multibillion-70

次信贷危机用英语怎么表达？

而是那些在世界范围内进行着几十亿美元交易的偷猎者能看到这一幕，能有所悔悟。

as-built是什么意思

Subprime Mortgage Crisis。

Debt again

The mortgage crisis has surprising roots that go back decades. Why we need to rethink how we buy our homes.。

By Robert Kuttner | August 19, 2007。

THE SPIKE IN defaults on "subprime mortgages" has exposed underlying weaknesses in an economy built on too much speculative borrowing. It's not clear where all this will end, but for now credit is drying up for blue-chip corporations as well as high-risk mortgage lenders.。

With financial tremors spilling over into the wider economy, major retailers like Home Depot and Wal-Mart are reporting softer sales as housing values decline and consumers put off discretionary purchases. Every investor, from retirees to university endowments, is at risk if the inflated stock market turns out to be another bubble. Even if the wider damage is contained, some 2 million mortgages are scheduled for rate increases this fall, and foreclosures are expected to soar.。

What went wrong? President Bush recently blamed "easy money" and the failure of borrowers to read the fine print. A BusinessWeek cover story faulted home builders for overbuilding and then hooking up buyers with overly lenient mortgage lenders. The mortgage companies offering subprime loans blame the Wall Street financiers whose investments made the practice possible.。

But in truth, the problem runs much deeper. The mortgage business has long been a tug of war between a social commitment to broad homeownership and the schemes of private financial operators looking to make a quick buck. In the wake of the Great Depression, the US government devised a strikingly effective system for bringing homeownership to the masses. Since the late 1970s, however, this system has been dismantled in the name of deregulation, causing a string of disastrous results.。

The subprime mess is not so much a new crisis as a continuation of the saga that began with the savings and loan scandal of the early 1980s, when executives of S&Ls went on a risky lending binge with government-insured money. Then, as now, there are many individual culprits, but the real problem is the ideology of deregulation and the capture of public policy for private gain by the financial industry.。

Homeownership is at the core of the American dream. Since the era of the American Revolution, owning property has been considered the mark of a solid citizen who is a stakeholder in the community. Mortgages enable ordinary people, who do not have the cash to buy a home outright, to join the propertied class. For most people, even today, their prime financial asset is the equity in their home.。

The Republic's founders believed that a self-governing people needed to be a society of freeholders. President Jefferson sponsored a land-tenure system that largely kept the frontier out of the hands of land speculators, and favored yeoman farmers. With the passage in 1862 of the Homestead Act under President Lincoln, ordinary people could get title to 160 acres, free, if they worked the land. By 1900, in several western states, more than 60 percent of people were already homeowners.。

In the early 19th century, immigrant, ethnic, and labor groups began creating "building and loan" societies, modeled on British cooperatives that originated in Birmingham in 1774. These mutual aid societies enabled people of modest means to pool savings and borrow money to build or buy homes. While these societies offered more flexible terms than banks, the typical mortgage was relatively short-term -- three to five years was common -- with much of the principal still owed at the end.。

During the Great Depression, the wave of foreclosures inspired the Roosevelt government to invent the long-term, self-amortizing home loan. This innovation allowed the borrower to make fixed payments that pay off both interest and debt.。

This new kind of mortgage was part of a larger strategy to spread homeownership, and protect the system from catastrophic failures. Congress first acted to insure mortgages, then established the Federal National Mortgage Association (FNMA) to buy qualified mortgages, replenishing lenders' funds to make more home loans. A system of Federal Home Loan Banks was established to supervise and loan money to local mortgage lenders. The government also created federal deposit insurance (the familiar "FDIC") to protect savers from bank failures, and restore confidence in the banking system.。

Here was a stunningly successful system of social invention. The national rate of homeownership dramatically increased in the prosperous postwar decades, from about 44 percent on the eve of World War II to 64 percent by the mid-1960s. There were no notable scandals, few losses by lenders, and the government-sponsored systems of deposit insurance regularly turned a profit.。

But any industry this big was bound to be irresistible to speculators. In several waves of deregulation, the industry managed to slip the bonds of government banking supervision. In each of these cycles, free-marketeers promised greater efficiency and more plentiful credit, if government regulators would just get out of the way. In each episode, however, the result has been increased speculation followed by huge losses and costs to the public, hurting the very people the mortgage system is supposed to help.。

. . .

