Warm Up Activities

Unit 2 Economy

“Economy” is a general term for materials relating to, or based on, the production, distribution, and consumption of goods and services, including business, industry, employment, trade, and economic sectors such as finance, service, construction, housing, manufacturing, agriculture, forestry, commercial fishing, etc.

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Do you know…?

1. NYSE stands for a. New York Securities Estateb. National Years Stocks Exchangesc. New York Stock Exchanged. American Stock Exchange

2. New York's financial district is called a. Stock Exchange Alleyb. New York Stock Exchangec. Dow Streetd. Wall Street

I. Warm-up activities

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Do you know…?

3. Every stock has a a. symbolb. valuec. company behind itd. all of the above

4. An owner of a share of stock is a. a studentb. a stockholderc. a stock brokerd. a businessman


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Do you know…?5. Commission is

a. the amount that a stock increases in a day b. the total price of a stockc. a bonus you get for buying a stockd. a fee paid to a sales associate

6. We sometimes use the word "risk" in talking about stocks. What does that mean? a. possibly driving too fastb. taking the chance of losing moneyc. taking the chance of buying too many stocks d. losing your wallet


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Do you know…?

7. Payments made to stockholders based on a certain percent of the company's profits are called a. sharesb. stocksc. dividendsd. stock markets

8. What are produced by companies to provide information to all shareholders and other interested parties?

a. Annual Reportsb. Assetsc. Stocksd. Dividends


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Do you know…?9. A "bull market" is a market which is

a. Using bulls as its logob. Staying the samec. Droppingd. Doing well

10. A "bear market" is a market which is a. Risingb. Decliningc. Using bears as its logod. Staying the same


Part A: Fall in the UK Share Prices

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rally / / a notable rise in stock market prices and trading volume after a decline 跌停回升；降后复涨

股票价格在今天收市前略有回升。Share prices had a late slight rally (n.) /had rallied (v.)

by the close of trading today. rally (v.) a great deal of support for their presidential ca

mpaign index / / a system by which prices, costs,

etc. can be compared to those of a previous date 指数a price index 物价指数 stock market indices 股市指数the cost-of-living index 物价消费指数

II. Vocabulary preparation(Politics) hold a peace/protest rally (n.)

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flagship / / the best and most important product, building, etc. that a company owns or produces 王牌；头号；佼佼者 (~ store/train/company 旗舰店 / 头等列车／公司 )the flagship of a newspaper chain 多家报社中的佼佼者the flagship of a line of reference books 参考书系列中的王牌

pun / / an amusing use of a word or phrase that has two meanings, or of words that have the same sound but different meanings 双关语She made the following pun: Seven days without water make one weak/week.

II. Vocabulary preparation

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executive / / relating to the job of managing a business or organization and making decisions 实行的；执行的；行政的an executive committee 执行委员会executive board 董事会 ; 理事会 executive responsibilities 行政责任

pension / / sum of money paid regularly by the State to people above a certain age and to widowed or disabled people, or by an employer to a retired employee 养老金；退休金；抚恤金draw one’s old-age pensionlive on one’s state pension

II. Vocabulary preparationv. execute a plan/a policy/one’s order

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shareholder / / someone who owns shares in a company or business 股东Our shareholders will be pleased with this year’s figures. 公司的股东会对今年的业绩感到满意。

share capital the amount of money put into a company by its shareholders when they buy shares and used to buy the items it needs to carry on its activities 股本；股份资本We need to increase our share capital if we want to expand. 我们要扩展业务，就需增加股本。

II. Vocabulary preparation

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Peter Sissons (1942-) a nationally known television news presenter in the United Kingdom. He has worked for ITN and BBC news and can currently be seen at the weekends on BBC News 24. 彼德 · 西森斯the FTSE 100 index an index containing the largest 100 companies by market capitalization listed on the London Stock Exchange 《金融时报》 100 指数 , 由英国金融界著名报纸《金融时报》编制。

III. Notes

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Hamleys a London toyshop founded in 1760 by William Hamley. Today, with around 5 million visitors a year, Hamleys is established as one of London’s major tourist attractions. 哈姆利玩具公司bear market a situation in which the value of stocks is decreasing 空头市场；熊市bargain basement a basement floor or floors in a department store where goods and apparel( 衣服 )are sold at reduced or discounted prices 廉价商品部

III. Notes

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Wall Street a street in New York which is the most important financial center in America 华尔街BBC the British Broadcasting Corporation, the British radio and television company that is paid for by the public 英国广播公司

III. Notes

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Watch the news clip and get a general idea of

what the news report is about. Peter Sissons: It was a tale of two very different

stock markets on either side of the Atlantic today. Shares in London fell again, but America’s stock market put up a big rally. Here, the FTSE 100 index fell nearly 81 to 3777. The London market’s fallen almost 30% in the past three months. But what does that loss mean for British companies and (1) ? Our Economics Editor, Evan Davis reports.

IV. Exercise: Spot dictation

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Evan Davis: Hamleys flagship toy store in London. Pardon the pun, but if any company understands life in a bear market, this should be it. A bear market is one where people want to sell, where prices are falling, where (2) . The word ‘bear’ in this context comes from an old proverb actually; selling the bear’s skin before one’s caught the bear. But does a bear market, or stock markets (3) , actually matter to real companies, like Hamleys?

Simon Burke: You know, it’s still selling as well as ever today, and…


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Evan Davis: Simon Burke is the Executive Chairman of Hamleys. As it happens, his company (4) . Sales up. Share price all right. Confidence holding up.

Simon Burke: I think in an economy like the UK, there isn’t a strong, direct connection between (5) of share prices and the stock market, and how consumers behave. It’s, it’s one or two steps removed. What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and (6) , which of course can begin to play on people’s minds.


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Evan Davis: But shares matter (7) too. They say how much a company is worth. Hamleys has 21 million shares, each one gives the owner one-21 millionth share of the company. A share today costs ￡ 1.69. That makes Hamleys worth ￡ 35 million. Now, the company made about two-and-a-half million pounds for shareholders over the last year, so the company is worth 14 times (8) .

Man: Get set, go!


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Evan Davis: That’s a good way of valuing shares. At the moment, they don’t look expensive, but not bargain basement either. And it matters that they’re not too cheap.

Simon Burke: For (9) , shares are one of the principal ways in which they raise new cash for investment. That’s part of the point of being on the stock market. So if shares go down, then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult.


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Evan Davis: Around the world, company spending on investment has followed the markets up, and then down again. (10) between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt. But ultimately stock markets do matter because even Toyland is a share-owning capitalist economy these days. Evan Davis, BBC News.


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Now, watch again and fill in the blanks.

Peter Sissons: It was a tale of two very different stock markets on either side of the Atlantic today. Shares in London fell again, but America’s stock market put up a big rally. Here, the FTSE 100 index fell nearly 81 to 3777. The London market’s fallen almost 30% in the past three months. But what does that loss mean for British companies and (1) ? Our Economics Editor, Evan Davis reports.

the wider economy


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Evan Davis: Hamleys flagship toy store in London. Pardon the pun, but if any company understands life in a bear market, this should be it. A bear market is one where people want to sell, where prices are falling, where (2) . The word ‘bear’ in this context comes from an old proverb actually; selling the bear’s skin before one’s caught the bear. But does a bear market, or stock markets (3) , actually matter to real companies, like Hamleys?

Simon Burke: You know, it’s still selling as well as ever today, and…

pessimists rule

in general


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Evan Davis: Simon Burke is the Executive Chairman of Hamleys. As it happens, his company (4) . Sales up. Share price all right. Confidence holding up.

Simon Burke: I think in an economy like the UK, there isn’t a strong, direct connection between (5) of share prices and the stock market, and how consumers behave. It’s, it’s one or two steps removed. What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and (6) , which of course can begin to play on people’s minds.

is doing well

the performance

risks to pensions


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Evan Davis: But shares matter (7) too. They say how much a company is worth. Hamleys has 21 million shares, each one gives the owner one-21 millionth share of the company. A share today costs ￡ 1.69. That makes Hamleys worth ￡ 35 million. Now, the company made about two-and-a-half million pounds for shareholders over the last year, so the company is worth 14 times (8) .

