王关富商务英语阅读第二版参考译文
商务英语阅读(第二版) 王关富 Unit5 Japan goes from dynamicto disheartened 课后答案
Unit 5Japan Goes From Dynamic to DisheartenedExercises1. Answer the questions on the text:1)What were the two major factors comprising Japan’s economic bubble in the1980’s?# speculative stock# property bubbles2)What were the methods Japanese government adopted to stimulate itseconomy, but turned out to be a failure?# budget deficits# flood of easy money3)What does “economic Godzilla” mean in the text?It means economic giant with enormous power. It is so quoted because it is a Japan cultural icon.4)What are the reasons that the U.S. would not follow Japan’s suit, accordingto some economists?# the greater responsiveness of the American political system# Americans’ greater tolerance for capitalism’s creative destruction5)What are the specified steps in the “deflationary trap”?Demand decreases→supply decreases→unemployment/reluctance in investing→less spending→less demand.6)What are the factors contributing to Japan’s even dimmer future?# the wo rld’s largest government debt (around 200% of GDP)# a shrinking population# rising rates of poverty and suicide7)Why do people today refer to the Japanese youth as “herbivore s”?Because: under the background of long-term economic stagnation, younger generation of Japan become pessimistic and fatalistic, and they lack ambitions that their parents once valued and become mildly tempered and behaved in both career and sex.8)What do you think of Japan’s real estate industry?During the period of deflation, property keeps losing its value, and people then refuse to buy new houses and house-owners are burdened with large sums of loan.They have to come up with different ways to cut expenses, which sabotages people’s expectations towards a better future.9)Why is Mr. Kaiami expecting inflation to come back again?Because the Japanese economy has been depressed and sluggish for so long. If inflation comes back he expects to see vibrancy of the Japanese economy again. 10)According to the article, how would you explain “destructive destruction”?On the contrary to creative destruction, which describes the chaotic changes that occur when a new product (i.e., technology) or service is introduced into the market, and entrepreneurs can make great profit by innovation, destructive destruction here means people’s pessimistic expectation renders them making their living by cutting expenses and selling current property rather than risking creating new fortune.2. Fill in each blank of the following sentences with one of the phrases in the list given below:1)I have discovered that paying down your loan can result in being cash poor whena need or emergency arises.2)The road to recovery is a long one, so the politicians must wake up to therecession, accept it and get us where we need to go.3)All signs point to Apple’s iPad sales as the recovery of tablet PCs and futurespending boom.4)During this urgent period, journalists were told to hold back on some stories incase they might do damage to the delicate administration.5)According to some analysts, BP Plc's oil spill in the Gulf of Mexico will drivedown rental prices for deep- sea drilling vessels by about 20 percent.6)Consolidation is likely to increase since no one player controls more than 10percent of the market, there’s a golden opportunity for big fish to gobble up smaller businesses.7)According to a survey, teachers and lawyers are put in the most overtime, theytoil for ten hours a week unpaid.8)They also added that they would not surrender the future of their children to afew people who are bent on enslaving them for life.9)China's top legislature is to deliberate about the draft amendment to the personalincome tax law, a major move that is meant to narrow the widening gap between the country's rich and poor.10)We must bridge the gap between the supply and demand of power if we are toachieve higher rates of economic growth on a sustainable basis in the next decade.3. Match the terms in column A with the explanations in column B:A B1) budget deficit a) A procedure which, in certain jurisdictions,allows an individual to declare bankruptcy. 10 2) stagnation b) The highest-ranking corporate administratorin charge of total management of anorganization. 93) price war c) The amount by which a government,company, or individual's spending exceeds itsincome over a particular period of time. 14) speculative stock d) A procedure with rapid increases invaluations of real estate until they reachunsustainable levels relative to incomes andother economic elements, followed by areduction in price levels. 85) deflation e) Commerce money that can be borrowed ata low interest rate. 76) gross domestic product f) A period of time in which an economyexperiences difficulties and achieves little orno growth. 27) easy money g) Market situation in which (usually two)Powerful competitors try to usurp eachother's market share by progressivelyreducing prices until one of them retreats, atleast temporarily. 38) property bubble h) The monetary value of all the finishedgoods and services produced within acountry's borders in a specific time period. 6 9) chief executive officer i) A general decline in prices, often caused by areduction in the supply of money or credit. 5 10) personal bankruptcy j) a stock with high risk relative to any potentialpositive returns. 44.Translate the following into Chinese:自2008年经济震荡以来酋长国城市迪拜遭受了媒体的负面宣传。
商务英语阅读(第二版)-王关富Unit2The-World-Economic-Forum-课后答案
Unit 2A Changed Global RealityExercises1. Answer the questions on the text:1) What are the features of the two major economies that the world has seen for morethan 200 years?One has dominated technological innovation and trade and amassed great wealth.The second—much of it politically under the thumb of the first —has remained poor and technologically dependent.2) How much did low-and-middle-income countries contribute to world growth in2010?Almost half (46%)3) Taking a long term view, why is it good news that developing countries are growingfast?As billions of poor people become more prosperous, they will be able to affordcomforts their counterparts in the rich world have long considered the normalappurtenances of life.4) What are the worst-case scenarios that Europe has so far avoided?A collapse of the euro, a debt crisis that spills from small economies such asGreece and Ireland to much bigger ones like Italy and Spain, and bitter socialunrest in those nations that are having to massagewages down while cutting public budgets.5) Why does Jim Walker think that 2011 will be a “year of reckoning ”?Because Jim Walker thinks that the rebound in the US is a mirage created byexcessive stimulus. He expects the US to slip into the double dip it dodged in 2010.6) Why has the private-sector debt crisis of 2008-2009 morphed into a public-sectordebt crisis in 2010-11?It has been the result of the debt and deficits amassed in the process of stimulating economies and bailing out banks during the downturn.7) What are the risks that emerging economies face?a. sharp rise in inflationb. rising oil pricesc. soaring food price8) What did China and India do to cope with inflation and rising food prices?China raised the reserve-requirement ratio;India resorted to diplomatic means when Pakistan temporarily cut off some exports of onions to the country.9) How can the disaffection with global capitalism in