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Wall Street's Crisis

机译:华尔街的危机

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The marvellous edifice of modern finance took years to build. The world had a weekend to save it from collapsing. On March 16th America's Federal Reserve, by nature hardly impetuous, rewrote its rule-book by rescuing Bear Stearns,rnthe country's fifth-largest investment bank, and agreeing to lend directly to other brokers. A couple of days later the Fed cut short-term interest rates-again-to 2.25%, marking the fastest loosening of monetary policy in a generation.rnIt was a Herculean effort, and it staved off the outright catastrophe of a bank failure that had threatened to split Wall Street asunder. Even so, this week's brush with disaster contained two unsettling messages. One is analytical: the world needs new ways of thinking about finance and the risks it entails. The other is a warning: the crisis has opened a new, dangerous chapter. For all its mistakes, modern finance is worth saving-and the job looks as if it is still only half done.
机译:现代金融奇妙的建筑花了很多年才建成。世界有一个周末来拯救它免于崩溃。 3月16日,美国的美联储本质上并不浮躁,通过挽救该国第五大投资银行贝尔斯登(Bear Stearns)并同意直接向其他经纪人放贷,重写了其规则。几天后,美联储再次将短期利率降低至2.25%,标志着一代人中货币政策的最快放松。这是一项艰巨的努力,它避免了银行倒闭带来的彻底灾难。扬言要分裂华尔街。即便如此,本周的灾难笔录仍然包含两个令人不安的信息。一种是分析性的:世界需要以新的方式来思考金融及其带来的风险。另一个警告:危机开启了一个新的危险的篇章。尽管有所有错误,现代金融还是值得节省的,而这项工作似乎还只是完成了一半。

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    《The economist》 |2008年第8572期|15-16|共2页
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