Man: Get set, go!

for another reason

its annual earnings


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Evan Davis: That’s a good way of valuing shares. At the moment, they don’t look expensive, but not bargain basement either. And it matters that they’re not too cheap.

Simon Burke: For (9) , shares are one of the principal ways in which they raise new cash for investment. That’s part of the point of being on the stock market. So if shares go down, then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult.

a public company


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Evan Davis: Around the world, company spending on investment has followed the markets up, and then down again. (10) between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt. But ultimately stock markets do matter because even Toyland is a share-owning capitalist economy these days. Evan Davis, BBC News.

The connections


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but America’s stock market put up a big rally … 而美国股市却重振雄风 Here, the FTSE 100 index fell nearly 81 to 3777. 在此，金融时报 100 指数跌了近 81 点，降至 3777 点。 But what does that loss mean for British companies and the wider economy? 但这些损失对于英国公司和经济大气候意味着什么呢？

V. Useful expressions

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A bear market is one where people want to sell, where prices are falling, where pessimists rule. 熊市中人们都急于抛售股票，股价一路下滑，悲观情绪一统天下。 Simon Burke is the Executive Chairman of Hamleys. 西蒙 · 伯克是哈姆利的执行总裁。 As it happens, his company is doing well. Sales up. Share price all right. Confidence holding up. 熊市来临时，其公司的销售状况良好。销量增长，股价稳定，一直令人信心十足。


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I think in an economy like the UK, there isn’t a strong, direct connection between the performance of share prices and the stock market, and how consumers behave. 我认为，像英国这样的经济实体，股价的涨跌、股市状况以及消费者的行为方式之间并无牢固的直接联系


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What can be dangerous is if there is a lot of talk in the newspapers about the destruction of wealth by falling stock markets and risks to pension, which of course can begin to play on people’s minds. 而可能造成危险的是，如果报纸上充斥着大量有关因股市下跌而破财和危及退休金的报道，这势必会开始影响民众情绪。 At the moment, they don’t look expensive, but not bargain basement either. 目前看来，它们并不昂贵，但也不是触底廉价。


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For a public company, shares are one of the principal ways in which they raise new cash for investment. That’s part of the point of being on the stock market. 对于一个股份公开公司而言，股票是其筹备现金进行投资的主要途径之一。这是公司上市的部分原因。 So if shares go down, then it means that companies do find it harder to use share capital to invest, and therefore investment can become more difficult. 如果股价下跌，那就意味着，公司的确感到难以运用股份资本投资，因此，投资会变得愈加艰难。


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The connections between what goes on in Hamleys, and what goes on in the City of London or Wall Street, are indirect and they’re slow to be felt. 哈姆利所发生的一切和伦敦或华尔街所发生的一切并非直接关联，它们之间的联系需要时日才会被察觉。


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Hong Kong Stock Market (Part B, Unit 17, A Multi-media English course for Graduate Students)

Vocabulary preparationrebound / /反弹；回弹；回升 telecommunication / /电讯；无线电通讯 credit-rating 有关信誉评价的，信用等级的 start-up / /新兴行业；创业企业 closure / / 关闭 , 停业，截止fluctuation / /波动 ; 变化 plunge / /骤降，猛跌 benchmark 基准点turnover / /成交额；营业额

VII. Additional listening

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blue chip the stock or investment that is considered to be safe and certain to make a profit　蓝筹股（稳而值钱的股票）

gloom / /使…变黑，变暗 merger / /合并；兼并；归并 acquisition / / 收购；获得 avenue / /途径；渠道 repay / /偿还；归还 track record a record of actual performance or a

ccomplishment 业绩表


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Script: Hong Kong Stock Market

Good evening. Share prices around Asia rebounded today following an over-night recovery on the US market. There were gains in both telecommunications and technology stocks. But credit-rating agency Standard & Pours has warned that some local Internet start-ups may face funding difficulties and closure because of the stock market fluctuations.


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Optimism appeared to have returned to the local stock market today following yesterday’s plunge. The benchmark, Hang Seng Index closed at 15,278, up 515.95 points. Total turnover was more than 12.5 billion dollars.


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Much of the buying was in blue chips, telecommunication stocks. Leading the rebound was China Telecom ( 中国电信集团公司 ), which gained nearly 8% and there was also buying in Hutchinson Whampoa ( 和记黄埔有限公司 ). Technology stocks also stablized at a relatively low level. Pacific Centric Cyber Works went up by more than 3%.


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The credit-rating agency Standard & Poor’s warns of doom and gloom for local Internet start-ups. A spokesman says many of them may face mergers and acquisitions because of funding difficulties.


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“We think that some of the companies may have to postpone their listings and they have to seek alternative avenues to raise funds like, for example, they may approach banks or raise debts, well, in foreign market or maybe raise funds through, you know, from some direct investment companies.”


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Standard & Poor says investors will take a high risk if they put their money on these Internet firms because they have little guarantee in their ability to repay debts and it’s hard to estimate when they may become profitable.


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The Chief Executive officer of Hang Seng Bank Vincent Chang says banks may be reluctant to lend to Internet start-ups because of their lack of track record and the banking industry is not familiar with their mode of operation.


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EVERY BUSINESS has its own language. To understand the stock market, let’s read one family’s breakfast conversation. Soon you’ll be “talking the talk”!

VIII. More about stock market

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JAMIE: (teenager) Did you hear that the new model of the cell phone I got last year has a built-in MP3 player?DAD: It sure sounds like Talk2Me knows teens. JAMIE: Don’t you own stock in Talk2Me? You should call your stockbroker to buy more. They make so many cool products!MOM: We bought stock when the company had its initial public offering a few years ago.


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JAMIE: What does that mean?MOM: Talk2Me went public so they could raise money, or capital, to expand and create new products like the MP3 phone.DAD: At the time, we only owned bonds, which are loans that investors make to corporations and governments. The lenders earn interest, and the borrowers get the money they need.

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MOM: We thought the value of communications industry stocks would grow over the long term. The stock market moves in cycles from a period when stock prices are generally rising, known as a bull market, to times when stock prices on the whole are falling, called a bear market.JAMIE: What makes stock prices rise or fall?DAD: Stock prices go up or down depending on supply and demand.

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JAMIE: What else influenced your choice in buying this stock?MOM: From our research, we also learned that Talk2Me pays its shareholders dividends,or money from it’s profits. You’re catching on...JAMIE: So does that mean I get a new MP3 phone?

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Do you know…?1. P/E stands for

price/earnings ratio. 2. A blue chip stock is

one that not many people have heard of.

3. Stock prices are determined by demand.


Answers:1. T ( 市盈率 )2. F (蓝筹股 )3. T

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Do you know…?4. Diversifying your

investments means to buy all your stocks in one type of company.

5. Speculation means taking a risk.

6. The amount by which the costs exceed the revenue is called the profit.

Answers:4. F (diversify=多样性投资 )

5. T (speculation= 投机 )

6. F (revenue=收入 )


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Do you know…?7. The Dow Jones

Industrial Average is the only average to serve as an indicator of movement in the market.

8. There are more than 1000 stocks listed on the New York Stock Exchange.

Answers:7. F (The Dow Jones In

dustrial Average =道琼斯工业平均指数 )

8. T (the New York Stock Exchange =纽约证券交易所 )


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Do you know…?9. What are three considerations you must

make when deciding which stocks to buy? - Economic Outlook (what does the news say? )

- Industrial Outlook (competition, availability of resources? )

- Company outlook (how is it managed, does it keep on latest technology, life cycle, merger or acquisition)


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Stock Index 股票指数 DJIA(Dow Jones Industrial Average) 道·琼

斯工业平均指数 Nasdaq Composite Index 纳斯达克综合指数 Standard & Poor’s 500 标准·普尔 500 指数 NYMEX(New York Stock Exchange Composite Index) 纽约证交所综合指数 Nikkei(Nikkei-Dow Jones Average) 日经—道

指数 Hang Seng Index 恒生指数

VIII. More about stock exchange

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Matching 股息率互助基金普通股年报经纪商债券资本利得市盈率

broker P/E ratio mutual funds capital gains bond annual reports equities dividend yield

VIII. More about stock exchange

Unit 2 Economy

Part B: Soaring Gas Prices

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Vocabulary Preparation:

relief / / money given by the government to help people who are poor, old, unemployed, etc. 救助；救济famine relief relief agency/organizationto send relief to flood victims 将救济物资运送给遭受水灾的灾民

unleaded / / not containing tetraethyl / / lead 无铅的；不含铅的unleaded gasoline 无铅汽油

I. Vocabulary preparation

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ripple / / to pass from one person to another like a wave （消息）传开；（声音）轻轻荡漾Panic rippled through Hollywood as the murders were discovered.a ripple (n.) of applause/laughter/fear

languish / / to remain unattended or be neglected 被冷落；未被注意或被忽视legislation that continued to languish in committee在这个委员会里继续被搁置的立法Conversation languished (冷下来了 ). Share prices languishes ( 停滞在 ) at $1.67.


