VOA标准英语10月-World Financial Markets Sag Despite Key US Senate

World markets have fallen, despite the fact that a U.S. financial rescue package cleared its first hurdle¹, passing by an overwhelming margin² in the U.S. Senate. From Washington, VOA's Michael Bowman reports.

World markets might have been expected to breathe a sigh of relief after the U.S. Senate approved a bill authorizing³ the federal government to purchase hundreds of billions of dollars in bad debt from troubled financial institutions. The measure is seen by many economists⁴ as an important step toward ending an international credit crunch⁵ that could strangle global economic growth.

But U.S. stocks opened down and sank even lower by midday trading. The losses came amid another indication of a slowing American economy: applications for unemployment benefits have risen to their highest level in more than seven years.
　

President Bush speaks to reporters during his meeting with business leaders regarding the financial crisis at the Eisenhower Executive Office Building, 02 Oct 2008

At the White House, President George Bush met with U.S. business leaders, and said the bailout package must not stall in the House of Representatives, which rejected a similar bill Monday, prompting the biggest ever single-day point loss in U.S. market history.

"This is an issue that is affecting hardworking people," he said. "They are worried about their savings⁶. They are worried about their jobs. They are worried about their houses. They are worried about their small businesses. And, the House of Representatives must listen to these voices."

While Asian markets were mixed, all major European markets reversed early gains and finished with losses.

Europe's market downturn came after the European Central Bank opted⁷ to keep interest rates unchanged. ECB President Jean-Claude Trichet did not rule out the possibility of future rate cuts to boost economic activity and reassure⁸ financial markets, but said the bank was holding steady for now to guard against inflation.

"The economic outlook is subject to increased downside risks, mainly stemming from a scenario⁹ of ongoing¹⁰ financial market tensions affecting the real economy more adversely¹¹ than currently foreseen," he said. "Other downside risks relate to the possibility of renewed increases in highly volatile¹² energy and food prices, disorderly developments owing to global imbalances, and rising protectionist pressures."

Meanwhile, the International Monetary¹³ Fund is warning of a worldwide slowdown in economic activity.

"It is now all too clear that we are seeing the most dangerous shock to the mature financial markets since the 1930s, posing a major threat to global growth," said IMF Deputy Research Director Charles Collyns. "We find that when the banking¹⁴ system suffers major damage, as in the current episode, the likelihood of a severe and protracted¹⁵ downturn in activity increases."

The increasingly global financial crisis began with a rash of U.S. home foreclosures after a prolonged period of loose credit that saw millions of Americans acquire home mortgages they could not afford. In recent months, most major U.S. financial institutions that traded heavily in mortgage debt have failed, been sold off, or were taken over by the U.S. government.

1 hurdle   

n.跳栏，栏架；障碍，困难；vi.进行跨栏赛

参考例句：

• The weather will be the biggest hurdle so I have to be ready.天气将会是最大的障碍，所以我必须要作好准备。
• She clocked 11.6 seconds for the 80 metre hurdle.八十米跳栏赛跑她跑了十一秒六。

2 margin   

n.页边空白；差额；余地，余裕；边，边缘

参考例句：

• We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。
• The village is situated at the margin of a forest.村子位于森林的边缘。

3 authorizing   

授权，批准，委托( authorize的现在分词 )

参考例句：

• Letters of Marque: Take letters from a warning friendly power authorizing privateering. 私掠许可证：从某一个国家获得合法抢劫的证书。
• Formal phavee completion does not include authorizing the subsequent phavee. 阶段的正式完成不包括核准随后的阶段。

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 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

6 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。

7 opted   

v.选择，挑选( opt的过去式和过去分词 )

参考例句：

• She was co-opted onto the board. 她获增选为董事会成员。
• After graduating she opted for a career in music. 毕业后她选择了从事音乐工作。

8 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

9 scenario   

n.剧本，脚本；概要

参考例句：

• But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
• This is a totally different scenario.这是完全不同的剧本。

10 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

11 adversely   

ad.有害地

参考例句：

• We commented adversely upon the imbecility of that message of telegraphic style. 我们对着这条电报式的愚蠢的留言发泄了一通不满。
• Widely fluctuating exchange rates may adversely affect international trade. 浮动幅度很大的汇率可能会对国际贸易产生有害的影响。

12 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

13 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

14 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。

15 protracted   

adj.拖延的；延长的v.拖延“protract”的过去式和过去分词

参考例句：

• The war was protracted for four years. 战争拖延了四年。 来自《简明英汉词典》
• We won victory through protracted struggle. 经过长期的斗争，我们取得了胜利。 来自《简明英汉词典》