2020年最新商务英语中级翻译复习题整合

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2020年商务英语中级翻译复习题：(一)

The mortgage-rescue plan

抵押贷款救援计划

Will the bail-out work?

救援计划会奏效吗?

Oct 3rd 2008 | NEW YORK, WASHINGTON, DC

From Economist.com

The bail-out becomes law after the House reverses its rejection. Money markets call for urgent attention

救援计划在众议院由否决变为通过后成了法案。货币市场亟需重点关切

“CRISES have the power to unite us in strange ways.” So said Steny Hoyer, the Democratic majority leader in the House of Representatives, in an article on Friday morning that pleaded for passage of the $700 billion bail-out plan. United they were. The House voted by a huge 263-171 margin for the bail-out, a dramatic reversal of the 228-205 rejection on Monday. On Friday October 3rd 172 Democrats backed the bill, up from 140; 91 Republicans did so, up from 65. As the Senate had already approved the bill, it was immediately signed by George Bush.

“金融危机使我们以一种陌生的方式团结到一起。”美国众议院多数党(民主党)领袖Steny Hoyer在周五早上一篇请求国会通过7000亿救援方案的文章里如是说。他们确实团结到了一起。众议院以263对171的大规模票数差距通过了救援计划，这与周一的228对205否决形成了鲜明的对比。在周五(10月3日)的投票中，172位民主党议员赞成，比周一上升了32人;91位共和党人赞成，比周一上升了26人。因为参议院已经批准了此项议案，所以很快就会被布什签署(使之生效)。

The rejection on Monday was caused by conservative Republicans who said it was socialism, by Liberal Democrats who said it did not do enough for poor people, and fears by many that voters would fire them for bailing out Wall Street. The rejection triggered a plunge in stocks and a scramble to sweeten the bill. In the end numerous, mostly unrelated, items have been grafted on, from higher federal deposit-insurance limits to a tax exemption for wooden children’s arrows. The tide was turned because of that, nausea over market turmoil, news that non-farm employment sank by 159,000 in September (the steepest in five years) and because of furious business lobbying.

周一众议院的否决主要是由于两方面的原因，一是共和党保守派人士认为这是社会主义行为;二是民主党自由派人士认为此项方案对穷人帮助不足，并担心选民因为其拯救华尔街而抛弃他们。周一的否决引发了股市的暴跌并促使政府迅速修改美化此项法案。最终，许多不相关的条款被加入其中，从更高的联邦储户保险限制到儿童玩具工厂的免税措施。投票形势之所以改变，是因为众议员不堪市场混乱，非农劳动人口就业数九月下降159，000(这是五年来的最大降幅)的消息而且还有愤怒的商业团体游说的因素。

Now the real test comes: will it help? The Treasury is expected to take a week to set up the auctions for the first mortgage purchases, and the first purchases could therefore take place within weeks. Henry Paulson, the treasury secretary, could act sooner: he has the authority to buy mortgages from individual institutions or inject capital into them if they are nearing failure.

现在，真正的考验到来了：这个法案是否会奏效呢?财政部计划用一周的时间来准备安排第一笔购买抵押贷款资产的拍卖会，因此第一笔购买交易会在几周内完成。财长保尔森很快就会行动：他有权从私人机构购买抵押贷款资产或是给濒临倒闭的机构注资。

Speed is of the essence. Banks are loth to lend to each other, except at record punitive rates and for the shortest of periods. Most want their money back within a day. Massive liquidity injections by the Federal Reserve and other central banks have done little to unclog the pipes.

速度是极其重要的。银行间极其不愿意互相拆借，除非对方能够承受一个破纪录的惩罚性的利率以及最短的期限。许多银行希望他们借出的钱能够在一天内归还。美联储及其它央行的大规模流动性资金注入并未使市场流动性不足的情况改善多少。

Worse, the availability of short-term loans to companies is shrinking at an alarming rate. The market for commercial paper has shrunk by around $600 billion since last summer, with almost $100 billion of the reduction coming in the past week alone. This hurts companies large and small. General Electric has had to raise new capital partly because of funding concerns. Retailers report problems financing purchases of holiday-season inventories. The head of AutoNation, a car dealer, told CNBC that “banks were looking for every excuse to say no…We’ve gone from a credit crunch to a credit panic.” Firms say that some banks are trying to invoke “market disruption” clauses to cut credit lines or raise the fees for renewing them, leaving corporate treasurers unsure how long they can pay employees or buy raw materials.

