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本帖最后由 thatll 于 2009-7-2 17:00 编辑
【阅读+写作----The Economist 】---Jun 25th 2009
Books on the credit crunch----First draft of history
------The search is on for the ideal book about the financial crisis
Chasing Alpha: How Reckless Growth and Unchecked Ambition Ruined the City’s Golden Decade. By Philip Augar.
Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe. By Gillian Tett.
Lecturing Birds on Flying: Can Mathematical Theories Destroy the Financial Markets? By Pablo Triana.
The Spectre at the Feast: Capitalist Crisis and the Politics of Recession. By Andrew Gamble.
Restoring Financial Stability: How to Repair a Failed System. Edited by Viral V. Acharya and Matthew Richardson.
THE credit crunch may have caused a bust in the economy but it has created a boom in financial publishing. It seems as if every journalist or academic who ever entered a bank has rushed to bring his or her opinions into print. They have taken on a Herculean task.
我们要注意crunch本身有吱嘎作响的意思,但是在本文中
crunch: a tight or critical situation: as a : a critical point in the buildup of pressure between opposing elements : SHOWDOWN b : a severe economic squeeze (as on credit) c : SHORTAGE *an energy crunch*
特别是credit crunch:信用恐慌
在GRE里面bust是半身雕像的意思,但是这里我们的意思如下,和boom相对
bust: a : a complete failure : FLOP b : a business depression
Herculean task:极为艰巨的工作
本段抛出了主题那就是经济危机下的金融出版业
The best financial books—“Barbarians at the Gate” or “The Smartest Guys in the Room”—have been built around specific deals or companies (the takeover of RJR Nabisco, the collapse of Enron). The credit crunch has been much more diffuse, involving macroeconomic imbalances, greedy and incompetent bankers and fraudulent American homebuyers. Try covering the lot and the book can seem rambling and shapeless; narrow your focus and you miss the broader picture.
The ideal book on the crisis would not only tell readers what happened during the crunch and why. It would also look ahead at how the system will change. And it would be accessible, even to readers who have not spent years studying the minutiae of the financial markets.
划线的第一句首先定性的介绍一个东西,用一个形容词描述,然后用分词形式具体展开,这种地道的表达方式我们要学习。macroeconomic imbalances, incompetent bankers, fraudulent American homebuyers,这些我们要稍微记一下。
划线的第二句我们要好好的学一下:
一种对称的写法,并且这里的and的意思我们要学会运用。“怎么样就会怎么样,怎么样又会怎么样”这个的表达用分号对称连接,然后就会,又会就用and来表示。布局凌乱,结构混乱,就是rambling和shapeless。
划线的最后一句我们要学习的就是甚至对这样的对象我们也要顾及到这个意思。be accessible, even to sb who...
look ahead at:预测未来
minutiae:细节,细枝末节
Philip Augar’s “Chasing Alpha” scores well on both historical explanation and readability. In a sense this book is a follow-up to “The Death of Gentlemanly Capitalism” (2000), in which he dissected the takeover of the British financial sector by Americans and Europeans. “Chasing Alpha”, again with a largely British bent, explains how the interplay between banks and investors ended up in an orgy of risk-taking. The analysis is excellent. It is a shame, however, that Mr Augar is let down by sloppy fact-checking. For example, Alan Greenspan’s “irrational exuberance” speech was given in 1996, not 2000. This is not the only error.
score: to gain or have the advantage
score on就表示在某方面得分,言下之意就是在某方面有优势
again with a largely British bent:又一次带着(很大程度上是英国人的)爱好,这里的largely的含义我们要学会,副词,表很大程度上
in an orgy of:在什么的无节制的狂欢中
sb is let down by sth表示某人由于某事让人失望
Gillian Tett’s “Fools Gold” is more narrowly focused on the world of credit derivatives, the alphabet soup of CDOs and SIVs that were at the heart of the crisis. The action is seen through the prism of the derivatives team at JPMorgan, which helped create the toxic products. While Ms Tett’s explanation of the technicalities is first class, the fact that JPMorgan survived the crisis better than most robs the book of some drama. One longs instead to have a similar inside view from Bear Stearns, Lehman Brothers and Merrill Lynch, the investment banks laid low by their exposure to dodgy American housing loans.
The alternative to the structure adopted by Mr Augar and Ms Tett is to take a thematic approach. Pablo Triana’s “Lecturing Birds on Flying” laments the way that mathematicians and financial economists have appeared to take over the markets. Economics is not a science like physics because humans are forever adapting their behaviour in the light of others’ actions. The models devised by the maths gurus were not just unlikely to work, he argues, they also gave bankers a false sense of security, leading them to take more risks.
Mr Triana compares one widely used system, the value at risk (VAR) measure, to a passenger airbag that works 95% of the time; unfortunately the other 5% includes the time when the driver has an accident. Rather than rely on models which can never capture the complexity of human interaction, banks and investors should instead trust the judgment of experienced traders and managers.
The book is fizzing with ideas but the reader has to wade through Mr Triana’s verbose and convoluted prose, of which the final sentence is surely the most depressing example. “Deliciously paradoxically, the Nobel could end up diminishing, not fortifying, the qualifications-blindness and self-enslavement to equations-led dictums that, fifth-columnist style, pave the path for our sacrifice at the altar of misplaced concreteness.”
这里我们重点要学习的词汇就是lament:表达遗憾和悲痛;in the light of=according to; compare...to...:把什么比作什么;fizz: to show excitement or exhilaration;
wade through:辛苦的做完
还有我们要学习这里划线的表达---与其还不如
Arguably, all this focus on derivatives and risk models ultimately misses the point. In the end, this financial catastrophe has been like every other; banks lent too much money during a property boom and now (together with the unfortunate taxpayers) they are paying the penalty. Andrew Gamble’s “The Spectre at the Feast” sees the downturn as the latest in a series of capitalist crises. And he uses the word crisis, not in the short-term sense of a tabloid headline, but as an historical turning point when the economic system is remade, just as the Great Depression led to the adoption of social safety nets.
Mr Gamble, professor of politics at Cambridge University, offers a brisk tour of economic history over the past 30 years, and argues that the financial sector was the chief beneficiary of the “neoliberal” policies introduced by Ronald Reagan and Margaret Thatcher. The fact that governments have had to nationalise, or prop up, many of the leading banks suggests that a rethink is in order. Unfortunately, the author does not produce any startling insight on what that rethink might involve.
Of this pile, the book that best combines history, analysis and prescription is “Restoring Financial Stability”, a series of essays by academics at New York University’s Stern School of Business. The 60-page prologue is packed with telling facts and sophisticated analysis, and alone is worth the steep cover price. The individual chapters deal methodically with the myriad issues raised by the crunch, and the policy changes that will be needed, covering everything from the American mortgage market to the need for international co- operation in regulating finance.
The Stern book may be careful to avoid academic gobbledygook and complex equations, but it cannot be described as a light read. That suggests it will not turn out to be the defining tome on this crisis. Producing that book may require a little more perspective. It is worth remembering that J.K. Galbraith’s masterly work, “The Great Crash, 1929”, was not published until a quarter-century after the event.
今天我要重点推荐的句子就是:
Try covering the lot and the book can seem rambling and shapeless; narrow your focus and you miss the broader picture. |
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