Good evening. Last night, the government committed $85 billion to bail out the insurance giant AIG and keep the company going. As a result of the deal, you, the taxpayer now own 80% of the company. The move was designed tocalm and bring stability to the financial markets. Did it work? Maybe, down the road, but not today. Today, the market started down sharply, recovered a bit, and then at the end of the day fell off sharply again, ending the day down another 450 points.
That’s a loss just today of 4% of the market’s value. So, what’s going on? Betsy Stark is here again tonight. Betsy Charlie, today’s plunge in the Dow was not the reaction government officials were hoping for when they made the extraordinary decision last night to save AIG. Fear has taken hold of the financial markets, here and around the world.
On Wall Street today, the $85 billion the Federal Reserve put up to save AIG from near- certain bankruptcy was not enough to calm terrified investors that the next disaster is not around the corner. “People watched Lehman go down and then AIG and then Merrill Lynch, and... and they’re wondering who’s next... .”
Frantic investors searching for safety sent the price of gold up $70, the biggest one- day gain in history. And they fled everything financial in droves, including Morgan Stanley and Goldman Sachs, which both reported better than expected earnings this week. “This is irrational panic. People are selling first and asking questions later.” Wall Street has been turned upside-down, and as the bailouts pile up, so does the bill for the American taxpayer:
29 billion to help J.P. Morgan buy Bear Stearns, 200 billion to shore up Fannie Mae and Freddie Mac, 85 billion to keep AIG in business, not to mention the 400 billion emergency credit line from the Fed, and 102 billion in new FHA loans for distressed homeowners. Total taxpayer price tag so far? A whopping $816 billion.
This epicshake-up on Wall Street is not over yet. Tonight there is talk that Washington Mutual, the nation’s largest savings and loan, is putting itself upfor sale rather than risk total collapse. London-based Lloyd’s Insurance is selling itself to a big Scottish bank and there are reports that Wachovia and Morgan Stanley may merge. These are truly extraordinary times, Charlie. Perhaps more major moves to come. Betsy Stark, reporting tonight. Thanks to you.
※ 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.
※ send : [목적 보어와 함께] ~ 으로 만들다, (어떤 상태에) 빠뜨리다 /1. to make someone or something move or fall suddenly 2. to make something happen ex. A fire in the casino sent people fleeing for safety. flee for safety 피난하다, 대피하다 ex. A careless step sent rocks tumbling down on the climbers below. 발을 부주의하게 딛는 바람에 ex. Concerns about the economy have sent share prices tumbling today.
commit : 1. to promise, give, or decide to use (ex. your loyalty or money) for a particular principle, person or plan of action 2. 위탁하다, 맡기다 3. <의안 등을> 위원회에 회부하다 ex. I think I can come tonight but I won't commit myself till I know for sure. 확답은 주지 않겠다. 확실히 말할 수는 없다. ex. If you want to be an actor you have to really commit yourself to it (=spend all your time trying to fulfil this aim). 그것에 전념해야 한다. ex. Lots of women complain that the problem with men is that they won't commit themselves to a relationship. 진실된 관계를 맺지 않으려 한다. ex. The government plans to commit itself to improving health care. ex. The boy was committed to the care of his uncle. 그 소년은 아저씨 (삼촌, 숙부, 백부..)의 보호를 받도록 맡겨졌다. ex. commit the bill to the committee 의안을 위원회에 회부하다 ex. commit something to memory : 암기하다, 외우다(to study something carefully so that you can remember it exactly) bail out : (돈을 지원하여 어려움에서) 구출하 다 [메모 참고] taxpayer : 납세자 be designed to ~ : ~ 하도록 고안되다 ex. Motorcycle masks are designed to screen out pollutants. 오토바이 마스크는 오염물질을 걸러내도록 만들어 졌다. calm : <바다.날씨 등이> 고요한, 잔잔한, <마음.기분 등이> 평온한, 차분한 vt., vi. 