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water down to make a statement, report, etc. less forceful by changing it or removing parts that may offend people - used to show disapproval 冲淡；打折扣water down whiskey / the supportI’ve watered down the report’s conclusions so as not to alarm the directors. 我把报告的结论加以淡化，免得使董事们惊慌。

controversial / / causing a lot of disagreement, because many people have strong opinions about the subject being discussed 引起争论的；有争议的a highly ~ movie/issue/decision/stand (on)


n. a point of controversy spark/arouse/cause a bitter ~ over/about/surrounding human rights

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substantial / / large in amount or number 充实的；丰富的substantial change/improvement/progresssubstantial reasons/arguments/evidencewon by a substantial margin 大胜

incentive / / thing that encourages somebody to do something; stimulus 刺激；激励economic/material/tax incentive (to do sth.)Money is still a major incentive in most occupations.

globe-trotting / / traveling through many countries seeing as many different things as possible 环球旅行的；周游世界的 (globe-trotter)


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convince / / to make somebody feel certain; cause somebody to realize 使某人确信；使明白It took many hours to convince the court of his guilt. 花费了许多个小时法庭才相信他有罪。I’m convinced of her innocence.

backup / / something that you can use to replace something that does not work or is lost 后援；支持a backup of material for emergency use 应急的备用物资a backup pilot 候补飞行员

stockpile / / a large supply of things that is kept ready for use in the future 贮存；储备oil/coal/nuclear/strategic stockpile


I’m convinced that she is innocent.

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petroleum / / mineral oil that forms underground and is obtained from wells sunk into the ground, from which petrol, paraffin, diesel oil, etc. are obtained by processing 石油 (= petrol ~ refining 炼油 )petrol filling station 加油站

reserve / / thing that put aside or kept for later use; extra amount available when needed 储备；储备量~ of food gold/cash/oil/foreign exchange ~s

marginal / / not significant or decisive 不重要的；少量的have a ~ effect on a ~ increase in paya matter of ~ importance ~ living conditions/income


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the bottom line used to tell someone what the most important part of a situation is, or what the most important thing to consider is 要点；关键之处If we make all the changes I am proposing, the bottom line (归根结底 ) is that the company will save ￡ 50,000.Why didn’t you tell me the bottom line (底细 ) right away?2 thousand – that’s my bottom line (底线 )


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Notes: Vienna / / the capital city of Austria, famous as a center for music since the 18th century, and the home of many famous composers, including Mozart and Beethoven 维也纳OPEC the Organization for Petroleum Exporting Countries, an organization of countries that produce and sell oil, founded in Baghdad, Iraq, in September 1960, to unify and coordinate members' petroleum policies. 石油输出国组织，欧佩克

II. Notes

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Kate Snow ABCNEWS White House Correspondent. Kate Snow joined ABCNEWS as Good Morning America’s White House correspondent in July 2003. 凯特 · 斯诺John Kerry presidential candidate, US Senator. Kerry entered politics in 1982, when he was elected lieutenant governor（副州长） of Massachusetts (马萨诸塞州 ). 约翰 · 克里

II. Notes

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the Congress the legislative( 立法的 )branch of the United States federal government. The United States Congress is bicameral( 两院制的 ), meaning that it has two houses: the Senate( 参议院 )and the House of Representatives(众议院 ). The Senate has 100 seats, one-third are renewed( 更换 )every two years; two members are elected from each US state by popular vote( 普选 )to serve six-year terms. The House of Representatives has 435 seats. Members are directly elected by popular vote to serve two-year terms from Congressional districts(选举区 ). 美国国会

II. Notes

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San Diego a city in southern California, US, which is a port, an industrial center, and a base for the US navy 圣地亚哥ANWR the Alaska National Wildlife Refuge. ANWR lies in the far northeast corner of Alaska, one of the last places on earth where an intact(完整的 )expanse(宽阔的区域 )of arctic(北极区的 ) and subarctic(亚北极区的 )lands is today in grave danger of being destroyed by those seeking whatever oil might lie beneath its fragile(易被毁坏的 ) tundra(冻土地带 ). 阿拉斯加国家野生动物保护区

II. Notes

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James Glassman a senior economist and director with JP Morgan Investment Bank. Glassman is the director of US Economic & Policy Issues Research. 詹姆斯 · 格拉斯曼JP Morgan Chase & Co. a global financial services firm with operations in more than 50 countries. The Company’s wholesale businesses are comprised of four segments( 部分 ): Investment Bank (IB), Treasury & Securities Services (TSS), Investment Management & Private Banking (IMPB) and JP Morgan Partners (JPMP). 摩根银行

II. Notes

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Go over the questions below before listening to the news report.1. According to the news report, what was the

Organization for Petroleum Exporting Countries going to do?

A. It was going to increase its oil production by 4 percent next month.

B. It was going to cut its oil production by 4 percent tomorrow.

C. It was going to increase its oil production by 4 percent tomorrow.

D. It was going to cut its oil production by 4 percent next month.

III. Multiple choice

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2. How much does a gallon of regular unleaded gasoline cost nationwide according to the news report?

A. $1.67. B. $1.78.

C. $1.76.

D. $1.87.


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3. What is the President’s plan to solve the energy crisis problem?

A. To introduce an energy bill. B. To provide relief.

C. To give tax incentives to encourage domestic oil production.

D. All of the above.


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4. What is John Kerry’s plan to deal with the problem of soaring gasoline prices?

A. To pressure OPEC to release more oil.

B. To convince OPEC nations to increase output.

C. To stop filling the nation’s backup stockpile of emergency crude oil.

D. Both A and C.


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5. According to the news report, ____________. A. there’s not much any president can do to

influence oil pricesB. there’s little that can be done short term to

influence OPEC C. the American drivers have to think twice before

deciding for whom to vote D. oil prices will never fall because of the global

demand for oil


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1st watching


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Now, watch the news clip again and answer the following questions or complete the unfinished statement.

2nd watching


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Answer: B

1. According to the news report, what was the Organization for Petroleum Exporting Countries going to do?

A. It was going to increase its oil production by 4 percent next month.

B. It was going to cut its oil production by 4 percent tomorrow.

C. It was going to increase its oil production by 4 percent tomorrow.

D. It was going to cut its oil production by 4 percent next month.


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Clue 1

In Vienna the Organization for Petroleum Exporting Countries said it was going to cut oil production by 4 percent tomorrow. That could help push gasoline prices even higher than they are today.


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Answer: C

2. How much does a gallon of regular unleaded gasoline cost nationwide according to the news report?

A. $1.67. B. $1.78.

C. $1.76.

D. $1.87.


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Clue 2

In San Diego regular unleaded is going for well over 2 dollars a gallon, the nationwide average $1.76, up 28￠ since December.


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3. What is the President’s plan to solve the energy crisis problem?

A. To introduce an energy bill. B. To give relief.

C. To give tax incentives to encourage domestic oil production.

D. All of the above.

Answer: D


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Clue 3

…And so the President and his Democratic rival are promising relief. The White House says the answer is its energy bill, but that’s languished in Congress for three years. The President’s energy plan also includes tax incentives to encourage domestic oil production.


