首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
One lesson of the financial crisis is this: when the entire financial system succumbs(屈服)to panic, only the government is powerf
One lesson of the financial crisis is this: when the entire financial system succumbs(屈服)to panic, only the government is powerf
admin
2013-10-08
52
问题
One lesson of the financial crisis is this: when the entire financial system succumbs(屈服)to panic, only the government is powerful enough to prevent a complete collapse. Panics signify the triumph of fear. Troubled Assets Relieve Program(TARP)was part of the process by which fear was overcome. It wasn’t the only part, but it was an essential part. Without TARP, we’d be worse off today. No one can say whether unemployment would be 11% or 14%; it certainly wouldn’t be 8.9%.
That benefited all Americans. TARP, says Douglas Elliott of the Brookings Institution, "is the best large federal program to be despised by the public." The source of outrage is no secret. Bankers are blamed for the crisis and reviled. The bank bailout—TARP’s first and most important purpose- was unpopular. Most Americans, says Elliott, "believe that taxpayers spent $ 700 billion and got nothing in return."
What this ignores is that an alternative being promoted at the time was widespread nationalization of banks. The cost would have been many times higher; the practical problems would have been enormous. As it was, TARP invested $245 billion in banks. The extra capital helped restore trust. Meanwhile, the Federal Reserve increased its lending; the Federal Deposit Insurance Corp. guaranteed $ 350 billion of bank borrowings. Banks resumed dealing with each other because they regained confidence that commitments would be honored. Of the $245 billion invested in banks, the Treasury has already recovered about $244 billion, including interest payments, dividends(红利), and cash from sold bank stock warrants. So the bank rescue has roughly broken even. When TARP’s remaining bank investments are closed, the Treasury expects an overall profit of about $ 20 billion.
Almost all of TARP’s activities have been distasteful. This was surely true of the rescue of General Motors and Chrysler. But the automakers’ collapse would clearly have worsened already gloomy unemployment. Did we really want these companies to shut down, with some plants sold to foreign automakers? We need to remember that TARP was a desperate program for desperate times. But some criticisms are broad generalities that, on inspection, are highly suspect. One common assertion is that TARP will encourage more reckless risk-taking because big financial firms know they’ll be bailed out if their gambles backfire. Bankers keep profits but are protected against losses, which are assumed by the public.
This is a serious issue, but TARP’s legacy is actually the opposite. During the crisis, investors in banks and financial institutions suffered huge losses. It wasn’t predictable which institutions would survive and which wouldn’t—or on what terms. The same would be true in the future. Indeed, TARP’s extreme unpopularity compounds uncertainty, because it suggests that politicians will recoil(退缩)from more bailouts. The moral hazard is more imagined than real.
What do we learn about TARP from the first paragraph?
选项
A、It played an important role in combating fear in the financial crisis.
B、It was considered as the last resort used by the federal government.
C、It made more people lose their jobs and more firms go bankrupt.
D、It caused great panic and confusion among the US citizens.
答案
A
解析
事实细节题。第一段提出问题资产纾困计划的重要作用:它是战胜恐惧过程的一部分。它不是唯一的部分,但是必不可少的部分。由此可见,问题资产纾困计划在抗击金融危机的恐惧中扮演重要的角色,因此答案为A)。
转载请注明原文地址:https://kaotiyun.com/show/EF27777K
0
大学英语六级
相关试题推荐
ProfessorKumarBhatt,founderandheadofWarwickManufacturingGroup(WMG),andRobMeakin,apersonneldirectoratMarconi,h
ProfessorKumarBhatt,founderandheadofWarwickManufacturingGroup(WMG),andRobMeakin,apersonneldirectoratMarconi,h
A、Shefeelsveryhotintheroom.B、Shewantstoavoidmeetingpeople.C、Shewantstosmokeacigaretteoutside.D、Shedoesn’tl
AreWeTurningintoaNationofLoners?Marriageisdown,andsoischildbirth.Butdivorceisup,alongwithsingle-person
TheNationalAssociationofSecuritiesDealersisinvestigatingwhethersomebrokeragehousesareinappropriatelypushingindivi
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtuallyeverypartoftheworld.Theonevaluethat
A、Bydoingoddjobsatweekends.B、Byworkinglonghourseveryday.C、Byputtinginmorehourseachweek.D、Bytakingshorterva
Corporationsasagroupofferavarietyofjobs.Mostlargecompaniessendpeopletocollegesto【B1】______graduatingstudents
A、TotourthemostfamoussightsofinterestinChina.B、ToinvestigatethecomputermarketinChina.C、Tonegotiateacontract
Onceitwaspossibletodefinemaleandfemaleroleseasilybythedivisionoflabor.Menworkedoutsidethehomeandearnedthe
随机试题
基础性原则
患者男性,43岁,丙肝病史10年,2年来出现乏力,腹胀,食欲减退,偶有牙出血和鼻出血。4小时前,进食较硬食物后突然出现恶心,呕新鲜血含有血块,共约1000ml。查体:血压85/45mmHg,脉搏110/min,神志淡漠。上消化道出血的病因最可能为
某项目的固定资产原值为3000万元,无形资产和其他资产为2000万元,若净残值率10%,预计使用年限为10年。采用平均年限折旧法,则第一年应提取的折旧额为()万元。
个人投资者买卖基金单位应缴纳的税收包括印花税和所得税。()
保护未成年人的工作,应当遵循下列原则()。
关于中国共产党历史上的“第一”,下列选项中不正确的是()。
下雨:路滑( )。
明朝设立申明亭,用以调处基层纠纷,稳定统治秩序。可以由申明亭调处的案件是()
阅读以下应用说明及VisualBasic程序代码,将应填入(n)处的字句写在对应栏内。【应用说明】某应用程序可选择打开用户指定的文本文件,将其内容显示在指定的文本框内供用户编辑,并将编辑后的结果保存在用户指定的文件中。运行时的窗口如图6-1所示
Americansstillfollowmanyoftheoldways.Youngpeoplestillgetmarried.Ofcourse,manydogetdivorced,butthey【S1】_____
最新回复
(
0
)