The first casualty was the savings and loan collapse. S&Ls, heirs to 19th-century building societies, had traditionally been staid and prudent institutions, mostly nonprofits with a social mission. As long as they maintained standards, few lost money. A well-worn industry joke called it the "3-6-3" system: take in deposits at 3 percent, lend out mortgages at 6 percent, and be on the golf course by 3 p.m.。

But thanks to a lobbying blitz early in the anti-government Reagan era, Congress liberated S&Ls to speculate in far-flung ventures with no connection to their core mission of providing mortgages. Tiny S&Ls were allowed to become multibillion-dollar behemoths almost overnight, by offering premium interest rates on savings deposits. They then had to find riskier uses of the money to cover their higher costs. A lot of these loans went bad. Loan defaults and S&L bankruptcies ultimately cost taxpayers more than $200 billion.。

In the subprime lending crisis that repeated the pattern two decades later, yet another form of deregulation was implicated -- the invention of "securitization" by investment bankers. That part of the story begins with the privatization of Roosevelt's FNMA.。

In 1968, President Lyndon Johnson's housing aides decided to get FNMA off the government's books, in hopes that a private corporation could provide more liquidity for mortgages. Privatization of FNMA, rebranded as Fannie Mae, set the stage for other private players to get into the business of repackaging mortgages, which was no longer the province of a government agency chartered to act in the public interest.。

In 1977, the investment-banking firm Salomon Brothers devised a highly lucrative financial daisy chain. Mortgages could be purchased from the originator of the loan, repackaged as bonds, sorted according to supposed risk, and certified by bond-rating agencies, thus allowing any number of investors to buy the bonds.。

Securitization enabled subprime lenders to throw away the rulebook. As long as some investment bank could be found to buy the loan, convert it to a bond, and peddle it to someone else, the mortgage companies could still turn a profit.。

In theory, this system makes mortgage credit more plentiful by funneling money from capital markets back to mortgage lenders and to borrowers, just as FNMA did beginning in the 1930s. But in today's privatized version, so many middlemen take cuts that home buyers are no better off.。

The union of securitized mortgage credit and subprime lending was a marriage made in hell, waiting to be consummated. Once Congress sorted out the S&L mess, reregulating S&Ls in a 1989 law, more and more mortgage companies began doing end-runs around the regulations.。

Most of today's biggest mortgage companies are actually subsidiaries of banks, such as Wells Fargo. While the loan portfolios of the parent banks are still strictly regulated, their mortgage subsidiaries are not, because the loans don't stay on their books. Other such companies are independent, but financed by big banks.。

Many of these new-wave mortgage lenders, which make their profits based on their volume of loans, loosened credit standards far beyond the point of prudence, knowing that they could pass off the risk to some other investor. Between 2001 and 2005, the value of subprime loans soared from $50 billion to more than $600 billion, according to The Wall Street Journal.。

Borrowers with poor credit histories were offered loans without a full credit check, often without income verification. Mortgage companies offered loans with no down payments and low "teaser" rates that became unaffordable once they rose to the market rate. About 15 percent of these loans, valued at about $67 billion, are already in default.。

There was no government agency to temper these practices, since mortgage companies are exempt from federal regulation. Home buyers and lenders were both betting that appreciation in housing prices would allow early refinancings, or that equity windfalls would allow the borrowers to meet the payments. But when the housing market turned soft, they were blindsided. As super-investor Warren Buffett inimitably put it, "You don't know who's swimming naked until the tide goes out."。

. . .