79

4. What is John Kerry’s plan to deal with the problem of soaring gasoline prices?

A. To pressure OPEC to release more oil.

B. To convince OPEC nations to increase output.

C. To stop filling the nation’s backup stockpile of emergency crude oil.

D. Both A and C.

Answer: D


80

Clue 4:

John Kerry’s plan: first pressure OPEC to release more oil, …Kerry also wants to stop filling the nation’s backup stockpile of emergency crude oil, the strategic petroleum reserve.


81

5. According to the news report, ____________. A. there’s not much any president can do to

influence oil pricesB. there’s little that can be done short term to

influence OPEC C. the American drivers have to think twice before

deciding for whom to vote D. oil prices will never fall because of the global

demand for oil

Answer: A


82

Clue 5

The bottom line: There’s not much any president can do to influence prices at the pump.


83

Useful Expressions:

… the Organization for Petroleum Exporting Countries said it was going to cut oil production by 4 percent tomorrow. 欧佩克宣布自明天起各成员国将削减 4% 的原油产量。 That could help push gasoline prices even higher than they are today. 那将迫使现今的油价会有更大幅度的提升。

IV. Useful expressions

84

Gasoline already averages(v) a record of $1.76 a gallon nationwide, that’s 28￠ higher than it was at the beginning of the year. In San Diego regular unleaded is going for well over 2 dollars a gallon, the nationwide average (n) $1.76, up 28￠ since December.


85

Senator John Kerry, the Democratic candidate for President, and the Bush campaign have been blaming each other for the soaring cost of gasoline.民主党的总统候选人，参议员约翰 ·克里和布什的竞选团相互指责对方对油价飞涨负有责任。 So we’re going to take a closer look at whether either of their proposals will do anything to provide relief. 我们今天将进行深入调查，看看他们的解决方案能否缓解当前的局面。


86

Each time the Senate tried to pass it, it’s been watered down - the controversial provision for drilling in the Alaska National Wildlife Refuge or ANWR removed.每次参议院都试图通过这个议案，可议案总是被能否在阿拉斯加的国家野生动物保护区钻井采油而引发的争议冲淡，最后不得不撤销。


87

If you take ANWR off the table, then there is not much left in there to provide any substantial growth in domestic crude oil supplies.如果不将阿拉斯加国家野生动物保护区列入石油开采的范围，那么我们就没有多少石油贮备可供开采，来保证国内原油产量的大幅度上升。


88

John Kerry’s plan: first pressure OPEC to release more oil, but that hasn’t worked for this White House despite what it says are constant conversations with OPEC nations, and it didn’t work for President Clinton, whose globe-trotting energy secretary tried to convince OPEC nations to increase output.约翰 ·克里的计划包括：首先向欧佩克施加压力，促使它提高原油产量。尽管白宫和欧佩克之间经常进行磋商对话，但是白宫毫无斩获。在克林顿总统当政期间，其能源拓展部的秘书马不停蹄地游走于欧佩克各成员国之间，极力说服他们增加原油产量，但是也未见成效。


89

Kerry also wants to stop filling the nation’s backup stockpile of emergency crude oil, the strategic petroleum reserve. 克里还想通过动用美国的紧急能源储备，也就是战略石油储备来缓解能源紧张局面。 It might have had a very marginal effect,... 这项措施只起了微乎其微的作用


90

I don’t care whether there’s a Democratic Administration in place or a Republican Administration in place. 我不在乎究竟是民主党还是共和党执政Not the message most American drivers or voters want to hear. 这不是大多数美国司机和选民愿意听到的话。


Unit 2 Economy

Part C: Pushover Taxman?

92

pushover / / client, opponent, etc. who is easily convinced or won over; something that is easily done or attained 易被击败、欺骗或被说服的人；容易做成的事John is a pushover for girls with blue eyes.约翰很容易被蓝眼睛的女孩迷住。

bureaucracy / / the departments and their officials as a group 官僚部门及机构；官僚制度promised to reorganize the federal bureaucracy发誓整顿联邦官僚作风

evader / / one who avoids paying tax by illegitimate presentation of one’s finances 躲避者；规避者


93

evasion / / when you deliberately avoid doing something that you should do, or paying an amount of money that you should pay 逃避；回避evasion of responsibility 逃避责任 Legal non-payment of tax is called “tax avoidance”; illegal non-payment is “tax evasion”.合法的不支付税款叫作“避税”；非法的不交税是“逃税”。

intimidate / / to frighten somebody in order to make him do something 恐吓；威胁

felt ~d by his opponent‘s power and prestige为他对手的权利和威望所吓倒


94

scam / / (slang) a clever but dishonest way to get money; a fraudulent business scheme ( 俚语 )骗局；欺骗性的商业阴谋A number of employees were involved in a scam of selling confidential information about the company. 若干雇员涉及出卖公司机密的阴谋。

scheme / / a clever plan, especially to do something that is bad or illegal - used in order to show disapproval 阴谋；诡计a scheme to escape taxes 逃税的诡计Bubble Scheme 空头计划 , 骗局


95

crack down to become more strict in dealing with a problem and punishing the people involved 采取严厉手段；严加取缔The police are cracking down on illegal gambling. 警察对非法赌博正采取严厉措施。

conservative / / one favoring traditional views and values 保守派；因循守旧者 a conservative estimate 审慎的估计Aunt Mary’s a real ~. She’s totally opposed to women going out to work.玛丽姑妈是个极守旧的人，她根本反对女人外出工作。


96

hearing / / a meeting of a court or special committee to find out the facts about a case 听证会；聆讯to hold a hearing 举行听证会 gain/get/obtain a hearing 获得发言 [申诉 ] 机会

detail / / to list something fully, item by item; describe something fully 逐项列出；详述Could you ~ all your expenses on this form? 请把你的各项开支列在这张表格上。

outrage / / act or event that produces great anger and shock, especially because it is cruel or violent 暴行；严重违法 an ~ against public dignity 对公众尊严的肆意蹂躏to commit ~s 犯下暴行


97

zealous / / filled with or motivated by zeal 热心的；积极的~ missionaries热心的传教士She’s always ~ in performing her duties. 她总是积极地履行职责。

audit / / an official examination of a company‘s financial records in order to check that they are correct 审计；查账annual ~ 年度查账 financial ~ 财务审计

back off to stop supporting something, or decide not to do something you were planning to do 放弃原来立场 ; 让步 I saw that she was right, so I had to back off. 我看到她是正确的，所以我只好放弃原来的主张。


98

the IRS the Internal Revenue Service. IRS is the United States government agency that collects taxes and enforces( 实施 )the tax laws. It is a part of the United States Department of the Treasury(财政部 ). 美国联邦政府税务局the Caribbean / / the part of the Atlantic between the southern West Indies( 西印度群岛 )and Central America( 中美洲 ). 加勒比海

II. Notes

99

the Heritage Foundation a research and educational institute founded in 1973. It’s a think tank( 智囊团 )whose mission is to formulate(规划 )and promote conservative public policies( 国家政策 )based on the principles of free enterprise(自由企业 ), limited government(权力受限的政府 ), individual freedom, traditional American values, and a strong national defense( 国防 ). 美国传统基金会

II. Notes

100

1. The Internal Revenue Service has been very efficient in collecting taxes according to the news report.

2. More and more people are cheating on their taxes by using evasion schemes.

3. One of their favorite tax scams is to hide their money in offshore banks on some pleasant islands in the Pacific.

4. The IRS used to be aggressive and intimidating, which explains why there were fewer tax cheats.

5. According to the news report, the Congress is responsible for the rise in tax cheats.

III. Exercise: True or false

101


1st watching

Get a general idea of what the news is about.

102


2nd watching

Get ready to do the exercise.

103

Answer: False

1. The Internal Revenue Service has been very efficient in collecting taxes according to the news report.

Clue The Internal Revenue Services has long been

a feared bureaucracy, but a new report finds

the tax evaders are intimidated by the IRS less

and less.


104

Answer: True

2. More and more people are cheating on their taxes by using evasion schemes.

ClueMore and more people believe they can cheat on their taxes without getting caught… They have many tax scams.