the developed world be preventedfrom turning into a backlash against it?It would help if there were mecha ni sms in place to man age the stresses in theintern atio nal economy.10) What is the most serious divisio n betwee n coun tries that policymakers have tocontend with?Econo mic disparity2. Fill in each bla nk of the follow ing senten ces with one of the phrases in the listgive n below:1) The search for the childwas scaled back sharply today, with almost a third of thevolun teers head ing home.2) The former Federal Reserve Chairman says there is a risk that the US could slipinto a recession by yea'end.3) The CEO of the firm said that they would switch priority from traditional labor- intensive productsto more hi-tech and value-added on es.4) In the aftermath of the financial crisis the group has put on hold some of itsambitious regi onal expa nsion pla ns.5) Toyota Motor Corp. is offeri ng widespread job buyouts to its US workers for the first time and cutting the workweek at some of its American plants by 10% to contend with falling sales.6) Eve ntually, it must morph in to a system that fun cti ons on stability, or it will failand cause an un stoppable breakdow n and widespread hardship.7) Unfortun ately most of the cen tral banks in the world today are still firmly underthe thumb of politicians.8) The stock market's en dura nee could depe nd heavily on whether econo mic andcorporate performa nee rema ins un certa in,or beg ins in dicati ng that theeconomy truly is out of the woods.9) Survivors were encouragedto talk about their horrible experiencesto help themcome to terms with the flood disaster.10) Other coun tries—no tably Australia—have also avoided a bust in their hous ingmarkets, and have in stead see n prices in creasflatten out3. Match the terms in column A with the explanations in column B:_______ A _____________ ______________________ B _1) double-dip recession A) A physical substanee, such as food, grains, and metals,which is in tercha ngeable with ano ther product of thesame type, and which investors buy or sell, usuallythrough future con tracts72) credit rati ng B) A measure that exam in esthe weighted average ofprices of foodstuffs, ofte n used as an importa nt factorto assess the cost of liv ing93) austerity C) A gover nment policy of deficit-cutti ng, lower spe nding,and a reduct ion in the amount of ben efits and publicservices provided, sometimes coupled with in creases intaxes to pay back creditors to reduce debt.4) private sector D) A central bank regulation that sets the minimumreserves each commercial bank must hold to customerdeposits and no tes105) protective tariff E) The part of the economy that is not state con trolled,and is run by in dividuals and compa nies for profit.46) beggar thy neighbor F) An expression in economics describing policy thatseeks ben efits for one country at the expe nse of others.Such policies attempt to remedy the economic problemsin one country by means which tend to worse n theproblems of other coun tries67) commodity G) A published ranking based on detailed financialanalysis by a credit bureau, of one' financial history,specifically as it relates to one' ability to meet debtobligati ons. 28) sovereign-debt crisis H) A crisis in which a national government owes so muchdebt that it is unable to repay or on the edge of bankruptcy.89) food-price index I) A tariff which tries to ban imports to stop themcompeti ng with local products 510) reserve requirement J) A situation where economic growth slides back ton egative after a short-lived growth and the economymay move into a deeper and Ion ger dow nturr!4. Tran slate the followi ng into Chin ese:星期五，世界上20个主要经济体的领导人结束了在这座东北亚首都城市举行的为期两天的峰会。
商务英语阅读(第二版) 王关富 Unit3Time to rebalanc 课后答案e
Unit 3Time to rebalanceExercises1.Answer the questions on the text.1)How did Steve Hilton feel when Lehman Brothers collapsed?The world was coming to an end.2)What did Mr. Hilton do to save his company?(1)Giving up options to buy thousands of lots.(2)Laying off 3/4 of his employees.(3)Redesigning his houses to cut construction cost.(4)Serving customers with guaranteed payment.3)In what sense America as a country is similar to Mr. Hilton’s company?Dismissing workers in the whole country and experiencing one of the worst economic recessions in history.4)What does “the biggest transformations” mean?Macroeconomically, the US will change from debt and consumption to saving and exports.Microeconomically, Americans will have different lifestyles and do different jobs in different places.5)According to the McKinsey Global Institute, what is the common practice ofconsumers during economic crises?Consumers generally try to cut their debt to more manageable levels.6)What is the major difference between credit cards and charge cards?Both are a line of credit for a customer. For a credit card, the customer can choose to pay in full or partially at the end of a month. When paying partially, the customer can pay interest on the balance until it is paid in full. Some people just keep making partial payments and pay interest on credit cards for years and years.But for a charge card, the customer has to pay the entire amount off each time he/she receives a bill. It is not allowed to make a partial payment and no interest is involved.7)How is the current recession different from the previous ones?It was triggered by a financial crisis that made it impossible to channel savings to productive investment and left customers and enterprises struggling with things from the boom.8)What is the dilemma the Obama administration in concerning the stimulus?On the one hand, the administration expects to reduce federal deficit. On the other hand, it worries that the withdrawing the stimulus may push the American economy back into recession.9)What are the reasons for economic restructuring according to the report?Tighter credit, lower consumer borrowing, and higher energy prices.10)What is said about business investment?It is expected to be robust, especially for equipment. But it can never substituteconsumer spending.11)What changes have occurred in the United States in terms of consumption?(1)American consumers spend less but save more.(2)American companies thus look to an export boom abroad.(3)The US has changed from a consuming nation to an exporting economy,accounting for only 27% of global consumption this year, much less than that of emerging markets.12)What makes the report optimistic about the American economy?(1)The US has been increasing exports abroad, particularly emerging markets.(2)America’s current-account deficit dropped from 6% to 3%.