作业帮 > 英语 > 作业

英语翻译Aware that the financial crisis could spread to other se

来源:学生作业帮 编辑:作业帮 分类:英语作业 时间:2024/05/16 03:39:45
英语翻译
Aware that the financial crisis could spread to other sectors,the Fed has moved remarkably aggressively,cutting rates by 1.25 percentage points in eight days —— a rate-cutting spree almost unheard of in central banking history.The Fed now has cut rates five times by a cumulative 2.25 percentage points —— and there is no sign that the Fed is done.Thanks to the maneuverings of Hank Paulson,George Bush soon will sign a bill that will pump some $150 billion into the American economy for U.S.consumers to spend.That kind of coordination between fiscal and monetary authorities is as unprecedented as it is both prompt and impressive.
Sure,the Cassandras are vilifying the Fed's actions.Bernanke has been criticized for everything from pandering to Wall Street traders to still being behind the curve.But opinions are like a nose —— everybody has one.The current din of criticism against Bernanke is a lot like baseball fans,screaming "throw the bum out" at the game or venting their frustrations on post-game AM radio talk shows.But it's a lot easier to criticize than to step up to home plate and swing the bat.The reality is that few of Bernanke's most vitriolic critics were even smart enough to make it into an introductory economics class taught by Bernanke at Princeton —— let alone to run the world's most influential Central Bank.And to assume that Fed policy is based on responses to such criticism would be as absurd as for baseball star Alex Rodriguez to walk over and hand his bat to an obnoxious,beer-swilling critic in the bleachers of Yankee Stadium to take his place at home plate.Thankfully,airline pilots guiding a plane through rough turbulence play to a less vociferous crowd.
Here's the reality.Neither Bernanke's interest rate cuts nor the federal stimulus package likely will hit the policy nail right on the head.But no real-time decision making is perfect.As John Maynard Keynes,himself an academic with plenty of real world experience,observed:"It's better to be approximately right than exactly wrong." The Fed can't stop a downturn,but it can help it be short and shallow.This is a complex,fast-changing situation.Let's give the Fed and the U.S.government some credit for acting swiftly and decisively.
So are things really that bad?What has gotten lost in the din is that credit markets have returned to normal.Foreclosures are at record levels,but aren't as numerous as originally forecast.And even if policy responses by the Fed only slow the rate of decline in U.S.housing prices,that alone will already have a dramatic impact on U.S.economic growth.And the Fed has shown that it is willing to act quickly to reverse course and hike interest rates once it is clear that the economy is through this bout of weakness.
Uncertainty means that it is reasonable to pull your horns in a bit —— and diversify away from stocks,emphasizing a diverse group of assets that are less correlated to the stock market.The top hedge managers I know are more focused on playing defense until the dust settles.The most bullish signal is that investors are almost uniformly bearish.And it is precisely during periods of panic that the greatest fortunes are made.
要注意到财务危机可以波及其他部门.美联储采取了紧急和显著的措施,八天削减了百分之一点二五的利率.削减利率在中央银行历史上是几乎前所未闻的.美联储已经削减了5次利率总共达2.25百分点-没有迹象显示美联储不会继续削减.要感谢Hank Paulson 采取的措施,乔治布什很快签署了一条文件,以1500亿美金刺激美国经济,促进消费.财务和货币当局所起的推动作用和振奋人心的效果也是史无前例的.
当然,the Cassandra(不知道什么意思,应该是人名)正在检验美联储的措施.Bernanke has been criticized for everything from pandering to wall street traders to still being hehind the curve.(不很好翻,怕翻错误导你).但是意见和主意就像鼻子一样,每个人都有不同.目前的批评声反对伯南科就像棒球迷一样,比赛中高喊着throw the bum out(棒球术语,不太明白)或者在收听收音机中赛后评论时发泄着他们的沮丧之情.但是批评比回到家抡棒球棒更加容易些.现实是,几乎很少针对伯南科刻薄尖酸的批评者会有足够的智慧听波南科在普林斯顿大学讲基础经济--那就让他自己管世界上最有影响力的中央银行.美联储的政策基本上是基于回应那些荒谬的批评(and to assume that fed policy...as absurd as for ...take his place at home plate.这句话是在太繁冗了,我给出了基本意思).欣慰的是,航空驾驶员驾驶飞机穿过了强气流并避开了嘈杂的人群.
这就是现实,波南科的利率削减和美联储的刺激法都不太能撼动政策.但是没有一种现时的决定是完美的.就像 John Maynard Keynes他自己,一个拥有许多真实世界经验的大学讲师观察到,部分正确总好过完全错误.美联储不能停止下滑,但是可以帮助缩小和减轻下滑.这是一个复杂,变幻莫测的情况.让我们给美联储和美国政府快速和果断的反应一些信心.
补充问题:
事情真的这么糟糕么?混乱中缺失的就是贷方市场回到正常.止赎权在一个正常水平,但是没有先前预期的那么多.甚至于美联储无论是否为减缓了利率的下滑作出的反应,房价都将对美国经济的增长产生一个重大的影响.一旦经济出现明显的颓势,美联储表示愿意作出快速反应,如提高利率.
不确定性意味着,有一些警惕性是很有必要的--必要时抛出债券,重点是各种财团放松与债券市场的联系.顶尖经理人我认识的都更加谨慎观望直到危机过去.牛市要来最明显的信号就是投资者几乎一致下跌.而大量财富出现的时候却反而应是非常恐慌的时期.
都是我一字一句翻译的,希望能帮助到你.另外,有些不太明白,不太好翻的,没有强翻,毕竟是论文,很重要的.祝你顺利通过.