次贷危机起因影响英文详解Finanial_Crisis_Ntes_fr_Leture.docVIP

PAGE PAGE 1 Financial Crisis Notes for Lecture By Tony Zhou Write down everything you know about the financial crisis on a piece of paper. Then after we’ve finished talking about this for three weeks, check your paper and see how correct you were. Write down things you learned over the three weeks. Part One: Who Is Everybody? Ben Bernanke2006 - nowTreasury SecretaryHenry PaulsonPresidentGeorge W. BushExecutiveAlan Greenspan1987 - 2006JudicialSenateHouseCongressLegislativeFederal ReserveChairman Ben Bernanke 2006 - now Treasury Secretary Henry Paulson President George W. Bush Executive Alan Greenspan 1987 - 2006 Judicial Senate House Congress Legislative Federal Reserve Chairman The government is split into 3 branches: Legislative (which makes the laws), Judicial (which decides if the laws are legal), and Executive (which performs what the law says). These three branches are designed to balance each other and prevent any one branch from becoming too powerful. Similarities between Treasury Secretary and Federal Reserve Chairman: Both are chosen the same way. First, President Bush has to select a person and nominate that person to the Congress. Congress has to check the person, his background, his education, and his opinions. The final decision is made by a vote in Congress. Differences between Treasury Secretary and Federal Reserve Chairman: After being approved, the Treasury Secretary works for the President. The Federal Reserve Chairman is basically independent and runs the Federal Reserve (a really big bank) however he wants. The Fed Chairman must report to the President and to Congress, but he does not have to follow their orders. In other words:- Paulson’s job is to serve the President. Bernanke’s job is to serve the good of the economy.- Paulson controls the Treasury, which is all the money the government uses to run itself. Bernanke controls the Federal Reserve, which is the money supply of the entire country.- Paulson controls fiscal policy, which focus