(3)American firms are busy preparing for their investment.2.Fill in each blank of the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1)Investors from big cities are quick to snap up real estates in this booming townfor their rising future values.2)There are already clear signals that the investors will shift away from thefinancial firm in legal trouble.3)High input costs are likely to put pressure on steel prices in the domestic marketeven if demand still remains high.4)The prime minister said Thursday that a new international airport will be built inthe southern city to cater to the rising number of passengers and air cargoes there.5)Many economists fear that the contraction of money supply may dry up financingneeded for various economic activities.6)Professor Nil was, however, quick to warn the public to be on their guard againstthose counterfeits already in circulation.7)Academy Awards, Emmy Awards and dozens of prestigious awards fromprominent film festivals around the world attest to the stellar quality of the films being featured at the annual World Community Film Festival.8) A neighborhood group in the district plans to hold a fundraiser to help childrenpay off overdue book fines so that they can resume using their library.9)The writer’s fame shrank last year because the public thought he was knockingout so many things.10)Business leaders have urged the government to snap up farmland overseas togrow basic staples as a buffer against soaring food prices.11)The Vancouver team vowed to get back to doing the little things right and knew itwould add up to big things.12)What has happened over the past few years indicates that great political, socialand economic transformations are in the making.3.Match the terms in column A with the definitions in column B.A_______________________ B________________________________________1)emerging market A) A contract that permits the owner, depending onthe type of option held, to purchase or sell anasset at a fixed price until a specific date.62)profit margin B) A theoretical construct that represents economicprocesses by a set of variables and a set of logicaland quantitative relationships between them.10 3)consumer spending C) An economy, with fast growth rate but low tomiddle per capita income, has opened up itsmarket and integrated itself into the globaleconomy.14)consumerism D) The process of moving from a period of lossesor low profitability into a more profitable stagefor a firm, industry or economy.85)disposable income E) Ratio of profit after taxes to cost-of-sales, oftenexpressed as a percentage, measuring theprofitability of a firm and indicating its coststructure.26)option F) Portion of the balance of payments consistingof exports and imports of goods and services, aswell as transfer payments such as foreign aidgrants. 97)economic restructuring G) The amount of money spent by households,measured monthly, making up an important partof an economy.38)turnaround H) The phenomenon of an economy shifting froma manufacturing to a service sector economicbase. 79)current account I) A movement equating personal happiness withpurchasing material possessions andconsumption. 410)economic model J) The amount of income left to an individualafter taxes have been paid, available forspending and saving. 54.Translate the following passage into Chinese:目前石油价格飞涨，接近110美元一桶，食品和其他货物的成本也随之上涨。
商务英语阅读(第二版)王关富unit10banking课后答案
Chapter 10The Alchemists of FinanceExercises1. Questions on the text1)Wha t’s the main difference between commercial banks andinvestment banksIn today's business environment, the main business of commercial banks is to collect deposits and make loans, while that of investment banks is to underwrite stocks and bonds and advise companies on mergers and acquisitions. 2)Why do investment banks try to keep quiet about their bigprofitsInvestment banks try to keep quiet about their big profits for two major reasons: first, they are under more scrutiny by regulators and investors; second, private equity and hedge funds have overtaken them in raising money and making excessive bets.3)What changes have taken place in the financial markets sincethe 1980sThe main changes since 1980s have been the rapid growth of financial instruments with unprecedented breadth, depth and richness, brought out by technology and innovation.Examples of those financial instruments are public and private debt securities and derivatives.4)Why do bankers and regulators worry about a possiblecollapse of an investment bankThey worry about a possible collapse of an investment bank because such an event will have serious implications for the whole financial system, and it is vital to know how such institutions evolve, how they handle risks and how well those risks are spread around the financial system.5)Which three factors can explain the huge profit forinvestment banksThose factors are: first, the alchemist's trick of turning debt (mostly leaden) into derivatives (mostly liquid);second, the emergence of a new class of leveraged client (hedge funds and private equity); third, seeking out new capital markets and clients around the world. Meanwhile, inall these pursuits the banks are now using their own money, to differing degrees.6)What does the expression “the wild east” refer toThat expression refers to the new markets emerging in Europe and Asia. The introduction of the euro in 1999 and the rapid growth of economies in those regions have attracted investment banks.7)What makes London an impressive rival to New York as a globalfinancial centerLondon has become an impressive rival to New York as a global financial center because: first, London trades a wide range of assets and is regulated on the spot; second, London isa hub for Europe and continent European countries can raisecapital there; third, London is also regarded as a springboard for emerging markets such as China and Russia.8)How do investment banks manage the risksInvestment banks try to find the most talented people to handle the intricate assets; they measure the correlations between different financial instruments in an attempt tospread risk; they invest hundreds of millions of dollars a year in technologies to measure and stress-test risks; they also try to boost their risk-weighted capital.9)According to the text, what’s the relationship betweenrevenue and risk in financeThe relationship between revenue and risk is fundamental in finance. Risk-taking is awarded by possible high revenue.Low risk often means less revenue. However, in order to gain more revenue, you need to take more risks. You should carefully calculate the risk and balance it against revenue beforehand, or you will pay a high price for foolish investment bet.10)Which one is more important to the growth of the financeindustry, innovation or regulationBased on the text, both innovation and regulation are vital to the healthy growth of the finance industry. Without innovation, investors have fewer places to gain returns on their money and those seeking money would have much more difficulties in obtaining it. Thus innovation boosts the rapid growth of finance industry and brings benefits to morepeople both in developed countries and developing countries.However, innovation without proper regulation, such as the securities that no one knows how to exactly measure their risk, could lead the growth of the finance industry to a disastrous end.2. Fill in each blank of the following sentences with one of the phrases in the list given below:1)The government has taken many measures to bring down theprices of oil.2)Employees are asked to keep quiet about their year-endbonus.3)Regulators demand the monopoly company to split into smallerentities.4)It’s reported that China Telecom plans to spin off itsnetwork services unit in HK.5)The traffic had seized up for miles because of the accident.6)According to those representatives, new forces are at workin the refining industry.7)We shall never know how she managed to acquire her promotion;there is no way to account for it.8) A nationwide law aimed at stamping out passive smoking inpublic spaces in Switzerland came into force on Saturday.9)Innovations will bring about dramatic changes in thisindustrial sector.10)I would say that, on balance, it hasn't been a bad year.3. Match the terms in column A with the explanations in columnB:A B1) liquidity crisis a) a bank that provides checking accounts,savings accounts, and moneymarket accountsand that accepts time deposits. 