问题 阅读理解与欣赏

阅读下面的文字,完成1~2题。

从次贷危机到金融风暴

  低利率的诱惑和对经济形势的乐观情绪,让无数尚无力购房的美国人选择了贷款买房。房屋抵押贷款的金融机构提供的按揭贷款便是次级贷。次级贷主要是对信用分数较低、没有收入证明或负债较重的人提供3到7年的短期贷款。

  风险也就由此产生。近年来,美联储连续l7次提息,大幅攀升的利率加重了购房者的还贷负担。美国住房市场开始大幅降温。借款人无法按期偿还借款,购房者难以将房屋出售或者通过抵押获得融资。由于抵押资产价值缩水,导致次贷危机爆发。

  金融衍生品放大危机。包括放贷公司、投行、资产评级公司、对冲基金在内的整个金融链条都受到危机冲击。原因就在于,美国的金融衍生品发展得太快了。

  为追求利益最大化,华尔街投行将原始金融产品分割、打包、组合开发出多种金融产品,根据风险等级出售给不同的金融机构或个人。在这个过程中,原始金融产品被放大为高出自身价值几倍或十几倍的金融衍生品(比如担保债务权证等),这就极大地拉长了交易链条。从本质上看,这类金融衍生品并没有降低投资风险,它仅仅是将风险进行转移,而且随着金融衍生品的不断开发,风险在无限分散的同时,也变得越来越隐蔽。由于金融衍生品蕴含着巨大利润,无论美国本土还是海外,越来越多的投资者开始了对这种金融产品近乎疯狂的追求,这正是次贷危机能够波及到全球的原因。金融衍生品是一把双刃剑,它能分散风险,但它的滥用则会导致金融链条上的环节一个接一个失控。

  监管政策的失误助长风暴。在格林斯潘执掌美联储期间,他主导美国央行降低抵押贷款的标准,导致相当一部分信用不佳的贷款人以低廉成本通过贷款购买房屋。监管机构的失职到了可笑的地步:华尔街的银行和证券公司可以光明正大地把亏损投资不列入“资产负债表”。以达到欺骗投资者的目的。

  错误的股市政策推波助澜。美国证交会鼓吹实行“裸卖空”措施。“裸卖空”是投资者在向券商交纳一定数量的保证金后,在没购入股票之前就可以直接在市场上卖出这些股票,待股价下跌时再买入股票,以获得弄利润。由于“裸卖空”卖出的是“不存在的股票”,交易量可能非常大,会对股价造成剧烈冲击。“裸卖空”有助于促进市场的流动性,但很多“裸卖空”交易就是在“赤裸裸打压股价后获取利润”,有的甚至是严重的商业欺诈行为。

  股市的剧烈震荡,加深了金融投资者的恐慌情绪,恐慌又导致了投资者信心的丧失。这些原因,最终导致金融危机再次在华尔街爆发。

1.下列对“华尔街”金融风暴产生原因的解释,不正确的一项是(     )

A.利率大幅攀升,房市大幅降温,带来抵押资产价值缩水,导致次级贷危机爆发。

B.发展太快的金融衍生品放大了次级贷危机,使美国整个金融链条都受到冲击。

C.作为监管机构的美联储,在危机中推波助澜,贷款给信用低的人,有失职行为。

D.“裸卖空”的股市措施导致股市震荡,引发了投资者心理恐慌,信心丧失。

2.下列表述符合原文意思的一项是(     )

A.无数无力购房的美国人,选择贷款购房的方式是受到了银行低利率的诱惑和乐观的经济形势的影响。 B.次贷危机能波及全球,是因为金融衍生品蕴含着巨大利润,引起海内外投资者的疯狂追求,将风险扩散到了全球。

C.银行和证券公司不把亏损投资列入“资产负债表”,目的是欺骗更多的投资者参与到低息贷款的队伍中来。

D.“裸卖空”交易卖出的是“不存在的股票”,有的甚至是严重的商业欺诈行为。这种交易有百害而无一利。

答案

1.C

2.B

多项选择题
阅读理解

Observer 2007-03-28 13:54

Nothing could be more shameful for McDonald’s and KFC. They are violating labour’s rights. The government must immediately bring the guilty to justice. A stricter government inspection system must be enforced to protect the workers.

Nathan 2007-03-28 21:39

It is known that McDonald’s and KFC and other fast-food restaurants pay the lowest wage they possibly can to get their employees. I think it’s kind of funny that these two restaurants have not yet set up unions. It is also known that they also take every possible measure e(legal, and sometimes illegal) to prevent their employees from forming or joining unions. I think it is high time that government enforced the law that they have made.

Cushman 2007-03-28 22:32

The deepest reason is that China has a large population. If you complain that the pay is very low, the boss will tell you that can go to other places and that there are a lot of people waiting for the job. Today finding a job is not very easy, so you don’t have many choices, and you have to face the reality.

Chip 2007-03-29 20:33

If wages were too low, people wouldn’t work for them, but they do, so it proves the wages are reasonable. Sure, they could raise the wages, but why should they? The workers are still working, still willing to show up on time, and it keeps costs lower. Were they to raise wages, they would have to FIRE more workers, and the price of burgers would go up. Then people wouldn’t buy them, then McDonald’s would once again FIRE more workers because of a reduced demand, and you’d be back in the same boat, just with less people working.

小题1:What are they debating about?

A.McDonald’s and KFC pay too low a salary to their employees.

B.Setting up a social security system.

C.Fast-food restaurants have no rights to fire workers.

D.McDonald’s and KFC will be punished for their behaviour.小题2:According to Chip, it is____for McDonald’s and KFC to give employees a low salary.

A.unacceptable

B.shameful

C.acceptable

D.illegal小题3: In the opinion of Cushman, the key to the problem is that____.

A.the social security net has not been set up

B.China has too large a population

C.the government has not taken stronger steps to protect workers

D.the unions have not played an important part to raise the wages.小题4: The underlined word “they” in Nathan’s words refers to____.

A.the employees

B.governments

C.all the restaurants

D.fast-food restaurants