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  3. (46)At a time when Wall Street firms are being punished for misleading investors about dot-com stocks during the bubble, it’s al

(46)At a time when Wall Street firms are being punished for misleading investors about dot-com stocks during the bubble, it’s al

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问题     (46)At a time when Wall Street firms are being punished for misleading investors about dot-com stocks during the bubble, it’s all too easy to confuse financial excitement with technological reality. Many people are quick to dismiss any talk of an "Internet revolution" as so such’ 90s chatter. (47)There is a world of difference between crazy evaluations and serious technology, between Internet stocks and the Net itself. While investors have been complaining about their fate, chief executives have been busy embracing the Net. It’s time to get over the bubble talk and get real about technology’s promise.
    Or risk falling behind. The strong upturn in profits last quarter during a period of weak economic growth is proof to the productivity—enhancing power of the Net. Through boom, bust and recovery, annual productivity growth has powered along at around 2.5%. Without it, companies would have been forced to cut payrolls even further during the worst days of the decline. With it, companies are generating higher profits without big gains in revenues. As the economy picks up steam, productivity will likely boost profits even further.
    Despite usual wisdom, electronic business has exceeded even the dreamy projections of 1999. Business-to-business commerce conducted online will reach $2.6 trillion in 2003. And many surviving dot-com companies are doing surprisingly well. (48)Some 40% of publicly held Net companies, including Amazon. com Inc., were profitable in the fourth quarter of 2002, and half are expected to be profitable by the end of this year. True, there has been vicious disaster in the field. Venture capitalists poured $100 billion into more than 6,000 Net startups over the past decade, and 2,000 disappeared. Many ideas, some crazy and some not, failed. But eBay, Amazon.com, Yahoo!, Google, Expedia, and others are making money, thanks to a recovery in online advertising and they are changing the face of business.
    Just as the former IBM Chief Executive Louis V. Gerstner and others predicted, mainstream Corporate America is turning out to be the chief beneficiary of the Internet. Using it, companies are streamlining production, inventory, and sales; cutting costs; and tracking their customers. It apparently takes four to six years after first installing new systems before productivity gains are maximized. (49)Most companies are in their third or fourth year, which may explain why productivity growth has been rising consistently during the downturn, instead of dropping as it usually does in a fall. It may also mean that productivity and profits may be stronger than expected in the second half of 2003 and in 2004.
    The US economy has had bad luck for three years. The bubble, terrorism, corporate fraud, war, and now SARS. Yet it has weathered these mostly unexpected shocks rather well. Smart financial and economic policy has helped. (50)But the real key has been Internet technology, which provided the flexibility and productivity to adjust quickly without drastic cuts. Think what the Net will do for the economy when we get back to normal.
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答案当时在泡沫时期华尔街上的公司由于误导消费者关于互联网公司股票的事情而受到惩罚，因而人们非常容易将财政的利好消息和技术上的事实混淆。
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