Never Again Will the American Taxpayer(2)
文章来源:未知 文章作者:meng 发布时间:2010-01-25 01:33 字体: [ ]  进入论坛
(单词翻译:双击或拖选)

THE PRESIDENT:  Good morning, everybody.  I just had a very productive meeting with two members of my Economic Recovery Advisory1 Board:  Paul Volcker, who's the former chair of the Federal Reserve Board; and Bill Donaldson, previously2 the head of the SEC.  And I deeply appreciate the counsel of these two leaders and the board that they've offered as we have dealt with a broad array of very difficult economic challenges.

Over the past two years, more than seven million Americans have lost their jobs in the deepest recession our country has known in generations.  Rarely does a day go by that I don't hear from folks人们 who are hurting.  And every day, we are working to put our economy back on track and put America back to work.  But even as we dig our way out of this deep hole, it's important that we not lose sight of what led us into this mess in the first place.

This economic crisis began as a financial crisis, when banks and financial institutions took huge, reckless鲁莽的 risks in pursuit of寻求,追求 quick profits and massive bonuses.  When the dust settled, and this binge狂欢,放纵 of irresponsibility was over, several of the world's oldest and largest financial institutions had collapsed4, or were on the verge5 of濒临于,边缘于 doing so.  Markets plummeted6, credit dried up, and jobs were vanishing by the hundreds of thousands each month. We were on the precipice悬崖,绝壁 of a second Great Depression.

To avoid this calamity8, the American people -- who were already struggling in their own right -- were forced to rescue financial firms facing crises largely of their own creation.  And that rescue, undertaken by the previous administration, was deeply offensive but it was a necessary thing to do, and it succeeded in stabilizing9 the financial system and helping10 to avert11避免 that depression.

Since that time, over the past year, my administration has recovered most of what the federal government provided to banks. And last week, I proposed a fee to be paid by the largest financial firms in order to recover every last dime12.  But that's not all we have to do.  We have to enact13 common-sense reforms that will protect American taxpayers15 -– and the American economy -– from future crises as well.

For while the financial system is far stronger today than it was one year ago, it's still operating under the same rules that led to its near collapse3.  These are rules that allowed firms to act contrary to the interests of customers; to conceal隐瞒,隐藏 their exposure to debt through complex financial dealings; to benefit from taxpayer14-insured deposits while making speculative17 investments; and to take on risks so vast that they posed threats to the entire system.

That's why we are seeking reforms to protect consumers; we intend to close loopholes漏洞,枪眼 that allowed big financial firms to trade risky18 financial products like credit defaults swaps信用违约交易 and other derivatives派生物 without oversight21; to identify system-wide risks that could cause a meltdown; to strengthen capital and liquidity22 requirements to make the system more stable; and to ensure that the failure of any large firm does not take the entire economy down with it.  Never again will the American taxpayer be held hostage by a bank that is "too big to fail."

Now, limits on the risks major financial firms can take are central to the reforms that I've proposed.  They are central to the legislation that has passed the House under the leadership of Chairman Barney Frank, and that we're working to pass in the Senate under the leadership of Chairman Chris Dodd.  As part of these efforts, today I'm proposing two additional reforms that I believe will strengthen the financial system while preventing future crises.

First, we should no longer allow banks to stray迷路,偏离 too far from their central mission of serving their customers.  In recent years, too many financial firms have put taxpayer money at risk by operating hedge funds对冲资金,避险资金 and private equity23 funds私人资本 and making riskier24 investments to reap a quick reward.  And these firms have taken these risks while benefiting from special financial privileges that are reserved only for banks.

Our government provides deposit insurance存款保险 and other safeguards and guarantees to firms that operate banks.  We do so because a stable and reliable banking25 system promotes sustained growth, and because we learned how dangerous the failure of that system can be during the Great Depression.

But these privileges were not created to bestow授予,使用 banks operating hedge funds or private equity funds with an unfair advantage.  When banks benefit from the safety net that taxpayers provide –- which includes lower-cost capital –- it is not appropriate for them to turn around and use that cheap money to trade for profit.  And that is especially true when this kind of trading often puts banks in direct conflict with their customers' interests.#p#分页标题#e#

The fact is, these kinds of trading operations can create enormous and costly27 risks, endangering the entire bank if things go wrong.  We simply cannot accept a system in which hedge funds or private equity firms inside banks can place huge, risky bets that are subsidized by taxpayers and that could pose a conflict of interest.  And we cannot accept a system in which shareholders28 make money on these operations if the bank wins but taxpayers foot the bill if the bank loses.

It's for these reasons that I'm proposing a simple and common-sense reform, which we're calling the "Volcker Rule" -- after this tall guy behind me.  Banks will no longer be allowed to own, invest, or sponsor hedge funds, private equity funds, or proprietary29 trading operations for their own profit, unrelated to serving their customers.  If financial firms want to trade for profit, that's something they're free to do.  Indeed, doing so –- responsibly –- is a good thing for the markets and the economy.  But these firms should not be allowed to run these hedge funds and private equities30 funds while running a bank backed by the American people.

