voa标准英语2008年-Another Down Day for World Markets

"Over these past weeks, we have continued to examine the relative benefits of purchasing illiquid mortgage-related assets," he said. "Our assessment 9 at this time is that this is not the most effective way to use [government bailout] funds. But we will continue to examine whether targeted forms of asset purchase can play a useful role in helping 10 to strengthen our financial system and support lending."

The Bush administration has embarked 11 on an unprecedented 12 program of direct government investment in banks through stock purchases - effectively partially 13 nationalizing America's banking 14 system. Governments in Europe and elsewhere have taken similar steps in recent weeks.

Treasury Secretary Paulson also spoke of his intention to boost institutions that provide consumer credit in the form of credit cards as well as student and automobile loans.

Tight credit conditions have added to the woes 15 of U.S. carmakers, as some consumers have been unable to get loans to purchase vehicles. But U.S. automakers were ailing 16 even before the financial crisis struck, losing market share to foreign brands that provide more choices for fuel-efficient vehicles. In addition, American carmakers have been saddled with hefty costs stemming from pensions for retired 17 employees and pricey health insurance premiums 18 for its workforce 19.
　






General Motors CEO Rick Wagoner at a news conference in Detroit with company Product Development Vice 20 Chairman Bob Lutz, right. 07 Nov, 2008

After years of steep losses, the top-three U.S. automakers - General Motors, Ford 21 and Chrysler - say they could face bankruptcy 22 in coming months. Such an outcome is unthinkable, according to Governor Jennifer Granholm of Michigan, where the America's automobile industry is headquartered.

"This industry supports one-in-ten jobs in the country. If this industry is allowed to fail, there will be a ripple 23 effect throughout the nation," said Granholm.

Democratic Congressional leaders are pressing for an emergency $25 billion loan to automakers as part of the $700 billion financial rescue package.

Michigan Senator Carl Levin says the amount being discussed is tiny compared to the funds spent to prop up the country's largest insurance firm, American International Group, or AIG.
　






Senator Carl Levin, 07 Dec 2007

"One hundred-fifty billion dollars has gone to one insurance giant - AIG. Twenty-five billion dollars in a direct bridge loan to the auto 3 industry, given its unique central role in this economy, does not seem at all out of line [i.e., unreasonable]," said Levin.

But skeptics argue that such an infusion 24 of government funds would only postpone 25 bankruptcy without addressing the underlying 26 causes of the decline in American car manufacturing. They point out that several U.S. airlines have gone through bankruptcy and reorganization and emerged stronger for having done so.