62) leveraged buy-out b) a company issues common stock or shares tothe public for the first time. 53) credit crunch c) the situation in which a business experiences alack of cash required to grow the business, payfor day-to-day operations, or meet its debtobligations when they are due, causing it todefault. 14) over-the-counter securities d) the acquisition of another company usinga significant amount of borrowed money(bonds or loans) to meet the cost ofacquisition. 25) initial public offering e) a financial institution that assists individuals,corporations and governments inraising capital by underwritingand/or acting as the client'sagent in the issuance ofsecurities. 86) commercial bank f) an aggressively managed portfolio ofinvestments that uses advanced investmentstrategies such as leveraged, long, short andderivative positions in both domestic andinternational markets with the goal ofgenerating high returns. 9 7) stress test g) a sharp increase in the interest rates and astrong decrease in allocated credits. 38) investment bank h) a process that measures whether oneinstitution has adequate capital and/or assetsto respond effectively to various, adversescenarios usually presented by a computerprogram. 79) hedge fund i) securities traded in some context other than ona formal exchange such as the NYSE, etc. 410) risk management j) the identification, assessment, andprioritization of risks followed by coordinatedand economical application of resources tominimize, monitor, and control the probabilityand/or impact of unfortunate events or tomaximize the realization of opportunities. 104.Translate the following into Chinese：在去年信贷危机爆发的时候，联邦的监管者们向国内的各主要金融机构注入了数以百亿计美元，而他们这么做的原因在于这些银行是如此之大以至于官员们担心它们的破产将会拖垮整个金融体系。
商务英语阅读(第二版)-王关富-Unit7-Can-Detroit-Be-Retooled-before-it's-too-late-课后答案
Unit 7Can Detroit Be Retooled — Before It's Too Late? Exercises1. Answer the questions on the text:1) what is the problem the would-be car buyers may face according to RodBuscher, CEO of Summit Automotive Partners in Denver?The would-be buyers lack either the income or the access to credit that would allow them to drive a new car off the lot.2) Why is GM said to have a stark and steep job to do when the President’sauto task force presented the to-do list?According to the list GM has to shrink labor costs, including retiree health-care expenses; slash debt; kill or sell low-performing brands; and reduce the number of models for sale and the number of dealers selling them. Should all the parties concerned fail to accomplish that by the deadline of June 1, GM may go into bankcruptcy.3) How can U.S. automakers take advantage of the coming car boom?Companies that can meet consumers' needs for fuel-efficient yet stylish cars —and that have flexible manufacturing plants to turn out the hot products on demand —are likely to find huge opportunities for growth in the coming car boom.4) What does the White House’s auto-task-force working group plan to do withChrysler?It plans to close the deal on Chrysler's sale to Fiat. Ron Bloom, one head of the group, has taken the lead in trying to negotiate the sale of 20% (at least initially) of Chrysler to Fiat.5) What is VEBA approach to solve GM’s problem of retiree health andpension benefits?In a VEBA, the union agrees to accept a cash payment to fund a new health-care system that trustees administer, thus taking future liabilities off the company's books.6) Why does the UAW feel particularly aggrieved about the task force'sapproach?Because it has agreed to an unending series of givebacks over the past 20 years.Even before this latest crisis, the UAW’s agreement to the 2007 contract would have put Detroit's labor cost per car within a couple of hundred dollars of Toyota's and the other foreign automakers’.7) Why are analysts so optimistic about the future car sales?Because Americans have been putting off buying cars for nearly two years and showroom traffic is increasing ,which means pent-up demand is building.The prospect of car sales is sure to be great when credit starts to loosen as historyindicates.8) What are the elements that make analysts believe North American demandfor cars will approach 16 million units within five years from the year 2009?The elements include the replacement demand, scrappage rates, demographic changes and an economic recovery.9) What are the competitive GM brands mentened in the passage?They are award-winning Chevy Malibu and the 2009 Buick LaCrosse, which recently topped all midsize competitors in dependability ratings.10) What competition will the US car industry face in the near future?The US car industry will have to win millions of buyers’ recognition for theirbrands, and try to play better in the competition with companies in Asia, such as China's Chery Automobile and India's Tata Motors, as well as the established players like Volkswagen and Hyundai-Kia.2. Fill in each blank of the following sentences with one of the phrases in the listgiven below:1) With his expanding wireless broadband plan, Obama wants to usher everyAmerican into the 'Digital Age'.2) School activities start winding down about two weeks before the end ofsemester.3) The man said he couldn't come up with an appropriate answer just at the time.4) Everybody is sure that the ceaseless dripping of water will in the end hollow outa stone.5) The progressive movement, which had already brought important changes infederal policies, stood on the verge of culmination and fulfillment6) The state has suffered so much loss. The smugglers should never be allowed toget off easy.7) After production expansion, this company now can turn out a million televisionsets a month.8) The preeminent writer's personal appearance picked up the sales of the bookconsiderably9) The newly announced credit policy may help many family-owned businesses getthrough the tough times at present..10) The government has imposed drastic economic controls to choke off inflation.11) To execute full-cost accounting, companies must account for the true cost of theirproducts.12) Economists are not so optimistic because there is no sign that the recession hasbottomed out.3. Match the terms in column A with the explanations in column B:A B1) bondholder a) A measure of a company's financial health,whichequals cash receipts minus cash payments over agiven period of time. 62) creditor b) A financial asset whose value has fallensignificantly and which fails generate cashflowand is worth much less than expected. 73) dealership c) An entity (person or institution) that extendscredit by giving another entity permission toborrow money if it is paid back at a later date. 2 4) health-care expenses d) A unit specially organized to work on a singledefined task 105) manufacturing capacity e) A business company that is owned or controlledby another larger company 96) net cash flow f) A person owning a bond or bonds issued by agovernment or a public company 17) bad asset g) Money used for the preservation of mental andphysical health by preventing or treating illnessthrough services offered by the healthprofession 48) hot products h) Volume of products or services that can begenerated by a production plant or enterprise ina given period by using current resources. 59) subsidiary# i) A business established or operated under anauthorization to sell or distribute a company’sgoods or service in a particular area 310) task force j) Products that are extremely populous amongconsumers and normally sell like hot cakes inthe market. 84.Translate the following into Chinese:凭借这股势头，现代集团正加快从生产线上推出新车型的速度。
