Unit3-Property-Boom房地产泡沫市公开课一等奖省赛课微课金奖课件

Unit3PropertyBoom1/196Checking2/196CheckingReviewing(Unit2)

disruptivechangeasnowballeffect

aturnoverof$3.8millionaculthorror-filmmakerexertrigorouscontrol

男巫

令人感到压抑生活收益源

原地不动每况愈下Previewing(Unit3)debaclecommercialpropertyprophetsscornedregimeadjustable-ratemortgage

房地产泡沫

宏观经济环境

系统性风险

投机性买房

资产负债表3/196CheckingReviewing(Unit2)

disruptivechangeasnowballeffect

aturnoverof$3.8millionaculthorror-filmmakerexertrigorouscontrol

男巫

令人感到压抑生活收益源

原地不动每况愈下Reviewing(Unit2)颠覆性改变雪球效应380万美元营业额狂热恐怖电影制造商实施严格控制awizardastiflingliferevenuestreamstayputgodownhill4/196CheckingPreviewing(Unit3)debaclecommercialpropertyprophetsscornedregimeadjustable-ratemortgage

房地产泡沫

宏观经济环境

系统性风险

投机性买房

资产负债表Previewing(Unit3)彻底失败商用不动产被藐视预言者管理体制;机制可变利率抵押贷款housingbubblemacroeconomicenvironmentsystemicriskspeculativehome

buyingbalancesheet5/196Unit3Lead-in6/196Thesearepicturesofthetopsixskyscrapersintheworld.Canyourecognizethem?Matchthepictureswiththeirnames.1)2)3)5)4)6)7/196BURJDUBAITheworld’stallestbuildingsituatedinthecityofDubai-

828mTaipei101FormerlyknownastheTaipeiWorldFinancialCenter:theworld'stallestfromto-509mSWFCShanghaiWorldFinancialCenterthesecondtallestbuildinginChina-

492mThePetronasTwinTowersSkyscrapersandtwintowersinKualaLumpur,Malaysia-

452mTheSearsTowerTheworld’sfifthtallestbuildinginthecityofChicago-

442mIFCHongKongInternationalFinancialCenterthetallestbuildinginHongKong-

420m4)1)2)3)6)5)8/196TextABetweenaRockandaLivingSpaceTitle9/196BetweenaRockandaLivingSpacebetween___and___betweenthedevilandthedeepseabetweenarockandahardplace进退维谷,进退两难10/196BetweenaRockandaLivingSpaceBetweenaRockandaHardPlaceautobiographyofAronRalstonpublishedinexperiencebeingtrappedinBlueJohnCanyonintheUtahdesertamputatehisownrightarmwithadullmulti-toolarmtrappedbyaboulder左右为难11/196TextABetweenaRockandaLivingSpaceTitle12/196TextABetweenaRockandaLivingSpaceStructureAnalysis13/196StructureAnalysisParas1-3Anintroductionofthecurrentsituationofpropertyboomandabriefanalysisofreasonsandlessonslearnt.Paras4-15Adetaileddiscussionofwhatpolicymakersandfinancialregulatorscoulddotocontrolthepropertybubblesandavoidthecrisis.Paras16-20AsummaryoftheeconomicsituationbothintheUSandintheEuropeaftertheburstingofthebubblesandwhatwecanlearnfromit.14/196TextABetweenaRockandaLivingSpaceDetailedReading15/196Question1WhatdoesRobertShiller'sindextell?16/196RobertShiller罗伯特•希勒bornMarch29,1946anAmericaneconomist,academic,andbest-sellingauthoraSterlingProfessor

ofEconomicsatYaleUniversityreceivedtheNobelMemorialPrizeinEconomicSciences17/196Question1WhatdoesRobertShiller'sindextell?ItisanindexshowingthefluctuationofrealhousepricesinAmerica.18/196realhousepricesinflation-adjustedhouseprices

扣除通货膨胀后房价19/196Question2WhatconclusioncanwedrawfromstudyingRobertShiller'sindex?forthe100yearsorso(1890-1990)startinginthelate1990sinthemiddleofthefirstdecadeofthenewcentury20/196Question2WhatconclusioncanwedrawfromstudyingRobertShiller'sindex?forthe100yearsorso(1890-1990)Pricesgoupanddownbutgainverylittleoverall.21/196gain

n.riseinrateorprice增加22/196Question2WhatconclusioncanwedrawfromstudyingRobertShiller'sindex?forthe100yearsorso(1890-1990)Pricesgoupanddownbutgainverylittleoverall.startinginthelate1990sHousepricesprettymuchdoubleinrealtermswithinadecade.23/196inrealterms扣除物价原因；按实质计算growinrealterms

