Jan.２００9
English Digest
For the last year,Timothy F.Geithner has been at the very
heart of dealing with the financial crisis,the junior partner with Treasury Secretary Henry M.Paulson Jr.and Ben S.Bernanke,chairman of the Federal Reserve.Together,they scrambled 1to save Bear Stearns,American International Group and Citigroup,while letting Lehman Brothers fail.
Now Mr.Geithner,youthful president of the Federal Reserve Bank of New York and President -elect Barack Obama 's choice for Treasury secretary,will be thrust 2from go -between 3to the head of the table.He will graduate from team player to team captain,steering the new administration 's economic policies and its plan to rescue the financial system.
The two -month wait until Mr.Obama *takes office 4could be awkward 5,*so much so that 6people who know Mr.Geithner say he may *step down 7from the New York Fed within a few weeks.That would give him an early start in developing a stimulus plan,which Mr.Obama 's aides say they are coordinating with Democratic leaders in Congress and hope to pass before the inauguration.
Mr.Geithner 's immersion 8in the critical events of the crisis and his close ties to Mr.Paulson and Mr.Bernanke,both appointees 9of President Bush,will provide a vital sense of continuity 10for the rescue effort,Mr.Obama indicated on Monday in Chicago.
“Tim will waste no time getting *up to speed 11,”Mr.在过去的一年中，蒂莫西·F.盖特纳作为财政部长小亨利·M.保尔森和美联储主席本·S.伯南克的小伙伴，一直处于处理金融危机的最核心位置。他们一道匆忙拯救了贝尔斯登公司、美国国际集团和花旗银行，而让雷曼兄弟公司倒闭了。
现在，这位年轻的纽约联邦储备银行行长和当选总统巴拉克·奥巴马选定的财长，将从中间人的角被推
到前台。他将从队员变身为队长，执掌新政府的经济政策和拯救金融系统的计划。
在奥巴马正式就职前两个月的等待可能有些令人尴尬，以至于了解盖特纳的人认为他可能会在几周内辞去在纽约联邦储备银行的职务。这会使他在制定经济刺激计划时先行一步。奥巴马的助手称，他们正在与国会民主党领袖进行协调，希望在新政府就职前就能通过这个计划。
奥巴马周一（11月24日）在芝加哥表示，盖特纳亲历了危机的重大事件，并与由布什总统任命的保尔森、伯南克关系密切，这为拯救工作带来了非常关键的连续性。
“蒂姆会很快进入角，
”奥巴马在By Mark Landler and Jackie Calmes
导读：
面对自上世纪30年代以来最严重的金融危机，如何逆转经济颓势、解冻信贷市场、推动金融监管改革？
11月24日，美国当选总统奥巴马任命蒂莫西·盖特纳担当财政部长，选定了引领美国经济走出困境的核心执行者。并非专业经济学家的盖特纳，自20世纪90年代以来，职业生涯的大部分时间都在负责美国政府对各种金融危机的处置，从拉美金融危机、亚洲金融危机到本次金融危机中处理令华尔街濒临崩溃的不良资产。47岁的盖特纳临危受命，当是奥巴马“实用主义”核心经济理论的最好体现。
蒂莫西·盖特纳：奥巴马的财长
Timothy Geithner:Obama Treasury Secretary
荩荩22
Obama said in announcing his intention to nominate Mr. Geithner.“He will start his first day on the job with a unique insight into the failures of today's markets and a clear vision of the steps we must take to revive them.”
Experts said Mr.Geithner would have to make a series of difficult decisions,*in quick succession12,about how to proceed with a rescue effort that has been marked by political tension, reversals13and a growing sense of confusion,as Mr.Paulson appears to be hostage to events.
And he will have to do this in the vortex14of a deepening economic crisis,at home and abroad,that could limit his options.Though Mr.Geithner,47,*cut his teeth15in past crises, most overseas,economists who know him say little could have prepared him for the magnitude16of responsibility he is assuming.
“It's hard to think of a moment in history where a new Treasury secretary has started in this position,”said Kenneth S. Rogoff,a professor of economics at Harvard.“It's a position of incredible resp
onsibility.He really has to reshape the financial system,*on the run17.”
