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1、2020年最新商务英语中级翻译复习题整合2020年商务英语中级翻译复习题：(一) The mortgage-rescue plan 抵押贷款救援安排 Will the bail-out work? 救援安排会奏效吗? Oct 3rd 2008 | NEW YORK, WASHINGTON, DC From E The bail-out becomes law after the House reverses its rejection. Money markets call for urgent attention 救援安排在众议院由推翻变为通过后成了法案。货币市场亟需重点关切 “CRISES
2、 have the power to unite us in strange ways.” So said Steny Hoyer, the Democratic majority leader in the House of Representatives, in an article on Friday morning that pleaded for passage of the $700 billion bail-out plan. United they were. The House voted by a huge 263-171 margin for the bail-out,
3、a dramatic reversal of the 228-205 rejection on Monday. On Friday October 3rd 172 Democrats backed the bill, up from 140; 91 Republicans did so, up from 65. As the Senate had already approved the bill, it was immediately signed by George Bush. “金融危机使我们以一种生疏的方式团结到一起。”美国众议院多数党(民主党)领袖Steny Hoyer在周五早上一篇
4、恳求国会通过7000亿救援方案的文章里如是说。他们的确团结到了一起。众议院以263对171的大规模票数差距通过了救援安排，这与周一的228对205推翻形成了显明的对比。在周五(10月3日)的投票中，172位民主党议员赞成，比周一上升了32人;91位共和党人赞成，比周一上升了26人。因为参议院已经批准了此项议案，所以很快就会被布什签署(使之生效)。 The rejection on Monday was caused by conservative Republicans who said it was socialism, by Liberal Democrats who said it di
5、d not do enough for poor people, and fears by many that voters would fire them for bailing out Wall Street. The rejection triggered a plunge in stocks and a scramble to sweeten the bill. In the end numerous, mostly unrelated, items have been grafted on, from higher federal deposit-insurance limits t
6、o a tax exemption for wooden childrens arrows. The tide was turned because of that, nausea over market turmoil, news that non-farm employment sank by 159,000 in September (the steepest in five years) and because of furious business lobbying. 周一众议院的推翻主要是由于两方面的缘由，一是共和党保守派人士认为这是社会主义行为;二是民主党自由派人士认为此项方案对
7、穷人帮助不足，并担忧选民因为其挽救华尔街而抛弃他们。周一的推翻引发了股市的暴跌并促使政府快速修改美化此项法案。最终，很多不相关的条款被加入其中，从更高的联邦储户保险限制到儿童玩具工厂的免税措施。投票形势之所以变更，是因为众议员不堪市场混乱，非农劳动人口就业数九月下降159，000(这是五年来的最大降幅)的消息而且还有生气的商业团体游说的因素。 Now the real test comes: will it help? The Treasury is expected to take a week to set up the auctions for the first mortgage pu
8、rchases, and the first purchases could therefore take place within weeks. Henry Paulson, the treasury secretary, could act sooner: he has the authority to buy mortgages from individual institutions or inject capital into them if they are nearing failure. 现在，真正的考验到来了：这个法案是否会奏效呢?财政部安排用一周的时间来打算支配第一笔购买抵
9、押贷款资产的拍卖会，因此第一笔购买交易会在几周内完成。财长保尔森很快就会行动：他有权从私人机构购买抵押贷款资产或是给面临倒闭的机构注资。 Speed is of the essence. Banks are loth to lend to each other, except at record punitive rates and for the shortest of periods. Most want their money back within a day. Massive liquidity injections by the Federal Reserve and other
10、central banks have done little to unclog the pipes. 速度是极其重要的。银行间极其不情愿相互拆借，除非对方能够承受一个破纪录的惩处性的利率以及最短的期限。很多银行希望他们借出的钱能够在一天内归还。美联储及其它央行的大规模流淌性资金注入并未使市场流淌性不足的状况改善多少。 Worse, the availability of short-term loans to companies is shrinking at an alarming rate. The market for commercial paper has shrunk by ar