가라앉히다, 가라앉다, 무풍, 잔잔함, 고요 ex. the calm before the storm 폭풍우 전의 고요 down the road : 장래에 / used for talking about the future and what may happen ex. Two years down the road, you might feel very differently. ex. It's a decision that may well have an impact further down the road. * one for the road : an alcoholic drink that you have quickly before you leave a place / ex. Let's have one for the road. plunge : ~ 을 처넣다, ~ 을 빠뜨리다, 뛰어들 다, 빠지다, 급락하다, 뛰어들기, 돌진, 급락 * plunge one's hand into hot water 손을 뜨거운 물에 처넣다 / * plunge into a river 강에 뛰어들다. * take the plunge : (수영장 등에) 뛰어들다, 과감히 하다, 결혼하다 / to finally do something important, difficult, or dangerous after thinking about it ex. He finally decided to take the plunge and will get married next year. extraordinary : 비상한, 보통이 아닌, 비범 한, 놀라운, 엄청난 take hold : 자리를 잡다, 확립하다, 뿌리를 내리다 /to become stronger and difficult to stop / If something takes hold, it gains complete control or influence over a person or thing. ex. She was determined not to let the illness take hold again. ex. They were fortunate to escape before the fire took hold. ex. A sense of dread took hold of him. put up : to raise something, especially so that it is ready to use ex. I was soaked before I could put my umbrella up. ex. She is putting her house up for sale. 그녀는 집을 팔려고 내놓고 있 다. ex. I think I will have to put the house up for auction.그 집을 경매에 부쳐 야 할 것 같다. terrify : 겁나게 하다, 무서워하게 하다 ex. She was terrified at[by] the lightning. 그녀는 번개를 무서워했다( 수동 태적 성격이 강할 때는 by). ex. He was terrified of being left alone in the room. 그는 방 안에 혼자 남 게 되는 것을 무서워했다. around the corner : 모퉁이를 도는 곳에, 머지 않은 곳에 (not far away) , 임박하여 (coming very soon) ex. Spring is just around the corner. go down : (배 따위가) 침몰하다, (비행기가) 추락하다, (후세에) 전해지다, (역사 따위에) 기억 [기록] 되다, (정도, 양 수 질 따위) 내려가다, 떨어지다, (기계 컴퓨터) 작동되지 않다 ex. The ship went down off the coast of Africa . ex. We watched as the plane went down in a fiery blaze. ex. He will go down as one of the best teachers this school has ever had. ex. The efforts they made will go down in history. ex. No one expects house prices to go down in the near future. ex. The computer went down. frantic : (흥분·공포·고통 등 으로) 정신없는, (…으로) 미칠 것 같은, <사람·동물이> 미쳐 날뛰는 ex. frantic cheering 열광적인 갈채 / ex. Everyone was frantically packing up their stuff. flee : vi. 달아나다, 도망치다, vt. <사람 ·장소에서> 달아나다, 도망치다, <나라 등을> 버리다 ex. Earthquake victims have been forced to flee their homes. ex. Police caught up with one of the gang, but the other three fled. in droves : 떼를 지어, 함께 몰려 * drove : (소·돼지·양의) 떼지어 가는 무리, (droves [plural])large numbers of people ex. People came in droves to see the show. earning : (일하여) 벌기, 획득, (earnings) 소 득, 수입, 번 것 * average[gross] earnings 평균 [총] 소득 / * net earnings 순수입 irrational : 비이성적인, 무모한, 불합리한 panic : 공포, 공황, 당황, 겁먹음, ~ 에 당황하 다 ((at)), 공포에 질리다 ex. Don't panic! 당황하지 마라, 침착해라 * cause a panic 공포를 불러일으키다 * panicky : 공황의, 당황한, 겁에 질린 upside-down : 거꾸로의, 뒤집힌, 혼란한, 뒤 죽박죽의 pile up : ~ 을 쌓다, ~ 를 축적하 다. ~ 가 쌓이다, (여러 대의 자동차가) 추돌(追突)하다, (여러 대의 자동차 가) 밀리다 * pileup : (일·서류 따위의) 산적, 밀림, (자동차) 연쇄 [다중] 충돌 ex. Newspapers and magazines were piled up on the floor. ex. All the time the bills were piling up. ex. These policies could be piling up financial trouble for future governments. * pile : 쌓아 올린 것, 퇴적, (물건의) 더미, 다수, 다량, 많음 (of) ~ 을 쌓아 올리다 ( up), ~ 을 축적하다, ~ 가 쌓이다 ex. a pile of boxes[logs] 상자 [통나무] 더미 shore : 지주(支柱), 버팀목, 지주로 받치다 (up), 떠받치다(up), <사기 등을> 높이다 (up) credit line : 1. 크레디트 라인(뉴스.기사.사진 등에 붙이는 제공자의 이름 등을 쓴 것) 2 신용[외상] 한도액 (= line of credit) FHA : Federal Housing Administration 《미》 연방 주택 관리국 distressed : 괴로워하는, 고민하는, 곤궁 한 * distress call/signal (조난신호) * distress : 괴롭히다, 고민하게 하다, 곤궁하게 하다 ex. She was distressed at the sight. 그 광경을 보고 그녀는 마음 이 아팠다 price tag : 정가 (표), 가격 (표) * list price : (카탈로그 따위에 표시된) 표시 가격, 정가, fair price 적정 가격, fixed price 고정가격, market price 시장 가격, 시가, posted price 공시 (고 시) 가격, discounted price 할인가격, face value 액면가 * sticker price : (자동차 등의) 메이커 희망 소매 가격 whopping : 굉장한, 엄청난 (extremely large) ex. Sales grew last year by a whopping 78%. epic : 서사시, (소설극영화 등의) 서사시적 작품, 서사시의, 서사시적인/ 1. long poem that tells a story about ancient people and gods 2. a long book or film about famous and exciting people and events from the past 3. a long and difficult event involving many people 4. relating to the writing of epics ex. an epic poem/poet 5. an epic fight or other activity is long and difficult ex. They were engaged in an epic struggle against poverty and ignorance. shake-up : 흔들다, 재편성하다, (해고 ·좌천 등에 의한 인사·조직의) 대정리, 대이동 ex. Shake up the ingredients. 재료를 흔들어 섞어. savings and loan : 저축대부 merge : vt.,vi. 병합하다, 합병하다 ex. merge the two companies (together) 그 두 회사를 합병하다.