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1、外文翻譯原文GiveabankadviceMaterialSource:http://www.knowledgeatwharton.com.cn//index.cfm?Author：JeremySiegelItbeganasthe"subprimecrisis"in2007,andthenmushroomedintoafull-blownglobalrecessionin2008.Andstill,despitemammothgovernmentintervention,thebadnewskeepsgettingworse.Arewenowteeteringonaprecipice,
2、readytoplungeintoanotherGreatDepression?Canthelatestproposalspulltheeconomyoutofitsnosedive?Thereisplentytoworryabout.ButwhilemanyexpertssaythiscrisisistheworstsincetheDepression,thatdoesnotmeanitwillbeasbad.Unemploymentandothereconomicgaugeswillcontinuetoworsen,butunlessgovernmentsmakeamajormis
3、step,likeignitingaworldwidetradewar,economiesshouldstabilizeandrecoverona"veryflatpath"thatcouldtakeseveralyears,saysWhartonfinanceprofessorMarshallE.Blume.Japanwentthroughasimilarbankcrisisinthe1990swithouttumblingintoafull-blowndepression,addsWhartonfinanceprofessorJeremyJ.Siegel."Giventhatwe'
4、rereactingfasterthanJapan,Ithinkyoucanmakeagoodinferencethat[adepressionis]notgoingtohappenhere,"hesays.ManyestimatescallforgrossdomesticproductintheU.S.toshrinkby2.6%inthefirstquarterof2009,Siegelnotes.That'sbad,butsmallcomparedtothe27%declinefrom1929through1933.Adepressionisgenerallydefinedasa
5、dropof10%ormore.Still,thereismorebadnewsthangood,andthedepthoftheproblemcanbemeasuredbythelackofconsensusonwhattodoaboutit.ConsiderthisgloomyobservationinaJanuary20WallStreetJournalstoryabouttheBritishgovernment'sabruptdecisiontopumpbillionsmoreintowhatthewritercalledthecountry's"flagging"financ
6、ial-rescueplan:"GovernmentsonbothsidesoftheAtlanticarestrugglingtokeepupwiththedeepeningeconomiccrisis--andmayberunningoutofammunitiontobattleit."IntheU.S.,bankscontinuetowithholdloansdespitehugeinfusionsofgovernmentcash,andGoldmanSachsestimatesthatfinancialinstitutionswilllose$2trilliononloans,
7、withonlyhalfofthatrealizedtodate.Banksareevenstartingtocallinloanstoborrowers,suchashomebuilders,whohavemadealltheirdebtpaymentsontime.Troublesarenowexpandingtocommercialrealestatefirms.Thenumbersoflayoffs,bankruptciesandfor