11、ound $600 billion since last summer, with almost $100 billion of the reduction coming in the past week alone. This hurts companies large and small. General Electric has had to raise new capital partly because of funding concerns. Retailers report problems financing purchases of holiday-season invent
12、ories. The head of AutoNation, a car dealer, told CNBC that “banks were looking for every excuse to say noWeve gone from a credit crunch to a credit panic.” Firms say that some banks are trying to invoke “market disruption” clauses to cut credit lines or raise the fees for renewing them, leaving cor
13、porate treasurers unsure how long they can pay employees or buy raw materials. 更糟的是，公司可运用的短期贷款正在以惊人的速度下降。商业票据市场自去年六月以来萎缩了约6000亿美元，而仅在过去的一周里就削减了1000亿美元。这对大大小小的公司都有损害。通用电器不得不筹集新的资金，部分缘由就是由于对融资的忧虑。零售商也报出其在购买假日季节物品的融资上也有问题。汽车销售商AutoNation的老板告知CNBC：”银行在找寻各种理由对你的贷款申请说不我们已经从信贷紧缩到信贷恐慌了。”银行在竭力引用”市场混乱 “的条款来减小
14、信贷或是提高费率以使其复原元气，但是这使得企业财务主管不能确定他们多久才能给雇员发工资或是多久才能去购买原材料。 The pain is reaching municipalities and states. Alabamas Jefferson County is on the verge of bankruptcy. Californias governor, Arnold Schwarzenegger, has reportedly given warning, in a letter to the Treasury, that his state is running out of c
15、ash to fund day-to-day operations and may need an emergency loan of $7 billion from the federal government. 这些状况已经波及各个州和自治市。阿拉巴马州的杰弗逊郡已经面临破产。加州州长施瓦辛格据说已在一封给财政部长的信中发出警告：他的州维持日常运行的现金即将耗尽，须要从联邦政府紧急贷款70亿美元。 While the Troubled Asset Relief Programme, or TARP, may ultimately unfreeze the mortgage market,
16、restore confidence to banks and restart lending, that may take too long for a far more pressing problem, the blockage in the money markets. Tellingly, the yield on short-term government debt-the most popular destination for investors seeking safety-barely budged after the vote. Bank-to-bank loan spr
17、eads fell only slightly. American stockmarkets gave up gains built up in the hours before the vote. 问题资产救援安排(TARP)可能最终会解困抵押市场，重塑银行信念并重新起先放贷，但是还须要很长时间来解决一个燃眉之急的问题：货币市场的堵塞。特别说明问题的是，短期政府债券(投资者寻求平安的最流行的目的地)的收益在众议院表决后改变不大。银行间拆借利差只有略微下跌。美国股市最终将投票前数小时的积累的涨幅完全跌尽。 While the TARP may lift confidence, the timi
18、ng and extent to which it boosts their capital will depend on the prices paid, which remain unclear. Moreover, the target is moving. Even if house prices stabilise soon, non-mortgage credit will go on deteriorating as the economy shrinks. Bank regulators will have their work cut out as failures moun
19、t among small and medium-sized lenders. More will seek sanctuary in the arms of stronger rivals. On Friday Wachovia threw itself at Wells Fargo, only four days after Citigroup had agreed to buy its banking operations in a government-backed deal. Citi threatened to sue. 在TARP可能提升信念的同时，它购买资本的时机和范围程度依靠
