The threat of impending financial disaster concentrates political minds wonderfully. On Thursday a group of Congressional leaders heard Hank Paulson the Treasury secretary and Ben Bernanke the Federal Reserve chairman paint a dire economic scenario if they did not approve a more sweeping remedy for the financial crisis. Student and car loans not just mortgages would all be harder to get. The economy would sink into a severe recession.
The threat of impending financial disaster concentrates political minds wonderfully. On Thursday a group of Congressional leaders heard Hank Paulson the Treasury secretary and Ben Bernanke the Federal Reserve chairman paint a dire economic scenario if they did not approve a more sweeping remedy for the financial crisis. Student and car loans not just mortgages would all be harder to get. The economy would sink into a severe recession.
迫在眉睫的金融灾难引起了相当多的政治关注。上周四,一群国会领袖听了财长保尔森和美联储主席伯南克所描述的,当国会不通过这项全面拯救金融危机的方案,经济上将会出现的可怕场面。那时,不仅仅是抵押贷款,甚至连助学贷款和买车贷款可能都很难获得。经济将陷入严重的衰退。
The impending financial disaster has attracted considerable political attention. Last Thursday, a group of congressional leaders listened to what Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke described as the horrific scenario that will emerge in the economy when the country fails to pass this comprehensive plan to save the financial crisis. At that time, not only mortgages, but also student loans and car loans might be hard to get. The economy will fall into a serious recession.
For this reason ad hoc responses will still be critical such last week’s federal guarantees for money-market funds Fed loans to banks to purchase asset-backed commercial paper and on Sunday approval of the remaining two big independent investment banks Morgan Stanley and Goldman Sachs to become Fed-regulated bank holding companies whose investment bank units can now borrow from the Fed on the same terms as other banks.
For this reason ad hoc responses will still be critical such last week’s federal guarantees for money-market funds Fed loans to banks to purchase asset-backed commercial paper and on Sunday approval of the remaining two big independent investment banks Morgan Stanley and Goldman Sachs to become Fed-regulated bank holding companies whose investment bank units can now borrow from the Fed on the same terms as other banks.
基于这样的原因,特别的拯救措施仍然非常关键,上周对货币市场的联邦担保,通过美联储购买资产抵押的商业票据对银行的贷款,以及在周日允许剩下的两家大型投行——摩根斯坦利和高盛变为美联储监管银行控股公司,使其投行部分现在也可以向其它银行一样向美联储借钱。
For this reason, the special rescue measures are still crucial. Last week's federal guarantee on the money market, loans to banks through the Federal Reserve's purchase of asset-backed commercial paper, and Sunday's permission for the remaining two large investment banks, Morgan Stanley and Goldman Sachs, to become the Federal Reserve's supervision bank holding company, make their investment bank part now the same as other banks Borrow money from the Federal Reserve.
It could be some time before the Treasury is able to purchase mortgages en masse and longer still before that starts to affect the broader financial system and economy. In the meantime the crisis could claim other victims.
财政部完成购买所有的抵押贷款可能还需一段时间,而此举对整个金融系统和经济发挥作用则更需时日。其间,金融危机的危害可能会波及更多的机构。
It may take some time for the Treasury to complete the purchase of all mortgages, and it will take even more time for the whole financial system and the economy to function. Meanwhile, the harm of financial crisis may affect more institutions.
有用的单词和句子:
Useful words and sentences:
The financial crisis金融危机
The financial crisis
A break in the clouds黑云裂日,曙光显现
A break in the clouds
But questions abound over a $700 billion rescue plan for Wall Street
有关7000亿美元华尔街拯救计划的问题仍然不少。
There are still plenty of questions about the $700 billion Wall Street rescue plan.
Mr Paulson’s plan is stunning in its brevity (two-and-a-half pages) and audacity.
保尔森计划的简洁(只有两页半纸)和大胆令人惊讶不已。
The simplicity (only two and a half pages) and boldness of Paulson's plan are astonishing.
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