The second largest provider of funding for home mortgages, Freddie Mac, reported record losses for the fourth quarter of last year; the loss due to the soaring number of mortgage defaults. Nationwide, it’s expected there will be foreclosure on two million homes this year. So a fundamental question: should taxpayer money be used to help people keep their homes? Here’s ABC’s Dan Harris.
“Where does it…Where does it end?” on talk radio in Boston today, a rant against the notion of a government bailout. “But there’s no way that they should be bailing people out that make that mistake, you know.” “I…I can’t feel any sympathy for people who…who can’t read the fine print.” It’s part of their raging debate over whether to help homeowners in trouble.
“It went from about 3,900 to 5,250.” “I can’t make the payment, there’s no way. I mean,…my babies have to eat.” Sympathetic stories, yes, but on our website, we’ve heard from people who say: no bailout, no way. People like Michael, who writes, “I have no sympathy for people who knew they were getting in over their heads, and now expect to be bailed out.”
Professional economists have a similar concern. They use a term called ‘moral hazard,’ which you will probably be hearing a lot. It means that if the government rescues people when they make risky investments, that creates the incentive to take even more risks. But many struggling homeowners, including Kelly Turner, say they weren’t irresponsible; they were misled by the lenders.
She resents the criticism. “I can understand how a person would feel that way, but I don’t agree with it at all.” Furthermore, many experts argue that if the government doesn’t help people keep their homes, we all suffer. “Increased foreclosures are going to kill the homebuilding industry. It’s going to kill the value of the housing. It’s going to reduce the tax revenues for cities and towns across the nation. We’re going down the tubes together.”
But tonight, there are loud voices arguing that the government will just prolong the pain by rescuing homeowners, creating a moral hazard that will become a serious, long- term, economic hazard. Dan Harris, ABC News, New York.
※ bail out 1. 보석금을 지불하고 ~ 을 보석시키다 (to pay money to a court so that someone can be released from prison until their trial) ex. He bailed his son out. 그는 보석금을 내고 아들을 빼내왔다. 2. <회사 사람 등을> (돈을 지원하여 어려움에서) 구출하다, 구제금융을 지원해주다 ( to help a person or organization that is in difficulty, usually by giving or lending them money) ex. bail a person out of financial trouble 을 재정 곤란에서 구해내다 3. to jump out of an aircraft with a parachute because the aircraft is going to have an accident ex. The plane's engine failed and the pilot was forced to bail out. 4. bailout (낙하산에 의한) 비상 탈출, (경제적인) 구제 조치, (정부 금융 기관에 의한) 구제 금융, 긴급 금융 지원 ex. Three years of huge losses forced the bank to seek a government bailout.
mortgage : 저당, 주택 융자, 모기지, ~ 을 저당하다 ex. hold a mortgage on a person's house 의 집을 저당잡다 / ex. The estate is mortgaged. 그 대지는 저당이 되어 있다. * take out a mortgage 모기지융자 받다 record : 기록적인, 기록 * for the record : 기록하기 위한 [해], 공식적인 [으로] * for the record books : 기록에 남을 만한 * a record high[low] 사상 최고치 [최저치] (= an all-time high [low]) due : 지급 기일이 된, 만기가 된, ~ 할 예정인, ~ 하게 되어 있는 (expected), 도착할 예정인, <원인을 ~ 에> 돌려야 할 ex. The bill is due. 어음은 지급 기일이 되어 있다. ex. The mail is due tomorrow. 우편은 내일 도착하게 되어 있다 [도착할 예정이다] ex. Her baby is due in May. 