20、于支付的价格，而这价格尚未明朗。此外，目标也在转移。即使房价很快企稳，非抵押信贷会随着经济下滑而接着恶化。随着倒闭风潮起先在小型和中型的银行(借贷机构)中扩散，银行监管者将会停止他们的工作。很多这样的中小银行会投身于大型银行以寻求庇护。在政府的撮合下，花旗集团答应购买美联银行的银行业务部门四天后，美联银行将其卖给富国银行。花旗威逼将会提出诉讼。 The crisis is intensifying in Europe, where governments have been forced to prop up several banks in the past week. European l
21、eaders are due to meet this weekend to discuss forging a more co-ordinated response, possibly including a continent-wide bank-rescue fund. And doubts about solvency are spreading beyond banks. After a sharp drop this week in the share prices of large American insurers, such as MetLife and Prudential
22、, they came under pressure to raise fresh capital as a bulwark against the storm. 欧洲的状况更糟。欧洲各国银行在上周被迫注资支持几家银行。欧洲几国领袖预定将在本周末会面商讨出台更加协调合作的应对措施，可能包括一个整个大陆范围的银行挽救基金。而对偿付实力的疑虑已经超出银行范畴，在其它金融机构也扩散开来。在本周股价急剧下挫后，几家大型美国保险商，例如MetLife 和 Prudential迫于压力不得不募集新的资本作为防护堡垒来抵挡风暴的攻击。 Until the TARP shows results, the pr
23、essure remains on the Federal Reserve to contain the crisis. Ben Bernanke, the Fed chairman and the main driver behind the TARPs creation, congratulated Congress for demonstrating the “governments commitment to do what it takes to support and strengthen our economy”. His language was remarkably simi
24、lar to what he used, as an academic, to describe Franklin D. Roosevelts attack on the Great Depression. Mr Bernanke made it clear that he included the Fed in that commitment: “We will continue to use all of the powers at our disposal to mitigate credit market disruptions and to foster a strong, vibr
25、ant economy.” The Fed has already expanded its balance sheet by around $600 billion since August, an amount not much smaller than the entire TARP, as it replaces evaporating private credit with central bank credit. The odds are high it will also cut its short-term interest rate, now 2%, to 1.5% eith
26、er at or before its policy meeting at the end of October. 在TARP有效果前，美联储限制危机的压力依旧特别大。作为TARP出台的主要推动者，美联储主席伯南克庆贺国会，因为这显示了”政府为此所付出的正是支持和加强我们的经济。”伯南克的这番言语颇似他以前作为学者时，形容富兰克林D.罗斯福总统抵挡大萧条举措的论调。伯南克明确的是，他将美联储也置身这个”付出”之中：”我们会接着自行运用我们全部的权力来减缓信贷市场的瓦解，并培育出一个强壮的，充溢活力的经济体。”自八月以来，美联储已将其资产负债表扩大了6000亿美元(这是一个比整个TARP安排小不
27、了多少的数目)，这将会用中心银行信贷来代替消逝的私人信贷。美联储在十月底的政策会上或之前，下调短期利率(从现在 的2%调至1.5%)的可能性很高。 2020年商务英语中级翻译复习题：(二) Financial crisis 金融危机 Into the land of the unknown 前途未卜 Sep 30th 2008 | LONDON, NEW YORK, WASHINGTON, DC From E Global market turmoil continues after the rejection of the mortgage-rescue plan in America 美国
28、救市安排遭拒后全球市场接着混乱 Reuters HOW many votes in Congress will the latest financial upheaval change? That is the calculus underway in Washington, DC, after the House of Representatives defeated the proposed $700 billion mortgage-rescue plan by 228 to 205 on Monday September 29th. Democrats backed it by 140
29、 votes to 95, while Republicans opposed it by 133 to 65.最近的金融巨变将变更多少国会的选票?这是继9月29日周一众议院以228票反对：205票支持挫败7000亿美元救市安排之后，华盛顿正在进行的计算。对此项救市安排，民主党140票支持：95票反对，而共和党则是133票反对：65票支持。 Bankers had been under no illusions that the tweaked Paulson plan would cure all the financial systems ills. But most had seen i
