★DIES IN FLAME★ eco&time 分类汇总※政治类※

berninaUID：2503038

亲爱的组员和各位gter们，这里是eco&time 文艺类的汇总贴，大家将自己每天读到的，属于政治的文章或段落都放在这里，ddcmj会定期来总结，多余煽情的我就不说了，大家已经非常明确我们的宗旨了，丰碑丰碑啦~~~

ok ，大家每天都来吧，特别是各位亲爱的组员，已完成作业为荣哦~~~

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Banking in China

Needed: a strategy

Dec 30th 2008 | HONG KONG
From The Economist print edition

With Western finance in disrepute and local markets moribund, international banks are groping for a role in China

IN THEIR darkest moments在他们最困难的时候（很有用很有用的时间状语）, global banks can find some solace找到慰藉（“安慰”意群的总结，类反常考）
in the thought that,
regardless of how much they are to blame for the world’s financial woes, they remain essential to recovery in America and Europe（regardless of … remain …的句型结构，blame的介词搭配，financial woes、essential的精确使用，地道啊）. Their prospects in China,
where an abrupt change in circumstances and mood has taken place during the past year环境突变, are much less sure不确定. As in New York and London, lucrative盈利的 underwriting assignments have disappeared. But in China the crisis is also serving as a superb pretext很好的借口 for hardening regulatory and competitive impediments to all but the state-controlled local financial institutions. （对政治体制以及政治方针的负态度）

The immediate obstacle, say foreign bankers in China, is a reduction in the credit their operations can receive from Chinese banks (which are all, to a significant extent, controlled by the state). The scarcity of domestic funds is crippling because other rules hold foreign institutions back from injecting capital into their Chinese operations. The role they can play in the public capital markets also remains limited. Despite years of lobbying and some partial approvals, no international bank has gained even the basic right to underwrite and distribute securities on its own.

Making money for a non-Chinese financial institution in this environment means working around the edges. Activities based on economies of scale and tied to cross-border business can still pay their way. Foreign-exchange trading remains lucrative for a handful of global banks, for example. Even in a slump, there is money to be made processing transactions.

Two years ago it was plausible for the big investment banks to believe that this sort of activity would merely augment far richer opportunities that would come from China’s growth and the shift of its financing from the state banks to public markets. In 2006 and 2007 vast profits were made from taking Chinese companies public in Hong Kong—then believed to be a prelude to doing the same in Shanghai and Shenzhen—and from related businesses in brokerage and wealth management, says Matthew Austen of Oliver Wyman, a consultancy (see chart). Among the flurry of deals were the listings of three of the world’s largest financial institutions and one of its biggest industrial firms.

Extending that kind of success would have been a stretch in any event—the biggest deals were the first to be done—but the collapse in demand has gone far beyond the loss of particularly attractive candidates. Investment banks and accounting firms have spent the past year working frantically to prepare hundreds of Chinese companies for listings, only to find that the appetite for investment has crashed along with the price of China-related shares. There has not been a single offering in Shenzhen or Shanghai since September, and just one a month in Hong Kong. A senior executive at a global bank with a usually successful China business says no money has been made since June.

In the absence of demand in the public markets, private-equity players theoretically have the market to themselves, but most are locked into “pre-IPO strategic stakes” that in 2007 could be profitably flipped during a listing but now are frozen. Funds that do have surplus cash are holding it in expectation of redemptions from spooked clients, or redeploying it in America where a correct bet on a restructuring opportunity can make a career.

It is not all bad news. Some clever, cash-rich companies are taking advantage of an opportunity to buy shares in themselves, or in other companies. Sir Run Run Shaw, a 101-year-old media mogul, had hoped to sell his Hong Kong broadcasting company in the summer to a (briefly) rich Chinese property developer. On December 22nd, in the aftermath of the deal’s collapse, Sir Run Run bid to take private the 25% of the broadcaster’s parent that he does not already own. Numerous other deals of this sort are in the works, say local lawyers.

There are also renewed signs of interest in strategic deals. In July Carlyle, a private-equity firm, lost a three-year battle to acquire Xugong Group, a tractor company, in a move that was widely believed to reflect China’s growing resistance to outside involvement in its economy. But according to some bankers, the financial crisis has led regulators privately to suggest that such offers might now be viewed more positively. A critical test will be Coca-Cola’s $2.4 billion offer for Huiyan, the country’s largest juice company. If the deal is approved—no sure thing—it could herald others, which would naturally play to the strength of global banks.