更糟的是，公司可使用的短期贷款正在以惊人的速度下降。商业票据市场自去年六月以来萎缩了约6000亿美元，而仅在过去的一周里就减少了1000亿美元。这对大大小小的公司都有伤害。通用电器不得不筹集新的资金，部分原因就是由于对融资的忧虑。零售商也报出其在购买假日季节物品的融资上也有问题。汽车销售商AutoNation的老板告诉CNBC：”银行在寻找各种理由对你的贷款申请说‘不’…我们已经从信贷紧缩到信贷恐慌了。”银行在竭力引用”市场混乱 “的条款来减小信贷或是提高费率以使其恢复元气，但是这使得企业财务主管不能确定他们多久才能给雇员发工资或是多久才能去购买原材料。

The pain is reaching municipalities and states. Alabama’s Jefferson County is on the verge of bankruptcy. California’s governor, Arnold Schwarzenegger, has reportedly given warning, in a letter to the Treasury, that his state is running out of cash to fund day-to-day operations and may need an emergency loan of $7 billion from the federal government.

这些状况已经波及各个州和自治市。阿拉巴马州的杰弗逊郡已经濒临破产。加州州长施瓦辛格据说已在一封给财政部长的信中发出警告：他的州维持日常运行的现金即将耗尽，需要从联邦政府紧急贷款70亿美元。

While the Troubled Asset Relief Programme, or TARP, may ultimately unfreeze the mortgage market, restore confidence to banks and restart lending, that may take too long for a far more pressing problem, the blockage in the money markets. Tellingly, the yield on short-term government debt-the most popular destination for investors seeking safety-barely budged after the vote. Bank-to-bank loan spreads fell only slightly. American stockmarkets gave up gains built up in the hours before the vote.

问题资产救援计划(TARP)可能最终会解困抵押市场，重塑银行信心并重新开始放贷，但是还需要很长时间来解决一个迫在眉睫的问题：货币市场的堵塞。非常说明问题的是，短期政府债券(投资者寻求安全的最流行的目的地)的收益在众议院表决后变化不大。银行间拆借利差只有略微下跌。美国股市最终将投票前数小时的积累的涨幅完全跌尽。

While the TARP may lift confidence, the timing and extent to which it boosts their capital will depend on the prices paid, which remain unclear. Moreover, the target is moving. Even if house prices stabilise soon, non-mortgage credit will go on deteriorating as the economy shrinks. Bank regulators will have their work cut out as failures mount among small and medium-sized lenders. More will seek sanctuary in the arms of stronger rivals. On Friday Wachovia threw itself at Wells Fargo, only four days after Citigroup had agreed to buy its banking operations in a government-backed deal. Citi threatened to sue.

在TARP可能提升信心的同时，它购买资本的时机和范围程度依赖于支付的价格，而这价格尚未明朗。此外，目标也在转移。即使房价很快企稳，非抵押信贷会随着经济下滑而继续恶化。随着倒闭风潮开始在小型和中型的银行(借贷机构)中蔓延，银行监管者将会停止他们的工作。许多这样的中小银行会投身于大型银行以寻求庇护。在政府的撮合下，花旗集团答应购买美联银行的银行业务部门四天后，美联银行将其卖给富国银行。花旗威胁将会提出诉讼。

The crisis is intensifying in Europe, where governments have been forced to prop up several banks in the past week. European leaders are due to meet this weekend to discuss forging a more co-ordinated response, possibly including a continent-wide bank-rescue fund. And doubts about solvency are spreading beyond banks. After a sharp drop this week in the share prices of large American insurers, such as MetLife and Prudential, they came under pressure to raise fresh capital as a bulwark against the storm.

