[REBORN FROM THE ASHES][comment][12.21]

prettywraithUID: 197049

14# tequilawine

1 Yet students of economic turmoil will find their subject matter conveniently close to hand. 这句怎么翻译呀？

处在混乱经济中的学生能更方便的找到“实际的，真实的”研究课题。

3 Pimco’s laid-back sophisticates concluded that the financial markets may well “revert to mean”, which is a statistician’s way of saying that what comes down must go up.  "revert to mean"什么意思呀？

后面的定语从句就是解释这个revert to mean的，用到股票或者金融领域就是涨久必跌，跌就必涨

7  The premium banks must pay to borrow overnight from each other is now below 0.25%, the level Alan Greenspan, a former chairman of the Federal Reserve, once described as “normal”. 也不明白

应该谈的就是 银行间同业隔夜拆借利率（borrow overnight ）的事

emteddybearUID: 2699606

something new for me
laid-back :休闲   lay off staff 裁员  rigid board：刚性板  Output per worker ：人均产出  ceiling ：最大限额  overspeculation：过度投机 stimulus package：经济刺激计划
1. Yet students of economic turmoil will find their subject matter conveniently close to hand 是不是说他比较好处理，所以close to hand?
2.It will pay its workers a day late at the end of the fiscal year so that the expense will show up in next year’s budget.这句话什么意思啊，尤其是那个a day late

good sentences：
1.The crisis invited a forceful government entry into several of capitalism’s inner sanctums, such as banking, American carmaking and the commercial-paper market.
2.As the workforce grows, capital accumulates and technology advances, this limit expands over time.
3.In a recession firms shed labour and mothball capital. If workers are left on the shelf too long, their skills will atrophy and their ties to the world of work will weaken.
4.Only when you hit bottom can you stop and contemplate the cliff you must now climb
5.I fancy that over-confidence seldom does any great harm except when, as, and if, it beguiles its victims into debt其实还是有点没有懂

描述目前经济现状的话:

This special report will argue that although a “new normal” for the world economy is now in sight, it will be different from the old normal in a number of ways. Demand in rich countries will remain weak and emerging economies will not be able to compensate. The report will explain why many governments will have to keep their stimulus packages going for longer than expected, or face entrenched unemployment that will permanently lower their economic potential. Public debt will rise so that private debt can fall. The banks, the report will show, will remain cautious about lending again, which will slow up the recovery but also make companies more careful about their investment; and the securitisation markets that became so fashionable during the boom will recede, though not disappear altogether.

my comments:
In this report, the writter analysis the situation of world economy. As usual, the first paragraph piont out the main idea of the report.(We can use this method in our AW) And the economy of newport beach, California is as an example. At the same time, the author mentioned a new phrase to describe the spectacle of the recovering economy.  Milton Friedman, a optimist, I think, believe that, the more forcefully the string is plucked, the more sharply it snaps back. However, the writer don't think so, and neither do I. Maybe, under certain circumstance, the string theory would be true, but if the recession lasts too long, the state of workers will not recovery.

But fortunately, the economy is recovering, Although it will not be same as before. Especially it's a good news for us graduated students. I wish everyone will find a ideal job.

jinziqiUID: 2387034

15# tequilawine
嗯 好像有点明白be a shadow of a shadow了
by the way 你的comment写的好专业啊 还用了好多GRE高深词汇……

prettywraithUID: 197049

12# KiKi~淇水滺滺

文章挺好的，基本没什么需要改的
Comments

As a student in finance, I heard a lot about the global financial crisis, whether the reasons, the experience, the circumstance now or the future. Actually, there are so many reasons to explain it that even the experts of financial fields or the specialists inside the companies cannot make it clear. However, this article is not talk （应该是does not talk）about how this financial crisis happened or why.

By comparing with Japan’s bubble years, the author tries to solve one problem in the article: what will be like after the recession? Although things seem to become better and better, the scenarios are not that promising.

On the surface, the situations（做“处境”用时应该不加s） about financial institutions are improving, especially for Goldman Sachs. Some 15 months after staring into the abyss, Goldman has raised billions of dollars from investors including Warren Buffett; received, and repaid, $10bn in government aid; and raked in $12.5bn in profits for the first nine months of 2009. Its shares trade at more than double their lows of a year ago and many of its 30,000 employees expect a bumper payday to wrap up the year. On the other hand, the American people are not that lucky. The unemployment rate in American reached over 10% in October, which is the highest during 26 years after the World War II and people have less money to consume. As a country whose more than two thirds GDP depends on consuming, it’s really not good news for America.