实际增加nationalincomeinrealterms

实际国民收入24/196Question2WhatconclusioncanwedrawfromstudyingRobertShiller'sindex?forthe100yearsorso(1890-1990)Pricesgoupanddownbutgainverylittleoverall.startinginthelate1990sHousepricesprettymuchdoubleinrealtermswithinadecade.25/196Question3Howdoestheauthordescribetheincreaseinhouseprices?Therun-upinvalueswasnotjustunprecedented,itwasobviouslylunatic.26/196run-upn.asubstantialincreaseoverarelativelyshortperiodoftime

快速增大27/196unprecedented[,ʌn'presidəntid]adj.havingnoprecedent;novel

空前;无前例anunprecedentedsuccess

空前成功28/196lunatic['lju:nətik]adj.veryfoolishandpossiblydangerous

极端愚蠢;疯狂tolunaticextremes

疯狂到极点29/196Question3Howdoestheauthordescribetheincreaseinhouseprices?Therun-upinvalueswasnotjustunprecedented,itwasobviouslylunatic.房价发生突然性猛增不但仅是前所未有，而且这显然很疯狂。30/196Question2WhatconclusioncanwedrawfromstudyingRobertShiller'sindex?forthe100yearsorso(1890-1990)Pricesgoupanddownbutgainverylittleoverall.startinginthelate1990sHousepricesprettymuchdoubleinrealtermswithinadecade.inthemiddleofthefirstdecadeofthenewcenturyAfterhittingthesummit,housepricesstarttoplummet.31/196plummetvi.decreasequicklybyalargeamount

暴跌32/196Question4Whatlessonscanwelearnfromthecrisis?Theriskmanagementandunderwritingpracticesshouldbechanged.riskmanagement风险管理underwritingpractices保险业务33/196Question4Whatlessonscanwelearnfromthecrisis?Theriskmanagementandunderwritingpracticesshouldbechanged:moreemphasisonaffordabilitymorerigorousstress-testingbetterpricingforborrowerswithmoreequitytoputin34/196affordabilityn.abilitytopay,capacitytopay

支付能力；负担能力；可购性35/196equity['ekwəti]Infinance,yourequityisthesumofyourassets,forexamplethevalueofyourhouse,onceyourdebtshavebeensubtractedfromit.

资产净值36/196Question4Whatlessonscanwelearnfromthecrisis?Theriskmanagementandunderwritingpracticesshouldbechanged:moreemphasisonaffordabilitymorerigorousstress-testingbetterpricingforborrowerswithmoreequitytoputin37/196Question5Whatarethereasonsforthispropertyboom?Propertymarketisveryattractiveforbanks.Propertyexertsasiren-likeattractionforbanks.38/196SirenInGreekmythology,theSirens

weredangerousyetbeautifulcreatures,

wholurednearbysailorswiththeirenchantingmusicandvoicestoshipwreckontherockycoastoftheirisland.[希腊神话]塞任半人半鸟女海妖惯用美妙歌声引诱水手,令船触礁淹没39/196Question5Whatarethereasonsforthispropertyboom?Propertymarketisveryattractiveforbanks.Propertyexertsasiren-likeattractionforbanks.

对于银行,房产有着海妖普通诱惑力。40/196Question6Whyispropertysoappealingtobanks?First,propertyloansarerelativelylightoncapitalandbackedbyrealassets.房屋产权贷款在基于不动产基础上相对较轻易得到资金。Second,inretailbankmortgagesarethoughttoanchorlong-termrelationshipswithcustomers.在银行零售业务中,抵押贷款被认为是一项能有利于银行与客户建立长久关系业务。Third,lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets.对商业房地产贷款也因为数额巨大能够一次性地使销售团体到达他们目标。41/196Question7WhataretheprophetsmentionedinPara.4?42/196prophetn.anauthoritativepersonwhodivinesthefuture

先知;预言者43/196Question7WhataretheprophetsmentionedinPara.4?propertyvaluersinDubai迪拜产权估值教授regulatorsinBritainandAmerica英美两国官方监管机构whistle-blowersinsidebanks来自银行内部揭秘者44/196Question8Whatdidtheprophetsdo?propertyvaluersinDubaiAdvisedbanksthatthemarketwasoverheating.regulatorsinBritainandAmericaIssuedsimilarwarnings.whistle-blowersinsidebanksPresentedaforecastofaflathousingmarket.45/196Question9Howweretheprophetsscorned?propertyvaluersinDubaiWereignored.regulatorsinBritainandAmericaWeredisregarded.whistle-blowersinsidebanksFaredlitterbetter.46/196farev.proceedorgetalong

进展Whistle-blowersinsidebanksfaredlittlebetter.