China’s bankers and their regulators may also be facing disasters of their own, as the limitations inherent in a state-driven system become clearer. It is striking that the widespread closure of factories in southern China, the country’s principal manufacturing region, has led to no significant reports of credit deterioration. The only sign of apparent financial distress has been a largely unexplained capital infusion of $2.5 billion by the Bank of China into its Hong Kong-listed affiliate. The suspicion is that some, and maybe quite a lot, of the relative strength of the Chinese system reflects opacity rather than a more effective approach to allocating credit.

If so, then China may be due for its own round of financial restructuring and recapitalisation. It would once have been easy to argue that a market-driven system served up by big Western banks could do a better job of this than the government. When virtually every such institution has been given state support to stay in business, that case is much harder to make.

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占～

jessicaluluUID：2471730

好词好句积累

作者的思路topic sentence

GRE单词

读不懂的以及生词

知识扩充及可能当例子者

Barack Obama's progress

Coming down to earth（从幻想中回到现实）

Mar 26th 2009
From The Economist print edition

The president has had a bumpy ride in his first two months

TWO months after his inauguration, Barack Obama can already point to some impressive achievements. He has passed a $787 billion stimulus bill—the biggest in American history—and outlined an ambitious agenda for reforming health care and education, tackling entitlements and pushing “green” energy. He has also delighted his admirers at home and abroad(国内外) by beginning to reverse George Bush’s policies on such controversial subjects as talking to Iran, global warming, the treatment of enemy combatants and stem-cell research. (这一段讲了Barack Obama上台后的两个月内取得的一系列成就。根据标题来看，作者是打算采用欲抑先扬的办法，故重头戏在后头。这部分可以积累一下，估计政治类的issue里可以用到)

Unfortunately（果然一个转折，写到正题上来了）, Mr Obama’s critics can also point to a striking record of failures. A startling number of his nominees for senior positions have imploded(这里取“剧减”之意，而非破裂). The upper ranks of the Treasury（国库，财政部） remain empty in the midst of the most serious recession since the 1930s. Warren Buffett, an early Obama-supporter and a man legendary for holding on to stocks that he has backed, thinks that the president is taking his eye off the ball. Andy Grove, a former head of Intel, describes the administration’s performance as “ineffectual”. Even the commentariat, which swooned over Mr Obama’s campaign, is running out of patience. （上段讲achivements, 这段讲failures。但是没有直接讲其在哪些方面失败了，主要通过原来支持者对其的否定方面来说。这种逻辑稍微有点问题哈，少数支持者的批评就能说明Barack Obama上任以来是失败的么？作者尚需更多的证据来证明这一点。）

Many of Mr Obama’s achievements have a Potemkin（见附1的注解） quality. He signed a $410 billion spending bill that contains 8,570 earmarks (directing funds to specific projects), despite his pledge to reduce the practice. His budget rests on unrealistic assumptions about America’s future economic growth and about the cost of his spending programmes. He throws out numbers like confetti: Peter Orszag, his usually impressive budget director, made a dismal job of explaining to Congress where Mr Obama intended to find the $634 billion “down payment” （分期付款中的头期款）he promised for health-care reform. （这一段批评点着眼于“钱”，说了Barack Obama像个款爷一样把钱花在了无谓的事情上。这一段可以注意一下的是，全文的基调是贬义的，所以用了很多的负性词汇，如Potemkin, unrealistic, dismal。从这些词上我们也可以看出作者的倾向性。）

Mr Obama’s erratic performance is partly the result of the rollercoaster（波动的，非常不稳定的，过山车） world he finds himself in. Few presidents have come to power with as much political capital（政治资本）. Mr Obama beat John McCain by seven points. His party has majorities of 39 seats in the House of Representatives and ten in the Senate. The administration can also draw on the brainpower and political muscle of a powerful network of liberal think-tanks and pressure-groups that were formed during the Bush years. But this understates his strength. His election represented a turning point in America’s bitter racial history. It also possibly coincided with the end of a conservative era that began with Ronald Reagan’s election in 1980. （从政治层面分析Barack Obama当选的原因以及暗含的他的机遇。好多年脱离政治了，看得我晕晕乎乎很不适应）