欧洲的情况更糟。欧洲各国银行在上周被迫注资支持几家银行。欧洲几国领袖预定将在本周末会面商讨出台更加协调合作的应对措施，可能包括一个整个大陆范围的银行拯救基金。而对偿付能力的疑虑已经超出银行范畴，在其它金融机构也蔓延开来。在本周股价急剧下挫后，几家大型美国保险商，例如MetLife 和 Prudential迫于压力不得不募集新的资本作为防护堡垒来抵御风暴的袭击。

Until the TARP shows results, the pressure remains on the Federal Reserve to contain the crisis. Ben Bernanke, the Fed chairman and the main driver behind the TARP’s creation, congratulated Congress for demonstrating the “government’s commitment to do what it takes to support and strengthen our economy”. His language was remarkably similar to what he used, as an academic, to describe Franklin D. Roosevelt’s attack on the Great Depression. Mr Bernanke made it clear that he included the Fed in that commitment: “We will continue to use all of the powers at our disposal to mitigate credit market disruptions and to foster a strong, vibrant economy.” The Fed has already expanded its balance sheet by around $600 billion since August, an amount not much smaller than the entire TARP, as it replaces evaporating private credit with central bank credit. The odds are high it will also cut its short-term interest rate, now 2%, to 1.5% either at or before its policy meeting at the end of October.

在TARP有效果前，美联储控制危机的压力依然非常大。作为TARP出台的主要推动者，美联储主席伯南克祝贺国会，因为这显示了”政府为此所付出的正是支持和加强我们的经济。”伯南克的这番言语颇似他以前作为学者时，形容富兰克林D.罗斯福总统抵御大萧条举措的论调。伯南克明确的是，他将美联储也置身这个”付出”之中：”我们会继续自行使用我们所有的权力来减缓信贷市场的瓦解，并培育出一个强壮的，充满活力的经济体。”自八月以来，美联储已将其资产负债表扩大了6000亿美元(这是一个比整个TARP计划小不了多少的数目)，这将会用中央银行信贷来代替消失的私人信贷。美联储在十月底的政策会上或之前，下调短期利率(从现在

的2%调至1.5%)的可能性很高。

2020年商务英语中级翻译复习题：(二)

Financial crisis

金融危机

Into the land of the unknown

前途未卜

Sep 30th 2008 | LONDON, NEW YORK, WASHINGTON, DC

From Economist.com

Global market turmoil continues after the rejection of the mortgage-rescue plan in America

美国救市计划遭拒后全球市场继续混乱

Reuters

HOW many votes in Congress will the latest financial upheaval change? That is the calculus underway in Washington, DC, after the House of Representatives defeated the proposed $700 billion mortgage-rescue plan by 228 to 205 on Monday September 29th. Democrats backed it by 140 votes to 95, while Republicans opposed it by 133 to 65.最近的金融巨变将改变多少国会的选票?这是继9月29日周一众议院以228票反对：205票支持挫败7000亿美元救市计划之后，华盛顿正在进行的计算。对此项救市计划，民主党140票支持：95票反对，而共和党则是133票反对：65票支持。

Bankers had been under no illusions that the tweaked Paulson plan would cure all the financial system’s ills. But most had seen it as a step in the right direction, and had expected it to pass. Its rejection sent stockmarkets into freefall. The Dow Jones Industrial Average finished down by 7%, and suffered its biggest-ever points loss. Perhaps fittingly in an economy that is in danger of sliding into depression, the only stock among the 500 in the S&P index that finished higher was Campbell’s Soup. The S&P closed 29% below its peak. Reflecting fears that consumer demand will wilt, shares of Apple Computer, creator of the iPhone, fell by 18%. The rout continued in Asia and Europe on Tuesday morning.

银行家们对妥协后的鲍尔森的救市计划会治愈金融系统的疾患不抱幻想。但是他们中的大多数认为该救市计划是往正确的方向前进，并希望它能够得以通过。救市计划遭拒引起股市重挫。道琼斯工业平均指数下跌7%，创历史最大点数跌幅。或许，对一个有着滑向萧条之危险的经济体来说，标准普尔500指数股票里收盘唯一上涨的一只股票是 美国汤品生产商金宝汤(Campbell’s Soup)就是再平常不过的事情了。标准普尔500指数比其历史峰值跌29%收盘。iPhone开发者苹果公司的股票下跌18%,反映出市场对消费者需求 将会萎缩的恐慌。美国股市收盘后,亚洲股市还在下挫，欧洲股市的下挫则延续到周二早晨。

Worse, credit markets, already dysfunctional, were brought close to breaking point. Banks grew even less willing to lend to each other on Monday, and money-market funds fled anything with a whiff of risk. Some corporations are struggling to roll-over commercial paper, short-term debt issued to finance working capital, payroll payments and the like. In an effort to keep money markets from drying up, the Federal Reserve has doubled the size of a vital lending facility for banks, to $300 billion, and expanded agreements with other central banks that funnel dollars to lenders abroad.