In addition, as part of our efforts to protect against future crises, I'm also proposing that we prevent the further consolidation31巩固,合并 of our financial system.  There has long been a deposit cap in place to guard against too much risk being concentrated in a single bank.  The same principle should apply to wider forms of funding employed by large financial institutions in today's economy.  The American people will not be served by a financial system that comprises just a few massive firms.  That's not good for consumers; it's not good for the economy.  And through this policy, that is an outcome we will avoid.

My message to members of Congress of both parties is that we have to get this done.  And my message to leaders of the financial industry is to work with us, and not against us, on needed reforms.  I welcome constructive32 input33 from folks in the financial sector34.  But what we've seen so far, in recent weeks, is an army of industry lobbyists from Wall Street descending35 on Capitol Hill to try and block basic and common-sense rules of the road that would protect our economy and the American people.

So if these folks want a fight, it's a fight I'm ready to have.  And my resolve is only strengthened when I see a return to old practices at some of the very firms fighting reform; and when I see soaring猛增的 profits and obscene淫秽的,猥亵的 bonuses at some of the very firms claiming that they can't lend more to small business, they can't keep credit card rates low, they can't pay a fee to refund36 taxpayers for the bailout without passing on the cost to shareholders or customers -- that's the claims they're making.  It's exactly this kind of irresponsibility that makes clear reform is necessary.

We've come through a terrible crisis.  The American people have paid a very high price.  We simply cannot return to business as usual.  That's why we're going to ensure that Wall Street pays back the American people for the bailout.  That's why we're going to rein37 in the excess and abuse that nearly brought down our financial system.  That's why we're going to pass these reforms into law.

Thank you very much, everybody.