At the same time Mr Obama confronts an unusually difficult set of challenges. America is in the grip of a recession that is crushing jobs and reducing demand at an alarming rate. Some of America’s most famous financial institutions have collapsed. General Motors is on the verge of collapse. The unemployment rate, which is already 8.1%, could hit double figures. The American political system is arguably more dysfunctional than ever, with the parties heavily polarised and the 24-hour-news cycle magnifying bad news. （他面临的一些困难，主要是经济危机，政府部门的两极分化以及新闻机制。这一段作者还是写得比较客观的。这段关于美国经济危机的内容，我们可以考虑用于经济类、政治类或者历史类的文章。比如政府部门在经济危机中的作用。另外新闻机制放大坏消息这个作者虽然没有扩展开来写，还是可以考虑用在政府部门是否对公众坦白那道issue）

All this means that Mr Obama’s first two months in office are difficult to evaluate. But a few things seem pretty clear. This is a strikingly ambitious president: he wants to be “transformative” in more than just the sense of being the first black president. But so far his presidency has been vitiated by a combination of incompetence and a willingness to fall back on the very tactics that he denounced as a candidate.（这句不太懂，主要是fall back on the very tactics that he denounced as a candidate怎么理解） Indeed, his desire to be “transformative” may be contributing to his problems, distracting him from the economic crisis.首句对上面这些内容做了一个总结，其后的but笔峰一转又回到了作者最初的倾向－贬。

（to be continued~）

惊人的　striking/startling/alarming

附1：俄国女皇叶卡捷琳娜二世的情夫波将金，为了使女皇对他领地的富足有个良好印象，不惜工本，在“圣上”必经的路旁建起一批豪华的假村庄。于是，波将金村成了一个世界闻名的、做表面文章和弄虚作假的代号

jessicaluluUID：2471730

go on~

The pragmatic liberal

Mr Obama has already outlined the most ambitious agenda for transforming America since the Reagan revolution: proposing universal health care, expanding the role of the federal government in education, tackling global warming and reducing America’s growing inequalities. This has ignited a fierce debate about his ideology. Is he an unreconstructed liberal who will provide the left’s answer to Ronald Reagan? Or is he a New Democrat, as he himself claims? The answer is probably a mixture of the two. Mr Obama is a pragmatic liberal, more confident about big government than Bill Clinton’s New Democrats, but less wedded to liberal solutions than many of the old lions in his party. (只能理解这部分的字面意思。left's answer to Ronald Reagan是指什么呢？big government又是指什么呢？渴望大侠指教。觉得自己缺少这方面的知识储备导致不理解其意思。)

He has spent his career, apart from a year or so in business consultancy, in the non-profit sector, first as a community organiser and later as a rising politician. （这句子写得简洁漂亮，背啊背啊～）In his memoirs he often speaks disparagingly（以贬抑的口吻/轻视的态度） about the private sector. He draws some of his keenest support from trade unions and liberal pressure-groups. The most influential think-tank（智囊团） in Mr Obama’s Washington, the training ground for many of his top appointees, is the Centre for American Progress, funded by liberal billionaires such as George Soros and Peter Lewis. 本段承接上段，深入分析其mixture

But the president also has a pragmatist’s suspicion of ideology. Some of the most prominent figures in his administration are centrists（中立派议员）. Kathleen Sebelius, his prospective health secretary, was a popular governor of Kansas, one of the country’s most conservative states. Larry Summers, his chief economic adviser, is a famous gorer of liberal ones. Cass Sunstein, his regulation tsar（沙皇）, argues that the government should use market incentives（动机） to “nudge” people rather than bludgeoning (overcome or coerce as if by using a heavy club )them directly.蛮好的表达，学习。很形象～很艺术～很精辟～偶好久才写得出来这种感觉～膜拜～