来自银行内部揭秘者进展得也不顺利。

47/196SentenceTranslationAnex-employeeofCountrywide,aparticularlygung-hoAmericanlender,recallspresentingaforecastofaflathousingmarkettoameetingatthebankinandbeingshouteddownbysalespeople,whoarguedthatiftheypricedforcreditriskonthatbasistheywouldbeoutofbusiness.

48/196gung-ho['gʌŋ'həu]adj.veryenthusiasticanddedicated

起劲，热心49/196aforecastofaflathousingmarket公寓房屋市场预测50/196shoutdownv.todrown,overwhelm,orsilencebyshoutingortalkingloudly

(经过大声说话来)淹没其它声音

51/196creditriskCreditriskreferstotheriskthataborrowerwilldefaultonanytypeofdebtbyfailingtomakepaymentswhichitisobligatedtodo.

信用风险；信贷风险52/196SentenceTranslationAnex-employeeofCountrywide,aparticularlygung-hoAmericanlender,recallspresentingaforecastofaflathousingmarkettoameetingatthebankinandbeingshouteddownbysalespeople,whoarguedthatiftheypricedforcreditriskonthatbasistheywouldbeoutofbusiness.一位来自美国一家尤其活跃贷款企业雇员回想起曾在向一场会议提交了公寓房屋市场预测，不过他汇报被销售人员声音所淹没，这些销售人员认为假如他们在那个基础上为信用风险定价，他们将会被踢出这个商业圈。53/196Question10Whatarethethreeleversthatpolicymakerscanresorttoinordertobetterregulateapropertymarket?Thefirstleveristheinstitutionalframeworkcontrolledbythegovernment

—

thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault.Thesecondleveristhesystemofmortgagefinancing.Thethirdleveristheideaofmacroprudentialregulationwhichisalreadycommoninsomepartsoftheworld.54/196SentenceTranslationThefirstistheinstitutionalframeworkthatiscontrolledbygovernments

—

thingsliketaxbreaks,housingsubsidies,landsupplyandthe

lawsonrecourseintheeventofdefault.

55/196recourse[ri'kɔ:s]n.somethingorsomeoneturnedtoforassistanceorsecurity

追索权;依赖56/196SentenceTranslationThefirstistheinstitutionalframeworkthatiscontrolledbygovernments

—

thingsliketaxbreaks,housingsubsidies,landsupplyandthe

lawsonrecourseintheeventofdefault.第一个杠杆是由政府控制体制框架

——

像税收减免、住房津贴、土地供给和相关违约追诉法律等等。57/196Questions11WhatarethecharacteristicsoftheDanishsystem?Itfeaturesspecializedmortgagelendersthatobservestrictloan-to-valuelimits.Itprotectsborrowersfrominterest-rateriskbyofferinglong-termfixed-ratemortgages.Ithasanimplicitgovernmentguarantee.58/196loan-to-valuen.theratiobetweenthesumofmoneylentinamortgageagreementandthelender'svaluationofthepropertyinvolved

房产信贷价值比率59/196fixed-ratemortgageAfixed-ratemortgage(FRM),oftenreferredtoasa"vanillawafer"mortgageloan,isafullyamortizingmortgageloanwheretheinterestrateonthenoteremainsthesamethroughthetermoftheloan,asopposedtoloanswheretheinterestratemayadjustor"float".Asaresult,paymentamountsandthedurationoftheloanarefixedandthepersonwhoisresponsibleforpayingbacktheloanbenefitsfromaconsistent,singlepaymentandthestufftoplanabudgetbasedonthisfixedcost.