While the weekend rescue of Citigroup calmed the financial markets,Mr.Rogoff described it as merely a “temporizing measure”that would have to be followed by other steps.Indeed,there were reports Monday of a vast new loan-purchase initiative being readied by the Fed and the Treasury.
As the rescue plan has mutated18from asset purchases to direct injections of capital,Mr.Geithner has worked hard to maintain a public alliance with Mr.Paulson,who on Monday welcomed his nomination and noted that Mr.Geithner had been “critical to designing and implementing”the financial industry's rescue.
But people familiar with his thinking say Mr.Geithner has had significant differences with Mr.Paulson over how the bailout should proceed.
Mr.Geithner has expressed support for the idea of modifying19large numbers of loans held by subprime 宣布打算提名盖特纳时说。“他上任第一天时就会对当前市场的失败有独到见解，对我们必须采取的恢复市场的步骤也有清晰的思路。”
有专家表示，由于保尔森似乎已任由危机事件摆布，拯救金融系统的努力已经带有政治纷争、反复及日益强烈的混乱感，盖特纳必须接连快速地就如何继续进行拯救做出一系列艰难的决定。
而且他必须在愈演愈烈的国内外经济危机的旋涡中做出这些决定，这可能限制他的选择。虽然47岁的盖特纳曾在过去处理危机中（多数发生在国外）积累了经验，但了解他的经济学家都认为，过去的经验对于他即将担当的重任来说可借鉴之处不多。
“很难想象历史上有哪位新财长会在这种局面下走马上任”，哈佛大学经济学教授肯尼思·S.罗戈夫说。“身处这个职位责任非同寻常。他真是在劣势中不得不重塑经济体系。”
虽然上周末宣布拯救花旗集团的消息使金融市场恢复平静，但罗戈夫先生将此称为仅是权宜之计，随后必须有其他跟进措施。果然，周一有消息称美联储和财政部正在筹划一个新的大举购买债务的计划。
尽管拯救计划从购买资产变为直接注资，盖特纳仍努力保持在公开场合中与保尔森的同盟关系。保尔森周一表示欢迎提名盖特纳为新财长，并着重指出盖特纳“对设计和实施拯救金融业的计划至关重要”。
但熟悉盖特纳思路的人说，他与保尔森在如何继续进行拯救工作上有相当大的区别。
盖特纳已表示支持为大量次贷贷款人重新调整贷款计划的办法，而这个办法
1.scramble［蘖skr覸mbl］vi.仓促行动美国民主党领袖
2.thrust［夼r蘧st］vt.（用力）推；强使；强使接受
<-between中间人
4.take office担任公职
5.awkward［蘖蘅蘼kw藜d］a.不便的；使人尴尬的
6.so much so that到这样的程度以至
7.step down辞职，让位，下台
8.immersion［I蘖m誻蘼蘩藜n］n.沉浸；投入；陷入
9.appointee［藜摭p蘅I n蘖ti蘼］n.被任命人，被委派者
12.in quick succession紧接的（地）；一连串的（地）
14.vortex［蘖v蘅蘼teks］n.<；喻>旋涡
15.cut one’s teeth on sth从某事中获得经验；初试
牛刀
16.magnitude［蘖m覸gn I tju蘼d］n.重大，重要，重要性
< the run（在争论、竞赛等中）处于劣势
18.mutate［mju蘼蘖te I t］vt.改变
荩荩
23
２００9．1英语文摘
Jan.２００9
English Digest
U.S.Treasury Secretary Henry Paulson
looks over his entourage after announcing
that the Treasury Department will take equity stakes in potentially thousands of banks totalling about $250billion at the
Treasury Department Cash Room in
Washington,October 14,2008.
荩
荩borrowers,a move Mr.Paulson has largely avoided.Such
modifications would create a psychological lift for the nation,
Mr.Geithner has told others,and would help resolve uncertainty
in the financial markets by creating support for home prices.
Mr.Geithner has also voiced private support for purchasing
distressed assets from banks,which was originally the focus of
the $700billion Troubled Asset Relief Program,or TARP.Mr.