105

Answer: False

3. One of their favorite tax scams is to hide their money in offshore banks on some pleasant islands in the Pacific.

ClueThey have many tax scams. A favorite one is to hide their money in offshore banks, often on pleasant islands in the Caribbean.


106

Answer: True

4. The IRS used to be aggressive and intimidating, which explains why there were fewer tax cheats.

ClueBack in 1997, conservatives rejoiced when Congress

held a series of hearings detailing outrages by overly

zealous IRS agents. …And the IRS has this unlimited

ability to freeze your bank account, to seize your financial

records, and in effect, to destroy your life overnight.


107

Answer: True

5. According to the news report, the Congress is responsible for the rise in tax cheats.

ClueUnder a heavy attack from Congress, the old aggressive IRS retreated into a kinder, gentler IRS, cutting back on audits and enforcement.

The fault is with Congress. They’re the ones that tell the IRS what to do, and in recent years, they’ve been telling the IRS not to go after the tax cheats.


108

It’s astonishing that the IRS isn’t taking the action we need to crack down on these 400,000 people who are stealing $40 billion a year from the rest of us. 令人震惊的是，联邦政府税务局并没有采取必要的措施打击这 400 ， 000个逃税者，这些人每年从我们合法纳税人这里偷走了400亿美元。


109

Back in 1997, conservatives rejoiced when Congress held a series of hearings detailing outrages by overly zealous IRS agents. 回顾 1997 年，国会举行了一系列听证会，一一列举了税务局过激分子们肆无忌惮的不法行为，保守党因此而欢欣鼓舞。


110

And the IRS has this unlimited ability to freeze your bank account, to seize your financial records, and in effect, to destroy your life overnight. 联邦政府税务局拥有的无限权力冻结你的存款，获取你的财政纪录，实际上，它可以一夜之间毁了你的生活。


111

Under a heavy attack from Congress, the old aggressive IRS retreated into a kinder, gentler IRS, cutting back on audits and enforcement. 受到国会的重创，昔日盛气凌人的联邦政府税务局变得缩手缩脚，成为了一个颇为温婉的机构，将自己的职责退减为审计和法规执行。


112

The IRS admits to ABCNEWS it backed off way too far on enforcement, but says it is trying harder now. Still, many Americans believe they can cheat on their taxes and get away with it. 联邦政府税务局向美国广播公司新闻记者坦言，在执法方面他们大大地放慢了速度，但他们在试图强硬起来。尽管如此，很多美国人还是相信，他们能够逃税，而且能够逃脱法律的制裁。


113

Congress, shocked by the growing number of tax evaders, now says it wants the IRS to get tough again. But Congress cut this year’s IRS budget request for enforcement, making it harder to collect $40 billion from tax cheats. 国会对逃税者不断增长的数量感到吃惊，如今，它希望联邦政府税务局恢复其强硬作法。但国会削减了联邦政府税务局用于加强征税措施的财政预算，这使得追讨 400亿美元的漏税款变得更为艰难。


114

Unemployment After Iraqi War

Vocabulary preparationcarrier / / an aircraft carrier 航空母舰sober / / dark; gloomy; grave 昏暗的；阴沉的；严峻的

recession / / an extended decline in general business activity （经济）衰退

mobility / / the movement of people 可动性 , 流动性 ; 能动性

V. Additional listening 1

115

under-employed/ / inadequately employed; employed only part-time 未充分就业的；半失业的

caterer / / a small restaurant; a place that can provide food or entertainment 小饭馆

turnaround / / a shift or change; a reversal 转变；反转；向后转

hemorrhage / / excessive discharge of blood from the blood vessels; heavy bleeding 大出血，大量流血

V. Additional listeningV. Additional listening 1

116

Claire: …tonight war and the economy. Thousands of sailors are coming home. It’s one of the most powerful signs that a war is really __________(1) and today in San Diego the super carrier U.S.S. Abraham Lincoln finally docked after nearly __________(2) at sea. We’ll have more on the reunion with eager __________(3) in just a moment. But these soldiers of course are coming home to a sober reality as well.


ending

10 months

loved ones

117

An economy that if anything is struggling more than it was when they __________(4). The government said today the ______________(5) is up to six percent, more than half a million jobs were lost in the last 3 months. And ABC’s Betsy Stark is here with the details. Betsy, those are sort of numbers you usually see in a recession. Betsy Stark: Well, Claire, in fact we’ve never seen__________(6) this big outside a recession, and __________(7) the economy is not in recession. For millions of Americans it’s becoming so hard to find a job, it feels like one.


set sailunemployment rate

job lossestechnically

118

The ________(8) time it takes to find a job increased to nearly 20 weeks last month, the longest in 19 years. Jobless Americans who contacted us on abcnews.com find it “maddening and __________(9),” “I worried I’ll be flipping hamburgers before long,” wrote one. __________(10) is considering working out of the country. For many including Corey Russell who lost his job as a sales executive more than a year ago, __________(11) means downward mobility, with 2 kids in college and only his wife’s __________(12) to live on, his house in southern California is for sale.


average

depressing

Another

survival

paycheck

119

Corey Russell: I was the breadwinner, I was able to __________(13) my family and I can’t anymore. So __________(14), it is really stressful for me. Sometimes I just feel as though my days are just __________(15).

Betsy Stark: Beyond the 8.8 million Americans now officially unemployed arethe nearly 5 million more who are _____________ (16). Part time workers like Sharon Viner, a single mother in New York City, who wants and needs a full time job. Two years ago, she was earning $100,000 a year __________(17) at a Wall Street bank. Now she is making $8 an hour waitressing for a caterer.


provide foremotionally

meaningless

under-employed

as a manager

120

Sharon Viner: How bad is bad? I guess having less than $500 in the bank, being May 2nd and not having your rent to pay, spending all of your __________(18), verge of bankruptcy. It’s bad, as bad as it gets. Looking ahead, few economists see a quick turnaround.

Jared Bernstein (Economic Policy Institute): There’s just not enough growth in this economy to keep these losses from __________(19) month after month, at least in the near term.


savings

occurring

121

About the best thing that can be said about today’s report is that April’s job losses were smaller than February’s and __________(20). As one economist put it, we’re still bleeding, but at least the hemorrhaging has stopped, Claire?

Claire: Perhaps some can take comfort in that. Betsy Stark, thank you for that.


March’s

122

Small-Town USA May Offer Solution to Outsourcing

Vocabulary preparationoutsourcing [商 ]外部采办 ,外购商shift 转移entrepreneur 企业家revive (使 ) 复兴outsmart 以智取胜 ; 比 ...更精明Silicon Valley 硅谷 ( 美国一高科技区名 )

VI. Additional listening 2

123

Vocabulary preparationhooked up to 接通，连接（电脑）Baltimore巴尔的摩 , 美国马里兰州的一城市Starbucks 星巴克咖啡店recruit 招收新雇员backlash （政治或社会上的）对抗性反应mainframe [计 ]主机renaissance 复兴


124

Questions:Why did many American workers lose their jobs?Outsourcing.What makes it possible for farm country to compete with foreign countries according to the news report?High-speed computer lines.What attracts more and more companies to move their high-tech operations to rural areas?Costs and the risks of doing business overseas.


Unit 2 Economy

Part D: Greenspan Urges Social Security Cuts

126

over-commit / / to allocate or apportion money, goods, or resources in amounts incapable of replacement 调拨过度New research reveals that people over-commit because we expect to have more timein the future than we have in the present.

monkey wrench (informal) something that will cause problems or spoil someone’s plans 破坏性因素He threw a monkey wrench into our plans.