Maybe just like what is showed in this article, it’s easy to arrive at the “New Normal”, but it’s really hard to return the normal originally.

qisaimanUID: 2703629

comments

the report cites a conclude from the bond manager of califonia which claim that after the financial breakdown, market will revert to mean. the author of course did not agree with such a conclusion .instead, a much worse situation is expected according to the author, which is like a high unemployment, a weaken banking system , let alone the securitization market.
next a string theory is presented arguing the demand will recover to normal. the author reckons that demand will remain low and the financial system will be cautious, using the bubble in Japan and a IMF investigation to support his views.
the answer lie on the balance sheet , that is the liability or vast debts.the japan 's way to deal with balance-sheet recession results a protracted slog.

rodgoodUID: 2619326

My comments:

In this report many words I have memorized shows up. Unfortunately, I hardly caught their meanings. Just now a friend of mine, who is also preparing GRE, likened memorizing word to narcotic taking that if you don’t meet the words for a long time, you may forget and miss them.

Now here’s my comment. According to the report, economy of the world will recover as a new form having some differences to the old one, although some aspects remain the same. Because banks and customers maintain a conservative attitude towards lending or consuming, a persistent shortfall in demand will weigh on supply. Thus a long time for reviving of the economy is needed.

This reminds me a story prevailed many years ago in China that when an old Chinese lady was dying, she said, “I have finally saved up enough money to buy a house.” While when she was dying, an old American lady said, “I have finally repaid all the money used to buy this house.” Therefore, it is the ideology that makes such typical differences between the two ladies’ thought, and in a similar way, brings about the causes of the financial crisis.


Useful sentences:

1. He likened the economy to a piece of string stretched taut on a board.


2. But some forecasters now harbor higher expectations.


3. Growth will be subdued and unemployment will remain high. The banking system will be a shadow of its former self.


4. It is all the more forceful because these resources have been lying idle, waiting to be brought back into production.



5. Once inflation has subsided, the authorities are free to turn the taps back on.


6. When you are falling, you do not look up. Only when you hit bottom can you stop and contemplate the cliff you must now climb.

123runfordreamUID: 2697608

Epicureans: people who gaining pleasure from the senses, especially through good food and drink
Pristine: belonging to the earliest period or state; not spoiled, corrupted, or polluted (as by civilization) ; fresh and clean as or as if new
Epicurean: gaining pleasure from the senses, especially through good food and drink

Shenanigan 1 : a devious trick used especially for an underhand purpose
  2   a : tricky or questionable practices or conduct ― usually used in plural

b : high-spirited or mischievous activity ― usually used in plural

                                                             ——M-W

bad behaviour that is not very serious, or slightly dishonest activities——L-M

Ruminate: to go over in the mind repeatedly and often casually or slowly

Laid-back: having a relaxed style or character

Fitful: having an erratic or intermittent character;not regular, and starting and stopping often

Marketable：1. Fit to be offered for sale in a market
2. Of or relating to buying or selling
Sanctum：1.a sacred place 2.a place where one is free from intrusion
exchequer:the national banking account of this realm
Unstuck: brought into a state of disarray, discomposure, or incoherence
Stagnate: to become or remain stagnant, not flowing in a current or stream, not advancing or developing


1. Economic turmoil
2. Saddled with the worst credit rating in the country, the “Golden State” is cutting spending on schools, prisons and health care for the elderly, as well as closing parks and laying off staff for three days a month.