Thus the decline and fall of a once-sublime system of providing reliable mortgage credit for the American Dream. The industry has put a pretty face on its tactics, contending that it was virtuously helping less-affluent people become homeowners. But predatory lenders are a feeble substitute for a national homeownership policy.。

Since the Reagan presidency, the federal government has largely gotten out of the business of subsidizing first-time homeownership. In the New Deal and postwar eras, moderate-income people got cheap, government-insured loans. Some veterans got direct loans reflecting the government's own low borrowing rate. In the 1960s, the Great Society directly subsidized mortages with rates as low as 1 percent. But this has all been drastically scaled back. Since 1980, the rate of homeownership among Americans age 25 to 34 has dropped from 53 to 45 percent.。

The government should resume directly subsidizing starter mortgages and construction of homes for moderate-income buyers. These programs need to combine careful credit assessment with counseling, rather than relying on the tender mercies of the sleaziest wing of the private mortgage industry. It does no favor to aspiring home buyers when dreams end in foreclosure.。

As for deregulation of mortgage lending, it's too late to head off this debacle, but Congress should act now to prevent the next one. Banks and S&Ls are regulated because taxpayer money is at risk through deposit insurance. Though mortgage companies do not take deposits, they too need to be regulated because their antics put the entire economy at risk. Irresponsibly speculative lenders should be prohibited from selling mortgages in the secondary market, even if they can find a consenting adult foolish enough to buy them.。

My former boss, Senator William Proxmire of Wisconsin, sponsored the 1968 Truth in Lending Act, to require that interest rates be disclosed to borrowers in clear, consistent terms. The senator, who died in 2005, must be whirling in his grave. Today's mortgages are often convoluted and opaque, explicitly designed to mislead the borrower. We need a new Proxmire Act, to limit the bait-and-switch character of mortgages, and to police the secondary market in mortgage securities.。

We've now had an experiment in the claims made for mortgage deregulation, extending over three decades, and deregulation flunked. America needs to restore a system in which government supports home- ownership -- and makes sure that mortgage lenders serve as responsible creditors, not predators.。

Robert Kuttner is co-editor of The American Prospect and a senior fellow at Demos, a New York-based think tank. From 1975 through 1977 he was chief investigator for the Senate Banking Committee.。

屁股英文怎么说

as-built

为建立

词典结果：

built

[英][bɪlt][美][bɪlt]。

v.build的过去式和过去分词; 。

adj.…建成的; 身段优美的; 有特定体格的; 。

易混淆单词：Built

以上结果来自金山词霸

例句:

1.

Facebook has built a multibillion-dollar ad business because of such data. 。

facebook因这类数据而建立了规模达数十亿美元的广告业务。

2010年南非世界杯英文介绍

屁股的英文为arse

读法：英 [ɑːs]  美 [ɑːrs]。

1、n. 屁股；笨蛋；饭桶

2、vi. 闲混

短语

1、arse welder 对焊机。

2、arse rearing 薄饲。

3、arse seeding 稀播 ; 详细翻译。

4、arse in 插嘴

5、That Arse 这屁股。

6、my arse 我的屁股

7、Sad arse 可怜的人。

扩展资料

arse近义词：ass

读法：英 [æs]  美 [æs]。

n. 屁股；驴子；蠢人

短语

1、ass asses 驴子

2、ass work 重体力活。

3、live ass 活驴

4、Dumb Ass 蠢驴 ; 蠢货蠢驴 ; 愚笨驴子。

5、ass cams 屁股凸轮 ; 驴凸轮。

6、silly ass 笨驴 ; 笨猪 ; 蠢驴。

industry怎么读

【Dates】（时间）

The 2010 FIFA World Cup will be the 19th FIFA World Cup, an international tournament for football, that is scheduled to take place between 11 June and 11 July 2010 in South Africa. It will be the first time that the tournament has been hosted by a nation in the Confederation of African Football, leaving the Oceania Football Confederation as the only FIFA Confederation never to have hosted the event.。

【Host selection】（申办）

Africa was chosen as the host for the 2010 World Cup as part of a new policy to rotate the event between football confederations (This policy was later revoked in October of 2007). Five African nations placed bids to host the 2010 World Cup:。

* Flag of Egypt Egypt。

* Flag of Libya Libya / Flag of Tunisia Tunisia (co-hosting)。

* Flag of Morocco Morocco。

* Flag of South Africa South Africa。

Following the decision of the FIFA Executive Committee not to allow co-hosted tournaments, Tunisia withdrew from the bidding process. The committee also decided not to consider Libya's solo bid as it no longer met all the stipulations laid down in the official List of Requirements.。

After one round of voting, the winning bid was announced by FIFA president Sepp Blatter at a media conference on May 15, 2004 in Zurich. South Africa was awarded the rights to host the tournament, defeating Morocco and Egypt.[1]。