127

presidential / / relating to a president 总统的a presidential government 总统制政府a presidential election 总统 [总裁 ]选举

stark / / unpleasantly clear and impossible to avoid 赤裸裸的；严厉的faced with that stark future 面对严酷的未来His language has become increasingly stark, to the point of sounding strident. 他的话愈加生硬，甚至听起来刺耳。


128

head off to prevent something from happening, especially something bad 阻止；防止The company changed its plans in order to head off a rebellion by shareholders. 公司改变了计划以防止股东们的反对。

loom / / to seem imminent; impend 迫在眉睫；看似即将发生；迫近The threat of war loomed over the country. 战争的阴影在向这个国家逼近。


129

demographic / / of or relating to study of statistics of births, deaths, diseases, etc. of a community 人口的；人口统计的changing demographic trends 变化中的人口统计趋势

bum / / to ask someone for something such as money, food, or cigarettes 乞求；乞讨


130

the Federal Reserve Board the central bank of the United States, founded by Congress in 1913 to provide the nation with a safe, flexible and stable monetary and financial system. It is composed of a central Board of Governors and twelve regional Federal Reserve Banks. Alan Greenspan currently serves as the Chairman of the Board of Governors of the Federal Reserve. (FRD) 美国联邦储备委员会 , 美国联邦储备体系的监管机构。

II. Notes

131

American economist and Chairman of the Federal Reserve Board. Alan Greenspan took office June 19, 2004, for a fifth term as Chairman of the Board of Governors of the Federal Reserve System(Fed 联邦储备体系 , 美国的中央银行，负责监管美国的货币及金融系统 ).

II. Notes

Alan Greenspan (1926-)

美国联邦储备委员会主席艾伦·格林斯潘

132

Dr. Greenspan also serves as Chairman of the Federal Open Market Committee( 公开市场委员会，为美国联邦储备体系制定利率及信贷政策的机构 ), the System's principal monetary policymaking body. He originally took office as Chairman and to fill an unexpired(期限未满的 )term as a member of the Board on August 11, 1987. Dr. Greenspan was reappointed to the Board to a full 14-year term, which began February 1, 1992, and ends January 31, 2006. He has been designated Chairman by Presidents Reagan, Bush, Clinton, and Bush.He is considered by many to be the leading authority and key participant concerning United States domestic economic policy

II. Notes

133

social security a US government program into which workers must make regular payments, and which pays money regularly to old people and people who are unable to work 社会保障；社会保险

II. Notes

134

Bob Jamieson ABC News Correspondent. Jamieson joined ABC NEWS in 1990 based in New York and reports for World News Tonight with Peter Jennings, Nightline and other ABC News Programs. 鲍勃 ·詹姆森

II. Notes

135

1. What do you know about social security?

2. What warnings does Alan Greenspan give to Congress?

3. What does the looming crisis in social security mean to the Baby Boomers?

4. What are some of the issues the presidential candidates have to think about in their campaign?

5. In your opinion, will the Democrats and Republicans do anything about social security? Why or why not?

Go over the questions below:

III. Exercise: Discussion

136

1st viewing

Get a general idea of what the news is about.


137

2nd viewing

Get ready to do the exercise.


138

Alan Greenspan said the federal budget was over-committed and could not afford to maintain current benefits once all the Baby Boomers begin retiring. 艾伦· 格林斯潘宣称，联邦财政预算已不堪重负，一旦“婴儿潮”的这一代人临近退休，政府将无力承担，为其维持现有的退休保障金。


139

There have been warnings before, of course. But this, among other things, was a monkey wrench tossed right into a presidential campaign. 当然，此前也有过类似警告，不过，这恰恰是适逢总统大选的困扰性问题之一。


140

It was a stark warning from the Federal Reserve Board Chairman: Congress must act now to head off a looming crisis in social security. 美联储主席发出严重警告：国会现在必须想办法解决这场即将来临的社会保障制度危机。


141

We will eventually have no choice but to make significant structural adjustments in the major retirement programs. 我们最终别无选择，必须对几大退休制度做出重大的结构调整。


142

Greenspan gave Congress two options: either cut benefits by changing the cost of living adjustment or delay the retirement age in the future so Americans will work longer. 格林斯潘为国会提供了两种方案：要么调整生活水准来削减福利，要么推迟退休年龄，以使美国人工作年份延长。


143

…dramatic demographic change is certain to place enormous demands on our nation’s resources, demands we almost surely will be unable to meet unless action is taken. 急剧的人口变化必然对国家资源提出巨大的需求。我们只有采取行动才真的有可能满足这种需求。


144

The first wave of 77 million baby boomers hits the minimum retirement age in four years and reaches 65 in seven years. As more Americans draw social security, fewer workers will be paying into the system. And economists said today, the question is not whether there will be cuts, but who will bear the burden. 未来的四年内，第一波 7700万的“婴儿潮”人口高峰将达到最低退休年龄，在七年后就达到 65岁。因此，将会有越来越多的美国人支取社会保障金，而缴纳资金支撑社会保障体系的劳动力将越来越少。经济学家们说，当今的问题不在于是否要缩减保障基金，而在于谁将缴纳这笔资金。


145

President Bush’s response to his Fed Chairman was measured. 布什总统对美联储主席的回答非常有分寸。Democrats smelled a campaign issue.民主党嗅到了竞选的硝烟。


146

Greenspan and scores of economists have been pushing for changes for two decades. But this is an election year, and neither Democrats nor Republicans today showed any sign of touching social security. 这二十年间，格林斯潘和不少经济学家一直都在努力推行社会保障体制的改革。但是，如今恰逢大选年，不管是民主党还是共和党，如今都没有显露出要着手处理该社会保障问题的征兆。


147

Fed Chairman Alan Greenspan told Congress that without reform, Social Security costs could cause the economy to 'stagnate or worse.'

V. Supplementary reading

148

Fed chief: Expect Social Security cuts

Greenspan tells Congress that cuts in future retirement benefits are all but inevitable.

March 15, 2005: 5:12 PM EST By Kathleen Hays, CNN economics correspondent


149

NEW YORK (CNN/Money) - Federal Reserve Chairman Alan Greenspan told Congress that the mounting （增长）

financial pressure of a wave of retiring baby boomers is so great that cuts in future government retirement benefits are all But （几乎） inevitable.


150

The Fed chairman told the Senate Special Committee on Aging（参议院老龄化特别委员会） that the nation has about three years to work out a fix. “In 2008, the leading edge（先锋） of what must surely be the largest shift from retirement in our nation‘s history will become evident as some baby boomers become eligible（符合条件的） for Social Security," he said in his prepared remarks.


151

By that date, the population 65 years and older will be more than one-fourth of the adult U.S. population, Greenspan said, referring to forecasts by the Social Security trustees（托管理事或董事） . That would be up from 17 percent currently.


152

“This huge change in the structure of our population will expose all our financial retirement systems to severe stress and will require adjustments for which there are no historical precedents（史无前例） ," he said.


153

This huge demographic shift is the main reason why Social Security and Medicare are facing enormous financial obligations that he says cannot be met without some choices that most in government are loath（不愿意） to make.


154

“At present, the Social Security trustees estimate that the unfunded liability（无资金准备的负债） over the indefinite future to be $10.4 trillion,” Greenspan noted in his prepared remarks. “The shortfall（短缺的数额） in Medicare is calculated at several multiples（倍数）of the one in Social Security."


155

“These numbers suggest that either very large tax increases will be required to meet the shortfalls or benefits will have to be pared back（削减） ," he said.


156

Greenspan also stressed that rising spending on Social Security, Medicare and Medicaid( 由各级政府资助、以穷人和伤残者为对象的 )医疗补助 ( 制度 ) is one more reason why the federal budget “is on an unsustainable（无法维持的） path, in which large deficits（赤字） result in rising interest rates and ever-growing interest payments that augment（扩大） deficits in future years."


157

“Unless the trend is reversed（改变） , at some point these deficits would cause the economy to stagnate（停滞；不景气） or worse," he said.


158

Senator Hillary Clinton challenged the Fed chairman on his support for tax cuts early in President Bush‘s first term. Many Democrats blame the tax cuts for helping turn the budget surplus（预算剩余） that existed at the end of President Clinton's first term into record deficits, and lately more and more have accused Greenspan of favoring Bush policies, contrary to his official status as an independent chairman of the Federal Reserve.


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Greenspan said most leading economists at the time had expected budget surpluses to stretch into the future, citing forecasts by the Office of Management and Budget（管理和预算办公室） as well as by the bipartisan Congressional Budget Office（得到两党支持的国会预算署） . And he said that he had also pushed for（奋力争取） tight rules on Congressional spending and more fiscal discipline（财政纪律） .