Mr Obama certainly plans to increase taxes on the rich—but only to their level during Mr Clinton’s administration, which presided over the high-tech boom and a surge（汹涌，振荡，澎湃） in the small-business sector. Mr Obama wants to reform the health-care sector. But he prefers to supplement the private system rather than replace it with a “single-payer” national health service; many of his supporters are business people crushed by the cost of health care. He wants to increase the role of the federal government in education. But he also speaks eloquently about introducing more merit pay and creating more charter schools. “The resources come with a bow tied around them that says ‘reform’,” （呃，看不懂这句）argues his chief of staff, Rahm Emanuel. The administration’s nervousness about old-fashioned liberalism has contributed to its hesitancy in dealing with the banking crisis. Rather than simply “nationalising” the weakest banks and taking over their bad debt, it has preferred to create an elaborate system of incentives for private investors. 理想和显示差距太大啊，纵使Obama大人满腔抱负，很多事情实现起来确实就不是那么回事咧。。。感叹。。。这一段改编一下，可以当作例子使用。

If his domestic（国内的） policy is a mix of pragmatism and liberal ambition, his foreign policy is a mixture of pragmatism and liberal caution. TS，句子言简意赅，ambition和caution概括出国内外政策的区别。He has revised the legal regime governing al-Qaeda (新基地组织，萨叔那个) terrorists, put an end to brutal interrogations and promised to close down Guantánamo Bay（就是经常爆出虐囚丑闻的那个地儿，Obama上任初即称要关闭此处，以表现其与Bush对恐怖事件的不同态度）, to the delight of the anti-war left. But otherwise his policy is characterised by a combination of realism and caution. Realism when dealing with other powers: he has signalled to the Chinese that he will not make a fuss（大惊小怪） over human rights, and to Arab rulers that he will take a more balanced approach to the Middle East. Caution when it comes to unwinding the “war on terror”: he has rethought his campaign promise to withdraw America’s troops from Iraq in 16 months, is increasing America’s military presence in Afghanistan and is stepping up strikes into Pakistani territory.这段其实具体列举了Obama处理国事上的承诺与现实不符的情况，对上一段提出的问题具体讲解。

jessicaluluUID：2471730

Obamateur

The biggest surprise of Mr Obama’s first two months has not been his policy preferences (most of which he advertised), but a certain lack of competence.（承上启下的TS，重点在后半句，引出下文） The man who earned the sobriquet（nickname） “No Drama Obama（附2）” for running such a disciplined campaign has, since coming to office, slipped on one banana skin after another（比喻的手法，学习）.

He has lost a remarkable number of nominees: two potential commerce secretaries, Bill Richardson and Judd Gregg; a health secretary-cum-health-reform tsar, Tom Daschle; a chief performance officer, Nancy Killefer; and a head of the National Intelligence Council, Charles Freeman. This has clouded his administration’s claims to ethical purity, not least because two of the nominees, Mr Daschle and Mr Killefer, had tax problems. It has also contributed to the sense of chaos. 开始分点阐述其上任后的trouble，这一段在说人员的流失。

Mr Obama is paying a heavy price for securing the nomination of his treasury secretary, Tim Geithner. Mr Geithner’s tax problems meant that the White House had to be super-scrupulous in vetting other Treasury figures. He was uncertain in his early public appearances and slow to produce a plan for sorting out(分类) America’s banks. Mr Obama’s confidence in him may at last be paying off; his plan for buying “toxic assets”, released this week, sent the markets soaring（Ascending to a level markedly higher than the usual:
剧增的：上升到明显高于正常水平的：）, he gave a confident performance before Congress, and the senior ranks of his department are now beginning to fill up. But it would have been nice not to have waited so long for the Treasury to start firing on all cylinders.

The Obama administration has also made a long list of smaller mistakes.(TS) Gordon Brown, the British prime minister, ought to be one of Mr Obama’s closest allies in fixing the global financial system, for both ideological and historical reasons. But Mr Obama badly mishandled his meeting with Mr Brown, giving him no more than half an hour and presenting him with a gift of a job lot of DVDs which do not even work in Britain. The G20 meeting in London is the first get-together of all the big industrial countries since Mr Obama came to office. But the administration’s preparations have been cursory. 外交失误

Many of Mr Obama’s mistakes stem from a single strategic miscalculation: he is trying to do too much too quickly. The financial crisis would overwhelm any administration, let alone(更不用说) one that is still trying to fill key jobs. But Mr Obama has chosen this moment to tackle a collection of problems, such as health care and environmental regulation, that have defeated much less overburdened(负担过重的) administrations. 国内事物上眼大肚子小

