ECONOMICS REPORT - U.S. Central Banker Alan Greenspan Prepar

ECONOMICS REPORT - U.S. Central Banker Alan Greenspan Prepares to Retire
By Mario Ritter

Broadcast: Friday, November 18, 2005

I'm Steve Ember with the VOA Special English Economics Report.

The chairman of the United States central bank, Alan Greenspan, plans to retire at the end of January. Mister Greenspan is seventy-nine years old. He replaced Paul Volcker as chairman of the Federal Reserve Board on August eleventh, nineteen eighty-seven.

 
Alan Greenspan
Less than one month later, Mister Greenspan announced an increase in an important interest rate. The discount rate is what the Federal Reserve charges banks to borrow money. The increase showed that Mister Greenspan wanted to move quickly to fight inflation.

Two months into his term, however, there was a shock: Black Monday. On October nineteenth, nineteen eighty-seven, the stock market had the worst day in its history. The Dow Jones industrial average lost almost one-fourth of its value. Mister Greenspan earned praise for the way he dealt with the crisis.

Stock prices climbed again. In nineteen ninety-six, Alan Greenspan warned that prices were too high. He spoke¹ of the risks of what he called "irrational² exuberance³."

Yet after that, he surprised everyone when the central bank raised interest rates only once until June of nineteen ninety-nine. Economists⁴ had worried that low unemployment and low interest rates would cause inflation.

But Mister Greenspan thought inflation could remain low because of increased productivity. He was right. The economy had one of its longest expansions ever in peacetime.

Today, stock prices are down from their record highs in two thousand. The United States suffered a moderate recession, made worse by the terrorist attacks of September eleventh, two thousand one.

And since June of two thousand four the Federal Reserve has raised interest rates in a series of steps against inflation. Rates went up this month for the twelfth time, to the highest level in more than four years.

Recently Alan Greenspan has warned about high home prices, trade barriers and budget deficits⁵. But what has marked his eighteen years as chairman is trust in the ability of the economy to recover from shocks.

President Bush chose his top economic adviser⁶, Ben Bernanke, to replace Alan Greenspan. On Wednesday, the Senate Banking⁷ Committee approved the nomination⁸ for a vote in the full Senate. Mister Bernanke says he will seek to continue the policies established during the Greenspan years.

This VOA Special English Economics Report was written by Mario Ritter.  I'm Steve Ember.

1 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

2 irrational   

adj.无理性的，失去理性的

参考例句：

• After taking the drug she became completely irrational.她在吸毒后变得完全失去了理性。
• There are also signs of irrational exuberance among some investors.在某些投资者中是存在非理性繁荣的征象的。

3 exuberance   

n.丰富；繁荣

参考例句：

• Her burst of exuberance and her brightness overwhelmed me.她勃发的热情和阳光的性格征服了我。
• The sheer exuberance of the sculpture was exhilarating.那尊雕塑表现出的勃勃生机让人振奋。

4 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》

5 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

6 adviser   

n.劝告者，顾问

参考例句：

• They employed me as an adviser.他们聘请我当顾问。
• Our department has engaged a foreign teacher as phonetic adviser.我们系已经聘请了一位外籍老师作为语音顾问。

7 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

8 nomination   

n.提名，任命，提名权

参考例句：

• John is favourite to get the nomination for club president.约翰最有希望被提名为俱乐部主席。
• Few people pronounced for his nomination.很少人表示赞成他的提名。