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“I don‘t think that the issue is a question of taking a wholly different view... It turns out we were all wrong,” he said, referring to the prevailing budget surplus（预算盈余） forecasts. He also said that he would take the same position again if he was faced with the same circumstances.


161

Senator Clinton finished her questioning with a quick parting shot（争论结束时的尖刻回答） : “Just for the record（必须郑重声明） , we were not all wrong, but many people were wrong."


162

Greenspan also repeated his support for some kind of private investment accounts（私人投资帐户） . The main reason he gave is that putting part of people‘s retirement taxes in a private account would be like putting them in a “lock-box” so that the funds could not be diverted（挪用 ( 资金 )） into spending on other government programs.


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Greenspan错误估计了 90 年代末美国 Budget Surplus 的持续时间并支持大幅减税，而这最终导致巨额财政赤字成为美国政府的直到今天还深陷其中的棘手问题。再者， Greenspan 1998 年决定不刺破股市泡沫的建议至今仍存争议。


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Homework:

Please visit the following websites: 1. www.chinadaily.com.cn/english/doc/20

05-01/31/content_413791.htm and listen to:VOA Special speed news-Social security, part 1 –part 2

2. www.putclub.com/article.php?articleid=320 and listen to: President Bush Discusses Strengthening Social Security in Radio Address 2005-03-12.

VI. Home listening

Unit 2 Economy

Part E: Shoppers, Beware!

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caveat emptor / / the principle that the person who buys something is responsible for checking that it is not broken, damaged, etc. 顾客留心（货物出门概不退换，由买主自行当心）

devious / / using dishonest tricks and deceiving people in order to get what you want 不正直的；不光明正大的；狡猾的；欺诈的


167

catalogue / / a complete list of things that you can look at, buy, or use 目录；目录册

crucifix / / a cross with a figure of Christ on it 十字架

bootie / / women’s short lined boot （女用）短统靴

cripple / / to hurt someone badly so that they cannot walk properly 使残废


168

resemblance / / the state or quality of resembling, especially similarity in appearance or in external or superficial details 相似；类似之处

gimmick / / a trick or something unusual that you do to make people notice someone or something, used to show disapproval 骗人的玩意儿；花招；（广告等中的）噱头

rebate / / an amount of money that is paid back to you when you have paid too much tax, rent, etc. 回扣；折扣


169

deceptive / / intended to make someone believe something that is not true 欺骗性的；不实的

idiot / / someone who is mentally ill or has a very low level of intelligence 白痴；傻瓜


170

Financial Management

Vocabulary preparation1. charge card: 赊账卡 , 签帐卡2. debit card: 借记卡3. pay off:还清 (债务等 )付清，赢利4. endowment: 捐赠 , 捐赠的基金 (或财产 ), 捐款5. eye-opener: 使人惊奇的事物，大开眼界的事物6. allowance: 津贴；补助7. chore: 家务杂事8. saving’s account: 储蓄帐户9. checking account: 活期账户

II. Additional listening-1

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Abuse of Credit Cards

Vocabulary preparation1. issue:发行2. abuse: 滥用3. invasion of privacy：侵犯隐私4. confidential: 秘密的 , 机密的5. ex-con: 从前曾被判刑的人6. personality profile:个性特征图解

III. Additional listening-2

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Projects: Choose a project.

1. Write a 200-250 word report on The Energy Crisis and Its Impact on the Global Economy.

2. Conduct a library research on China’s social welfare system and the problems with the current social welfare system. Prepare a short presentation on your findings to the class.

3. How common is investing in shares in China? Design a questionnaire to find what motivates people to invest in the stock market.

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Economy单一经济 one sided economy; single product economy外向型经济 export-oriented economy滴入式经济 trickle-down economy地下经济 underground economy多种经营 diversified economy二元经济 dual economy 网络经济 cybereconomy振兴经济 rejuvenate/revive the economy 刺激经济发展 stimulate economic growth 经济支柱 the back-bone/pillar of the economy

174

国民生产总值 gross national product (GNP)

国内生产总值 gross domestic product (GDP)

按成本要素计算的国民经济总值 GNP (Gross National Product) at factor cost

城市经济学 urban economics

报销 apply for reimbursement

对冲基金 hedge fund

恶性通货膨胀 hyperinflation

多退少补 refund for any overpayment or a supplemental payment for any deficciency

175

2.1 Economy-Policies保证重点支出 ensure funding for priority areas保障措施 supporting measures 保护主义 protectionism地方保护主义 regional protectionism脱贫致富 "cast (shake, throw) off poverty and set out on a road to prosperity"保持国民经济发展的良好势头 maintain a good momentum of growth in the national economy充分利用两个市场，两种资源 fully utilize both domestic and international markets and resources

176

从粗放经济转变为集约经济 shift from extensive economy to intensive economy

粗放经营 extensive operation

粗放式管理 extensive management

粗放型 extensive form

粗加工产品 rough-wrought product

差额拨款 balance allocation

对外经济技术交流 economic and technological exchange with the outside world; foreign economic and technological exchanges

对外招商 attract foreign investment

177

菜篮子工程 shopping basket program反倾销措施 anti-dumping measures against产权明晰、权责明确、政企分开、科学管理 "clearly established ownership, well defined power and responsibility, separation of enterprise from administration, and scientific management “产权制度、产权关系 property relations; property order产权划转和产权变动 the transfer of and changes in property rights of enterprises 层层转包和违法分包 multi-level contracting and illegal sub-contracting

178

促进全球经济一体化 foster integration with the global economy在巩固公有制主体地位的同时 , 促进多种所有制经济共同发展 alongside fortifying the status of the public ownership as the mainstay, it is also encouraged to witness common development of different systems of ownership中华人民共和国保护台湾同胞投资实施条例 Implementation Rules of the P.R.C. on the Protection of Investments by Compatriots from Taiwan自主经营 , 自负盈亏 responsible for their own management decisions, profits and losses

179

2.2 Economy-Organizations保兑银行 confirming bank地下钱庄 illegal private bank 城市合作银行 urban cooperative bank城乡信用社 credit corroborative in both urban and rural areas国有独资商业银行 wholly state-funded commercial bank北欧投资银行 Nordic Investment Bank非银行金融机构 non-bank financial institutions

180

巴黎证券交易所 Paris Bourse

被摘牌的公司 delisted company

国土局 Land and Resources Bureau

保监会 the China Insurance Regulatory Commission

东盟自由贸易区 ASEAN Free Trade Area

NAFTA North American Free Trade Area 北美自由贸易区翻牌公司 government-body-turned company

博鳌亚洲经济论坛 Boao Forum for Asia (BFA)

181

Trade补偿贸易 compensatory trade垂直贸易 vertical trade促进对外贸易多元化 diversify our trading partners; promote the diversification of foreign trade多边贸易谈判 multilateral trade negotiation TILF (Trade and Investment Liberalization and Facilitation)贸易和投资自由化和便利化加工贸易 trade involving the processing of supplied raw materials 多边贸易谈判 multilateral trade negotiation

182

2.4 Economy-Banking本票 cashier's cheque备用资金 reserve fund保证金 margins, collateral保证金帐户 margin account保值储蓄 inflation-proof bank savings保值利率 index-linked interest rate; inflation-proof interest rate报价单 quotation of prices标书 bidding documents持平 hold the line

183

边际报酬 marginal return边际效益 marginal benefit不良贷款 non-performing loan打包贷款 packing credit (loan)冲帐 strike a balance; counter-balance accounts; reverse an entry筹资 raised capital/proceeds筹资渠道 fundraising channels 贬值 devalue, devaluate, depreciate (of a currency)偿付能力 solvency超支户 household (or family) living perpetually in debt

184

储备基金 reserve funds呆帐 dead account 存储能力 storage capacity存款保证金 guaranty money for deposits存款单 Certificates of Deposits存款准备金制度 reserve against deposit system存量资本 stock of capital垫付 "advancement, payment on account" 短期放款 money at call and short notice短期债务 floating debt多头账户 long account

