单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,*,UNIT,10,Economic Crisis,CONTENTS,Teaching Aims,Text A,Text B,Supplement,ary Reading,TEACHING AIMS,After studying this,unit,you are,required to,1.,H,ave a general idea of the,Economic Crisis,.,2.,Understand,the influence of the US subprime mortgage crisis.,3,.,M,aster 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.,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 Preview,TEXT A,Reading,C,omprehension,Read the following sentences and decide whether they are trueT)or falseF),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.(),F,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-valueless-or impossible to accurately value.(),T,TEXT A Reading Comprehension,3 Observers of the meltdown have cast blame widely.Some have highlighted the practices of subprime lenders and the lack of effective government oversight.(),TEXT A Reading Comprehension,T,TEXT A,Reading,C,omprehension,4,Many accounts of the crisis also highlight the role of falling home prices since 2006.(),5,Some economists,including Federal Reserve Board chairman Alan Greenspan in March 2007,expected subprime-mortgage defaults to cause problems for the economy,especially so if US home prices fell.(),F,F,TEXT A Notes,1.UCLA,：,University of California,Los Angeles,2.The NASDAQ Stock Market:also known as the NASDAQ,is an American stock exchange.NASDAQ originally stood for National Association of Securities Dealers Automated Quotations,but the exchanges official stance is that the acronym is obsolete.It is the largest electronic screen-based equity securities trading market in the United States and fourth largest by market capitalization in the world.With approximately 3,700 companies and corporations,it has more trading volume than any other stock exchange in the world.,TEXT A Notes,3.Dow Jones Dow Jones Indexes(DJI):was formed in 1997 as an entity within Dow Jones&Co.It produces,maintains,licenses and markets indexes as benchmarks and as the basis of investible products such as exchange traded funds(ETFs),mutual funds and structured products.The company currently has employees in 14 cities worldwide,including Princeton,NJ,New York,Boston,Chicago,Los Angeles,London,Frankfurt,Singapore,Hong Kong,Beijing,Mexico City,So Paulo,Santiago and Dubai(its latest office).Dow Jones is owned by News Corp.,4.The Federal Housing Administration(FHA):is a United States government agency created as part of the National Housing Act of 1934.The goals of this organization are:to improve housing standards and conditions;to provide an adequate home financing system through insurance of mortgage loans;and to stabilize the mortgage market.,TEXT A Notes,TEXT A New Words and Expressions:,subprime sbpraim adj.次级的；准最低贷款利率的,Subprime mortgages are loans to people who may not have enough money to repay them.,次级抵押贷款是指一种贷款人可能没有足够钱来归还的贷款。,2.mortgage m:id vt.抵押n.抵押,My fathers business is failing;hes mortgaged all his assets so as to save it.,我父亲的企业在亏损，他抵押了所有资产试图挽救它。,TEXT A New Words and Expressions:,3.meltdown meltdaun n.美俚灾难；彻底垮台；熔化；暴跌,Slide into a theater to watch Ice Age 2:The Meltdown this April.,今年四月，请您一路滑进戏院，好好欣赏?冰原历险记2?。,4.tranche tr:n n.国际货币基金组织贷款划分的局部；一期款项,After which all other quantities will be calculated as per Contract tranche size agreed to by both parties.,之后其余全部数量将有方案地按照双方同意的合约份额规模进行。,TEXT A New Words and Expressions:,5.reined in 放慢；支配,控制；控制,放慢；控制,You must learn to rein in your temper.,你必须学会控制你的脾气。,6.inflate infleit vt.使充气；使通货膨胀vi.膨胀；充气,A few bidders inflated the prices on purpose.,几个投标人成心抬高价钱。,TEXT A New Words and Expressions:,7.highlight hailait vt.突出；强调；使显著；加亮 n.最精彩的局部；最重要的事情；加亮区,His remarks highlighted his own fu