商务英语阅读Unit 10 Economic Crisis.ppt

UNIT 10  Economic Crisis CONTENTS TEACHING AIMS After studying this unit, you are required to 1. Have a general idea of the Economic Crisis . 2. Understand the influence of the US subprime mortgage crisis. 3. Master the difficult words and expressions. Text A US subprime mortgage crisis QUESTIONS How long do you think the subprime mortgage crisis will last? How does the subprime mortgage crisis affect the average American? Can you give some solutions to the subprime mortgage crisis? TEXT A Preview Beginning in late 2006, the US subprime mortgage industry entered what many observers have begun to refer to as a meltdown. A steep rise in the rate of subprime mortgage defaults and foreclosures has caused more than 100 subprime mortgage lenders to fail or file for bankruptcy, most prominently New Century Financial Corporation, previously the nations second biggest subprime lender. TEXT A Preview The failure of these companies has caused prices in the $6.5 trillion mortgage backed securities market to collapse, threatening broader impacts on the US housing market and economy as a whole. The crisis is ongoing and has received considerable attention from the US media and from lawmakers during the first half of 2007. TEXT A Reading Comprehension Read the following sentences and decide whether they are true（T) or false（F)． 1. The failure of these companies has caused prices in the $6.5 billion mortgage backed securities market to collapse, threatening broader impacts on the US housing market and economy as a whole.( ) TEXT A Reading Comprehension 2. Tranches of sub-prime debts were repackaged by banks and trading houses into attractive-looking investment vehicles and securities that were snapped up by banks, traders and hedge funds on the US, European and Asian markets. Thus when the crisis hit the subprime mortgage industry, those who bought into the market suddenly found their investments near