商务英语阅读(第二版)-王关富Unit2The-World-Economic-Forum-课后答案
商务英语阅读(第二版)-王关富Unit2The-World-Economic-For um-课后答案Unit 2A Changed Global RealityExercises1. Answer the questions on the text:1) What are the features of the two major economies that the world has seen formore than 200 years?One has dominated technological innovation and trade and amassed great wealth. The second—much of it politically under the thumb of the first—has remained poor and technologically dependent.2) How much did low-and-middle-income countries contribute to world growthin 2010?Almost half (46%)3) Taking a long term view, why is it good news that developing countries aregrowing fast?As billions of poor people become more prosperous, they will be able to afford comforts their counterparts in the rich world have long considered the normal appurtenances of life.4) What are the worst-case scenarios that Europe has so far avoided?A collapse of the euro, a debt crisis that spills from small economies such asGreece and Ireland to much bigger ones like Italy and Spain, and bitter social unrest in those nations that are having to massage wages down while cutting public budgets.5) Why does Jim Walker think that 2011 will be a “year of reckoning”?Because Jim Walker thinks that the rebound in the US is a mirage created by excessive stimulus. He expects the US to slip into the double dip it dodged in 2010.6) Why has the private-sector debt crisis of 2008-2009 morphed into apublic-sector debt crisis in 2010-11?It has been the result of the debt and deficits amassed in the process of stimulating economies and bailing out banks during the downturn.7) What are the risks that emerging economies face?a. sharp rise in inflationb. rising oil pricesc. soaring food price8) What did China and India do to cope with inflation and rising food prices?China raised the reserve-requirement ratio;India resorted to diplomatic means when Pakistan temporarily cut off some exports of onions to the country.9) How can the disaffection with global capitalism in the developed world beprevented from turning into a backlash against it?It would help if there were mechanisms in place to manage the stresses in the international economy.10) What is the most serious division between countries that policymakers haveto contend with?Economic disparity2.Fill in each blank of the following sentences with one of the phrases in the listgiven below:1) The search for the child was scaled back sharply today, with almost a third ofthe volunteers heading home.2) The former Federal Reserve Chairman says there is a risk that the US couldslip into a recession by year’s end.3) The CEO of the firm said that they would switch priority from traditionallabor-intensive products to more hi-tech and value-added ones.4) In the aftermath of the financial crisis the group has put on hold some of itsambitious regional expansion plans.5) Toyota Motor Corp. is offering widespread job buyouts to its US workers for the first time and cutting the workweek at some of its American plants by 10% to contend with falling sales.6) Eventually, it must morph into a system that functions on stability, or it willfail and cause an unstoppable breakdown and widespread hardship.7) Unfortunately most of the central banks in the world today are still firmlyunder the thumb of politicians.8) The stock market’s endurance could depend heavily on whether economic andcorporate performance remains uncertain, or begins indicating that the economy truly is out of the woods.9) Survivors were encouraged to talk about their horrible experiences to helpthem come to terms with the flood disaster.10) Other countries—notably Australia—have also avoided a bust in theirhousing markets, and have instead seen prices increases flatten out.3.Match the terms in column A with the explanations in column B:AB ______1）double-dip recession A) A physical substance, such as food, grains, andmetals, which is interchangeable with anotherproduct of the same type, and which investors buyor sell, usually through future contracts 72) credit rating B) A measure that examines the weighted average ofprices of foodstuffs, often used as an importantfactor to assess the cost of living. 93) austerity C) A government policy of deficit-cutting, lowerspending, and a reduction in the amount of benefitsand public services provided, sometimes coupledwith increases in taxes to pay back creditors toreduce debt. 34) private sector D) A central bank regulation that sets the minimumreserves each commercial bank must hold tocustomer deposits and notes. 105）protective tariff E) The part of the economy that is not statecontrolled, and is run by individuals and companiesfor profit. 46）beggar thy neighbor F) An expression in economics describing policy thatseeks benefits for one country at the expense ofothers. Such policies attempt to remedy theeconomic problems in one country by means whichtend to worsen the problems of other countries. 6 7) commodity G)A published ranking based on detailed financialanalysis by a credit bureau, of one’s financialhistory, specifically as it relates to one’s ability tomeet debt obligations. 28）sovereign-debt crisis H) A crisis in which a national government owes somuch debt that it is unable to repay or on the edgeof bankruptcy. 89）food-price index I) A tariff which tries to ban imports to stop themcompeting with local products 510）reserve requirement J) A situation where economic growth slides back tonegative after a short-lived growth and theeconomy may move into a deeper and longerdownturn. 14.Translate the following into Chinese:星期五，世界上20个主要经济体的领导人结束了在这座东北亚首都城市举行的为期两天的峰会。
高级商务英语阅读王关富
and more Chinese enterprises push their goods into overseas markets, companies are now trying
that would place the company’s name on billboards in the Rockets’ stadium. The primary purpose
was not to attract American beer-drinkers, but to grab the attention of avid basketball fans inChina
are often perceived as low-tech and poor quality, Chinese companies need to be more transparent
about their business practices and financials, establish positive points of differentiation, and
leading up to this year’s event, SES reported a 20 per cent jump in the number of Chinese
companies signed up to exhibit, including famous companies such as Huawei and Putian. Although
商务英语阅读(第二版)-王关富Unit2The-World-Economic-Forum-课后答案
