyers bid against each other and often inflate the prices they pay.买主们竞相投标，往往人为地提高价钱。
Stuart jumped into the sea and inflated the liferaft.斯图尔特跳到海里给救生艇充气。

4 supervision

n.监督，管理

The work was done under my supervision.这项工作是在我的监督之下完成的。
The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

5 partially

adv.部分地，从某些方面讲