30、t as a step in the right direction, and had expected it to pass. Its rejection sent stockmarkets into freefall. The Dow Jones Industrial Average finished down by 7%, and suffered its biggest-ever points loss. Perhaps fittingly in an economy that is in danger of sliding into depression, the only stoc
31、k among the 500 in the SP index that finished higher was Campbells Soup. The SP closed 29% below its peak. Reflecting fears that consumer demand will wilt, shares of Apple Computer, creator of the iPhone, fell by 18%. The rout continued in Asia and Europe on Tuesday morning. 银行家们对妥协后的鲍尔森的救市安排会治愈金融系统
32、的疾患不抱幻想。但是他们中的大多数认为该救市安排是往正确的方向前进，并希望它能够得以通过。救市安排遭拒引起股市重挫。道琼斯工业平均指数下跌7%，创历史最大点数跌幅。或许，对一个有着滑向萧条之危急的经济体来说，标准普尔500指数股票里收盘唯一上涨的一只股票是 美国汤品生产商金宝汤(Campbells Soup)就是再平常不过的事情了。标准普尔500指数比其历史峰值跌29%收盘。iPhone开发者苹果公司的股票下跌18%,反映出市场对消费者需求 将会萎缩的恐慌。美国股市收盘后,亚洲股市还在下挫，欧洲股市的下挫则持续到周二早晨。 Worse, credit markets, already dysf
33、unctional, were brought close to breaking point. Banks grew even less willing to lend to each other on Monday, and money-market funds fled anything with a whiff of risk. Some corporations are struggling to roll-over commercial paper, short-term debt issued to finance working capital, payroll payment
34、s and the like. In an effort to keep money markets from drying up, the Federal Reserve has doubled the size of a vital lending facility for banks, to $300 billion, and expanded agreements with other central banks that funnel dollars to lenders abroad. 更糟的是，已经运转不良的信贷市场面临崩溃。周一，银行更为不愿相互拆借，一有风 吹草动，货币基金就
35、出逃任何投资项目。一些公司苦苦挣扎于结转商业票据，发行短期债券来筹措流淌资金，支付工资和其他费用。在维持货币市场流淌性的努力 中，美联储把一项对银行的关键贷款供应规模翻番，达到3000亿美元，并且延长了与其他央行关于它们为在海外经营的美国的银行注资的协议。 These unprecedented injections are aimed at easing concerns that weak participants in the interbank market will fail to honour their debts. But many banks are now assumed
36、to be not only illiquid but insolvent. Last week Washington Mutual, a thrift saddled with rotten mortgages, became the largest-ever American lender to fail. And on Monday Citigroup agreed to buy most of the assets of Wachovia, an even bigger American bank, in a deal brokered by regulators. The pain
37、has suddenly grown much more intense in Europe, too. 这些空前的注资举措目的在于缓解忧虑，这种忧虑是：孱弱的参加者在同业拆借市场上 无实力偿还其所欠债务。但是现在很多银行被认为不仅仅是流淌性差，而且是无偿付实力。上周，不堪承受大量不良抵押的一家储蓄银行华盛顿互惠银行 (Washington Mutual)破产，成为美国有史以来最大的倒闭银行。周一花旗集团同意购买大部分美联(Wachovia)资产，美联是一家比华盛顿互惠银行规模更大的 银行，此项交易由监管方撮合。金融危机的痛楚在欧洲也急剧增加。 The no vote was a big bl
38、ow to George Bush, Hank Paulson, the treasury secretary, and Ben Bernanke, the Federal Reserve chairman. They gave dire warnings of the consequences of an unchecked crisis, in hopes of persuading Congress to approve an unusually aggressive and early fiscal intervention. (It took many more years for
39、a systemic response to widespread failures of American savings and loan banks in the 1980s). But because the intervention is relatively early, voters have yet to see much impact from the crisis on their lives. “On Monday morningthe sun came up and a lot of people went to work, and they couldnt under
