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 powe
One lesson of the financial crisis is this: when the entire financial system succumbs (屈服) to panic, only the government is powe
admin
2012-08-05
12
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 percent.
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 did the $ 245 billion investment in banks bring about?
选项
A、Numerous practical problems remained unsolved.
B、The government suffered a severe economic loss.
C、More thoughtless risk-taking appeared in financial firms.
D、Banks got trust again and began to take on a new look.
答案
D
解析
细节辨认题。第三段主要讲述问题资产纾困计划对银行的救助。问题资产纾困计划向各家银行投资2 450亿美元。这额外的资金帮助银行恢复了信用。银行的生意又重新开始了,因为它们重树信守承诺的信心。由此可见,由于2 450亿美元的救助资金,银行又得到了信任,开始呈现出新面貌,因此答案为D)。
转载请注明原文地址:https://kaotiyun.com/show/L1b7777K
0
大学英语六级
相关试题推荐
Idon’tthinkyoujudgedyourabilityobjectively______.(在求职时).
ThecurrentemergencyinMexicoCitythathastakenoverourlivesisnothing.Icouldeverhaveimaginedformeormychildren.
Thereisaphenomenaillthepresent.Theaveragenumberofauthorsonscientificpapersisskyrocketing.Whatisthemainreaso
Internationalairlineshaverediscoveredthebusinesstravelers,themanorwomanwhoregularlyjetsfromcountrytocountryas
ReturningtoScienceTeresaGarrettwasworkingpart-timeasabiochemistrypostdoc(博士后).Shehadaninfantathome,andshe
Judgingfromrecentsurveys,mostexpertsinsleepbehavioragreethatthereisvirtuallyanepidemicofsleepinessinthenatio
Itis,however,necessarytohandoverareceiptforthelastrental______inrespectoftheassignmentofleaseholdproperty.
Theemployer_________thelettertohissecretary,whowroteitdowninshorthand.
Thereasonsbehindthelackofphysicalactivityinvariousnations______(除了汽车和电视的普及外,还包括都市化).
Forthispart,youareallowed30minutestowriteashortessayentitledIsItaWasteofTalent?Youshouldwriteatleast150
随机试题
宋明理学
ThedirectorAwascriticalBatCthewayweDweredoingthework.
咳声清脆者,多属
男性,60岁,以往有劳力型心绞痛,长期服用硝酸甘油,病情尚稳定,近1个月来胸痛再次发作,位于胸骨下段,且多发生在午睡时或晚间入睡后,服硝酸甘油无效,起床站立后可缓解。以往有胆石症史,但从无发作。一周来患者胸痛,发作在清晨5时,且疼痛时间较长,心电图示
下列关于肺癌的描述不正确的是()
张某因涉嫌贪污罪被人民检察院立案侦查,后被取保候审。张某在取保候审期间严重违反有关规定,人民检察院认为需要变更为逮捕措施。请结合案例,回答下列问题:在取保候审期间,张某应当遵守的规定有()。
控制的基本要求包括()。
防腐蚀涂层采用喷涂法是使用最为广泛的涂装工艺,它的优点是()。
根据《水利水电工程标准施工招标资格预审文件》,资格预审公告应当明确载明的申请人资格要求有()。
基因是控制生物性状的遗传物质的基本结构单位和功能单位。()
最新回复
(
0
)