Results:

1. Flag of South Africa South Africa, 14 votes。

2. Flag of Morocco Morocco, 10 votes。

3. Flag of Egypt Egypt, 0 votes。

Flag of Tunisia Tunisia withdrew on May 8, 2004 after joint bidding was not allowed。

Flag of Libya Libya was rejected: bid did not meet the list of requirements and joint bidding was not allowed。

Qualification

As the host nation, South Africa qualifies automatically. However, South Africa are the first hosts since 1934 to participate in World Cup qualifiers. This is because the CAF qualifiers will also serve as the qualifying tournament for the 2010 African Cup of Nations, for which South Africa must qualify separately. Since 2002 the defending champions no longer qualify automatically.。

The preliminary draw for the 2010 World Cup was held in Durban, South Africa on 25 November 2007.。

【Venues】（地点）

In 2005, the organizers released a provisional list of thirteen venues to be used for the World Cup: Bloemfontein, Cape Town, Durban, Johannesburg (two), Kimberley, Nelspruit, Orkney, Polokwane, Port Elizabeth, Pretoria (two), and Rustenburg. 。

【History of the FIFA World Cup】（历史）

No other sporting event captures the world's imagination like the FIFA World Cup. Ever since the first tentative competition in Uruguay in 1930, FIFA's (Fédération Internationale de Football Association) flagship has constantly grown in popularity and prestige.。

A group of visionary French football administrators, led in the 1920s by the innovative Jules Rimet, are credited with the original idea of bringing the world's strongest national football teams together to compete for the title of World Champions. The original gold trophy bore Jules Rimet's name and was contested three times in the 1930s, before the Second World War put a 12-year stop to the competition.。

When it resumed, the FIFA World Cup rapidly advanced to its undisputed status as the greatest single sporting event of the modern world. Held since 1958 alternately in Europe and the Americas, the World Cup broke new ground with the Executive Committee's decision in May 1996 to select Korea and Japan as co-hosts for the 2002 edition.。

Since 1930, the 19 tournaments have seen only seven different winners. However, the FIFA World Cup has also been punctuated by dramatic upsets that have helped create footballing history - the United States defeating England in 1950, North Korea's defeat of Italy in 1966, Cameroon's emergence in the 1980s and their opening match defeat of the Argentinean cup-holders in 1990....。

【Preparations】

Five new stadiums are to be built for the tournament (three match venues and two practice grounds), and five of the existing venues are to be upgraded. Construction costs are expected to be R8.4bn.。

In addition to the stadiums being built and upgraded, South Africa is also planning to improve its current public transport infrastructure, and implement special measures to ensure the safety and security of local and international tourists attending the matches in accordance with standard FIFA requirements.。

【Rumours of tournament being moved】

Rumours have circulated in various news sources that the 2010 World Cup could be moved to another country.[6][7] Some people, including Franz Beckenbauer, Horst R. Schmidt and, reportedly, some FIFA executives, have expressed concern over the planning, organisation, and pace of South Africa’s preparations.[8][6] However, FIFA officials have repeatedly expressed their confidence in South Africa as host, and have stated that the event will not be moved, with FIFA president Sepp Blatter re-iterating that "Plan A... Plan B... Plan C is that the 2010 World Cup will be staged in South Africa".[9][10] Mr. Blatter has stated that there is a contingency plan to hold the World Cup elsewhere but only in the event of a natural catastrophe, and that the 2006 World Cup in Germany also had a similar contingency plan.[11][10]。

Despite reassurances by FIFA that the event would only be moved in the case of natural catastrophe, rumours continue to circulate about possible relocation of the event.[12] These rumours have been criticised by South Africa's Deputy Finance Minister Jabu Moleketi, saying that some have targeted the event to reflect their persistent negativity towards South Africa and Africa.。

【Controversies】

Several non-governmental organisations and poor people's movements have expressed major concern about plans to regulate the prevalence of squatter camp shelters to improve the image of the World Cup venues. Concerns are particularly acute in Durban where local politicians have promised to 'clear the slums by 2010'.[14] It has also been argued that it is inappropriate to invest so much public money on stadia when much of the population lacks basic services and housing.。

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