Paulson abandoned that strategy this month in favor of direct
capital injections into the banks.Asset purchases,Mr.Geithner
has told associates 20,would revive investor confidence in many
banks,whereas announcing plans to abandon those purchases
introduced more uncertainty,as Citigroup discovered last week.
Lobbyists 21for the financial industry who favor asset
purchases are hopeful that Mr.Geithner will move the program
back in that direction.The bailout of Citigroup was a positive
step,they say,although what the government has agreed to do is
absorb 22most of the losses on $306billion in home and
commercial real estate assets on Citigroup 's *balance sheet 23
rather than buying those assets outright.
“It 's getting closer to the piece we
think is necessary,but it doesn 't quite
get us there,”said Timothy Ryan,chief
executive of the Securities Industry and
Financial Markets Association.
Mr.Ryan,who helped direct the
government 's rescue of the savings and
loan industry in the 1990s,said Mr.Geithner 's involvement in the current rescue effort would give him an
invaluable head start.
“He 's one of a core group of government executives who 's been part of every decision,”Mr.Ryan said.
Robert S.Nichols,president of the Financial Services
Forum,which represents large institutions,said the transition
from Mr.Paulson to Mr.Geithner was like “delicate surgery,”
adding,“If you have to switch doctors,you don 't want to bring
in someone who hasn 't even watched the surgery.”
If there is a mystery about Mr.Geithner,industry
executives said,it is his views on tax matters.Having spent his
career in international economics before becoming a central
banker,he has said almost nothing about his views on issues
like *capital gains taxes 24and dividends 25.
Whatever substantive 26change Mr.Geithner makes could
well reflect a personal style that is different from Mr.是保尔森先生基本不予考虑的。盖特纳曾对别人说过，这种贷款计划的修改将振奋国民心理，并有助于通过支撑住宅价格解决金融市场的不确定性问题。盖特纳也曾私下表示支持购买银行的不良资产，这正是7000亿美元问题资产救助计划（简称TARP ）最初的焦点。但保尔森本月放弃了这个战略，转而倾向于向银行直接注资。盖特纳对他的同事说过，购买资产会恢复投资者对很多银行的信心，而宣布放弃购买银行资产只会导致更多的不确定性，正如花旗集团上周所发现的那样。支持购买资产的金融界游说者希望盖特纳会让拯救计划回到原来的方向。他们说，拯救花旗集团是积极的一步，虽然政府同意做的只是承担花旗集团在资产负债表上住宅和商业地产上的3060亿美元亏损的大部分，而不是直接购买这些资产。“这更接近于我们认为的必要措施，虽然还不是很到位，”证券业和金融市场协会首席执行官蒂莫西·瑞安说。曾经在20世纪90年代帮助指导政府拯救存贷款业的瑞安说，盖特纳先生参与了目前的拯救行动，这使他具有极宝贵的优势。“他是参与做出每一个决定的政府核心决策人士之一”，瑞恩说。代表大型机构的金融服务论坛主席罗伯特·S.尼科尔斯称，从保尔森到盖特纳的过渡正如“精密的手术”。他又补充道：“如果你不得不换医生，总不会想换一个连这次手术都没看过的人吧。”金融业的高管们说，如果说盖特纳先生还有什么令人不解之处，那就是他对税务的观点。在成为一位央行行长前，他从事过国际经济工作却几乎从未对资本利得税和红利表达过
任何看法。无论盖特纳做出什么实质性变革，都会反映出他与保尔森先生不同的个人风24
20.associate［藜蘖s藜尬蘩I藜t］n.合伙人；同事；伙伴
21.lobbyist［蘖l鬑b II st］n.说客
22.absorb［藜b蘖s蘅蘼b］vt.承担（费用）
23.balance sheet资产负债表；决算表
24.capital gain tax资本利得税
25.dividend［蘖d I v I den］n.[经]红利；股息，股利
26.substantive［蘖s蘧bst藜nt I v］a.实在的，实际的；根本性的，本
质的27.trigger-quick［蘖tr I g藜摭kw I k］n.行动迅速的；反应快的
28.stop-and-start走走停停，断续的
29.upbringing［蘖蘧p摭br I耷I耷］n.抚育，养育；教养，培养
30.studious［蘖stju蘼d I藜s］a.专心的；周详的；认真的
31.juggle［蘖d廾蘧gl］vt.力图使平衡；尽力对付
32.proximity［pr鬑k蘖s I m藜t I］n.接近，邻近；临近；亲近
33.Oval Office（美国白宫的）椭圆形办公室，总统办公室，这
里指美国总统
Paulson's.The current Treasury secretary for
decades was a Wall Street deal maker,
accustomed to short-term,trigger-quick27 decisions—and reversals.Some say that
accounts for the rescue program's constant
evolution and its stop-and-start28tendencies.