3. It tries to peer five years into the economic future.

4. “The banking system will be a shadow of its former self,” and the securitisation markets, which buy and sell marketable bundles of debt, will presumably be a shadow of a shadow.
5. This is an alarming gap
6. Financial crises can pose such a threat to national incomes because of the way they erode national wealth.
7. The answer lies on the other side of the balance-sheet.
8. When you are falling, you do not look up. Only when you hit bottom can you stop and contemplate the cliff you must now climb.



comments：
Taking California as an example, this article tells us the tough situation in the financial crises, which include bankrupts, financial cutting, and losing jobs. The worse part is that we thought things were getting better; however, apparently, it is not possible to recovery as what it was. As what the article had said, the world economy is fitful getting back to normal, but a new normal. Though some experts thought it could be bound to the old one. How to support the idea of impossible being old normal? The author explains that if the shortfall in demand persists it can do lasting damage to supply, reducing the level of potential output or even its rate of growth (I don’t quite this conception actually.) .Also, the rate of employment is still not going to rise. Even though, the economy has palpably improved. And once the situation is better, the demand in rich countries will be still weak. So the future is going to be depressing with 25m people losing their jobs and can’t regain. It seems not a good picture. Looking around ourselves, what kind of attitude should we keep? I am confused. We are going to have a big challenge in our future.

番茄斗斗UID: 2720914

动词-结构-生词-表达

1.Yet students of economic turmoil will find their subject matter conveniently close to hand
2.Saddled（to place under a burden or encumbrance ；to place (an onerous responsibility) on a person or group ）with the worst credit rating in the country, the “Golden State”is cutting spending on schools, prisons and health care for theelderly, as well as closing parks and laying off staff for three days amonth
3.Not every change wrought （worked into shape by artistry or effort ）by the financial breakdown will be reversed
4.The banking system will be a shadow of its former self
5.The crisis invited a forceful government entry into several of capitalism’s inner sanctums(a place where one is free from intrusion )
6.Mr El-Erian worries that the state may overstay its welcome. In addition, national exchequers may start to feel some measure of the fiscal strain now hobbling(to cause to limp ) California.
7.They draw inspiration from the work of the late Milton Friedman
8.He likened(compare)
the economy to a piece of string stretched taut on a board.The more forcefully the string is plucked, the more sharply it snapsback.
9.In a recession demand falls short of supply, leaving a sorry trail of unemployed workers
10.it is all the more forceful because these resources have been lying idle, waiting to be brought back into production
11.Friedman’s story is heartening, but it can come unstuck in two ways.
12.If so, the economy will never recoup its losses, even after spending picks up again.
13. In a recession firms shed labour and mothball(to withdraw from use or service and keep in reserve : put aside) capital.
14.The result is a lower ceiling(an upper usually prescribed limit <a ceiling on prices, rents, and wages>) on production.
15.it would blight the lives of the unemployed
16.Just over a year ago, the day Lehman Brothers filed for bankruptcy, the world economy fell off a precipice.
17.The mobilisation of capital will be fitful as the financial system copes with past mistakes and impending regulation.
--------
COMMENT:

The outburst of the economical crises last year brought companies and countries under torturing. This year, shock is giving its way to relief. However, the author warns, whether crises has reach its bottom remains unknown.

To support his idea, he quoted Japan's "balance-sheet recession",, which shared the same way of which company choose to deal with the debt. Meanwhile, he argues the possibility of short demand and weakened working ability,which lead to low rate of employent. At last, he reminds us the fact of a shrinked output during the past 88 banking crises. As he states, an crises may poses a longer threaten on economic than people's expectation.And since todya, investment is done mostly by debt, a long period of recovery is inevitable.

adammaksimUID: 2675466

汗 发错楼了。。。

miki7catUID: 2533330

Comments 今天写的好短。。。

The forecasters' expectation is the economy bounce back to its old self, but it seems impossible. First, as this auther mentioned, Friedman’s story is heartening, but it can come unstuck in two, or more I believe, ways. Each of the three scenarios the report gave is
a presumable trajectory but is considered the economic problem in one of the multiple aspects. While the world economy is recovering, the factors which will bring the economy harm or help are changing. Second, if the "pre-crisis normal" lead the economy to the present disaster, is it wise to regain the same pace as before rather than to try to find a "new normal"?




词句摘抄
But the next five years will not resemble the five preceding the crisis. Not every change wrought by the financial breakdown will be reversed. The world economy is fitfully getting back to normal, but it will be a “new normal”.

caught on = becomes popular

harbour心怀

deep recessions are generally followed by strong recoveries. He likened the economy to a piece of string stretched taut on a board. The more forcefully the string is plucked, the more sharply it snaps back.

