2014年度北京外国语大学高翻学院英汉同声传译考研初试辅导讲义资料(部分).pdfVIP

2014年北京外国语大学高翻学院英汉同声传译考研初试辅导讲义资料 英中笔译1 Fixing Finance AS IF collapsing prices were not enough, American mortgage firms now have to cope with home rage. Borrowers vent their fury on the system that is repossessing their properties by smashing holes in walls and tipping paint over living-room carpets. Something similar is going on in the house finance built. Faith in open markets has been poisoned by a crisis that has spread from one asset to the next. First there was disbelief and denial. Then fear. Now comes anger. For three decades, public policy has been dominated by the power of markets—flexible and resilient, harnessing self-interest for the public good, and better than any planner-in-chief. Nowhere are markets deeper and more liquid than in modern finance. But finance has stumbled and there are growing calls from all sides for bold re-regulation. New rules became inevitable the moment the Federal Reserve rescued Bear Stearns and pledged to lend to other Wall Street banks. If taxpayers are required to bail out investment banks, the governments need to impose tighter limits on the risks those banks can take. This week Hank Paulson, Americas treasury secretary, unveiled a longer-term plan to deal with this and other weaknesses in Americas regulatory system (see article); and next week the G7 finance ministers will meet in Washington, DC, where they will discuss a report on the crisis by the Financial Stability Forum. It is natural and right that regulators should seek to learn lessons. The credit crisis will damage not just the reputation of the financial system but also the lives of those who lose their houses, businesses and jobs as a result of it. But before governments set about reforming financial regulation, they need both to be clear about the causes of the crisis and to und