“Geithner has had a very different
upbringing29:a much more studious30,and
sober,professional training,”said a former
Treasury official and Wall Street executive
who knows both men.
Robert Gibbs,Mr.Obama's press
secretary,said that the president-elect spoke
with Mr.Bernanke on Monday morning and
that the Fed chairman asked that Mr.Geithner remain at the New York Fed until he could be replaced,“to ensure a smooth transition.”Mr.Obama agreed,Mr.Gibbs added.
Once Mr.Geithner steps down,it is expected that he will join Lawrence H.Summers,the incoming director of the National Economic Council,in drafting the two-year economic stimulus package of spending and tax cuts Mr.Obama has called for.In addition,he will have to organize his Treasury staff,prepare for his Senate confirmation hearing and continue to oversee the rescue effort.
Though Mr.Geithner is expected to be easily confirmed by a Democratic-controlled Senate,he will face questions about the bailout effort at his hearing,before the Senate Finance Committee,given unhappiness in both parties about the way that program has been operated.
As secretary,Mr.Geithner will have to juggle31his oversight of the financial rescue program,the process of enacting and carrying out the economic stimulus package and the development of annual budgets.
Given that,people who know both Mr.Geithner and Mr. Summers see potential for tension between them,should Mr. Summers,given his proximity32to the*Oval Office33and his aggressive style dominate the internal budget and tax debates.■
格。现任财长在华尔街做了几
十年的交易，习惯于短期、快
速的决定——
—以及颠倒重来。
有人认为这就是拯救计划经
常一会儿一变且走走停停的
原因。
一位对这两个人都了解
的前财政部官员和华尔街高
管说：“盖特纳的成长背景很
不一样：他要细致、冷静得多，
也接受了更多的职业训练。”
奥巴马的新闻秘书罗伯
特·吉布斯说，当选总统周一
上午与伯南克先生交谈时，这位美联储主席要求盖特纳先生在被接替前在纽约联邦储备银行继续任职，以“保证平稳过渡”。吉布斯补充说，奥巴马先生表示同意。
一旦盖特内辞去现职，他会和即将出任国家经济委员会主任的劳伦斯·萨默斯一道起草奥巴马呼吁过的包括支出和减税的两年经济刺激一揽子计划。此外，他还要组建财政部的班子，准备其参议院批准任命的听证会并继续监督拯救计划的实施。
虽然盖特纳预计会轻松地得到由民主党控制的参议院对其任命的批准，但鉴于目前两党都对拯救计划实施情况感到不满，他在参议院财政委员会的听证会上将面临关于拯救工作的提问。
作为财长，他将不得不尽力应对监督金融拯救计划，制定和实施经济刺激一揽子计划，及制定年度预算。
对盖特纳和萨默斯都有所了解的人认为他们之间关系可能会紧张，而与总统更接近，风格也咄咄逼人的萨默斯会在内部预算和税务争论中占上风。（黄景睿译注自The New York Times Nov.25,2008）
U.S.Treasury Secretary Henry
Paulson(L),Federal Reserve
Chairman Ben Bernanke(C)and
President and CEO of the Federal
Reserve Bank of New York Timothy
F.Geithner are seen in a file
photo during a news conference at
the Treasury Department in
Washington,October14,2008.
25
２００9．1英语文摘

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