아기는 5 월에 나올 예정이다. /ex. When are you due? 출산예정일이 언제 입니까? * be due to + N : ~ 에 기인하다 ex. The accident was due to his careless driving. * be due to + 동사 : ~ 할 예정이다 ex. He is due to speak this evening. soar : 높이 치솟다, 날아오르다, <온도 등이> 급상승하다, <물가가> 폭등하다 default : 태만, 불이행 (neglect), 채무 불이행, 디폴트값, 의무를 게을리하다, 채무를 이행하지 않다 foreclose : <저당권 설정자에게> 저당물을 찾아갈 권리를 잃게 하다 , vt.vi. <저당물을> 유질 (流質) 처분하다 ex. The bank was threatening to foreclose on his mortgage. * foreclosure : 담보물을 찾을 권리의 상실, 유질 처분 talk radio : 청취자와의 전화 대화로 구성되는 라디오 프로그램 rant : 고함치다, 고함 / to complain or talk loudly and angrily, sometimes saying unreasonable things ex. rant at a lazy student 나태한 학생을 야단치다 notion : 생각, 개념, 의견, 견해, ~하고픈 생각(a sudden interest in doing something) ex. He has no notion of economy. 그는 경제를 전혀 모른 다. ex. He has a notion that life is a voyage. 그는 인생은 항해와 같다는 생각을 갖고 있다. * a notion to do something: I have a notion to spend a day at the beach. 해변에서 하루를 보내 고 싶다. bailout : (낙하산에 의한) 비상 탈출, (경제적인) 구제 조치, (정부 금융 기관에 의한) 구제 금융, 긴급 금융 지원 ex. Three years of huge losses forced the bank to seek a government bailout. * bail 보석, 보석금, (돈을 지원하여 어려움에서) 구출하다 * on bail : 보석금을 내고 , 보석으로 ex. He was allowed out on bail. 그는 보석금을 내고 출감을 허가받았다 sympathy : 동정(심), 공감, 동감, 연민 ex. extend sympathy to a person 에게 동정을 베풀다 * sympathetic : 동정심 있는, 동정적인, 인정 있는 / kind to someone who has a problem and willing to understand how they feel ex. You're not being very sympathetic. fine print : 작은 활자 (의 인쇄물), [the fine print] (계약서 등의) 작은 글자 부분 (특히 계약자에게 불리한 조건 등을 기록한 주의 사항) rage : 격노, 분노, [폭풍우·화재·병 따위의] 격심 함, 맹위, 격렬 (violence), 격노하다, 광란하다, 맹위를 떨치다 ex. A storm is raging. 폭풍우가 광란하고 있다 . ex. The battle raged six days. 싸움은 6 일간이나 계속되었다. * all the rage : very popular ex. Internet shopping is now all the rage. be/get in over one's head : 감당하지 못할 일을 하다/to be or become involved in a situation in which you do not have the necessary skills, knowledge, or money to succeed ex. You should be careful about buying things with credit card. You can get in over your head and end up paying a large amount of interest. moral : 품행, 도덕(적인), 교훈(적인)/교훈 [count usually singular] something that you can learn from a story or an experience ex. have morals: He's shown that he has no morals at all. ex. moral of: The moral of the story is -- don't believe everything you hear. hazard : 위험, 위험요소, 해악 ex. a hazard to health 건강에 유해할 우려가 있는 것 struggle : 발버둥치다, 몸부림치다, 애쓰다, 허덕이다, (~ 과) 맞붙 다, 분투하다, 싸움, 투쟁, 힘든 일 * struggle to do something: ex. We have to struggle to win our freedom. / * struggle with: ex. They've had to struggle with the painful process of modernization. / * struggle for: ex. Andy was coughing and struggling for breath. / * struggle into/out of etc: ex. She struggled into her tight jacket. / * struggle against: ex. people struggling against oppression. ex. It was a struggle to get up the hill in the snow. 눈 덮힌 언덕을 오르기는 너무 힘들었다 mislead : 오도하다, 잘못 인도하다 * misleading : 잘못 인도하는, 오도하는, 현혹시키는 how : (접속사 that 처럼 써서) ~라고 하는 것 ex. He told me how it was wrong to steal. 그는 도둑질하는 것이 나쁜 짓이라고 내게 말 했다. ( how는 that과 비교해서, 도둑질을 하면 이러 이러하니까 나쁘다는 식으로 말하는 것임) (how 를 that 대신으로 사용하는 것은 , 특히 이야기투의 말에서 때때로 복 잡한 사정 등을 말하는 경우임) tax revenue : 세수 (입) go down the tube(s) : <노력 등 이> 수포로 돌아가다(=go down the drain), 실패하다, 파산하다 prolong : (공간 기간을) 늘이다, 길게 하다, 연장하다 ex. prolong one's stay abroad 외국에서의 체재 기간을 연장하다 * prolonged 연장된, 오래 끄는, 장기의