更糟的是，已经运转不良的信贷市场濒临崩溃。周一，银行更为不愿互相拆借，一有风 吹草动，货币基金就出逃任何投资项目。一些公司苦苦挣扎于结转商业票据，发行短期债券来筹措流动资金，支付工资和其他费用。在维持货币市场流动性的努力 中，美联储把一项对银行的关键贷款供应规模翻番，达到3000亿美元，并且延伸了与其他央行关于它们为在海外经营的美国的银行注资的协议。

These unprecedented injections are aimed at easing concerns that weak participants in the interbank market will fail to honour their debts. But many banks are now assumed to be not only illiquid but insolvent. Last week Washington Mutual, a thrift saddled with rotten mortgages, became the largest-ever American lender to fail. And on Monday Citigroup agreed to buy most of the assets of Wachovia, an even bigger American bank, in a deal brokered by regulators. The pain has suddenly grown much more intense in Europe, too.

这些空前的注资举措目的在于缓解忧虑，这种忧虑是：孱弱的参与者在同业拆借市场上 无能力偿还其所欠债务。但是现在许多银行被认为不仅仅是流动性差，而且是无偿付能力。上周，不堪承受大量不良抵押的一家储蓄银行——华盛顿互惠银行 (Washington Mutual)破产，成为美国有史以来最大的倒闭银行。周一花旗集团同意购买大部分美联(Wachovia)资产，美联是一家比华盛顿互惠银行规模更大的 银行，此项交易由监管方撮合。金融危机的痛楚在欧洲也急剧增强。

The no vote was a big blow to George Bush, Hank Paulson, the treasury secretary, and Ben Bernanke, the Federal Reserve chairman. They gave dire warnings of the consequences of an unchecked crisis, in hopes of persuading Congress to approve an unusually aggressive and early fiscal intervention. (It took many more years for a systemic response to widespread failures of American savings and loan banks in the 1980s). But because the intervention is relatively early, voters have yet to see much impact from the crisis on their lives. “On Monday morning…the sun came up and a lot of people went to work, and [they] couldn’t understand what this panic was in Washington,” Paul Kanjorski, a Democrat from Pennsylvania, told Mr Paulson last week. It was far easier for voters to relate to $700 billion of their taxes being spent on a mess in Wall Street.

对乔治?布什，财长汉克?保尔森，联储出席本?伯南克而言，否决票是一大打击。他 们曾对不遏制危机的后果给出警告，寄希望于说服国会通过此项非比一般地积极地也是早期地财政干预。(上世纪80年代，对美国储蓄和贷款银行普遍破产的一个 系统化处理耗费了许多年)。但是因为此次干预相对要早，选民们没有意识到这场危机对他们的生活的重大影响。宾夕法尼亚州民主党人保罗·坎乔斯基(Paul Kanjorski)上周对保尔森说道：“周一清晨“““太阳升起，人们赶去上班，他们无法理解华盛顿在恐慌什么。”对选民们来说，认同这7000亿美元——他们纳的税被浪费在华尔街的废物上倒是更为轻而易举的事情。

Party leaders largely agreed with the diagnosis, as did the presidential candidates of both parties. But polls showed that voters were split; constituent phone calls and e-mails ran heavily against the bill. Administration officials and party leaders are back at work trying to find a way to get at least 12 members to switch their vote; the betting both on Wall Street and in Washington, DC, is they will succeed. (Passage in the Senate is considered less problematic.) But it should not be taken for granted. Without amendments, anyone who changes his vote will face fierce criticism when he seeks re-election. Any amendments to appease Republicans could cost Democratic support, and vice-versa.

政党领袖们很大程度上同意对此次金融危机的诊断，连两党的总统候选人也赞同。但是民调显示了选民立场的分裂：反对救市方案的游说电话和邮件纷沓至来。执政官员和政党领袖重新回到此项工作上来，试图使至少12个反对成员改弦易辙;华盛顿和华尔街都预计他们能够办到。(在参议院通过问题不大)但这不应当被看作是他们就欣然接受。倘若对该方案未加修订，任何人改变自己原先立场都会在其再次面临选举时(寻求连任时)受到严苛的批评。另一方面，任何迎合共和党的修订都会损耗民主党的支持，反之亦然。

