VOA慢速英语-IN THE NEWS - Rescuing Fannie, Freddie as US Economy

Fed Chairman Ben Bernanke gave an economic report to Congress. And President Bush urged approval of a plan to save the country's two biggest mortgage finance companies. Transcript¹ of radio broadcast:
18 July 2008

This is IN THE NEWS in VOA Special English.

This was not a good week for American economic news.
　

Ben Bernanke testifies Wednesday before the House Financial Services Committee

Ben Bernanke gave his midyear report to Congress. The central bank chairman said "the economy continues to face numerous difficulties." These include ongoing² pressures in financial markets, falling house prices and a softening³ labor⁴ market. They also include rising prices of oil and food.

Ben Bernanke told lawmakers that inflation is too high. He said a top priority of the Federal Reserve is to bring it under control. He says that whether the economy is technically⁵ in a recession or not, families clearly are facing hardship.

The Commerce Department said Americans spent less on cars, furniture and restaurant meals last month as fuel prices rose.

In the housing market, some experts say the worst may not be over yet. Last Sunday, the government announced a rescue plan for America's two biggest mortgage finance companies, Fannie Mae and Freddie Mac.

The Treasury⁶ and the Federal Reserve said the government is prepared, if needed, to lend them money and buy some of their stock. The plan requires congressional approval.

Fannie Mae is the Federal National Mortgage Corporation. Freddie Mac is the Federal Home Loan Mortgage Corporation. They own or guarantee more than five trillion dollars of mortgages, almost half of all housing debt in the country.

Congress established them but they are owned by shareholders⁷ and publicly traded. Fannie Mae was created in nineteen thirty-eight as a result of the Great Depression. Freddie Mac was created in nineteen seventy.

Fannie and Freddie help lower borrowing costs for millions of homebuyers. They are called government-sponsored enterprises. They are not officially guaranteed by the government. But financial markets have always trusted that the government would never let them fail.

Now, after billions in losses, President Bush is urging Congress to act quickly on the legislation. Critics of the rescue plan see a huge risk for taxpayers⁸.

Adding to investor⁹ concerns this week was one of the biggest bank failures in American history. California-based IndyMac was a major home lender. The government seized the bank last Friday after people started taking their money out.

IndyMac is among more than twenty banks under criminal investigation¹⁰ for possible wrongdoing in the mortgage lending industry.

At the White House, President Bush told a news conference on Tuesday that the banking¹¹ system "basically is sound." He pointed¹² out that deposits are protected by the government up to one hundred thousand dollars.

He also noted¹³ that the economy has continued growing, though slower than he would have liked. "We're going through a tough time," he said, adding, "I believe we will come through this challenge stronger than ever before."

And that's IN THE NEWS in VOA Special English, written by Brianna Blake. I’m Steve Ember.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 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。

3 softening   

变软，软化

参考例句：

• Her eyes, softening, caressed his face. 她的眼光变得很温柔了。它们不住地爱抚他的脸。 来自汉英文学 - 家（1-26） - 家（1-26）
• He might think my brain was softening or something of the kind. 他也许会觉得我婆婆妈妈的，已经成了个软心肠的人了。

4 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

5 technically   

adv.专门地，技术上地

参考例句：

• Technically it is the most advanced equipment ever.从技术上说，这是最先进的设备。
• The tomato is technically a fruit,although it is eaten as a vegetable.严格地说，西红柿是一种水果，尽管它是当作蔬菜吃的。

6 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

7 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

8 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

9 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

10 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

11 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。

12 pointed   

adj.尖的，直截了当的

参考例句：

• He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
• She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。

13 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。