VOA慢速英语2009年-Economics Report - Obama Nominates Bernank

This is the VOA Special English Economics Report.

The government says the United States economy shrank at an annual rate of one percent in April, May and June. The decrease was less than expected, and much less than at the start of the year. The improvement was partly the result of increased government spending.

Another report on Thursday showed a small drop in the number of newly jobless workers last week. There was also a drop in the number of people on long-term unemployment assistance.
　
President Obama announces his renomination of Ben Bernanke in Oak Bluffs¹, Massachusetts, while on vacation

On Tuesday, President Obama nominated Ben Bernanke for a second term as chairman of the Federal Reserve. His current four years end in January.

BARACK OBAMA: "Ben approached a financial system on the verge² of collapse³ with calm and wisdom, with bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall."

Ben Bernanke led the central bank through extraordinary efforts to contain the worst economic crisis since the nineteen thirties. But economists⁴ say it may still be too early to congratulate him on rescuing the economy.

He is an expert on the causes of the Great Depression. Yet critics say he failed to do his part to prevent the crisis.

He has critics in both parties. Democrat⁵ Chris Dodd, chairman of Senate Banking⁶ Committee, says Ben Bernanke did not act fast enough at the start. And many Republicans criticize the Fed chief -- himself a Republican -- for what they see as too much spending.

He used the bank's power to create money. The Fed established new lending programs, and approved large purchases of government securities and mortgage-related securities.

But the president's decision to renominate Ben Bernanke for Senate confirmation⁷ is considered a safe one. In his second term, he will have to consider how and when to withdraw heavy intervention⁸ in the financial industry and raise interest rates. The Fed has reduced short-term rates to almost zero.

Heavy government spending could cause inflation unless officials find just the right time to act. But if they act too soon and raise interest rates too much, the economy could crash again.

The White House budget office on Tuesday lowered its estimate for this year's federal deficit⁹. The government will probably spend less than it thought on the financial system.

The estimate for the next ten years, however, is higher because the recession was deeper than expected. But even after the economy recovers, the deficit is around four percent of the economy. And that, as the report notes, is "higher than desirable."

And that's the VOA Special English Economics Report, written by Mario Ritter. Transcripts¹⁰ and podcasts of our reports are at voaspecialenglish.com. I'm Steve Ember.

1 bluffs   

恐吓( bluff的名词复数 )； 悬崖； 峭壁

参考例句：

• Two steep limestone bluffs rise up each side of the narrow inlet. 两座陡峭的石灰石断崖耸立在狭窄的入口两侧。
• He bluffs his way in, pretending initially to be a dishwasher and then later a chef. 他虚张声势的方式，假装最初是一个洗碗机，然后厨师。

2 verge   

n.边，边缘；v.接近，濒临

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• She was on the verge of bursting into tears.她快要哭出来了。

3 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

4 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

5 democrat   

n.民主主义者，民主人士；民主党党员

参考例句：

• The Democrat and the Public criticized each other.民主党人和共和党人互相攻击。
• About two years later,he was defeated by Democrat Jimmy Carter.大约两年后，他被民主党人杰米卡特击败。

6 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

7 confirmation   

n.证实，确认，批准

参考例句：

• We are waiting for confirmation of the news.我们正在等待证实那个消息。
• We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

8 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

9 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

10 transcripts   

n.抄本（ transcript的名词复数 ）；转写本；文字本；副本

参考例句：

• Like mRNA, both tRNA and rRNA are transcripts of chromosomal DNA. tRNA及rRNA同mRNA一样，都是染色体DNA的转录产物。 来自辞典例句
• You can't take the transfer students'exam without your transcripts. 没有成绩证明书，你就不能参加转学考试。 来自辞典例句