写一篇以金融危机为主题的英语作文。
参考词汇:
金融危机:Financial Crisis
参考答案:
I think we can sum up(总结,概括) the cause of our current economic crisis in one word GREED(贪婪).
Over the years, mortgage lenders were happy to lend money to people who couldnt afford their mortgages. But they did it anyway because there was nothing to lose. These lenders were able to charge higher interest rates and make more money on sub-prime loans. If the borrowers default,they simply seized the house and put it back on the market. On top of that, they were able to pass the risk off to mortgage insurer or package these mortgages as mortgage-backed securities. Easy money!and what went wrong with our financial system?
The whole thing was one big scheme. Everything was great when houses were selling like hot cakes and their values go up every month. Lenders made it easier to borrow money,and the higher demand drove up house values. Higher house values means that lenders could lend out even bigger mortgages, and it also gave lenders some protection against foreclosures. All of this translates into more money for the lenders, insurers, and investors. Unfortunately, many borrowers got slammed when their adjustable mortgage finally adjusted. When too many of them couldnt afford to make their payments, it causes these lenders to suffer from liquidity issue and to sit on more foreclosures than they could sell. Mortgage-backed securities became more risky and worth less causing investment firms like Lehman Brothers to suffer.
Moreover,insurers like AIG who insured these bad mortgages also got in trouble. The scheme (体系,结构)worked well, but it reverses course and is now coming back to hurt everyone with a vengeance.
跟我背CET4核心词汇:zone
跟我背CET4核心词汇:faculty
跟我背CET4核心词汇:strategic
跟我背CET4核心词汇:tension
跟我背CET4核心词汇:semester
跟我背CET4核心词汇:weld
跟我背CET4核心词汇:wealthy
跟我背CET4核心词汇:biology
跟我背CET4核心词汇:subtract
跟我背CET4核心词汇:substantial
跟我背CET4核心词汇:shrink
跟我背CET4核心词汇:moral
跟我背CET4核心词汇:diverse
跟我背CET4核心词汇:attach
跟我背CET4核心词汇:substance
跟我背CET4核心词汇:subway
跟我背CET4核心词汇:prohibit
跟我背CET4核心词汇:priority
跟我背CET4核心词汇:profit
跟我背CET4核心词汇:semiconductor
跟我背CET4核心词汇:data
跟我背CET4核心词汇:survey
跟我背CET4核心词汇:entitle
跟我背CET4核心词汇:strategy
跟我背CET4核心词汇:prompt
跟我背CET4核心词汇:adjust
跟我背CET4核心词汇:territory
跟我背CET4核心词汇:orchestra
跟我背CET4核心词汇:reinforce
跟我背CET4核心词汇:column
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