VOA标准英语2008年-Experts Assess Impact of Wall Street Meltdown

Several leading economic experts say the turmoil¹ on Wall Street is caused by a crisis of confidence and that it is likely to have a significant impact on the overall economy and ordinary people across the world. VOA Correspondent Cindy Saine reports from Washington.

The financial crisis has seen some of the most venerable names on Wall Street fail or be swallowed up by other firms. Other companies appear to be under siege, causing some analysts² to worry that the turmoil might spread to commercial banks and ripple³ out to other segments of the economy.

Robert Reich, who served as Secretary of Labor⁴ during the Clinton administration and teaches at the University of California at Berkley, says there is cause for concern.

"The worry is that credit markets become so tight as a result of all of this, that lending all but stops," said Robert Reich. "Small businesses cannot get the loans they need to invest in new factories and equipment or research. Individuals can't get the loans they need to buy automobiles⁵ or to finance houses or a housing purchase and the economy basically goes into a very deep recession. Now, the implications of that, of course, percolate⁶ and resonate around the world. Global capital markets are already having a very, very difficult time."

John Irons is Research and Policy Director of the Economic Policy Institute, based in Washington. He has a similar view of the crisis.

"Well, I think it is a little bit early to figure out exactly what the impact will be," said John Irons. "But there certainly are risks that the instability on Wall Street will filter its way down to the lending markets for consumer loans, for car loans, mortgages, and for commercial loans through business, which could have a very serious, detrimental⁷ impact on the broader macro-economy."

Some commentators⁸ have compared the current upheaval⁹ to the Great Depression which began in 1929.

But economist¹⁰ Robert Reich is among those who think it is very unlikely that people will line up outside their neighborhood banks to withdraw their money in a panic.

"I don't think we are going to see a run on commercial banks because commercial bank deposits are insured by the Federal Deposit Insurance Corporation," he said. "So we are not going to a situation such as we had in the early 1930s when individual depositors in commercial banks all tried to get their money out, and well, put it under their pillows. That is not going to happen."

Most experts seem to agree that, so far, the impact of the financial market crisis in the United States can be seen in a decreased willingness of people to invest or lend money, and higher unemployment numbers. The crisis in the housing market has also led to a significant decline in the value of many Americans' primary investment - their homes.

Robert Reich says the average U.S. consumer is not likely to be in a spending mood.

"I mean they will certainly buy necessities," said Reich. "But any discretionary items are probably going to be put on the shelf; they are not going to buy them for now. And that means the demand side of the economy, the purchasing side of the economy, is going to be in tough shape."

Reich advocates better regulation of Wall Street and more transparency in capital markets to restore investor¹¹ confidence and get the U.S. and global economies back on solid footing.

1 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

2 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

3 ripple   

n.涟波，涟漪，波纹，粗钢梳；vt.使...起涟漪，使起波纹； vi.呈波浪状，起伏前进

参考例句：

• The pebble made a ripple on the surface of the lake.石子在湖面上激起一个涟漪。
• The small ripple split upon the beach.小小的涟漪卷来，碎在沙滩上。

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 automobiles   

n.汽车( automobile的名词复数 )

参考例句：

• When automobiles become popular,the use of the horse and buggy passed away. 汽车普及后，就不再使用马和马车了。 来自《简明英汉词典》
• Automobiles speed in an endless stream along the boulevard. 宽阔的林荫道上，汽车川流不息。 来自《现代汉英综合大词典》

6 percolate   

v.过滤，渗透

参考例句：

• The rain will percolate through the soil.雨水渗入土中。
• New fashions took a long time to percolate down.新时尚要很长时间才能在大众中流行起来。

7 detrimental   

adj.损害的，造成伤害的

参考例句：

• We know that heat treatment is detrimental to milk.我们知道加热对牛奶是不利的。
• He wouldn't accept that smoking was detrimental to health.他不相信吸烟有害健康。

8 commentators   

n.评论员( commentator的名词复数 )；时事评论员；注释者；实况广播员

参考例句：

• Sports commentators repeat the same phrases ad nauseam. 体育解说员翻来覆去说着同样的词语，真叫人腻烦。
• Television sports commentators repeat the same phrases ad nauseam. 电视体育解说员说来说去就是那么几句话，令人厌烦。 来自《简明英汉词典》

9 upheaval   

n.胀起，(地壳)的隆起；剧变，动乱

参考例句：

• It was faced with the greatest social upheaval since World War Ⅱ.它面临第二次世界大战以来最大的社会动乱。
• The country has been thrown into an upheaval.这个国家已经陷入动乱之中。

10 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

11 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。