固定利率抵押贷款60/196implicitadj.beingwithoutdoubtorreserve无保留；绝正确61/196Questions11WhatarethecharacteristicsoftheDanishsystem?Itfeaturesspecializedmortgagelendersthatobservestrictloan-to-valuelimits.这种模式特点在于由专业从事抵押贷款业务银行对放贷比率进行严格控制。Itprotectsborrowersfrominterest-rateriskbyofferinglong-termfixed-ratemortgages.它经过提供长久固定利率按揭来保护借方不受利率风险影响。Ithasanimplicitgovernmentguarantee.它拥有政府对银行做出完全担保。62/196Question12Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow?Itdisenfranchisessome--first-timebuyersandtheself-employedtendtosuffermost.63/196disenfranchise[,disin'fræntʃaiz]v.depriveofvotingrightsorotherrightsthatmostotherpeoplehave剥夺(某人群)权利64/196Question12Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow?Itdisenfranchisessome--first-timebuyersandtheself-employedtendtosuffermost.Itdeprivesfirst-timebuyersandtheself-employedoftheirrighttoraiseabankloan.对人们能借多少进行生硬限制不但剥夺了那些首次购置者公民权利,也使得那些个体劳动者受到最大伤害。65/196Question12Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow?Itrisksencouragingthemtofindawayaroundtherulesbytoppinguptheirborrowingwithmoreexpensive,unsecuredfinancing.对人们能借多少进行生硬限制会促使他们绕过规则，经过更高成本和不安全融资方法来提升他们借款额度。66/196Question12Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow?Somelendersalsofretthatifunderwritingbecomestooprescriptive,borrowersarerelievedoftakingresponsibilityfortheirownactions.67/196fretv.worryunnecessarilyorexcessively

烦恼；焦虑

68/196prescriptiveadj.pertainingtogivingdirectivesorrules

指令性;要求性69/196Question12Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow?Somelendersalsofretthatifunderwritingbecomestooprescriptive,borrowersarerelievedoftakingresponsibilityfortheirownactions.Itisalsoworriedbysomelendersthatifbanksimposetoostrictrulestoguaranteethepaymentofloans,theborrowerswouldnotbearresponsibilityfortheirownactions.70/196Question12Whatmightbetheconsequencesofimposingrigidlimitsonhowmuchpeoplecanborrow?Itdeprivesfirst-timebuyersandtheself-employedoftheirrighttoraiseabankloan.Asaconsequence,theyareencouragedtoseekmoreexpensiveandunsecuredmethodoffinancing.Somelendersalsofretthatifunderwritingbecomestooprescriptive,borrowersarerelievedoftakingresponsibilityfortheirownactions.71/196Question13Whyis

macroprudentialregulationhardtoimplement?

72/196macroprudentialregulationThetermcharacterizestheapproachtofinancialregulationaimedtomitigatetheriskofthefinancialsystemasawhole.宏观审慎监管73/196Question13Whyis

macroprudentialregulationhardtoimplement?Firstitisdifficulttospotthebubblesbeforetheyburst.Andassoonasthepropertyboomsgetgoing,theyarehardtocalmdown.Alsothiskindofregulationmightbemoresuitableforemergingmarketsthandevelopedmarkets.74/196Question14Whydoregulatorshavetoresistpressureswhenthepropertyboomisunderway?Thankstotransactiontaxes,propertybubblesarehelpfultoexchequersandthejobsmarketwhentheyfirstgetgoing.

75/196exchequer[iks'tʃekə;'eks-]n.thefundsofagovernmentorinstitutionorindividual

国库;财政部76/196Question14Whydoregulatorshavetoresistpressureswhenthepropertyboomisunderway?Thankstotransactiontaxes,propertybubblesarehelpfultoexchequersandthejobsmarketwhentheyfirstgetgoing.因为交易税功劳，地产泡沫在产生早期对国库和求职市场非常有利。77/196Question15WhatisthecurrentsituationinAmericaafterthepropertycrisis?TheworsteffectsareprobablyoverinAmerica.Themostaffectedbanksaresmallerlendersandthegovernmentiswillingtoprovidesupporttoresidentialmarkets.Thedroppinghousingpricemightslowdowntheeconomicrecovery.78/196Question16WhatisthecurrentsituationinEuropeafterthepropertycrisis?Thelong-termeffectsmightlingerforyearsinEurope.Housingpricecontinuestofall;CertainEuropeanbanksandgovernments’

abilitytocopewithlossesarereallydoubtful;Theriskofinterest-raterisesgraduallyoccurs.79/196TextABetweenaRockandaLivingSpaceParaphrasing80/196RewritingDisentanglingthevariouscausesofthepropertybubbleisextremelydifficult,...81/196disentangle

Ifyoudisentangleacomplicatedorconfusedsituation,youmakeiteasiertounderstandormanagetounderstandit,byclearlyrecognizingeachseparateelement.

