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Part II Reading Comprehension (Skimming and Scanning) (15 minutes)
Surviving the Recession
America's recession began quietly at the end of 2007. Since then it has evolved into a global crisis. Reasonable people may disagree about whom to blame. Financiers who were not as clever as they thought they were? Regulators falling asleep at work? Consumers who borrowed too much? Politicians who thoughtlessly promoted home-ownership for those who could not afford it? All are guilty; and what a mess they have created.
Since 2007 America has shed 5 million jobs. More than 15% of the workforce are jobless or underemployed - roughly 25 million workers. The only industries swelling their payrolls are health care, utilities and the federal government. The value of listed shares in American firms collapsed by 57% from its peak in October 2007 to a low in March this year, though it has since bounced back somewhat. Industrial production fell by 12. 8% in the year to March, the worst slide since the Second World War. Mark Zandi, and economist at Moody's Economy, com, predicts that the recession will shrink America's economy by 3.5% in total. For most executives, this is the worst business environment they've ever seen.
Times are so tough that even bosses are taking pay cuts. Median (中位数的) pay for chief executives of S&P 500 companies fell 6.8% in 2008. The overthrown business giants of Wall Street took the biggest knock, with average pay cuts of 38% and median bonuses of zero. But there was some pain for everyone; median pay for chief executives of non-financial firms in the S&P 500 fell by 2.7%.
Nearly every business has a sad tale to tell. For example, Arne Sorenson, the president of Marriott hotels, likens the crisis to the downturn that hit his business after September 11th, 2001. When the twin towers fell, Americans stopped travelling. Marriott had its worst quarter ever, with revenues per room falling by 25%. This year, without a terrorist attack, the hotel industry is "putting the same numbers on the board", says Mr. Sorenson.
The hotel bust (不景气), like most busts, was preceded by a breathtaking boom. Although many other big firms resisted the temptation to over-borrow, developers borrowed heavily and built bigger and fancier hotels as if the whole world were planning a holiday in Las Vegas. When the bubble burst, demand collapsed. Hotel owners found themselves with a huge number of empty rooms even as a lot of unnecessary new hotels were ready to open.
Other industries have suffered even more. Large numbers of builders, property firms and retailers have gone bankrupt. And a disaster has hit Detroit. Last year the American car industry had the capacity to make 17 million vehicles. Sales in 2009 could be barely half of that. The Big Three American carmakers - General Motors, Ford and Chrysler - accumulated ruinous costs over the post-war years, such as gold-plated health plans and pensions for workers who retired as young as 48. All three are desperately restructuring. Only Ford may survive in its current form.
Hard times breed hard feelings. Few Americans understand what caused the recession. Some are seeking scapegoats (替罪羊). Politicians are happy to take advantage. Bosses have been summoned to Washington to be scolded on live television. The president condemns their greed.
Extravagance (奢侈) is out
Businessfolk are bending over backwards to avoid seeming extravagant. Meetings at resorts are suddenly unacceptable. Goldman Sachs, an investment bank, cancelled a conference in Las Vegas at the last minute and rebooked it in San Francisco, which cost more but sounded less fun.
Anyway, the pain will eventually end. American business will regain its shine. Many firms will die, but the survivors will emerge leaner and stronger than before. The financial sector's share of the economy will shrink, and stay shrunk for years to come. The importance of non-financial firms will accordingly rise, along with their ability to attract the best talent. America will remain the best place on earth to do business, so long as Barack Obama and the Democrats in Congress resist the temptation to interfere too much, and so long as organised labour does not overplay its hand.
The crisis will prove hugely disruptive (破坏性的) , however. Bad management techniques will be exposed. Necessity will force the swift adoption of more efficient ones. At the same time, technological innovation (创新) will barely pause for breath- and two big political changes seem likely.
Mr. Obama's plan to curb carbon dioxide (CO2) emissions (排放), though necessary, will be far from cost-free, whatever his sunny speeches on the subject might suggest. The shift to a low-carbon economy will help some firms, hurt others and require every organisation that uses much energy to rethink how it operates. It is harder to predict how Mr. Obama's proposed reforms to the failing health-care system will turn out. If he succeeds in curbing costs - a big if - it would be a huge gain for America. Some businesses will benefit but the vast bulk of the savings will be captured by workers, .
注意：此部分试题请在答题卡1上作答。
1. From the first paragraph, we learn that America's recession is the result of _____.
A) a messy real estate market
B) a combination of causes
C) unregulated competition
D) financiers' mismanagement
2. At the worst time, the total value of listed shares in American firms shrank by _____.
A) 57% B) 15% C) 12.8% D) 3.5%
3. According to Arne Sorenson, the president of Marriott hotels, the current recession ______.
A) was the worst he had ever seen since World War II
B) reduced his revenues to a quarter of normal years
C) hit his business as hard as the 9 11 terrorist attack
D) spoiled his plans to build more hotels in Las Vegas
4. The Big Three American carmakers need restructuring to survive because ______.
A) their production capacity has shrunk to less than half of the previous year
B) their technology has fallen behind their competitors' elsewhere in the world
C) they have borrowed too heavily and accumulated too large amounts of debt
D) they cannot cope with the ruinous costs accumulated over the post-war years
5. Goldman Sachs, an investment bank, cancelled a conference in Las Vegas in order to ______.
A) raise its efficiency
B) cut unnecessary costs
C) avoid seeming wasteful
D) have fun in San Francisco
6. The author of this report seems to be ______.
A) against too much government interference in the economy
B) optimistic about Obama's effort to reduce CO2 emissions
C) interested in political and economic reforms
D) concerned about the interests of the workforce
7. According to the author. Obama's plan to limit carbon dioxide emissions will ______.
A) not benefit America's industry
B) benefit the whole nation
C) do good to the environment
D) by no means be inexpensive
8. Because Harlow Curtice's firm was leading America in creating "a new economic order", he was named by Time magazine as ___________ in 1955.
9. In March, General Motors' chief executive was fired by Mr. Obama for ___________.
10. The author is afraid that the Obama administration will end up ___________ America's economy.