Friedman’s story is heartening, but it can come unstuck in two ways.

would have far less serious results were they not conducted with borrowed money.虚拟语气

zhengchangdianUID: 2563082

Comment：

This is another passage on the topic of financial crisis. What makes it different from others is its concern about the new normal as a result of the gradual recovery. Of course, this terrible event can be treated as a horrible disaster that makes the whole world fell off a precipice. Numerous tragedies are directed by its chronic and lasting adverse consequence. However, it is not easy to figure out the final outcome is a new normal which means the economy cannot return to its original track, let alone bounce up to its expected peak. Thanks to this incident mankind start to pay more attention to the inner structure and rationality of banking, car-making and commercial-paper markets, instead of merely concentrating on the profit from these business. The subtle relationship of demand and supply comes in view gradually. As the model--the so-called string theory--describes in this passage, the resource cannot fix and wait for the recovery when the demand declines sharply. A persistent shortfall in demand will weigh on supply. But what eludes me is the ending that over-confidence can do great harm when it beguiles its victims into debt. Though the author makes the example of American to illustrate this point of view, it is of great possibility that the whole thing is just nothing more than a coincidence. So as far as I am concerned, I cannot quiet agree with his conclusion.

木虫虫UID: 2694986

[REBORN FROM THE ASHES][comment][12.21]
fine dining for devoted epicureans
laid-back 安详的
on behalf of 为了……的利益
pension funds抚恤基金
fitfully 断断续续的
national exchequers 国库
draw inspiration from 从……得到启示

contemplate 深思细想 the future of the world economy

Financial shenanigans恶作剧 are not the sole province职能 of the banking industry.

it tries to peer five years into the economic future

But the next five years will not resemble类似于 the five preceding the crisis.

The more forcefully the string is plucked拽, the more sharply it snaps back迅速跳回.

As the workforce grows, capital accumulates and technology advances, this limit expands over time.

But even worse scenarios脚本 are possible.

Financial crises can pose such a threat to national incomes because of the way they erode national wealth.

Japan found this out to its cost in the 1990s after the bursting of a spectacular bubble浮华的的泡沫的爆破 in property and stock prices.

Only when you hit bottom can you stop and contemplate the cliff you must now climb.

The travails of艰难 finance, in turn, may prevent the recovering economy from backing and exploiting innovations.

Comment

This report is about the hot topic--economic crisis. In the beginning, the author mentioned a lively example of the California is suffering from financial disaster. Then get into the main topic, this article shows a lot of statistics to illuminate how terrible this economic crisis it is. However, there still hope left. Some economic forecasters enjoy higher expectations. The author argues that a “new normal” for the world economy is now in sight, it will be different from the old normal in a number of ways. Even if the economic will recover one day, it is no doubt that the result of this crisis is large number of unemployment and heavy debt.

qxn_1987UID: 2610437

financial disaster
String theory

NEWPORT BEACH, California, is not a bad place to contemplate the future of the world economy. Its information office promises nine miles of pristine sand, fine dining for devoted epicureans and an atmosphere of laid-back（松弛的；懒散的） sophistication. Yet students of economic turmoil will find their subject matter conveniently close to hand. California’s unemployment rate has doubled to 12.2% since the start of 2008. Saddled with
the worst credit rating（信用评价；信用等级） in the country, the “Golden State” is cutting spending on schools, prisons and health care for the elderly, as well as closing parks and laying off staff for three days a month. It will pay its workers a day late at the end of the fiscal year so that the expense will show up in next year’s budget. Financial shenanigans（恶作剧；诡计） are not the sole province of the banking industry.

Newport Beach is also the home of Pimco, the biggest bond manager in the world, which handles $840 billion on behalf of pension funds, universities and other clients. In May the company held its annual “Secular Forum”, in which it tries to peer five years into the economic future. After two days of rumination, Pimco’s laid-back sophisticates concluded that the financial markets may well “revert to mean”, which is a statistician’s way of saying that what comes down must go up. But the next five years will not resemble the five preceding the crisis. Not every change wrought by the financial breakdown will be reversed. The world economy is fitfully getting back to normal, but it will be a “new normal”.
Click here to find out more!

That phrase has caught on（抓牢；理解；流行）, even if people disagree about what it means. In the new normal, as defined by Pimco’s CEO, Mohamed El-Erian, growth will be subdued and unemployment will remain high. “The banking system will be a shadow of its former self,” and the securitisation markets, which buy and sell marketable（适于销售的） bundles of debt, will presumably be a shadow of a shadow. Finance will be costlier and investment weak, so the stock of physical capital, on which prosperity depends, will erode.