了解(复杂混乱情况)It'simpossibletodisentanglethemythfromreality.

分清神话和现实是不可能。82/196RewritingDisentanglingthevariouscausesofthepropertybubbleisextremelydifficult,...Itisnoteasytofindoutthereasonsforthepropertybubble,83/196Rewriting...orrisksencouragingthemtofindawayaroundtherulesbytoppinguptheirborrowingwithmoreexpensive,unsecuredfinancing....orincreasestherisksforthoseresortingtoamoreexpensive,unsecuredwayoffinancinginordertobypasstheregulation.84/196Rewriting...,lotsofcleverpeopleinfinanceandinthecorridorsofpowerpersuadedthemselvesthatthingsweredifferentthistime....,lotsoffinanciersandpoliticianstriedtoconvincethemselvesthatthingswerenotthatbadthistime.85/196RewritingStill,thepoliticsofdampeningboomsiseasierinemergingmarkets,...Still,itisrelativelyeasytocooldownthepropertyboomsinemergingmarkets,...86/196RewritingRegulatorswillthereforeneedtohaveaveryclearmandate...Thereforefinancialregulatorsshouldbegivenclearauthorizedpower...87/196SentenceTransformationMoreliberalfinancingregimesareoftenagoodthing(askanyyoungIntalianwhowantstobuyahome),butonlyasbasicunderwritingstandardscontinuetobemet.Onlyifbasicguaranteestandardscontinuetobemet,canmoreliberalfinancingregimesbeagoodthing(askanyyoungItalianwhowantstobuyahome).88/196SentenceTransformationTheDanishsystem,liketheAmericanone,alsoprotectsborrowersfrominterest-rateriskbyofferinglong-termfixed-ratemortgages.Long-termfixed-ratemortgagesareadoptedbytheDanishsystem,justliketheAmericanone,toprotectborrowersfromtherisksofinterest-ratefluctuation.89/196SentenceTransformationSomelendersalsofretthatifunderwritingbecomestooprescriptive,borrowersarerelievedoftakingresponsibilityfortheirownactions.Itisalsoworriedbysomelendersthatifbanksimposetoostrictrulestoguaranteethepaymentofloans,theborrowerswouldnotbearresponsibilityfortheirownactions.90/196SentenceTransformationPropertymaybepronetoexcesseverywherebutthepolicyresponsetotheeventsofthepastdecadewill—andshould—varyfromcountrytocountry.Differentfromtheuniversalexcessivenessofpropertyeverywhere,thepolicyresponsetothepropertyboomsinthepastdecadewillandshouldnotbethesameindifferentcountries.91/196SentenceTransformationUppingtheamountofequitythatbankshavetoholdisonewayofkeepingdowntheamountofdebtthatfindsitswayintoproperty.Inordertolowertheamountofdebtwhichisunavoidableinproperty,bankshavetoincreasetheamountofequitytheyhold.92/196TextABetweenaRockandaLivingSpaceSentenceTranslation93/196SentenceTranslationInretailbankingmortgagesarethoughttoanchorlong-termrelationshipswithcustomers.Lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets.在银行零售业务中，抵押贷款被认为是一项能有利于银行与客户建立长久关系业务。对商业房地产贷款也因为数额巨大能够一次性地使销售团体到达他们目标。94/196SentenceTranslationThefirstistheinstitutionalframeworkthatiscontrolledbygovernments

