VOA标准英语2010-Obama to Wall Street: Do not Fight Financ

President Obama also directed attention to an ongoing¹ and enormously sensitive issue for Americans - multi-million dollar salaries, bonuses and other compensation paid to industry executives.

Dan Robinson | White House 22 April 2010

US President Barack Obama speaks about financial reform at the Great Hall at Cooper Union in New York, 22 Apr 2010

Comparing the U.S. economy to a house on shifting sands, President Barack Obama has appealed to the U.S. financial industry to support reforms he describes as vital to avoiding another economic collapse². The president spoke³ in New York.

 

Aiming his appeal directly at the financial industry and skeptics within it, and at Republican critics in Congress, the president warned of the danger of a repeat of economic collapse.

Calling the financial crisis the outcome of a failure of responsibility from Wall Street to Washington, he said the time has come to seize the moment to make fundamental changes in the rules of the financial road.

"It is essential that we learn the lessons of this crisis, so we do not doom⁴ ourselves to repeat it," said the president. "And make no mistake, that is exactly what will happen if we allow this moment to pass.  That is an outcome that is unacceptable to me and it is unacceptable to you, the American people."

With many, but not all, of the most prominent executives of Wall Street firms present, the president outlined key aspects of legislation the Senate will debate in coming days.

These include steps to impose new oversight⁵ and controls on hedge funds and complex financial instruments known as derivatives⁶, and protections for consumers of financial products.

Of particular importance would be a system to ensure that troubled financial companies could be dismantled⁷ in an orderly way without posing the kind of systemic risk they did in 2008.

Calling the Senate bill and one the House of Representatives approved last year a significant improvement over flawed rules now in place, he said changes would be advantageous⁸ for the industry and the country.

The president took aim at the tens of millions of dollars and hundreds of financial industry lobbyists who have descended⁹ on Capitol Hill in recent weeks attempting to urge lawmakers to oppose the legislation.

"I am sure that some of these lobbyists work for you and they are doing what they are being paid to do.  But I am here today, specifically when I speak to the titans of industry here, because I want to urge you to join us, instead of fighting us in this effort," he said. 

President Obama also directed attention to an ongoing and enormously sensitive issue for Americans - multi-million dollar salaries, bonuses and other compensation paid to industry executives.

"Some of the salaries and bonuses we have seen created perverse¹⁰ incentives¹¹ to take reckless risks that contributed to the crisis.  It is what helped lead to a relentless¹² focus on a company's next quarter, to the detriment¹³ of its next year or decade," he said. 

Critics say the Senate measure would amount to an authorization¹⁴ for continuing government bailouts of the financial industry.

On Capitol Hill, minority Republicans have softened¹⁵ opposition¹⁶ to Senate legislation, but negotiations¹⁷ continue on provisions.  Democrats¹⁸ hope for a vote by next week.

 

1 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。

2 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

3 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。

4 doom   

n.厄运，劫数；v.注定，命定

参考例句：

• The report on our economic situation is full of doom and gloom.这份关于我们经济状况的报告充满了令人绝望和沮丧的调子。
• The dictator met his doom after ten years of rule.独裁者统治了十年终于完蛋了。

5 oversight   

n.勘漏，失察，疏忽

参考例句：

• I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
• Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。

6 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

7 dismantled   

拆开( dismantle的过去式和过去分词 )； 拆卸； 废除； 取消

参考例句：

• The plant was dismantled of all its equipment and furniture. 这家工厂的设备和家具全被拆除了。
• The Japanese empire was quickly dismantled. 日本帝国很快被打垮了。

8 advantageous   

adj.有利的；有帮助的

参考例句：

• Injections of vitamin C are obviously advantageous.注射维生素C显然是有利的。
• You're in a very advantageous position.你处于非常有利的地位。

9 descended   

a.为...后裔的，出身于...的

参考例句：

• A mood of melancholy descended on us. 一种悲伤的情绪袭上我们的心头。
• The path descended the hill in a series of zigzags. 小路呈连续的之字形顺着山坡蜿蜒而下。

10 perverse   

adj.刚愎的；坚持错误的，行为反常的

参考例句：

• It would be perverse to stop this healthy trend.阻止这种健康发展的趋势是没有道理的。
• She gets a perverse satisfaction from making other people embarrassed.她有一种不正常的心态，以使别人难堪来取乐。

11 incentives   

激励某人做某事的事物( incentive的名词复数 )； 刺激； 诱因； 动机

参考例句：

• tax incentives to encourage savings 鼓励储蓄的税收措施
• Furthermore, subsidies provide incentives only for investments in equipment. 更有甚者，提供津贴仅是为鼓励增添设备的投资。 来自英汉非文学 - 环境法 - 环境法

12 relentless   

adj.残酷的，不留情的，无怜悯心的

参考例句：

• The traffic noise is relentless.交通车辆的噪音一刻也不停止。
• Their training has to be relentless.他们的训练必须是无情的。

13 detriment   

n.损害；损害物，造成损害的根源

参考例句：

• Smoking is a detriment to one's health.吸烟危害健康。
• His lack of education is a serious detriment to his career.他的未受教育对他的事业是一种严重的妨碍。

14 authorization   

n.授权，委任状

参考例句：

• Anglers are required to obtain prior authorization from the park keeper.垂钓者必须事先得到公园管理者的许可。
• You cannot take a day off without authorization.未经批准你不得休假。

15 softened   

（使）变软( soften的过去式和过去分词 )； 缓解打击； 缓和； 安慰

参考例句：

• His smile softened slightly. 他的微笑稍柔和了些。
• The ice cream softened and began to melt. 冰淇淋开始变软并开始融化。

16 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

17 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

18 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》