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  3. The impact of the coronavirus on the U. S. economy will be grave; potentially graver than the Great Recession of 2008-2009. JPMo

The impact of the coronavirus on the U. S. economy will be grave; potentially graver than the Great Recession of 2008-2009. JPMo

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问题     The impact of the coronavirus on the U. S. economy will be grave; potentially graver than the Great Recession of 2008-2009. JPMorgan Chase projects that gross domestic product may shrink 14 percent between now and the end of June.
    No one has a certain template for how to limit the harm. It is both urgent and possible to define the predicament correctly, however. The United States is not confronted with a financial crisis and a follow-on crisis of demand, as in 2008 or 1929. Rather, previously robust consumption and production are being deliberately halted to save lives. Thus, traditional tools of monetary and fiscal stimulus, such as zero interest rates and direct cash aid to households, are unlikely to prove decisive.  You can’t shop, or invest in new construction, while on lockdown.
    The vital need of everyone in the economy, from the corner drugstore to the local transit authority to the mightiest multinational, is liquidity: credit to meet payroll and other key obligations so as to remain solvent until the end of what we all must hope is a finite crisis.
    Senate Majority Leader Mitch McConnell’s $ 1 trillioninitial proposal seems realistically sized but poorly conceived. Where cash relief must be reserved for the poorest and those newly jobless, his package would deliver less of it to the bottom of the income scale than to the middle. Where the private sector as a whole needs quick and, above all, flexible access to credit, the proposal would assign   $150 billion on a sectoral basis, to airlines, hotels and others admittedly hard-hit.
    Far better to use the Federal Reserve’s power to act as a lender of last resort, not only to the financial sector, as in past crises—and as it is already doing now—but to business generally, using the existing commercial banking system as intermediary. Congress’s part would be to provide a large pool of capital to support such loans, which, as former Fed official Kevin Warsh and others have suggested, would charge interest and require collateral to protect taxpayers against inevitable losses.
    This would both permit and incentivize companies and lenders to shape cash relief in the economically most sustainable manner. It would be self-limiting in duration; presumably the need for emergency credit will dissipate as the emergency does. Like the successful Troubled Asset Relief Program in the Great Recession, this aid, too, would be paid back.
The monetary and fiscal stimulus fails to play a vital role this time in that_________.
选项 A、shopping and construction are impossible
B、America is facing a graver financial crisis than in 2008
C、U. S.   is promoting robust consumption and production
D、direct cash aid may put a huge burden on the authorities
答案A
解析 细节题。根据题干关键词Monetary and fiscal stimulus可定位到第二段。该段最后一句意为“因为处于封锁状态时，您无法购物或投资兴建”，故答案为[A]。该段第二句指出“美国没有像2008年或1929年那样面临金融危机和随之而来的需求危机”，[B]选项与原文意思相反，故排除。该段第三句指出“相反。有意停止了先前强劲的消费和生产以挽救生命”，[C]选项与原文意思相反，故也排除。该段第四句指出“传统的货币和财政刺激政策，例如零利率和对家庭的直接现金援助，不太可能起决定性作用”，[D]选项为无中生有。
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