“You can’t let one day’s trading dictate public policymaking,” argues Scott Garrett, a New Jersey Republican and member of the Republican Study Committee, a block of conservative members who led opposition to the bill. “The market’s going to be a factor, but we’re looking at the larger picture.” Recalcitrant Republicans would rather see a programme to sell insurance to banks against mortgage defaults, rather than buying assets from them. The Treasury strongly opposes this approach. But there may be other grounds for compromise, such as relaxing mark-to-market accounting or extending the Federal Deposit Insurance Corporation’s guarantee of a bank’s liabilities to more than just the first $100,000 of each customer’s deposits. Other proposals include giving banks more time to deduct mortgage-related operating losses from future taxable profits, letting companies repatriate foreign profits tax-free and improving the tax treatment of losses sustained by banks on their holdings of Fannie Mae and Freddie Mac stock.

“你不能让单日交易量来指示公共政策制定,” 科特?盖瑞特(Scott Garrett)主张，他是新泽西州共和党人，也是共和党研究委员会的成员，这个委员会由一批领导反对此项救市方案的保守人士组成。“市场将是一个主要问 题，但是我们着眼于全局。”执拗的共和党人宁愿看到一个对银行出售保险以抵御抵押违约损失的计划，也不愿意从银行手里收购资产。财政部强烈反对这种方法。 但是或许有其他妥协的余地，比如放松按市价调整的会计或者提高美国联邦存款保险公司对银行债务的担保，突破原先的每个客户存款担保10万美元的上限。其他建议包括给银行更长的时间从未来的应税收入中扣除目前抵押贷款业务的相关损失;让公司得以免税把在国外所得利润存回美国;并且改善在持有房地美和房利美的股票方面，银行所蒙受的损失的税收待遇。

For their part, more Democrats might back the proposal if the administration also agreed to more fiscal stimulus, in particular public-works spending, or taking any profits on the TARP to low-income housing. A deal may be possible, but time is short: legislators are itching to return to their districts to campaign, and investors’ appetite for risk is ebbing fast. The House is not expected to reconvene before Thursday, to accommodate the Jewish new year.

从民主党这边来看，如果执政当局还同意更多的财政刺激，特别是公共项目开销或是从 问题资产救援计划(TARP)中提取任何利润给低收入住房的话，或许会有更多民主党成员支持这项救市提议。协议达成或许可能，但时间紧迫：立法者(议员 们)急于返回其选区参加竞选，同时投资者的风险胃口迅速萎缩。周二之前众议院不可能重新召集议事，因为这期间包括了犹太新年日。(译者注：很多议员要赶回 去过节)

The House vote also represented a stinging rejection of John McCain, the Republican nominee. Mr McCain suspended his campaign last week for two days, citing the financial crisis, and flew to Washington, DC, to help craft a solution to it. His main task was to persuade reluctant House Republicans to back their own president. In the event they voted against the deal made by their own leadership by two to one. The humiliation meted out to Mr McCain is intense.

众议院的选票也代表了一种对共和党候选人约翰?麦凯恩的无情拒绝。麦凯恩先生上周 称是为金融危机而暂停了两天的竞选，并且亲自飞往华盛顿，来帮助达成一个针对救市计划的解决方案。他的主要任务是说服执拗的共和党人来支持他们共和党自己 的总统。结果，他们以2比1投票反对他们自己的领导阶层制定的计划。麦凯恩先生蒙受的羞辱是相当强烈的。

Amid the efforts to put the deal back together, some small hope remains that not all is lost. What is unlikely to help is the atmosphere of bitterness and recrimination that is pervading Capitol Hill. With some justification, the Democrats are aggrieved to find that they supported Mr Bush’s bill while his own party did not. But the Republicans blame the Democratic speaker, Nancy Pelosi, for making a stupidly partisan speech shortly before the vote in which she poured scorn on the Republicans she is trying to court. A lot of bridges will have to be built in a short span of time.

使这项救市方案达成还存一线希望。讥讽的氛围和遍布国会的互相指责是于是无补的。情有可原，民主党会愤愤不平，因为他们发现自己支持布什的救市方案而布什自己的共和党却反对。但是共和党人谴责身为民主党的众议院议长南希-佩罗西，指责她在投票开始前几分钟发表了一个愚蠢的从党派立场出发的讲话，在讲话中她讥讽她要试图拉拢说服的共和党人。短时间内，各方间必须要建立大量沟通。