—

thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault.第一个杠杆是由政府控制体制框架

——

像税收减免、住房津贴、土地供给和相关违约追诉法律等等。95/196SentenceTranslationUnderdraftproposalsforpruningAmerica’sbudgetdeficit,mortgageinterestwillenjoyfewertaxadvantages.依据意在削减美国预算赤字而起草提案，抵押贷款利息所享受税务优惠将会降低。96/196SentenceTranslationManyobserverswarmlycommendtheDanishmodel,whichfeaturesspecialisedmortgagelendersthatobservestrictloan-to-valuelimits.许多经济观察家极力推荐丹麦模式，这种模式特点在于由专业从事抵押贷款业务银行对放贷比率进行严格控制。97/196SentenceTranslationGovernmentsandregulatorsinChina,HongKong,Singaporeandelsewherealwaysseemtobeadjustingloan-to-valueratios,restrictingtheavailabilityofcreditforspeculativehome

buying,imposingtaxesonhomesthatareflippedwithinacertainperiodandsoon.中国、新加坡以及其它国家和地域政府和调控部门好像一直都在采取调整放贷比率，限制用于投机性房产购置贷款数量，对在一定时限内抛售房产征税等办法。98/196TextABetweenaRockandaLivingSpaceWords&Expressions99/196housingbubble房地产泡沫美国著名经济学家查尔斯·P·金德伯格认为：房地产泡沫可了解为房地产价格在一个连续过程中连续上涨，这种价格上涨使人们产生价格会深入上涨预期，并不停吸引新买者--伴随价格不停上涨与投机资本连续增加，房地产价格远远高于与之对应实体价格，由此造成房地产泡沫。泡沫过分膨胀后果是预期逆转、高空置率和价格暴跌，即泡沫破裂，它本质是不可连续性。100/196inflation-adjustedhouseprices扣除通货膨胀后房价101/196begaquestion提出了一个问题Suchsuccess,ofcourse,begsaquestion:Arefeatsofcourage,liketripstothecrematorium,necessarytonurturechampions?

当然,这么成功也带来了一个问题：诸如到火葬场之类勇武行为是否是培养冠军所必需?102/196intervene[,intə'vi:n]v.getinvolved,soastoalterorhinderanaction,orthroughforceorthreatofforce

干涉；干预Thesituationcalmeddownwhenpoliceintervened.

警察干预后，局势平静了下来。103/196popv.causetoburstwithaloud,explosivesound(使)爆开

Thechildpoppedtheballoon.104/196nexttimeround下一次Onthecontrary,theywilltryevenhardernexttimeround.

他们反而会重整旗鼓、再接再厉。105/196promptv.giveanincentiveforaction

促进；激起Thebigstormisalsopromptingchangesinspace.

太空工作也因大风暴降临而作出及时调整106/196debacle[di'bɑ:kəl]n.aneventorattemptthatisacompletefailure

彻底失败Peoplebelieveditwasaprivilegetodieforyourcountry,butafterthedebacleofthewartheyneverfeltthesameagain.

人们曾相信为国捐躯是一个荣幸,不过经过战争彻底失败,他们再也不这么想了。107/196relate...to...v.havetodowithorberelevantto

与…相关Otherrecommendationsrelatetothedetailsofhowsuchdataisstored.

其它提议与怎样存放这种数据一些细节相关。

108/196customers'creditscores客户信用评分109/196macroeconomicenvironment宏观经济环境110/196oddsofdefaulttheprobabilityoffailingtoperformataskorfulfillanobligation,especiallyafinancialobligation

违约可能性111/196mortgagen.aloanofmoneywhichyougetfromabankorsavingsandloanassociationinordertobuyahouse

房屋抵押贷款112/196anchorvt.fixfirmlyandstably

使固定Inretailbankingmortgagesarethoughttoanchorlong-termrelationshipswithcustomers.

在银行零售业务中，抵押贷款被认为是一项能有利于银行与客户建立长久关系业务。113/196commercialpropertyThetermcommercialproperty(alsocalledinvestmentorincomeproperty)referstobuildingsorlandintendedtogenerateaprofit,eitherfromcapitalgainorrentalincome.

商业财产，商用不动产114/196lumpyadj.likeorcontainingsmallstickylumps

结成块Lendingoncommercialpropertyislumpyenoughforasinglebigdealtogetsalesteamstotheirtargets.

对商业房地产贷款也因为数额巨大能够一次性地使销售团体到达他们目标。115/196HSBCTheHongkongandShanghaiBankingCorporationLimited

汇丰银行116/196imposevt.enforce;compeltobehaveinacertainway

强制实施117/196bookn.recordinwhichcommercialaccountsarerecorded帐簿Tokeepitundercontrol,HSBCimposesaglobal12.5%capitaloncommercial-propertyassetsasaproportionofitsoverallbook.为了保持控制，汇丰银行对他全球商业性地产资产施以限制，要求这笔资产低于总量12.5%118/196frothy['frɔθi]adj.relatingtoorcontaininggasbubbles

多泡；起泡Thecrisishasmadeitobviousthatwhenthingsgetfrothy,banksfinditdifficulttoholdback.