The administration advances two justifications for this, one substantive (you can’t fix America’s economy without also dealing with its long-term problems) and one political (“Never waste a good crisis”). The American economy will certainly be stronger if the country can tame its health-care costs. But health-care inflation has nothing to do with the financial crisis. The problem with never wasting a good crisis is that you alienate potential supporters, particularly Republicans, and risk overloading the system. “Mr Obama likes to say that presidents can do more than one thing at a time,” remarks Peggy Noonan, a Reagan speech writer, “but in fact modern presidents are lucky to do one thing at a time, never mind two.” It is worth remembering that Mr Obama’s idol, Franklin Roosevelt, introduced a broad reform agenda only after he had gained credit for tackling the banking crisis.

There is plenty of evidence that the administration is much too thinly stretched. David Smick, a consultant, argues that Mr Obama has a three-pronged approach to the crisis—“delay, delay, delay”. He announces grand plans only to stint（紧缩，节省） on the details. He promises budgetary discipline only to put off the hard decisions until later. The president pops up with a speech excoriating(批判) AIG bonuses (“I am angry”) but fails to explain the thinking behind his economic programme. Mr Buffett has given voice to widespread worries about the administration’s failure to prioritise. “Job one is to win the war, the economic war. Job two is to win the economic war—and job three. And you can’t expect people to unite behind you if you’re trying to jam a whole bunch of things down their throat.”

Mr Obama’s decision to announce a big-spending budget just when he is spending billions to rescue the financial system has also reinforced worries about America’s fiscal situation. The Congressional Budget Office estimates that some of Mr Obama’s social policies will be more expensive than the White House claims, and that the economy will grow more slowly. The deficit will be $9.3 trillion over the next decade, averaging 5.3% of GDP a year. Mr Orszag concedes that such a number would be unsustainable. 花钱太多

附2：no drama 不要和我胡扯，不要骗我。奥巴马竞选班子最自豪的一句话是“No Drama Obama”，意思是奥巴马竞选不搞噱头，不搞哗众取宠的炒作。

jessicaluluUID：2471730

Politics-as-usual

Almost as striking as the contrast between Mr Obama’s soaring ambition and his frequent incompetence is that between his promise to elevate politics and his willingness to continue with politics-as-usual. 一个爆长的同位语从句，惊艳。既承接了上文，又很自然得过渡到了下一段。赞！All presidents run for office（竞选） promising to change Washington and end up becoming its captives. But few have reversed themselves as quickly as the Hope-meister.

Take bipartisanship（两党合并）. It is true that Mr Obama has made some bipartisan appointments, keeping Robert Gates at the Pentagon and giving transport to Ray LaHood. He made concessions in stimulus negotiations, and has invited a few Republicans over for cocktails. But his bipartisanship has been mostly of the George Bush variety: he is quite happy for his opponents to endorse（认可，貌似是个上台面的词儿） his policies.

He has surrounded himself with hardened Democratic “pols” such as Rahm Emanuel, his chief of staff, and David Axelrod, his campaign strategist-turned-senior adviser. He has filled the top levels of his administration almost exclusively with people from the world of government: a former senator (at State), two former government officials (Treasury and Defence), two former governors (Health and Homeland Security). David Ignatius of the Washington Post points out that this administration is “as thin on business experience as a Hyde Park book club”. This not only limits the range of advice he can hear and the experience he can draw on. It also makes it even more difficult to prevent panic on Wall Street or Main Street（见附3）.Obama班子组成的局限性，仍是通过举证的办法论述

Mr Obama is now enthusiastically engaged in something that he foreswore as a candidate: the art of the permanent campaign. Senior White House advisers meet every Wednesday night to plot（cabal/scheme） political strategy. Mr Obama’s former campaign manager, David Plouffe, is e-mailing millions of Obama supporters to encourage them to put pressure on their congressional representatives to pass the budget. Mr Obama gives a striking share of his set piece speeches in swing states. The Obama team has repeatedly suggested that the Republicans are a party of “no” who owe fealty to Rush Limbaugh, a polarising talk-radio host. In other words, Mr Obama is squandering（waste） his political capital doing exactly what Mr Clinton did so often in his presidency: justifying his mistakes, trying to get the better of the 24-hour news cycle, and demonising(使变成魔鬼) opponents.