185

Insurance & Social Security

不可抗力 force majeure养老保险 retirement insurance养老保险制度 the old-age insurance system医疗保险 medical insurance医疗保险制度 the medical insurance system城镇社会保障体系 urban social security system城镇职工医疗保险制度改革 medical insurance for urban workers吃皇粮 receive salaries, subsidies, or other supported from the government吃劳保 live on labor insurance allowance

186

Production产权转让 transference of title of proper产品构成 product composition产品积压 overstocked products产品结构 product mix产品生命周期分析 LCA (Life Cycle Analysis)产销两旺 both production and marketing thrive产销直接挂钩 directly link production with marketing半成品 semi-manufactured goods; semi-finished products包工包料 contract for labor and material

187

短线产品 products in short supply; goods in short supply非配额产品 quota-free products非商标 (非专利 ) 产品 generic products沉没成本 sunk cost成本分摊 sharing costs成本效益 cost-effectiveness成本效益分析 cost-efficiency analysis承包 contract with承包经营权 contract for the managerial right承建 contract to build

188

2.7 Economy- Sales惨淡经营 work hard and carefully to keep one's business going仓储式超市 stockroom-style supermarket大型廉价商店 warehouse store 变相涨价 disguised inflation薄利多销 small profit, large sale volume； small profits but quick returns; small profits and good sales包购包销 exclusive right to purchase and sell包销人 /承销商 underwriter承购包销 underwrite

189

促销 promote sales; promotion搭售 conditional sale; tie-in sale搭送 throw in大酬宾 give a large discount to one's customers or guests大出血 make a big markdown大减价 markdown sales大贱卖 big offering倒挂销售 sell at a price lower than the purchasing price对奖活动；抽彩售货 raffle传销 pyramid sales; multi-level marketing电视直销 TV home shopping

190

售后服务 after-sale services销售景气指数 sales index 二级市场 secondary market等价交换 equal value exchange处理价格 bargain price; reduced price等外品 "off-grade goods, rejects"处理品 items for disposal大路货 1.cheap goods; 2. popular goods of fine quality储运 storage and transport处理存货 sell-off出口转内销 domestic sales of commodities originally produced for exports

191

2.8 Economy- Consumption超前消费 pre-mature consumption; over consuming; excessive consumption; spend beyond one's means持币待购 wait to buy with cash in hand储币待购 save for purchases充值卡 rechargeable card电老虎 electricity guzzler; big power consumer冲动性购买 impulse buying; impulse shopping耐用消费品 durable consumer goods, consumer durables消费膨胀 inflated consumption

192

消费结构 pattern of consumption消费税 consumption tax消费信贷 consumer credit services消费者权益日 International Day for Consumers' Rights and Interests消费者物价指数 consumer price index消费者协会 consumers' association销售景气指数 sales index明明白白消费（ 2000年保护消费者权益工作主题） transparent consumption 合理引导消费 guide rational consumption境外消费（服务贸易） consumption abroad

193

Assets & Investment

国有资产管理体制 State property management system

国有资产流失 loss of state assets

剥夺不良资产 strip bad assets off

投标 bid for; tender for

投资风险 investment risk

投资环境 investment environment

投资信心 investor confidence

投资制约机制 investment control mechanism

投资主体 the investment subject

194

Tax & Tariff保护关税 protective duty/tariff保护价格 protective price保税仓库 bonded warehouse保税区 the low-tax, tariff-free zone; bonded area; tax-protected zone报复性关税 retaliatory duty 报关员 declarant财产税 property tax; estate/capital duty财政税收 revenue tax;fiscal levy; fiscal taxation; financial taxation独立关税区 separate customs territory

195

反补贴税 countervailing duty费改税 transform administrative fees into taxes费改税改革 tax-for-fees reform分税制 system of tax distribution销项税 output tax统一税 "flat tax, consolidated tax" 纳税人 tax payer; tax bearer纳税申报制度 tax declaration system特许税 franchise tax企业所得税 corporate income tax费改税改革 tax-for-fees reform个人所得税法 the Law on Personal Income Tax

196

2.11 Economy-Finance财政年度 fiscal year财政收入 fiscal revenue财务报表 financial statement财务代理人 fiscal agent财务公开 keep the public informed of the financial affairs财政、信贷双紧方针 policy of tightening control over expenditure and credit财政包干 fiscal responsibility system财政赤字 financial deficit财政纪律 financial and economic discipline

197

吃饭财政 payroll finance; mouth-feeding budget-----a large proportion of the budget has been earmarked for paying salaries of government functionaries

地方财政包干制 system whereby local authorities take full responsibility for their finances

建立公共财政的基本框架 establish the basic framework for a system of public finance

地方财政包干制 system whereby local authorities take full responsibility for their finances

198

2.12 Economy-Industries传统产业 conventional industries

窗口行业 various service trades

朝阳产业 sunrise industry

国民经济支柱产业 pillar industries in national economy

第二产业 secondary industry

第三产业 tertiary industry; service sector

包装业 packaging business

博彩（业） lottery industry

199

服务行业 catering industry后备工业 supporting industry 三产 tertiary industry 下游行业 downstream industry 产业不景气 industrial depression产业的升级换代 upgrading of industries产业结构升级 upgrading of an industrial structure产业升级 upgrade industries工商联营 combined management of industry and commerce

200

Enterprise全资企业 exclusively-invested enterprises独立核算工业企业 independent accounting unit(enterprise)非国有工业企业 non-state industrial enterprises私人企业 private enterprise私营企业 privately-run enterprise搞活国有大中型企业 revitalize large and medium-sized state owned enterprises技工贸结合的科技型企业 scientific and technological enterprises that integrate scientific and technological development with industrial and trade development

201

创利 generate profit创业精神 enterprising spirit; pioneering spirit创业园 high-tech business incubator; pioneer park创业者 start-up不正当竞争 unfair competition创意 create new ideas or concepts垂直管理 vertical management点子公司 consultancy company改制上市 An enterprise is re-organized according to modern corporate system so that it will get listed on the stock market.

202

企业的自我约束机制 self-regulating mechanism of enterprises企业技术改造 technological updating of enterprises企业亏损补贴 subsidies to cover enterprise losses劳动密集性企业 labor-intensive enterprises 工程项目 engineering project独立董事 independent director二次创业 start a new undertaking法人代表 legal representative收购兼并 merger and acquisition分业经营 divided operation/ management

203

Projects

半拉子工程 uncompleted project全优工程 all-round excellent project上马 start a project试点工程 /项目 pilot project三峡工程 Three Gorges Project 长江三峡和黄河小浪底水利枢纽工程 the key water projects at the Three Gorges on the Yangtze River and at Xiaolangdi on the Yellow River潮汐电站 tidal power stations防洪工程 flood-prevention project南水北调工程 divert water from the south to the north project

204

Imports & Exports

成套引进 package import出口创汇能力 capacity to earn foreign exchange through exports出口创汇型产业 export-oriented industr出口加工区 export processing zones出口卖方信贷 seller's credit on exports出口退税率 export rebate rate出口退税制度 the system of refunding taxes on exported goods; export (tax) rebate出口押汇 bill purchased (B/P); outward documentary bill

205

2.16 Economy-Stock&Bonds炒汇 / 股 speculate in foreign currency/stock 参股公司 joint stock company参股者 equity participant保息股票 guaranteed stock保持国有股 keep the State-held shares操纵股票市场 manipulate the stock market国有股 state-owned shares国有股减持 state stock reduction; reduce state's stake in listed companies次新股 sub-new stock第二上市 secondary listing

206

搀水股票 water-down stocks (ordinary stocks that can be bought by persons inside a stock company or a business at a cost lower that their face value)定向增发 additional stock issue tailed for... 跌幅 range of a price drop多头市场 bull market法人股 corporate shares分拆上市 A subsidiary company of a corporation is listed on the stock market.纳斯达克 National Association of Securities Deal Automated Quotations (NASDAQ)

207

首次公开发行的股票 initial public offering (IPO)

首次上市（股票） IPO (Initial Public Offering)

国库券 treasury bonds

特种债券 special bonds

国债贴息贷款 T-bond discount loans

倒汇 speculate in foreign currency

倒买倒卖 profiteering

倒票 speculative reselling of tickets

倒爷／奸商 profiteer

Business

Warm Up Activities