Business Channel 2007-08-01&08-03, 市场辐射分析

Script:
Todd Benjamin is with me, you have been banging on about credit risk for as long as I can remember in the housing market. So Todd, is this serious?

Well, I think it’s serious in the short term. Right now, basically, you can’t get credit. You are having a many crises here, a many credit crunch¹. I think people are reassessing risk. That is what this is all about. Because for so long, financing was dirt-cheap, Richard, money was dirt-cheap. And therefore let the party continue, you had all this emanate² activity.

It still is, it still is relatively³ cheap, Todd, it’s still relatively cheap.

It’s relatively cheap, and you are right. Corporate⁴ defaults are at a twelve-year low but nevertheless, people are pricing it differently. You know, so cheap. Wait a second, Richard, if it was so cheap , then the deal to finance Chrysler would have gone through this week, the deal to finance Boots would have gone through this week, and the deal for (greed, Todd, greed),no ,no, no ,no the deal to finance the North American operations of Cadbury Shops would have gone through. Right now, credit is getting more expensive and the reason it's getting more expensive is because people are questioning the amount of risk they wanna take. And that if you have like a pyramid here, and it all started from the problems in the housing market, of the sub-prime market, and now it is starting to spill out.( Alright.) Long overdue⁵.

Alright, so it’s longer overdue, and it’s a nasty blip on the horizon, that doesn’t answer our question of all our goods which they want to know tonight, is it going to continue?

I think it continues in the short term, I think what people don’t know is where exactly is the cost of money going to be? And as long as eerie⁶ is this uncertainty⁷ over the credit market, it’s going to be tough for the stock market to make it away.

I see a fence here, Todd, I see a fence (I'm not sitting on the fence.)here that you are sitting on.

No, I am not sitting on the fence at all. Richard, listen to what I am saying here instead of trying to be a showman right now. What’s going on is this, very very simply, people think moneys can be more expensive because it’s more risky⁸, taking on certain loans. Emanate activity has been the lifeblood of this market, alright? If the deals aren’t gonna go through, that cause them the question how long the rally can last? Now, back against the fundamentals of this is that basically the global economy is in great shape, corporate earnings⁹ are good, and therefore if it weren’t for that, we’d be in bigger trouble than we are right now.

Alright, Todd, we have to act the showmen as you put it, carry on, carry on with the circus tonight.


Notes:

sit on a fence: To remain neutral, to refuse to take sides in a dispute

1 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。

2 emanate   

v.发自，来自，出自

参考例句：

• Waves emanate from the same atom source.波是由同一原子辐射的。
• These chemicals can emanate certain poisonous gases.这些化学药品会散发出某些有毒的气味。

3 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

4 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

5 overdue   

adj.过期的，到期未付的；早该有的，迟到的

参考例句：

• The plane is overdue and has been delayed by the bad weather.飞机晚点了，被坏天气耽搁了。
• The landlady is angry because the rent is overdue.女房东生气了，因为房租过期未付。

6 eerie   

adj.怪诞的；奇异的；可怕的；胆怯的

参考例句：

• It's eerie to walk through a dark wood at night.夜晚在漆黑的森林中行走很是恐怖。
• I walked down the eerie dark path.我走在那条漆黑恐怖的小路上。

7 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

8 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

9 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。