US Fed Chief Says Growth Depends on Stabilizing Markets
伯南克：经济增长取决于稳定市场

 
As Congress debates President Bush's proposed bail out of the bad loans of financial institutions, central bank chief Ben Bernanke told lawmakers Wednesday that the U.S. economy risked "very serious consequences" if measures were not taken.

美国国会正在辩论布什总统提出的挽救陷于坏帐的金融机构的建议，美国联邦储备系统主席伯南克星期三对立法人员说，如果不立即采取措施可能给美国经济带来严重后果。

Appearing before the Joint Economic Committee, Bernanke cautioned against reducing the size of the proposed $700 billion rescue plan constructed by the U.S. Treasury.

伯南克出席了两院联合经济委员会会议，他提醒说，不要减少美国财政部拟定的动用七千亿美元的救市计划的金额。

He said the package, which Congress may vote on by the end of the week, is needed to rescue an already weak U.S. economy.

他说，国会可能在本周末表决的这一方案是挽救业已疲软的美国经济所必不可少的。

He said $700 billion, while a very big number, represents only five percent of the value of all outstanding U.S. home mortgages, which total $14 trillion.

他说，七千亿美元虽然金额巨大，却只相当于美国所有尚未偿付的住房贷款价值的百分之五，这笔未偿贷款高达十四万亿美元。

The proposed package would aim to sell off these mortgage-related debts in the future when, the Treasury says, their value might have risen.

财政部说，提议的方案其目的是以后当房价上升后出售这些和房贷有关的债务。

But skeptical lawmakers from both sides said they wanted assurances that the plan would benefit ordinary American homeowners as well as Wall Street.

但是心存疑虑的两党立法人员说，他们希望确保有关计划能够既有利于拥有住房的美国大众，也有利于华尔街。

Bernanke said the bailout, if successful, would not boost inflation and that interest rates would not rise.

伯南克说，这一救市计划如果成功就不会出现通货膨胀，也不会导致利率升高。

"If it does in fact strengthen the financial markets, increase credit extension, and help the economy grow, then the Fed would perhaps have to act sooner in raising rates, than otherwise perhaps," he said. "But that would be part of the normal part of recovery."

他说：“如果这一计划果真能强化金融市场、促使信用扩张、并促进经济增长，那么联邦政府提高利率的速度也许必须比其它情况更为迅速。然而这只是经济正常复苏的一部分。”

Bernanke was asked about the parallels between today's financial crisis and the earlier period of sustained economic decline in the Great Depression of the 1930s.

人们问伯南克：当今的金融危机是否相当于上世纪三十年代大萧条时经济持续衰退的早期阶段。

"When there are major dislocations in the financial sector, in the credit creation process, it can have significant effects on growth and employment in the economy," he said. "And that has been true not just in the United States but in a number of countries, both emerging market and industrial countries."

伯南克说：“当金融业及信用产生程序发生重大动荡时，可能会对经济发展和就业机会产生重大影响。这不仅在美国是如此，在许多其它国家也是如此，在新兴市场和工业化发达国家都是这样。”

The Fed Chief pointed out that labor markets are weak and unemployment is high. And, he said, despite an easing of oil and gas prices, consumer spending is likely to be sluggish in the near term.

这位美联储领导人指出，目前就业市场疲软而失业率高升。他还说，尽管石油和汽油价格有所平缓，但近期内消费者的消费量很可能低落。

In addition, slower growth around the world is likely to blunt demand for U.S. exports, which had been helping buoy the economy.

此外，世界各地的经济发展减缓很可能减少对美国出口商品的需求，而美国出口商品向来有助于加强美国经济。