商务英语阅读(第二版)-王关富Unit2The-World-Economic-For um-课后答案Unit 2A Changed Global RealityExercises1. Answer the questions on the text:1) What are the features of the two major economies that the world has seen formore than 200 years?One has dominated technological innovation and trade and amassed great wealth. The second—much of it politically under the thumb of the first—has remained poor and technologically dependent.2) How much did low-and-middle-income countries contribute to world growthin 2010?Almost half (46%)3) Taking a long term view, why is it good news that developing countries aregrowing fast?As billions of poor people become more prosperous, they will be able to afford comforts their counterparts in the rich world have long considered the normal appurtenances of life.4) What are the worst-case scenarios that Europe has so far avoided?A collapse of the euro, a debt crisis that spills from small economies such asGreece and Ireland to much bigger ones like Italy and Spain, and bitter social unrest in those nations that are having to massage wages down while cutting public budgets.5) Why does Jim Walker think that 2011 will be a “year of reckoning”?Because Jim Walker thinks that the rebound in the US is a mirage created by excessive stimulus. He expects the US to slip into the double dip it dodged in 2010.6) Why has the private-sector debt crisis of 2008-2009 morphed into apublic-sector debt crisis in 2010-11?It has been the result of the debt and deficits amassed in the process of stimulating economies and bailing out banks during the downturn.7) What are the risks that emerging economies face?a. sharp rise in inflationb. rising oil pricesc. soaring food price8) What did China and India do to cope with inflation and rising food prices?China raised the reserve-requirement ratio;India resorted to diplomatic means when Pakistan temporarily cut off some exports of onions to the country.9) How can the disaffection with global capitalism in the developed world beprevented from turning into a backlash against it?It would help if there were mechanisms in place to manage the stresses in the international economy.10) What is the most serious division between countries that policymakers haveto contend with?Economic disparity2.Fill in each blank of the following sentences with one of the phrases in the listgiven below:1) The search for the child was scaled back sharply today, with almost a third ofthe volunteers heading home.2) The former Federal Reserve Chairman says there is a risk that the US couldslip into a recession by year’s end.3) The CEO of the firm said that they would switch priority from traditionallabor-intensive products to more hi-tech and value-added ones.4) In the aftermath of the financial crisis the group has put on hold some of itsambitious regional expansion plans.5) Toyota Motor Corp. is offering widespread job buyouts to its US workers for the first time and cutting the workweek at some of its American plants by 10% to contend with falling sales.6) Eventually, it must morph into a system that functions on stability, or it willfail and cause an unstoppable breakdown and widespread hardship.7) Unfortunately most of the central banks in the world today are still firmlyunder the thumb of politicians.8) The stock market’s endurance could depend heavily on whether economic andcorporate performance remains uncertain, or begins indicating that the economy truly is out of the woods.9) Survivors were encouraged to talk about their horrible experiences to helpthem come to terms with the flood disaster.10) Other countries—notably Australia—have also avoided a bust in theirhousing markets, and have instead seen prices increases flatten out.3.Match the terms in column A with the explanations in column B:AB ______1）double-dip recession A) A physical substance, such as food, grains, andmetals, which is interchangeable with anotherproduct of the same type, and which investors buyor sell, usually through future contracts 72) credit rating B) A measure that examines the weighted average ofprices of foodstuffs, often used as an importantfactor to assess the cost of living. 93) austerity C) A government policy of deficit-cutting, lowerspending, and a reduction in the amount of benefitsand public services provided, sometimes coupledwith increases in taxes to pay back creditors toreduce debt. 34) private sector D) A central bank regulation that sets the minimumreserves each commercial bank must hold tocustomer deposits and notes. 105）protective tariff E) The part of the economy that is not statecontrolled, and is run by individuals and companiesfor profit. 46）beggar thy neighbor F) An expression in economics describing policy thatseeks benefits for one country at the expense ofothers. Such policies attempt to remedy theeconomic problems in one country by means whichtend to worsen the problems of other countries. 6 7) commodity G)A published ranking based on detailed financialanalysis by a credit bureau, of one’s financialhistory, specifically as it relates to one’s ability tomeet debt obligations. 28）sovereign-debt crisis H) A crisis in which a national government owes somuch debt that it is unable to repay or on the edgeof bankruptcy. 89）food-price index I) A tariff which tries to ban imports to stop themcompeting with local products 510）reserve requirement J) A situation where economic growth slides back tonegative after a short-lived growth and theeconomy may move into a deeper and longerdownturn. 14.Translate the following into Chinese:星期五，世界上20个主要经济体的领导人结束了在这座东北亚首都城市举行的为期两天的峰会。
商务英语阅读_第二版_王关富_unit_12
Unit 12Global M&AExercises1.Answer the questions on the text.1)What does the author expect M&A activity to be in 2011?The author expects that M&A activity will continue to growth in number and strength with the global economic recovery and the improvement of financial and credit market conditions.2)What must companies also consider about M&A besides favorable factorslike abundant cash and improving economic conditions?Companies must also consider the recent opposition to certain M&A deals by activists and some shareholders and their preference to other strategies.3)What do you think unsolicited transactions, hostile acquisitions and dealjumpings are in common?Passivity on the target company and out of its expectation.4)What may further encourage unsolicited transactions?Recent success of hostile acquirers in forcing target companies to negotiate and accept deals though occasionally taking a long time.5)What are the features and trends of private equity firms?They are seeking an exit from portfolio companies and are seeing M&A as an increasingly attractive alternative to capital market transactions.6)What is an tender offer?It is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation (the target corporation) to purchase some or all of their shares. The price offered is usually at a premium to the market price. In a tender offer, the bidder contacts shareholders directly; so the directors of the company may or may not have endorsed the tender offer proposal.7)What are the key deal issues in M&A transactions?(1)reverse break-up fees(2)caps on damages payable by acquirers failing to close(3)the availability of specific performance remedies to compel a party tocomplete an acquisition8)How do US and UK takeover systems differ?In US takeover system, state case law allows target boards to take defensive measures within certain limits.In order to correct the perceived imbalance, UK disallows deal protection mechanisms; sets a default period in which a bidder will have to either announcea fully financed bid or walk away; and implements other measures to enhancebid-related disclosure.9)What are the views on the burden of extending bids into the U.S?(1)Some of both European regulators and bidders fear that the extension of paperbids into the US may be too burdensome and the exposure to the US plaintiffs’ bar and US courts may be too uncertain and risky.