END
11:42 A.M. EST



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1 advisory lKvyj     
adj.劝告的,忠告的,顾问的,提供咨询
参考例句:
  • I have worked in an advisory capacity with many hospitals.我曾在多家医院做过顾问工作。
  • He was appointed to the advisory committee last month.他上个月获任命为顾问委员会委员。
2 previously bkzzzC     
adv.以前,先前(地)
参考例句:
  • The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
  • Let me digress for a moment and explain what had happened previously.让我岔开一会儿,解释原先发生了什么。
3 collapse aWvyE     
vi.累倒;昏倒;倒塌;塌陷
参考例句:
  • The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
  • The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。
4 collapsed cwWzSG     
adj.倒塌的
参考例句:
  • Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
  • The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。
5 verge gUtzQ     
n.边,边缘;v.接近,濒临
参考例句:
  • The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
  • She was on the verge of bursting into tears.她快要哭出来了。
6 plummeted 404bf193ceb01b9d9a620431e6efc540     
v.垂直落下,骤然跌落( plummet的过去式和过去分词 )
参考例句:
  • Share prices plummeted to an all-time low. 股票价格暴跌到历史最低点。
  • A plane plummeted to earth. 一架飞机一头栽向地面。 来自《简明英汉词典》
7 precipice NuNyW     
n.悬崖,危急的处境
参考例句:
  • The hut hung half over the edge of the precipice.那间小屋有一半悬在峭壁边上。
  • A slight carelessness on this precipice could cost a man his life.在这悬崖上稍一疏忽就会使人丧生。
8 calamity nsizM     
n.灾害,祸患,不幸事件
参考例句:
  • Even a greater natural calamity cannot daunt us. 再大的自然灾害也压不垮我们。
  • The attack on Pearl Harbor was a crushing calamity.偷袭珍珠港(对美军来说)是一场毁灭性的灾难。
9 stabilizing 37789793f41246ac9b11622dadb461ab     
n.稳定化处理[退火]v.(使)稳定, (使)稳固( stabilize的现在分词 )
参考例句:
  • The disulfide bridges might then be viewed primarily as stabilizing components. 二硫桥可以被看作是初级的稳定因素。 来自辞典例句
  • These stabilizing design changes are usually not desirable for steady-state operation. 这些增加稳定性的设计改变通常不太符合稳态工作的要求。 来自辞典例句
10 helping 2rGzDc     
n.食物的一份&adj.帮助人的,辅助的
参考例句:
  • The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
  • By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。
11 avert 7u4zj     
v.防止,避免;转移(目光、注意力等)
参考例句:
  • He managed to avert suspicion.他设法避嫌。
  • I would do what I could to avert it.我会尽力去避免发生这种情况。
12 dime SuQxv     
n.(指美国、加拿大的钱币)一角
参考例句:
  • A dime is a tenth of a dollar.一角银币是十分之一美元。
  • The liberty torch is on the back of the dime.自由火炬在一角硬币的反面。
13 enact tjEz0     
vt.制定(法律);上演,扮演
参考例句:
  • The U.S. Congress has exclusive authority to enact federal legislation.美国国会是唯一有权颁布联邦法律的。
  • For example,a country can enact laws and economic policies to attract foreign investment fairly quickly.例如一个国家可以很快颁布吸引外资的法令和经济政策。
14 taxpayer ig5zjJ     
n.纳税人
参考例句:
  • The new scheme will run off with a lot of the taxpayer's money.这项新计划将用去纳税人许多钱。
  • The taxpayer are unfavourably disposed towards the recent tax increase.纳税者对最近的增加税收十分反感。
15 taxpayers 8fa061caeafce8edc9456e95d19c84b4     
纳税人,纳税的机构( taxpayer的名词复数 )
参考例句:
  • Finance for education comes from taxpayers. 教育经费来自纳税人。
  • She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。
16 conceal DpYzt     
v.隐藏,隐瞒,隐蔽
参考例句:
  • He had to conceal his identity to escape the police.为了躲避警方,他只好隐瞒身份。
  • He could hardly conceal his joy at his departure.他几乎掩饰不住临行时的喜悦。
17 speculative uvjwd     
adj.思索性的,暝想性的,推理的
参考例句:
  • Much of our information is speculative.我们的许多信息是带推测性的。
  • The report is highly speculative and should be ignored.那个报道推测的成分很大,不应理会。
18 risky IXVxe     
adj.有风险的,冒险的
参考例句:
  • It may be risky but we will chance it anyhow.这可能有危险,但我们无论如何要冒一冒险。
  • He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。
19 swaps 7852508deb41ee8610612c888aea2f12     
交换( swap的名词复数 ); 交换物,被掉换者
参考例句:
  • He swaps his old car for a new motorcycle. 他用旧车换了一辆新摩托车。 来自英汉 - 翻译样例 - 口语
  • Swaps the anchor and end points of the current selection. 交换当前所选内容的定位点和结束点。
20 derivatives f75369b9e0ef2282b4d10e367e4ee2a9     
n.衍生性金融商品;派生物,引出物( derivative的名词复数 );导数
参考例句:
  • Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
  • These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句
21 oversight WvgyJ     
n.勘漏,失察,疏忽
参考例句:
  • I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
  • Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。
22 liquidity VRXzb     
n.流动性,偿债能力,流动资产
参考例句:
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
23 equity ji8zp     
n.公正,公平,(无固定利息的)股票
参考例句:
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
24 riskier 4b337f01212613d2805f0ac853a3fd43     
冒险的,危险的( risky的比较级 )
参考例句:
  • Now they are starting to demand higher returns on riskier assets. 而今他们开始在风险更高的资产上要求更高的回报。
  • The problem with that: RIM's business is getting riskier every quarter. 不过问题也随之而来:RIM面临的业务风险正逐季增大。
25 banking aySz20     
n.银行业,银行学,金融业
参考例句:
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
26 bestow 9t3zo     
v.把…赠与,把…授予;花费
参考例句:
  • He wished to bestow great honors upon the hero.他希望将那些伟大的荣誉授予这位英雄。
  • What great inspiration wiII you bestow on me?你有什么伟大的灵感能馈赠给我?
27 costly 7zXxh     
adj.昂贵的,价值高的,豪华的
参考例句:
  • It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
  • This dictionary is very useful,only it is a bit costly.这本词典很有用,左不过贵了些。
28 shareholders 7d3b0484233cf39bc3f4e3ebf97e69fe     
n.股东( shareholder的名词复数 )
参考例句:
  • The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
  • the company's fiduciary duty to its shareholders 公司对股东负有的受托责任
29 proprietary PiZyG     
n.所有权,所有的;独占的;业主
参考例句:
  • We had to take action to protect the proprietary technology.我们必须采取措施保护专利技术。
  • Proprietary right is the foundation of jus rerem.所有权是物权法之根基。
30 equities 501c457a1f918a4b41824052f5a3f5eb     
普通股,股票
参考例句:
  • These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
  • They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。
31 consolidation 4YuyW     
n.合并,巩固
参考例句:
  • The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民,对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
  • The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法
32 constructive AZDyr     
adj.建设的,建设性的
参考例句:
  • We welcome constructive criticism.我们乐意接受有建设性的批评。
  • He is beginning to deal with his anger in a constructive way.他开始用建设性的方法处理自己的怒气。
33 input X6lxm     
n.输入(物);投入;vt.把(数据等)输入计算机
参考例句:
  • I will forever be grateful for his considerable input.我将永远感激他的大量投入。
  • All this information had to be input onto the computer.所有这些信息都必须输入计算机。
34 sector yjczYn     
n.部门,部分;防御地段,防区;扇形
参考例句:
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
35 descending descending     
n. 下行 adj. 下降的
参考例句:
  • The results are expressed in descending numerical order . 结果按数字降序列出。
  • The climbers stopped to orient themselves before descending the mountain. 登山者先停下来确定所在的位置,然后再下山。
36 refund WkvzPB     
v.退还,偿还;n.归还,偿还额,退款
参考例句:
  • They demand a refund on unsatisfactory goods.他们对不满意的货品要求退款。
  • We'll refund your money if you aren't satisfied.你若不满意,我们愿意退款给你。
37 rein xVsxs     
n.疆绳,统治,支配;vt.以僵绳控制,统治
参考例句:
  • The horse answered to the slightest pull on the rein.只要缰绳轻轻一拉,马就作出反应。
  • He never drew rein for a moment till he reached the river.他一刻不停地一直跑到河边。
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