Mr Obama’s decision to restart the campaign engine is a sign of his administration’s troubles. /It is desperate to distract attention from the fact that it has broken some of its promises. It is determined to manage the anger stirred up by the huge bonuses paid to various AIG honchos. It is also desperate to make sure that the Republican Party cannot make too much political capital from the chaos at 1600 Pennsylvania Avenue. /（运用句式相同递进的表达方式，加强语气，使论证更深入一层。）（红色部分不理解。。。觉得是用了某种暗喻，不懂啊。。。）The result is a downward spiral: the more Mr Obama fails, the more he resorts to the permanent campaign, and the more he resorts to the permanent campaign, the more he becomes just like any other president. （这句写得太精妙了，建议大家都来背一背，很形象得体现了spiral。the more..., the more..., and the more..., the more....）

To add to the impression of business as usual, Mr Obama is continuing the long-standing trend of amassing(gather) ever more power in the White House. He has appointed a clutch of powerful White House-based tsars to oversee Cabinet offices. These tsars have no accountability to anybody but Mr Obama. They have every incentive to engage in empire building and turf wars. For example, Jim Jones, the national security adviser, is redefining the role of the NSC to oversee everything from traditional foreign policy to climate change. American liberals complained bitterly about the Bush administration’s politicisation of intelligence. But Mr Obama has arguably taken this politicisation to new heights(take sth. to new heights) by appointing Leon Panetta, a Democratic loyalist with no roots in the intelligence world, to oversee the CIA.

The president cannot yet be described as a failure. It is still early days. America’s political system, unlike Britain’s elective dictatorship专政, is designed to be frustrating. Power is divided. Congress uses its position to inject bloat into legislation. Presidents ricochet （弹跳）between success and failure. At this point in the election cycle Mr Clinton was embroiled in the gays-in-the-military fiasco and John Kennedy was heading towards the Bay of Pigs.

The confirmation process has been getting ever longer and more traumatic. Every recent president has seen presidential nominees flame out(突然失灵, 突然冒火焰) in disgrace. Polarisation has intensified（加强）. The recession raises questions that go to the heart of the ideological division between the parties: should you resort to Keynesian stimulus or Schumpeterian creative destruction? Should you bail out people who have borrowed too much money or let them sink? Even a president who had worked hard at bipartisanship might have been undone by these divisions. Mr Obama’s approval ratings remain in the 60s, despite the pressure of a global crisis, and the Republicans remain unpopular and rudderless.

During the election campaign Mr Obama was frequently slow to respond to crises. Then, just when his supporters began to despair and his opponents began to smell blood（比喻）, he would pull himself together and rise to the occasion. Mr Obama has been slow to get the full measure of the presidency. He has failed to establish firm priorities, and has all too often let events dictate his agenda. All in all, his performance has looked shaky. But at last this week there were signs, when he revealed his bank bail-out plan, that he is starting to do what he did so often during the campaign: justifying the enormous faith that has been put in him.

附3：“Main Street”是世界许多地方的村镇或小城市主要零售街道的一个通用称呼（常常是正式名称），它通常是商店和零售商聚集的商业中心区，常指零售和社交的区域。（在美国文化中）一般而言，“Main Street”是指一个具有传统价值观的地方。在北美媒体中，有时把“Main Street”——象征日常劳动阶层人民和小企业主的利益与 “Wall Street”（美国）或“Bay Street”（加拿大）——象征着企业资本主义的利益相对比。例如，在20世纪中期，共和党曾分为“华尔街派”（社会自由）和“商业街派”（社会保守）两个派别，后者在20世纪末占主导地位。“Main Street”在2008年经济危机和总统竞选和辩论中是一个非常流行的词，代表着拯救美国金融体系的主张。

总结一下，这篇文章涉及很多政治，历史方面的问题，还大面积运用了俚语以及借喻的写作手法。故有些地方理解起来有点麻烦。至于思路啥的我确实不太分析的来啦。。。

jessicaluluUID：2471730

话说，上述整个都是一篇文，放在一个回复里超字了，所以还是分开发哈～辛苦看的人啦～

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https://bbs.gter.net/bbs/viewthread.php?tid=936948&extra=

Alex_2009UID：2616286

第一页支持！！

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晚上回来整理~大家辛苦啦`~

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