Good evening. The language was blunt. The action was urgent. Today, in an ever-escalating effort to rescue the economy from deep recession, the Federal Reserve took sweeping steps and cut a key interest rateto the bone. The federal funds rate was slashed to between a quarter of a percent and zero, the lowest ever. Wall Street liked it. The Dow jumped 359 points, the Nasdaq, 81.
So what does the Fed action mean and will it work? Our business correspondent, Betsy Stark, here again tonight. Betsy. Charlie, investors were expecting bold action from the Fed today, but they got more than that. This was economic shock and awe. Faced with the worst economy since the Great Depression, not only has the Fed taken the historic step of cutting interest rates virtually to zero, it made it clear it will not stop there.
It was another day for the history books. Even Wall Street veterans were taken aback at the idea that it will now cost banks virtually nothing to borrow money from Ben Bernanke’s Federal Reserve. The Fed said the economy has grown so weak it stands prepared to keep interest rates at exceptionally low levels for some time.
But the economy won’t improve until interest rates fall for consumers as well. As anyone who uses a credit card or has applied for a mortgage knows, those rates are nowhere near zero, which is why the Fed also promised today to try to bring consumer interest rates down.
How will they do it? By using money the Fed can print to buy mortgages, credit cards loans, and student loans from banks, the hope being that if banks can get these loans off their books, they’ll be willing to make new loans at lower rates. “The idea is to try to get, uh, rates down, uh, to private borrowers, to households, to businesses, to make credit more easily available.”
Economists say it will take a combination of bold action from the Federal Reserve which we certainly got today and aggressivepublic spending by the Obama administration to prevent this recession from getting worse, Charlie. Betsy Stark reporting again tonight. Thanks to you.
font color="#990000">※ stand : [보어,부사(구)와 함께] (어떤 상태 관계 입장에) 있다, (높이.값.정도가) 이다, (어떤 태도를) 취하다 ex. stand first in one's class 반에서 일등이다. ex. stand under heavy obligation 중대한 의무를 지고 있다 ex. The thermometer stands at 25℃. 온도계는 섭씨 25도를 가리키고 있다 ex. How does he stand on the problem? 그 문제에 대해 그는 어떤 태도를 취하고 있는가 * stand tough : 강경하게 버티다, 확고부동한 자세를 취하다(= stand fast/firm) * stand a chance: (성공 등의) 가망이 있다 (=be likely to be able to do something) ex. He doesn't stand a chance of winning the tournament. * stand to + V : ~할 것 같다, ~한 형세에 있다 / If you stand to gain something, you are likely to gain it. If you stand to lose something, you are likely to lose it. ex. Many small companies stand to lose financially if the new law is introduced. ex. The management group would stand to gain millions of dollars if the company were sold.
※ get/go/lead nowhere : 효과[성과, 진보]가 없다, 잘 안 되다 / to fail to achieve something or fail to be successful ex. Our investigation got nowhere. 수사가 아무런 성과가 없었다. ex. He tried to find a new job, but he couldn't get nowhere * get someone nowhere ex. Trying to bribe the officials got us nowhere. ex. Flattery will get you nowhere. 내게 아첨해도 소용없다
blunt : (칼날 따위가) 무딘, 퉁명스러운, 무뚝뚝한, 있는 그대로의 / If you are blunt, you say exactly what you think without trying to be polite. ex. She told the industry in blunt terms that such discrimination is totally unacceptable. ex. It was a frank answer to a blunt question. (거친/투박한/직설적인 질 문에 대한 솔직한 답변) ex. a blunt pencil/razor escalate : 단계적으로 확대되다 [확대시키다], <임금 물가가 > 차츰 오르다 [올리다] * escalate a war 전쟁을 확대하다. sweeping : 대대적인 key interest rate : 기준 금리 to the bone : 뼛속까지, 뼈저리게, 최대한으로, 철저히 ex. cut to the bone 최대한으로 깎다[줄이다] * work your fingers to the bone : 손마디가 닳도록 일하다 * have a bone to pick with ~ : ~ ~에게 불평[불만]을 말할 것이 있다, ~에게 따질 말이 있다 ex. I've got a bone to pick with you. federal funds rate : (= Fed funds rate) 연방기금 금 리 slash : ~ 을 깊이 베다 (gash), 〔예산·급료 따위〕를 깎다, 크게 삭감하다 ex. Our budget has been slashed. 예산이 (대폭) 삭감되었다. shock and awe : 충격과 공포 / 2003년 미국의 이라크 침공당시 작전명으로 사용된 바 있음. *awe : 외경, 경 외심, 공포, 공포[경외감]를 일으키는 힘, 경외하게 하다 historic : 역사상 유명[중요] 한, 역사에 남는, 역사적인 (historic 은 역사상 유명한 일, 긴 역사를 가진 것에 대하여 말함. historical 은 역사 상 실제로 존재한 인물, 실제로 일어난 일) ex. a historic election victory 역사적인 선거승리 ex. The painting depicts an actual historical event. * historical : 사학의, 역사에 바탕을 둔, 역사(상)의, ((드물게))=historic 역 사상 중요한 virtually : 사실상, 거의 for the history books : 역사적으로 기록 될 만한 ex. a day for the history books : 역사에 남을 날, 역사에 기록될 날 veteran : 노련가, 경험 많은 대가, 베테랑, 참전병사, 재향[퇴역] 군인, 노련한, 많은 경험을 쌓은 take aback : 허를 찌르다, 당황하게 하다, 깜짝 놀라게하다 ex. Your opinion took us aback. ex. My parents were taken aback. 우리 부모님은 당황했 다. at the idea that / of ~ : ~라는 생각에 *at the bare idea that /of ~ : ~을 생각만 해도 ex. At the bare idea of snowboarding, I go crazy. 스노우보딩이란 단어만 들어도 흥분된다. exceptional : 예외적인, 비범한, 뛰어난 apply for~ : ~에 지원하다, ~을 신청하다 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 household : 가구 , 세대 , 가구의 , 가정용의 aggressive : 침략적인, 공격적인, 공세의 (offensive), 적극적인, 억척스러운 public spending : 공공지출