(2)But the case of Morrison v. NBA may have changed European regulators andbidders view because the pending anti-fraud-based actions against non-US companies were either dismissed or the damages to companies ere greatly reduced(3)The convergence between European and US securities regulations haveproduced positive effects, may further alleviate such concerns, and would encourage M&A players to consider using more shares in cross-border deals.10)How is M&A in emerging market expected to develop in 2011?(1)It is expected to grow over one-third in 2011, taking a larger share of globalM&A activity, particularly true in BRIC nations.(2)Sovereign wealth funds abundant in funds will continue to play a key role ininbound M&As and, meanwhile, private equity is to be much more important source of funds for M&A activities there.(3)Companies from emerging markets will engage in more outbound M&A dealsfor natural resources and market growth as well as inbound ones.(4)Multinationals from the developed countries may also go on M&A activitiesin emerging markets either for market footholds or growth opportunities. 11) What is said about US M&A deal enforcement?(1) The official agencies FTC and DOJ have continued to pledge vigorousmerger enforcement and have dedicated significant resources to updating themerger review process.(2) They have also proposed changes to pre-merger notification form.(3) The Antitrust Division has enhanced enforcement in vertical mergers as wellas horizontal mergers.12) What are the trends of EU antitrust enforcement?DG COMP and its Chief Economist team are paying close attention to the US-led debate over the need to define marketsDG COMP has increased its reliance on the counterfactual analyses for judging whether a merger prevents effective competition.2.Fill in each blank in the following sentences with one of the phrases in the listgiven below. Make changes when necessary.1)BRIC nations would support the country in the areas of education, health andagriculture, among others.2)In the second quarter we successfully secured a non-dilutive source of growthcapital on very favorable terms sufficient to drive both near and longer-term initiatives.3)We seem to value time in cyclical phases and seasons rather than in minutes andhours.4)The world is facing far more challenges than before in the context of intensifiedglobalization.5)In the debate Team A seemed to get upper hand at the beginning but quickly loststrength.6)He would discuss with the officials of Bulgaria various topics such as investmentclimate, the fight against corruption, and its accession to the European Union. 7)We are urging local education and city leaders to ramp up the pressure on theirgovernments to cough up more cash for new schools in their areas.8)Potential mayoral candidates are already flush with funds from their supporterfor the coming election.9)The government has been urged to follow through on its pledge to reform thecurrent wage system.10)The birth of a new nation in Sudan may give rise to numerous thorny issues,including sharing of resources.3.Match the terms in column A with the definitions in column B.A____________________ B__________________________________________ 1) equity market A) An asset class consisting of equity securities foroperating companies that are not publicly traded on astock exchange, including venture capital, growthcapital and mezzanine capital. 52) antitrust agency B) The market, also known as stock market, whereshares are issued and traded, either through exchangesor over-the-counter markets. 13) synergy C) A merger occurring between companies producingthe same or similar products or offering similarservices. 84) due diligence D) An organization responsible for prohibitingpractices that restrain competition, includingprice-fixing conspiracies and acts designed toachieve monopoly power. 25) private equity E) A company in which a venture capital firm, buyoutfirm, holding company, or other investment fundsinvests. 106) vertical merger F) A market in which individuals and institutionstrade financial securities in order to raise funds. 9 7) tender offer G) Additional effectiveness achieved from mutuallyadvantageous integration or compatibility of effortsor resources between business participants. 38) horizontal merger H) An investigation of a business prior to signing acontract, for example, a potential acquirer evaluatinga target company or its assets for acquisition. 49) capital market I) A public, open offer by a prospective acquirer to apublicly traded corporation to tender its stock forsale at a specified price during a specified time. 710) portfolio company L) A merger between two companies producingdifferent goods or components for the finalfinished product, for example, a car manufacturermerging a tire company. 64.Translate the following passage into Chinese.去年，由于全球兼并业务突破了网络泡沫时代的惊人水平，市场又跟1999年那样派对聚会。
商务英语阅读（第二版）王关富Unit14Greenbusiness课后答案
Chapter 14 Patagonia: Blueprint for green business Exercises 1． Answer the questions on the text 1) What is Patagonia ’s work environment like? Patagonia has freeform work environments which have become common enough that that barefoot barefoot barefoot employees, employees, employees, cavorting cavorting cavorting pets pets pets and and and organic organic organic chefs chefs chefs hardly hardly hardly merit merit merit a a a second second glance. But the bicycles, the surfboards, the solar panels, the Tibetan prayer flags, the shed shed full full full of of of convalescing convalescing convalescing owls owls owls and and and hawks hawks hawks all all all suggest suggest suggest that that that it it it is is is not not not traditional traditional corporate-land, corporate-land, either. either. either. The The The place place place is is is all all all business, business, business, but but but it's it's it's business business business conducted conducted conducted upside upside down and inside out. Simply put, it's radical. 2) How does Chouinard view average American businesses? To Chouinard, the average suit ranks somewhere between alcoholic and criminal on the respect scale, and American business, when powered by the endless consumption consumption and and and discarding discarding discarding of of of stuff, stuff, stuff, is is is unimaginative unimaginative unimaginative at at at best best best and and and evil evil evil at at at worst, worst, responsible responsible for for for clear-cutting clear-cutting clear-cutting forests, forests, forests, polluting polluting polluting oceans, oceans, oceans, and and and bulldozing bulldozing bulldozing wetlands wetlands wetlands to to make make way way way for for for the the the next next next condo condo condo development. development. development. Its Its Its modus modus modus operandi operandi operandi is is is unsustainable unsustainable growth, which he compares to an "out-of-control tumor." 3) What was Chouinard ’s first try in the business world? Back Back in in in Burbank, Burbank, Burbank, Chouinard Chouinard Chouinard installed installed installed a a a coal coal coal forge forge forge in in in his his his parents' parents' parents' garage garage garage and and became became a a a self-taught self-taught self-taught blacksmith, blacksmith, blacksmith, hammering hammering hammering out out out pitons pitons pitons - - - three-inch three-inch three-inch strips strips strips of of of steel steel used for anchoring climbing ropes. Chouinard's pitons were stronger and more elegant than their predecessors, a triumph of minimalist engineering. He sold them out of the back of his car for $1.50 and tried to live on the proceeds. 