40、stand what this panic was in Washington,” Paul Kanjorski, a Democrat from Pennsylvania, told Mr Paulson last week. It was far easier for voters to relate to $700 billion of their taxes being spent on a mess in Wall Street. 对乔治?布什，财长汉克?保尔森，联储出席本?伯南克而言，推翻票是一大打击。他 们曾对不遏制危机的后果给出警告，寄希望于劝服国会通过此项非比一般地主动地也是
41、早期地财政干预。(上世纪80年头，对美国储蓄和贷款银行普遍破产的一个 系统化处理耗费了很多年)。但是因为此次干预相对要早，选民们没有意识到这场危机对他们的生活的重大影响。宾夕法尼亚州民主党人保罗坎乔斯基(Paul Kanjorski)上周对保尔森说道：“周一早晨“太阳升起，人们赶去上班，他们无法理解华盛顿在恐慌什么。”对选民们来说，认同这7000亿美元他们纳的税被奢侈在华尔街的废物上倒是更为轻而易举的事情。 Party leaders largely agreed with the diagnosis, as did the presidential candidates of both pa
42、rties. But polls showed that voters were split; constituent phone calls and e-mails ran heavily against the bill. Administration officials and party leaders are back at work trying to find a way to get at least 12 members to switch their vote; the betting both on Wall Street and in Washington, DC, i
43、s they will succeed. (Passage in the Senate is considered less problematic.) But it should not be taken for granted. Without amendments, anyone who changes his vote will face fierce criticism when he seeks re-election. Any amendments to appease Republicans could cost Democratic support, and vice-ver
44、sa. 政党领袖们很大程度上同意对此次金融危机的诊断，连两党的总统候选人也赞同。但是民调显示了选民立场的分裂：反对救市方案的游说电话和邮件纷沓至来。执政官员和政党领袖重新回到此项工作上来，试图使至少12个反对成员改弦易辙;华盛顿和华尔街都预料他们能够办到。(在参议院通过问题不大)但这不应当被看作是他们就欣然接受。倘如对该方案未加修订，任何人变更自己原先立场都会在其再次面临选举时(寻求连任时)受到严苛的指责。另一方面，任何迎合共和党的修订都会损耗民主党的支持，反之亦然。 “You cant let one days trading dictate public policymaking,” ar
45、gues Scott Garrett, a New Jersey Republican and member of the Republican Study Committee, a block of conservative members who led opposition to the bill. “The markets going to be a factor, but were looking at the larger picture.” Recalcitrant Republicans would rather see a programme to sell insuranc
46、e to banks against mortgage defaults, rather than buying assets from them. The Treasury strongly opposes this approach. But there may be other grounds for compromise, such as relaxing mark-to-market accounting or extending the Federal Deposit Insurance Corporations guarantee of a banks liabilities t
47、o more than just the first $100,000 of each customers deposits. Other proposals include giving banks more time to deduct mortgage-related operating losses from future taxable profits, letting companies repatriate foreign profits tax-free and improving the tax treatment of losses sustained by banks o
48、n their holdings of Fannie Mae and Freddie Mac stock. “你不能让单日交易量来指示公共政策制定,” 科特?盖瑞特(Scott Garrett)主见，他是新泽西州共和党人，也是共和党探讨委员会的成员，这个委员会由一批领导反对此项救市方案的保守人士组成。“市场将是一个主要问 题，但是我们着眼于全局。”执拗的共和党人宁愿看到一个对银行出售保险以抵挡抵押违约损失的安排，也不情愿从银行手里收购资产。财政部剧烈反对这种方法。 但是或许有其他妥协的余地，比如放松按市价调整的会计或者提高美国联邦存款保险公司对银行债务的担保，突破原先的每个客户存款担保10万美元的上限。其他建议包括给银行更长的时间从将来的应税收入中扣除目前抵押贷款业务的相关损失;让公司得以免税把在国外所得利润存回美国;并且改善在持有房地美和房利美的股票方面，银行所蒙受的损失的税收待遇。 For their part, more Democrats might back the proposal if the administration also agreed to more fiscal stimulus, in particula