He likened the economy to a piece of string stretched taut on a board. The more forcefully the string is plucked, the more sharply it snaps back.

Friedman’s story is heartening, but it can come unstuck in two ways. If the shortfall in demand persists it can do lasting damage to supply, reducing the level of potential output (scenario 2) or even its rate of growth (scenario 3). If so, the economy will never recoup its losses, even after spending picks up again.

In a recession firms shed labour and mothball（n.卫生球；樟脑球；v.封存；a.后背的） capital.

Financial crises can pose such a threat to national incomes because of the way they erode
national wealth.

Natural disasters also wipe out wealth by destroying buildings, possessions and infrastructure, but the economy rarely slows in their aftermath. On the contrary, output often picks up during a period of reconstruction.

The answer lies on the other side of the balance-sheet（资产负债表）. Before the crisis the overpriced assets held by banks and households were accompanied by vast debts. After the crisis their assets were shattered but their liabilities remained standing. As Irving Fisher, a scholar of the Depression, pointed out, “overinvestment and overspeculation…would have far less serious results were they not conducted with borrowed money.”

The typical post-war recession begins when the flow of spending in the economy puts a strain on its resources, forcing prices upwards. Central banks raise interest rates to slow spending to a more sustainable pace. Once inflation has subsided, the authorities are free to turn the taps back on.

But the relief is likely to be short-lived. Just over a year ago, the day Lehman Brothers filed for（申请；报名参加竞选） bankruptcy, the world economy fell off a precipice. When you are falling, you do not look up. Only when you hit bottom can you stop and contemplate the cliff you must now climb.


The mobilisation of capital will be fitful as the financial system copes with past mistakes and impending regulation.


Comments:
Though, last year, we just experienced the financial breakdown which had effected our life deeply and dramatically from various aspects, such as unemployment, the world economy, now, is recovering from it. The speaker points out that “not every change wrought by the financial breakdown will be reversed.” To demonstrate this, the speaker first cites “string theory.” Then the example of Japan’s bubble years was given to reinforce the speaker’s opinion.

As far as I am concerned, I generally agree with the speaker’s view that the world economy is recovering but won’t return to the same level as before in a short time, since the effect of financial disaster is so large-scale, deep, and serious. “More haste, less speed.”

qxn_1987UID: 2610437

27# 木虫虫

呃。。我就改一下楼上的吧。。水平有限，改错的地方，请多担待。。

This report is report is about the hot topic--economic crisis. In the beginning, the author mentioned a lively example of the California is suffering from financial disaster. （你这句用了过去时态，后面的时态却是。。时态不一致）Then get into the main topic（主语呢？不然就to get into the main topic）, this article shows a lot of statistics to illuminate how terrible this economic crisis it（感觉“it”应该去掉） is. However, there （是不是应该有“is”？）still hope left. Some economic forecasters enjoy higher expectations. The author argues that a “new normal” for the world economy is now in sight, it will be different from the old normal in a number of ways. Even if the economic will recover one day, it is no doubt that the result of this crisis is large number of unemployment and heavy debt it induces.（说实话，这句话我读着很别扭。。。“经济危机的结果是大量失业和沉重的债务”，我改的是“...后果是引起大量失业...”）

不对之处，请多担待哈。。。

qxn_1987UID: 2610437

23# 番茄斗斗

The outburst of the economical crises last year brought companies and countries under torturing. This year, shock is giving its way to relief. However, the author warns, whether crises has reach（reached） its bottom remains unknown.

To support his idea, he quoted(为了跟后面时态一致，这是不是应该“quotes”) Japan's "balance-sheet recession",, which shared the same way of which company choose to deal with the debt. Meanwhile, he argues the possibility of short demand and weakened working ability,which lead to low rate of employent. At last, he reminds us the fact of a shrinked output during the past 88 banking crises. As he states, an crises may poses a longer threaten on economic than people's expectation.And since todya（“today”）, investment is done mostly by debt, a long period of recovery is inevitable.

呃，，，水平问题，只能看出几个简单错误（还不一定对），请担待。。。