首页
登录
职称英语
One lesson of the financial crisis is this: when the entire financial system
One lesson of the financial crisis is this: when the entire financial system
游客
2024-04-30
12
管理
问题
One lesson of the financial crisis is this: when the entire financial system succumbs(屈服)to panic, only the government is powerful enough to prevent a complete collapse. Panics signify the triumph of fear. Troubled Assets Relieve Program(TARP)was part of the process by which fear was overcome. It wasn’t the only part, but it was an essential part. Without TARP, we’d be worse off today. No one can say whether unemployment would be 11% or 14%; it certainly wouldn’t be 8.9%.
That benefited all Americans. TARP, says Douglas Elliott of the Brookings Institution, "is the best large federal program to be despised by the public." The source of outrage is no secret. Bankers are blamed for the crisis and reviled. The bank bailout—TARP’s first and most important purpose- was unpopular. Most Americans, says Elliott, "believe that taxpayers spent $ 700 billion and got nothing in return."
What this ignores is that an alternative being promoted at the time was widespread nationalization of banks. The cost would have been many times higher; the practical problems would have been enormous. As it was, TARP invested $245 billion in banks. The extra capital helped restore trust. Meanwhile, the Federal Reserve increased its lending; the Federal Deposit Insurance Corp. guaranteed $ 350 billion of bank borrowings. Banks resumed dealing with each other because they regained confidence that commitments would be honored. Of the $245 billion invested in banks, the Treasury has already recovered about $244 billion, including interest payments, dividends(红利), and cash from sold bank stock warrants. So the bank rescue has roughly broken even. When TARP’s remaining bank investments are closed, the Treasury expects an overall profit of about $ 20 billion.
Almost all of TARP’s activities have been distasteful. This was surely true of the rescue of General Motors and Chrysler. But the automakers’ collapse would clearly have worsened already gloomy unemployment. Did we really want these companies to shut down, with some plants sold to foreign automakers? We need to remember that TARP was a desperate program for desperate times. But some criticisms are broad generalities that, on inspection, are highly suspect. One common assertion is that TARP will encourage more reckless risk-taking because big financial firms know they’ll be bailed out if their gambles backfire. Bankers keep profits but are protected against losses, which are assumed by the public.
This is a serious issue, but TARP’s legacy is actually the opposite. During the crisis, investors in banks and financial institutions suffered huge losses. It wasn’t predictable which institutions would survive and which wouldn’t—or on what terms. The same would be true in the future. Indeed, TARP’s extreme unpopularity compounds uncertainty, because it suggests that politicians will recoil(退缩)from more bailouts. The moral hazard is more imagined than real. [br] What do we learn about TARP from the first paragraph?
选项
A、It played an important role in combating fear in the financial crisis.
B、It was considered as the last resort used by the federal government.
C、It made more people lose their jobs and more firms go bankrupt.
D、It caused great panic and confusion among the US citizens.
答案
A
解析
事实细节题。第一段提出问题资产纾困计划的重要作用:它是战胜恐惧过程的一部分。它不是唯一的部分,但是必不可少的部分。由此可见,问题资产纾困计划在抗击金融危机的恐惧中扮演重要的角色,因此答案为A)。
转载请注明原文地址:https://tihaiku.com/zcyy/3577477.html
相关试题推荐
Ourcurrenteducationalsystemhasnotbeenableto__________(跟上当今世界经济和科技发展步伐)
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
Americanculturehasbeenenrichedbythevaluesandbeliefsystemsofvirtu
随机试题
A--TheroleofthechiefnegotiatorB--Controllingnegotiations
[originaltext]下面你将听到的是一段介绍美国著名导演斯皮尔伯格的讲话。StevenSpielberg’sfirstfilmswe
StructureoftheCanadianGovernmentI.Introduction—Canada’ssystemofgovern
分部工程质量验收合格条件有( )。A.所含主要分项工程的质量验收合格 B.
人数较少的小型会议应首选的签到方式是(),A.根据与会人员名单,来一人划一人
下列属于我国民法的基本原则的是( )。A.自愿原则 B.平等原则 C.过错
D解析第一步:先确定逻辑关系联系紧密的事件顺序。本题考查人造地球卫星爆炸后S国提出索赔的事件。显然事件②是其他事件发生的前提条件,事件④是索赔的结果,应排在
李先生收到一笔10W的稿酬后,到某银行网点向大堂经理陆经理咨询近期哪些基金表现良
近视的原因是什么?某国的研究者跟踪了500多名8-9岁视力正常的儿童,五年后发现
用经典实验说明学习迁移的概括化理论及其教育意义。
最新回复
(
0
)