当泡沫出现时,银行会发觉要想控制局面会变得极难。这场灾难已经让这点变得很显著了。119/196overheatingn./adj.excessiveheating

过热PropertyvaluersinDubaiwhoadvisedbanksthatthemarketwasoverheatingwereignored.

迪拜产权估值教授曾经向银行提出了市场过热提议，不过却被无视。120/196regulatorn.apersonororganizationappointedbyagovernmenttoregulateanareaofactivitysuchasbankingorindustry

监管人;监管机构121/196disregardv.givelittleornoattentionto

忽略;不理RegulatorsinBritainandAmericawhoissuedsimilarwarningsweredisregarded.

英美两国官方监管机构也曾发表过类似警告,但最终还是被无视了。122/196whistle-blower['hwisl,bləuə]n.aninformantwhoexposeswrongdoingwithinanorganizationinthehopeofstoppingit

揭露者,告密者123/196farev.proceedorgetalong

进展Whistle-blowersinsidebanksfaredlittlebetter.

来自银行内部揭秘者不会生活得更加好。124/196easeupv.bereducedindegree,speed,orintensity

减缓;减慢;放松Ifthemarketcannotbetrustedtoeaseuponpropertywhenitoverheats,thatleavespolicymakers.

假如市场发展过热时，我们不信任他会使得产权冷却并适度发展，那就只有经过决议者了。125/196broadlyadv.generally

大致上;普通地126/196levern.ahandleorbarthatisattachedtoapieceofmachineryandwhichyoupushorpullinordertooperatethemachinery

控制杆Verybroadly,therearethreeleversthatofficialscanpulltomakepropertysafer.Allthreeofthemneedtobeused.

概括地说，官方有三种伎俩能够使得地产更安全，而且这三种方式都必须用到。127/196recourse[ri'kɔ:s]n.somethingorsomeoneturnedtoforassistanceorsecurity

追索权;依赖Thefirstistheinstitutionalframeworkthatiscontrolledbygovernments

—

thingsliketaxbreaks,housingsubsidies,landsupplyandthelawsonrecourseintheeventofdefault.

第一个杠杆是由政府控制体制框架

——

像税收减免、住房津贴、土地供给和相关违约追诉法律等等。128/196tractableadj.easilycontrolledordealtwith

易驾驭,易处理Someofthesearemoretractablethanothers.这些办法中一些比其它要更易于掌控。129/196subduev.toputdownbyforceorauthority

征服,制服Forexample,thecaseforapropertytaxistheoreticallypowerful,butnoonewantstodoanythingthatmightsubduehousingmarketswhiletheyremainweak.

比如,地产税从理论上说会更有效一些,不过没有些人会在房产市场依然虚弱时候来干那些雪上加霜事情。130/196fiscal[fiskəl]adj.involvingfinancialmatters

财政Nonetheless,fiscalpressuresmayrequiregovernmentstointroducebigchanges.

尽管如此,财政压力可能需要政府引入更大改变。131/196prune[pru:n]v.weedoutunwantedorunnecessarythings

修剪；删除UnderdraftproposalsforpruningAmerica’sbudgetdeficit,mortgageinterestwillenjoyfewertaxadvantages.

依据意在削减美国预算赤字而起草提案，抵押贷款利息所享受税务优惠将会降低。132/196financing[fi'nænsiŋ]n.theactoffinancing

融资；筹措资金Thesecondleveristhesystemofmortgagefinancing.

第二种方法就是抵押贷款系统。133/196bustn.acompletefailure

失败;

破产;萧条Disentanglingthevariouscausesofthepropertybubbleisextremelydifficult,butfewwoulddisputethateasycreditplayedapartindrivinguppricesandmakingthebustworse.

摆脱房产泡沫各种原因是极其困难，宽松信贷对价格猛涨和失败恶化起到了促进作用，对这点几乎没有些人还有争议。134/196OECDOrganizationforEconomicCo-operationandDevelopment经济合作与发展组织135/196deregulationn.removalofcontrolsandrestrictionsinaparticularareaofbusinessortrade

(在商贸领域)解除管制AccordingtoarecentOECDreportonhousingandtheeconomicrecovery,financialderegulationmayhave