4) What is the “dirtbag dirtbag”” way according to Chouinard? How does he view it? Chouinard describes as the "dirtbag" way as living as close to the wild as possible with as little as possible. To Chouinard, the “dirtbag dirtbag”” way never seemed like privation. Rather, it was freedom. 5) How do Chouinard and Malina define Patagonia? It It wouldn't wouldn't wouldn't release release release toxins toxins toxins into into into rivers rivers rivers or or or cause cause cause nervous nervous nervous breakdowns breakdowns breakdowns or or or chase chase endless endless growth. growth. growth. It It It wouldn't wouldn't wouldn't make make make disposable disposable disposable crap crap crap that that that people people people didn't didn't didn't really really really need. need. Anything Anything it it it produced produced produced would would would be be be of of of the the the highest highest highest quality, quality, quality, manufactured manufactured manufactured in in in the the the most most responsible way. When the surf was up or the powder wafted down, employees would be where they ought to be: outside. If an employee's child was sick, the parent would also be where he ought to be: at home. They would keep Patagonia privately held and say no to anything that compromised their values. 6) What big lessons did Chouinard learn from scaling the likes of Yosemite ’s EL After school Alan always threw himself into computer games. Some of his good luck must have rubbed off on me. We are taught from childhood to distance ourselves from a bad neighbor so as to He was p issedpissed off by the manSusan has an annoying habit of spying on her neighbors. She signed on for a concentrated course in the basics of nursing by the Red Cross. to break intopledges to be in residencewill be Chua's celebration of Chinese parenting and her bizarre assertions fly in the face ofAs a result, durable goods tend to punch above their weight) in determining if The basketball players are suiting up in the locker room. 11) The basketball players 12) Saddled with) ) the A B ___such as bicycling, boating and climbing.2under government ownership. 3the general public can buy its shares. 1business. 8populated. 5efficiency, recycling, and healthy housing. 9a location. 44operations, before deductions for expenses. 7working hours certain limits. 6protected by the patent. 10categories EXCEPT . According to the passage, the CDP is an organization that focuses on . on items like tooth paste and soup Wal-Mart admitted to emit 1.5 million metric tons of carbon dioxide 。
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外语下载中心 http://down.tingroom.com 外语下载中心 http://down.tingroom.com 第1课 中国是今年唯一呈现出重大发展的主要经济体（economy），由于它通常是唯一敢于打破经济教科书中每一条例的经济体。事实上，中国不像其他五大经济体那样发展缓慢的主要原因是，它宏观调控的能力（its capacity for macro-economic control） 为什么中国市场经济体系奏效？（market economic system）目前，欧美等国正通过银行及汽车业国有化及金融业实施新的有力规定（regulations），走向宏观调控。但问题更加紧迫（the question has a new urgency）。中国看上去最能驾驭（navigate）七十年内最糟的经济滑坡（downturn） 在危机中，中国官员既能吸取像西方同行（counterparts）的传统市场工具，也能吸取中国市场经济体系的积累经验（arsenal）。去年早期，由于房地产市场（housing market）过热，中国官员仅命令银行削减房贷（cut back on housing loans），然后随着房屋销售量下降（fall），他们提供类似更低的房屋购置税（lower taxes on home purchases）。最近几周，他们展开类似西方的经济救援行动（launch economic rescue efforts），其中包括价值6000亿的大计划以增加政府开支和大幅利率削减（ramp up government spending）（big interests cuts）。但同时，他们也发布在西方国家眼里是不合理的干涉的命令，例如，上周中国官员召集包括钢铁建筑等行业的国有行业并购（buy up）国内外新资产（at home and abroad）以积极（actively）发挥在经济中的作用 曾把中国宏观调控视为不成熟经济的弊病（immature economy），现在是稳定的保障（bulwark of stability）。CLSA经济学家AR说，”政府对大多数资本密集型产业的控制，让我看好中国的未来。政府会对这些领域的公司说，继续花吧，不要由于你们的投资计划“。尽管最大的出口及股票市场出现下滑，中国经济在09年看上去增加7%多，虽比近些年两位数（double-digit）增速有所下滑，但与其他国家相比仍然坚挺。随着国有银行放松信贷（loose credit），企业贷款率切实（actually）增加。摩根斯坦利的亚洲首席SR说，在一个投资支持可持续发展，并占GDP的40%的国家，政府再次增加投资以抵抗对增长的威胁。他又说，在危机时期，中国的指挥控制系统切实比其他市场基础系统有效 中国的成功主要因为实用主义，这一主义更注重缓慢但平稳地转向更自由市场。邓小平称之为”摸着石头过河“。政府伸出强有力的手的同时，也解放现在占至少一半经济成分的私人领域，允许70%的国有公司以私人公司形式运行。与20世纪90年代初期的约17%有所增长。根据CLSA，60%的GDP增长及2/3的新增就业来自私人领域。 1995年，中国展开一场革命性的国企拆分（dismantle），仅在接下来的六年就裁掉460万国企职工，相当于法国意大利的全部工人数。接下来几年，精简继续，国企盈利率迅猛上升，以及允许私企在经济中发挥重要作用。R说，这是一场长时间的剧变。中国尤其想避免俄罗斯90年代初大爆炸改革导致的混乱，这场改革产生了腐败的，克里姆林支持下的寡头政治（oligarchy），至今仍困扰俄罗斯。 在20世纪80年代，平均年收入只有760元，（约合500美元）的发展初期，中国已经对西方开放投资市场。而日本和韩国并未在发展初期开放。这是由于邓小平意识到全球贸易是摆脱国家贫穷的出路。他同样鼓励农民来城市寻找工作，这对于一个国家是冒险的举动。在20世纪90年代末期亚洲金融危机后，中国加入世贸组织，旨在国内市场更广泛的开放。
第2课 说，对于年轻的世纪：我们生活在有趣的时代。不完全是2 1 / 2年以前，世界经济倒进自20世纪30年代大萧条最严重的衰退。世界贸易大幅放缓。失业线更长了，尤其是在旧的工业经济。财政，民政事务总署像花岗岩固体机构似乎消失了，如果他们不超过一，在一个旧外语下载中心 http://down.tingroom.com 外语下载中心 http://down.tingroom.com 式魔术师手中的一束鲜花可观。 第3段 新的现实，可以表示这样。在超过200年，自工业革命以来，世界已经看到两个经济体。一个占据了主导地位，贸易和技术创新积累了大量财富。第二个 - 其中多数政治下的第一个拇指 - 穷人和技术上仍然依赖。这一鸿沟依然顽固地真实。富裕国家 - 美国，加拿大，西欧，澳大利亚，新西兰，日本和亚洲四小龙的四个原 - 只有16%的世界总人口，但近70%，占世界总产量。 第5段 阿松了一口气在长远来说，这不过是个好消息。由于数十亿人的贫困变得更加繁荣，他们将能够负担得起在富裕国家的同行有长期以来被认为是正常生活的附属物舒适。但在此之前，我们庆祝一个新的经济秩序，国家之间和国家内部，必须克服深刻的分歧。否则，世界将变成乞丐占据上风，以邻为壑的民粹主义，这将最终beggaring大家回来。我们不摆脱困境。 第7段 在所有这些令人鼓舞的消息（或至少是可怕的消息的情况下），高盛公司的经济学家已经把几乎头晕，最近升级其2011年全球和美国经济增长预测（至4.8%和3.4%，分别）。虽然2010年是“年度的怀疑，”2011年，他们宣称，将成为“复苏的一年。”美国经济学家鲁比尼，危机的卡桑德拉，估计，如果一切顺利的权利，没有什么可怕的差错，全球经济可能增长近4%左右。
第3课 Greg Ip表示，美国经济要从依靠消费和借贷转向依靠出口和储蓄，这将会是几十年来规模最大的经济转型。 Steve Hilton仍旧记得2008年雷曼兄弟破产之后长达几个月的绝望感。在Hilton先生经营的物产公司Meritage Home的销售部办公室里，顾客挤破了脑袋，为的不是买房，而是想要撤回他们已经签订的合同。“我有一阵子似乎觉得世界末日即将来临。”他如此回忆。 接下来的几个月里，希尔顿先生不断努力想要挽救他的公司。他没有买下经济繁荣时期公司在亚利桑那州、佛罗里达州、内华达州和加州抢购到的房产，因此损失惨重。最终他解雇了2300名员工中的四分之三，也重新设计了其拥有的房屋，目的是将建造成本减半：更简易的屋顶，合乎标准的窗户大小，更小的选择余地。12英尺的天花饭、富丽堂皇的楼梯、花岗岩台面，这些经济繁荣时期人人都想要的装饰都被略去。现在的Meritage公司仅为能贷到款的顾客提供服务，即那些享有联邦ZF担保贷款的初次购房者。公司正变的更加节约务实，以求挣扎着生存下去。 这种情况对于整个美国来说都是一样的。几乎每个行业都在过去的两年里裁员，那些直接面向消费者的行业尤甚。房屋制造和汽车制造业裁员近三分之一，零售业和银行业裁员8%。随着经济不断复苏，一些工作岗位会重现，但大部分不是，因为这并不是一场普通的经济萧条。靠泡沫支持的资产价格、愈发易容易申请到的带快和廉价的石油令美国的消费主义不断滋长，而现在，这样的情况一去不复返了。 现在，美国经济即将开始几十年来规模最大的经济转型。这种宏观经济层面上由债务和消费转向储蓄和出口方式的转变会带来微观经济的变革：不同的生活方式，各地不同的工作。本篇特别报告将会详细描述此次经济转型及其复杂性。
The crisis and then the recession put an abrupt end to the old economic model. Despite a small rebound recently, house prices have fallen by 29% and share prices by a similar amount since their 外语下载中心 http://down.tingroom.com 外语下载中心 http://down.tingroom.com peak. Households’ wealth has shrunk by $12 trillion, or 18%, since 2007. As a share of disposable income it is back to its level in 1995. And if consumers feel less rich, they are less inclined to spend. Banks are also less willing to lend: they have tightened loan standards, with a push from regulators who now wish they had taken a dimmer view of exotic mortgages and lax lending during the boom.
此次经济危机及随后的经济萧条是的以往的经济发展模式遭遇了一个急刹车。尽管最近经济小幅回暖，但房价较峰值时已下跌29%，股价的下跌幅度也很相似。人民家庭财产与2007年相比缩水12万亿美元，相当于总数的18%。人民可支配首日回到了1995年的水平。如果消费者感觉自己的财产变少，那么他们就不太愿意消费。银行与不太愿意借贷——银行已提高了他们的贷款发放标准，背后则是监管者的敦促。监管者们对于当初经济繁荣的时候没有更加谨慎的对待境外抵押贷款和实行宽松的借贷政策后悔不已。
Consumer debt rose from an average of less than 80% of disposable income 20 years ago to 129% in 2007. If other crises of the past half-century are any guide, America’s consumers will spend the next six or seven years reducing their debt to more manageable levels, reckons the McKinsey Global Institute. This is already changing the composition of economic activity. Consumer spending and housing rose from 70% of GDP in 1991 to 76% in 2005 (see chart 1). By last year it had fallen back to 73%, still high by international standards.